Is it stupid to buy a house right now?

Davesnave

Crashy_Time said:

Davesnave said:

Crashy_Time said:

Davesnave said:

jimbog said:

Not 'stupid' if it is the right decision for you in your circumstances at this moment

This is it in a nutshell. You know your circumstances, so ought to be able to judge the suitability of the house for long term occupation and your likely ability to pay for it. None of us can do that for you. Everyone's life includes an element of uncertainty, but that's not necessarily a reason for following 'jam tomorrow' doctrines. For some, tomorrow never comes.

Sounds like you really don`t want hard working people to get their Jam as far as decently priced property goes? 

No, they can speculate on the right place being available at any point in the future, and in the current economic climate they might well save money. What I want is for people to recognise the subtleties of markets, which may stymie their plans if there are specific kinds of price movements

This isn't based on theory, but what happened when the affordability of a certain type of property altered while we planned ahead. Two years from when we decided in principle to make a move, we returned to view the market and found ourselves priced-out.

It's quite possible property won't fall uniformly, or that it will  hold its price, or even increase in certain places, but I don't know what type of house the OP wants, or where it is.

."Hard working people" ? Nice sound bite phrase, generally much disliked by...um.. hard working people!

There isn`t much subtlety involved though, cheap credit is pumped in, sentiment decides it can only go one way and then we have a massive bubble, withdraw the cheap credit by asking for higher deposits and sentiment turns and you get the opposite i.e the bubble bursts and everyone involved feels some pain. Even when the bubble is going full steam the only real beneficiaries are people downsizing....and of course the banks.

You're all cod economic theory and no experience, or you'd know this doesn't address my earlier post.

Crashy_Time

Davesnave said:

Crashy_Time said:

Davesnave said:

Crashy_Time said:

Davesnave said:

jimbog said:

Not 'stupid' if it is the right decision for you in your circumstances at this moment

This is it in a nutshell. You know your circumstances, so ought to be able to judge the suitability of the house for long term occupation and your likely ability to pay for it. None of us can do that for you. Everyone's life includes an element of uncertainty, but that's not necessarily a reason for following 'jam tomorrow' doctrines. For some, tomorrow never comes.

Sounds like you really don`t want hard working people to get their Jam as far as decently priced property goes? 

No, they can speculate on the right place being available at any point in the future, and in the current economic climate they might well save money. What I want is for people to recognise the subtleties of markets, which may stymie their plans if there are specific kinds of price movements

This isn't based on theory, but what happened when the affordability of a certain type of property altered while we planned ahead. Two years from when we decided in principle to make a move, we returned to view the market and found ourselves priced-out.

It's quite possible property won't fall uniformly, or that it will  hold its price, or even increase in certain places, but I don't know what type of house the OP wants, or where it is.

."Hard working people" ? Nice sound bite phrase, generally much disliked by...um.. hard working people!

There isn`t much subtlety involved though, cheap credit is pumped in, sentiment decides it can only go one way and then we have a massive bubble, withdraw the cheap credit by asking for higher deposits and sentiment turns and you get the opposite i.e the bubble bursts and everyone involved feels some pain. Even when the bubble is going full steam the only real beneficiaries are people downsizing....and of course the banks.

You're all cod economic theory and no experience, or you'd know this doesn't address my earlier post.

You want to think that separate markets will operate differently, maybe that your market will stay high perhaps? They might in more normal times, but we are not in normal times, and it is all underpinned by credit and monetary policy, if you think that is "cod economic theory" I politely suggest you think about the topic some more.

Crashy_Time

Mickygg said:

andycorleone said:

Most people that comment here are home owners that will be really affected if their property drop significant in value So I will take their advice with a pinch of salt.
Believed or Not right now you are in a very privileged position for not owning a house. Something is for sure Price won't increase anytime soon. Economy got a big hit by COVID19  this is a Fact. How big? Time will tell. 
So Answering your question YES is very stupid to buy a house right now. Chances are you will be able to buy something better if you wait. Worst Case Scenario  you will buy a very similar house at a very similar price. No need to rush now.  

Oh dear clearly someone who doesn’t fully grasp house price effects! Lower prices will only affect homeowners looking to sell without buying another property which is a small proportion of people on here. Most people will buy and sell and actually lower prices mean lower EA costs and legal costs and lower gap if you are upsizing.

I am a homeowner and if I sell soon I would be happy for prices to decrease to lower my overall costs. Therefore OP this poster saying take homeowners advice with a pinch of salt is nonsense.

What you actually need to ignore are house price crash trolls such as crashy_time who pray for house price falls to buy a house practically FOC. These people you can block. It’s bliss not seeing certain trolls posting utter nonsense turning every post that mentions house prices into a ‘IMO if you wait a year you will get a 50% reduction at least when house prices crash’ utter rubbish.

There is thread after thread on here of people unwilling to lower their house price, in some cases even by 2 or 3k!

Davesnave

Crashy_Time said:

Davesnave said:

Crashy_Time said:

Davesnave said:

Crashy_Time said:

Davesnave said:

jimbog said:

Not 'stupid' if it is the right decision for you in your circumstances at this moment

This is it in a nutshell. You know your circumstances, so ought to be able to judge the suitability of the house for long term occupation and your likely ability to pay for it. None of us can do that for you. Everyone's life includes an element of uncertainty, but that's not necessarily a reason for following 'jam tomorrow' doctrines. For some, tomorrow never comes.

Sounds like you really don`t want hard working people to get their Jam as far as decently priced property goes? 

No, they can speculate on the right place being available at any point in the future, and in the current economic climate they might well save money. What I want is for people to recognise the subtleties of markets, which may stymie their plans if there are specific kinds of price movements

This isn't based on theory, but what happened when the affordability of a certain type of property altered while we planned ahead. Two years from when we decided in principle to make a move, we returned to view the market and found ourselves priced-out.

It's quite possible property won't fall uniformly, or that it will  hold its price, or even increase in certain places, but I don't know what type of house the OP wants, or where it is.

."Hard working people" ? Nice sound bite phrase, generally much disliked by...um.. hard working people!

There isn`t much subtlety involved though, cheap credit is pumped in, sentiment decides it can only go one way and then we have a massive bubble, withdraw the cheap credit by asking for higher deposits and sentiment turns and you get the opposite i.e the bubble bursts and everyone involved feels some pain. Even when the bubble is going full steam the only real beneficiaries are people downsizing....and of course the banks.

You're all cod economic theory and no experience, or you'd know this doesn't address my earlier post.

You want to think that separate markets will operate differently, maybe that your market will stay high perhaps?

Yes, I think different markets will have different fates. It's not an unreasonable or outrageous assumption. As to which ones will do better or worse, no idea. Irrelevant to me.

tom9980

Crashy_Time said:

Davesnave said:

Crashy_Time said:

Davesnave said:

Crashy_Time said:

Davesnave said:

jimbog said:

Not 'stupid' if it is the right decision for you in your circumstances at this moment

This is it in a nutshell. You know your circumstances, so ought to be able to judge the suitability of the house for long term occupation and your likely ability to pay for it. None of us can do that for you. Everyone's life includes an element of uncertainty, but that's not necessarily a reason for following 'jam tomorrow' doctrines. For some, tomorrow never comes.

Sounds like you really don`t want hard working people to get their Jam as far as decently priced property goes? 

No, they can speculate on the right place being available at any point in the future, and in the current economic climate they might well save money. What I want is for people to recognise the subtleties of markets, which may stymie their plans if there are specific kinds of price movements

This isn't based on theory, but what happened when the affordability of a certain type of property altered while we planned ahead. Two years from when we decided in principle to make a move, we returned to view the market and found ourselves priced-out.

It's quite possible property won't fall uniformly, or that it will  hold its price, or even increase in certain places, but I don't know what type of house the OP wants, or where it is.

."Hard working people" ? Nice sound bite phrase, generally much disliked by...um.. hard working people!

There isn`t much subtlety involved though, cheap credit is pumped in, sentiment decides it can only go one way and then we have a massive bubble, withdraw the cheap credit by asking for higher deposits and sentiment turns and you get the opposite i.e the bubble bursts and everyone involved feels some pain. Even when the bubble is going full steam the only real beneficiaries are people downsizing....and of course the banks.

You're all cod economic theory and no experience, or you'd know this doesn't address my earlier post.

You want to think that separate markets will operate differently, maybe that your market will stay high perhaps? They might in more normal times, but we are not in normal times, and it is all underpinned by credit and monetary policy, if you think that is "cod economic theory" I politely suggest you think about the topic some more.

The only thing that matters crashy is how much will your accommodation cost you over your lifespan. For some renting while they frequently move is the most optimal solution however for the vast majority of people it will be to buy as early as possible and watch as people like you continue to pay over the odds for their accommodation until the day they die.

Unicorn_cottage

tom9980 said:

Crashy_Time said:

Davesnave said:

Crashy_Time said:

Davesnave said:

Crashy_Time said:

Davesnave said:

jimbog said:

Not 'stupid' if it is the right decision for you in your circumstances at this moment

This is it in a nutshell. You know your circumstances, so ought to be able to judge the suitability of the house for long term occupation and your likely ability to pay for it. None of us can do that for you. Everyone's life includes an element of uncertainty, but that's not necessarily a reason for following 'jam tomorrow' doctrines. For some, tomorrow never comes.

Sounds like you really don`t want hard working people to get their Jam as far as decently priced property goes? 

No, they can speculate on the right place being available at any point in the future, and in the current economic climate they might well save money. What I want is for people to recognise the subtleties of markets, which may stymie their plans if there are specific kinds of price movements

This isn't based on theory, but what happened when the affordability of a certain type of property altered while we planned ahead. Two years from when we decided in principle to make a move, we returned to view the market and found ourselves priced-out.

It's quite possible property won't fall uniformly, or that it will  hold its price, or even increase in certain places, but I don't know what type of house the OP wants, or where it is.

."Hard working people" ? Nice sound bite phrase, generally much disliked by...um.. hard working people!

There isn`t much subtlety involved though, cheap credit is pumped in, sentiment decides it can only go one way and then we have a massive bubble, withdraw the cheap credit by asking for higher deposits and sentiment turns and you get the opposite i.e the bubble bursts and everyone involved feels some pain. Even when the bubble is going full steam the only real beneficiaries are people downsizing....and of course the banks.

You're all cod economic theory and no experience, or you'd know this doesn't address my earlier post.

You want to think that separate markets will operate differently, maybe that your market will stay high perhaps? They might in more normal times, but we are not in normal times, and it is all underpinned by credit and monetary policy, if you think that is "cod economic theory" I politely suggest you think about the topic some more.

The only thing that matters crashy is how much will your accommodation cost you over your lifespan. For some renting while they frequently move is the most optimal solution however for the vast majority of people it will be to buy as early as possible and watch as people like you continue to pay over the odds for their accommodation until the day they die.

Burn!

Crashy_Time

Davesnave said:

Crashy_Time said:

Davesnave said:

Crashy_Time said:

Davesnave said:

Crashy_Time said:

Davesnave said:

jimbog said:

Not 'stupid' if it is the right decision for you in your circumstances at this moment

This is it in a nutshell. You know your circumstances, so ought to be able to judge the suitability of the house for long term occupation and your likely ability to pay for it. None of us can do that for you. Everyone's life includes an element of uncertainty, but that's not necessarily a reason for following 'jam tomorrow' doctrines. For some, tomorrow never comes.

Sounds like you really don`t want hard working people to get their Jam as far as decently priced property goes? 

No, they can speculate on the right place being available at any point in the future, and in the current economic climate they might well save money. What I want is for people to recognise the subtleties of markets, which may stymie their plans if there are specific kinds of price movements

This isn't based on theory, but what happened when the affordability of a certain type of property altered while we planned ahead. Two years from when we decided in principle to make a move, we returned to view the market and found ourselves priced-out.

It's quite possible property won't fall uniformly, or that it will  hold its price, or even increase in certain places, but I don't know what type of house the OP wants, or where it is.

."Hard working people" ? Nice sound bite phrase, generally much disliked by...um.. hard working people!

There isn`t much subtlety involved though, cheap credit is pumped in, sentiment decides it can only go one way and then we have a massive bubble, withdraw the cheap credit by asking for higher deposits and sentiment turns and you get the opposite i.e the bubble bursts and everyone involved feels some pain. Even when the bubble is going full steam the only real beneficiaries are people downsizing....and of course the banks.

You're all cod economic theory and no experience, or you'd know this doesn't address my earlier post.

You want to think that separate markets will operate differently, maybe that your market will stay high perhaps?

Yes, I think different markets will have different fates. It's not an unreasonable or outrageous assumption. As to which ones will do better or worse, no idea. Irrelevant to me.

You must agree though that the present situation is a drag on all markets, no matter how "special" people may think certain markets are?

MysteryMe

andycorleone said:

Most people that comment here are home owners that will be really affected if their property drop significant in value So I will take their advice with a pinch of salt.
Believed or Not right now you are in a very privileged position for not owning a house. Something is for sure Price won't increase anytime soon. Economy got a big hit by COVID19  this is a Fact. How big? Time will tell. 
So Answering your question YES is very stupid to buy a house right now. Chances are you will be able to buy something better if you wait. Worst Case Scenario  you will buy a very similar house at a very similar price. No need to rush now.  

No one is giving you any advice, they are responding to the OP.   All opinions posted on internet forms are take it or leave it, how can it be anything else. It's not the same as speaking to someone you know face to face. 

Crashy_Time

MysteryMe said:

andycorleone said:

Most people that comment here are home owners that will be really affected if their property drop significant in value So I will take their advice with a pinch of salt.
Believed or Not right now you are in a very privileged position for not owning a house. Something is for sure Price won't increase anytime soon. Economy got a big hit by COVID19  this is a Fact. How big? Time will tell. 
So Answering your question YES is very stupid to buy a house right now. Chances are you will be able to buy something better if you wait. Worst Case Scenario  you will buy a very similar house at a very similar price. No need to rush now.  

No one is giving you any advice, they are responding to the OP.   All opinions posted on internet forms are take it or leave it, how can it be anything else. It's not the same as speaking to someone you know face to face. 

He/she is also responding to the OP and telling them to think twice about the VI of the posters trotting out the advice!

Moxley

Why is there a certain faction on here that takes it completely as read that homeowners are all desperately afraid of a price crash? I bought my home two years ago, and intend to live here for at least another decade. It makes zero difference to me whether prices go up or down in that time, as long as I continue to earn enough to keep paying my mortgage.

The HPC gang make the mistake of thinking everyone else is as obsessed with prices and getting the best deal possible as they are.

To the OP, I just echo the advice of others on this thread. As long as you feel secure in your ability to keep paying the mortgage, and expect to want to live there for a decent amount of time, it’s absolutely not silly to buy right now.