Estate Agent told me not to buy for six months

spark1

manhattan wrote: »

The less people view the better IMO.

It will bring on the so called Titanic effect quicker!

:rotfl: Lol

moanymoany

The Titanic parallels are interesting as well as funny - Most people believed the Titanic was unsinkable - but it went down taking untold wealth with it - how like our own dear housing market!


ps - a house in our ex road is for sale and has been for about 6 months. It started off overpriced, as did ours, however, we reduced ours by 7% and it sold. Noticed over the weekend they have reduced theirs from - offers over £314,950 to £275,000. I can't help thinking it is too late. I bet they are thinking there are semis for the same as this price so we are not going to drop more. Thing is, the semis aren't selling either.

Sad really as they are getting on a bit. I used to see them as I walked my dog past the house and I was tempted to say that their house was WAY overpriced and to take down the dodgy nets - never did. Too embarrassed and I bet they wouldn't have listened.

zippygeorgeandben

Can't I just hear more saucy Titanic comments? :j

lostinrates

First agent I quoted was an associated with a vested interest in me not going bust.

anyhow, have spent this week trawling round agents in Basingstoke, Wnchester, Andover, Luton and planning on Chigwell next week. Still not really decided what to do, but I am going to look into a business related mortgage relevant to the equine industry. This worries me a lot as although his would mean I could start ading income to our household significantly if the economy doesn't belly up if it DOES my guess is people will have to get rid or cut back on luxuries like horses PDQ.

Anyway, whats interesting is that the agents I visited (high street trawls of rentals and sales) all but one agent were very very negative about the market in their areas, and many openly admited things like 'there is almost no movement' 'it is dead' when I asked directly. The rentals guys still seems hungry, but they also had a sort of glazed desperation in their eyes (many were saying though none of their landlords took pets they foresaw they would have to be more flexible to fill homes). This all seems like an absolute contradiction to me, after all, if people aren't buying they have to rent????

We also had a surprisingly optimistic mortgage offer with a high street lender (Halifax), which quite frankly nearly floored me, albeit with a high interest rate (discounted 6.4 to 6.2) on a flexible basis (we will have at least one sizable lump sum and want to overpay as much as possible regularly) and the mortgage adviser RECOMMENDED we go interest only for two years (when DHs salary will more than double) with no offset savings, counting on the massive pay increase and remortgaging at that point to a repayment morrtgage. OK, we are in a strange position with the salary increase and the money coming in later this year for a lump sum pay off, and the big deposit, but still.....isn't advice like this part of what go the housing market in trouble???

I'm so confused as to what to do. I have reached the point where I literally can't see the wood for the trees. I think I'll repost our situation as a new thread soon, and see what bulls, bears and the inbetweens think best in our circumstance to try and refocus.

boinging_2

lostinrates wrote: »

I think I'll repost our situation as a new thread soon, and see what bulls, bears and the inbetweens think best in our circumstance to try and refocus.

Why bother? Are you seriously saying you would take financial advice from an internet forum? This forum is a good place for picking up the information and articles about house prices but I would definately be seeking professional financial advice.

lostinrates

boinging wrote: »

Why bother? Are you seriously saying you would take financial advice from an internet forum? This forum is a good place for picking up the information and articles about house prices but I would definately be seeking professional financial advice.

No but I AM seriously saying I would use an internet forum to help me focus my own mind to help me address things with an IFA in a more focus less disparate state of min than I am currently in, or to flag up ideas/pitfalls/alternatives I might not have thought of (which I have to admit does hapen to me on MSE forums)

Incidently we were booked to see an IFA for the first time this week, DH was meant to be on holiday but had to work. Now we have to wait another four weeks for an appointment with the same IFA an hope that DH's day off is not cancelled this time! :rolleyes: (taken two holidays since moved to this ofice bth have been cancelled:rolleyes: !)

skap7309

Triker wrote: »

What??? Houses are going to be hit by an iceberg???:eek:

Ermm........in 50 - 100 years yes they will............melted ones.

(Sorry, slightly bad taste lol )