Cheeky offer

SDLT_Geek

mi-key said:

So yesterday you were biding your time waiting for prices to come down to save money, yet today you have bought a house and will be in by summer? Come on then, tell us how much is was on for and how much you paid? 

Is your answer here, https://forums.moneysavingexpert.com/discussion/6422850/sellers-bidding-against-each-other-room-for-a-better-deal/p9 on 5 March?

mi-key

SDLT_Geek said:

mi-key said:

So yesterday you were biding your time waiting for prices to come down to save money, yet today you have bought a house and will be in by summer? Come on then, tell us how much is was on for and how much you paid? 

Is your answer here, https://forums.moneysavingexpert.com/discussion/6422850/sellers-bidding-against-each-other-room-for-a-better-deal/p9 on 5 March?

Thats odd as yesterday he was posting he was still biding his time and waiting for prices to come down??  Makes you think it could all be made up....

If he did buy for 12% below asking thats not exactly the massive crash reductions he was telling everyone they could get from desperate sellers...

mi-key

Ironic really if he is claiming he bought a house for 12% below asking as according to his predictions it will be worth less than that by the end of the year 

newsgroupmonkey_

SDLT_Geek said:

mi-key said:

So yesterday you were biding your time waiting for prices to come down to save money, yet today you have bought a house and will be in by summer? Come on then, tell us how much is was on for and how much you paid? 

Is your answer here, https://forums.moneysavingexpert.com/discussion/6422850/sellers-bidding-against-each-other-room-for-a-better-deal/p9 on 5 March?

But he didn't say it was he that made the offer, just that they'd accepted an offer 12% less than the asking. And that the other person wouldn't accept less than 8% lower.

mi-key

newsgroupmonkey_ said:

SDLT_Geek said:

mi-key said:

So yesterday you were biding your time waiting for prices to come down to save money, yet today you have bought a house and will be in by summer? Come on then, tell us how much is was on for and how much you paid? 

Is your answer here, https://forums.moneysavingexpert.com/discussion/6422850/sellers-bidding-against-each-other-room-for-a-better-deal/p9 on 5 March?

But he didn't say it was he that made the offer, just that they'd accepted an offer 12% less than the asking. And that the other person wouldn't accept less than 8% lower.

I can't believe he would pay 88% of the asking price ! Only a fool would do that, after all ' Market currently in free fall, savings to be made' and 'House prices are now falling as they were in 2008'. Plus he had his foolproof plan of playing the sellers against each other as they were obviously desperate to sell in this buyers market..

aoleks

it's asking price, doesn't mean anything . as of today, prices are still sort of going up. interpret this however you want, but I think we can all agree prices are not really falling. yes, parts of the market might be under, whereas leafy surrey is still offers over, that was always the case.

UK house prices rise as mortgage rate cuts lift confidence | House prices | The Guardian

buy when you're ready and stop playing stupid games guessing what the market will do next. I said it before, you are buying a piece of land, a finite resource on this planet that's becoming exponentially scarcer, no way prices will go down longer term, the trend will continue. unlike gold and other useless commodities, a house is needed by everyone, no exception.

Sarah1Mitty2

Martico said:

Oh dear, I hate myself for entering this kind of thread, but it's late and here I am. At the risk of sounding retrospectively smug, I bought at what was considered at the time the peak of a crazy market in London in 2003, and again at what was considered at the time the peak of a crazy market in Bristol in 2016. Did my calcs, reckoned I could handle the mortgage for my few years fixed term. Turned out I had nothing to worry about, I lucked out, I hadn't bought at the peak. But would still have been OK even with a dip. I'd have been able to service the debt.
Lesson: if it's right for you at the time, just do it. Make sure you can service your debt and you'll be paying down the initial capital whatever happens.
I accept that it's uncertain at the moment, but when hasn't it been? 
I also accept that I've been lucky.
You can't time the market.
For a multitude of reasons, the housing market has at times adhered to and at times defied the norms of supply/demand economics.
Do your sums to ensure you can service your mortgage, do your best to increase your earning power, and that debt should just deflate away, at the same time as your initial capital gets chipped away by the monthly payments

You won`t make much of a dent on the capital until you are well into the loan and the problem now is that with rising mortgage rates people just can`t afford the monthly payments anymore, nothing like the two time periods you mention where in one property was much cheaper and in the other interest rates were at near zero.

RelievedSheff

Sarah1Mitty2 said:

Martico said:

Oh dear, I hate myself for entering this kind of thread, but it's late and here I am. At the risk of sounding retrospectively smug, I bought at what was considered at the time the peak of a crazy market in London in 2003, and again at what was considered at the time the peak of a crazy market in Bristol in 2016. Did my calcs, reckoned I could handle the mortgage for my few years fixed term. Turned out I had nothing to worry about, I lucked out, I hadn't bought at the peak. But would still have been OK even with a dip. I'd have been able to service the debt.
Lesson: if it's right for you at the time, just do it. Make sure you can service your debt and you'll be paying down the initial capital whatever happens.
I accept that it's uncertain at the moment, but when hasn't it been? 
I also accept that I've been lucky.
You can't time the market.
For a multitude of reasons, the housing market has at times adhered to and at times defied the norms of supply/demand economics.
Do your sums to ensure you can service your mortgage, do your best to increase your earning power, and that debt should just deflate away, at the same time as your initial capital gets chipped away by the monthly payments

You won`t make much of a dent on the capital until you are well into the loan and the problem now is that with rising mortgage rates people just can`t afford the monthly payments anymore, nothing like the two time periods you mention where in one property was much cheaper and in the other interest rates were at near zero.

Yet tens of thousands of people every month continue to take out mortgages and buy their own home.

Are you saying they can not afford it? Their lenders clearly disagree with you.

Doesn't really fit with your agenda that though does it?

Your one man (with many accounts) attempt to talk down house prices is really getting abit boring now.

(And sorry to disappoint, but for someone with a repayment mortgage, every payment they make reduces the amount they owe)

tooldle

we we bought with a fix at 5.29% in early 2004. Whether something is cheap or not, it hard to classify. Wages, expectations, area, condition etc. At the time our vendor tried to delay completion to accommodate a 4 week trip to Florida. Our solicitor helpfully moved things along, reminding of the limited number of buyers with the level of income to make the purchase. 

Sarah1Mitty2

mi-key said:

Ironic really if he is claiming he bought a house for 12% below asking as according to his predictions it will be worth less than that by the end of the year 

Yes, but it will be his home and no doubt he will stay in it longer than the fabled "Five Years" when the laws of economics and bond markets cease to apply?