Tackling Smug Owners

[smiley]

Next week I'm off to a dinner party with some smug friends who left university at the same time as me. They bought houses in the mid-90's, I didn't. Whenever we meet, the topic of house prices comes up, and they always go on about how much money they've made. I've predicted house price doom so often in the past, I'm no longer credible on the subject ('No, it really is just about to happen').

Anybody got any good one-liners I can use to hold my end up?

[A Fool & His Borrowed Money]

Next week I'm off to a dinner party with some smug friends who left university at the same time as me. They bought houses in the mid-90's, I didn't. Whenever we meet, the topic of house prices comes up, and they always go on about how much money they've made. I've predicted house price doom so often in the past, I'm no longer credible on the subject ('No, it really is just about to happen').

Anybody got any good one-liners I can use to hold my end up?

Tell them to buy all the property they can lay their hands on right this minute or they'll miss the BTL Boat!

Edited October 11, 2005 by A Fool & His Borrowed Money

[Flash]

Whenever we meet, the topic of house prices comes up, and they always go on about how much money they've made.

Until you've banked the money you've made nothing. Remember the dot.com bubble? Well this is bigger.

I've got one of these dinner parties coming up. Hmm...I must remember to bring my baseball bat and dustbin lid. Seriously though, these days I try to manoeuvere the conversation on to something else.

Edited October 11, 2005 by Flash

[Tempest]

Ask them how they will ever trade up to the big house of their dreams (they will have it in mind - we all do) if prices stay where they are or increase?

If their house has gone up say 100% then presumably so has their dream home. I know plenty like this (including me). Their house may be worth £500k but their dream home is now over a million when it was once £500k...

Say that at least they will be happy to live in the same house for th enext 10-15 years...

[I Told You So]

I thought the common wisdom was that interest rates had to hit 15% before prices fall, how do you explain the current falls when rates are only 4.5%?

Usually stumps any bull.

[theChuz]

How will your children afford to buy a house?

First time buyers are priced out now ... until... forever?

I didnt realise wages doubled in the past 5 years.

You couldnt afford to buy your house now.

What have you done to your house to double its value lately?

Prices have already dropped between 5% and 10 % since last year.

The with a disappointed look and a shake of the head "you prat" and walk off.

Edited October 11, 2005 by theChuz

[Ace]

I always say: I play a big part in the porn industry, then (after binge drinking) show them your three postions and a pop shot routine. always seems to go down well.

Anybody got any good one-liners I can use to hold my end up?

Edited October 11, 2005 by Ace

[OzzMosiz]

I wouldnt even bother entering the discussion. Let them keep dreaming. Then you can be smug when they can barely afford food or have to sell up cheaply......to you!

[firebug]

It's simple, don't bother going. Just go and find some real friends instead.

[Guest struthitsruth]

Anybody got any good one-liners I can use to hold my end up?

Put the question to the table "What can you remember about 16th September 1992 interest rates ?"

Should send a few shivers down spines . . . . .

[ThePiltdownMan]

If house prices don't crash they will think you are a ****

If house prices do crash they will think you are a ****

You can only lose.

Therefore, Just ignore it.

[boom_and_bust]

Next week I'm off to a dinner party with some smug friends who left university at the same time as me. They bought houses in the mid-90's, I didn't. Whenever we meet, the topic of house prices comes up, and they always go on about how much money they've made. I've predicted house price doom so often in the past, I'm no longer credible on the subject ('No, it really is just about to happen').

Anybody got any good one-liners I can use to hold my end up?

Hi,

Are these people really 'friends'. That is not very considerate behavior if they really believe they have 'made' that money and you have not. One-up-manship is not really anything to do with friendship. Interesting thing, I work at least half the year between Canada and France with regular stays in Germany and it really is the case that money is just not a subject of discussion for social conversation, a house yes, its 'value', no. A spanish friend who settled in London said to me once after a few months, 'why do people want to know what car I drive, what my house in spain is worth, what my home in London costs'. Seriously, genuinely perplexed, confused spanish chap at that time. Just is not a strong cultural thing there, like many places in the world. Its nice to be in the company of people who you can relax with, not insecure people who are trying to impress upon you their self-perceived status. Still, I guess this ties in with the 'Thatcherism' thread. It's a much stronger phenomena in Uk than even the US IMHO. I would try to avoid the conversation, to most people it seems, if you enter into the HPC debate with the deeper discussions of market cycles, VI media-spin control, economics and demographics at this point in the cycle, the underlying debt burden and volume sales declines, it is like talking to a brick wall. And people will think you a bore anyway. Many people - even the really intelligent, seemingly rational people in the crowd - are caught up in the froth of "it-can-only-go-up-its-different-this-time" mentality. Just like the last crash. But then again, that is when you know you are in a bubble, whether it's houses, shares or tulip bulbs.

Good luck. Just try to be a good, non-controversial friend for a while until the whole HPC thing has matured a bit more. I would only give pointers and risk-warnings to people you think will genuinely respond to the info. At the very least, I just give the stock response 'well, who knows, there certainly seems to be two trains of thought on this subject .............. but I don't know myself ...... blah blah' Then give the links to the FTB guide, this site, and several of the links shown here including the Media reporting articles printed during the last crash. That does make people sit up and think about it a bit more. And that is a good thing if it someone you genuinely have some care about, just to get them to start looking and thinking beyond VI and EA media spin. Just don't get preachy.

[ʎqɐqɹǝʞɐɥs]

Whenever we meet, the topic of house prices comes up, and they always go on about how much money they've made.

Tell them to go f*** themselves as theres more to life than money.

[boom_and_bust]

Tell them to go f*** themselves as theres more to life than money.

Hi,

Or there is that approach as well.

Boomer

[billy-g]

You only make money when you sell the damn thing. That's the subtle part of the equation a lot of them seem to have forgotten. Although, to be frank, you say you've said it so many times that you don't get taken seriously any more. A lesson in that I think. When fools talk, why feel it necessary to join in?

As a previous poster said; I think I'd find some new friends. This lot sound about as deep as a car park puddle.

[Jason]

I know alot of people like this!

Homeowners who bought mid 90s are right, their houses could almost half in value and they wouldn't loose (unless they have mewed it to death).

I say to them how would they like it I gloated to them when [if] house prices fell? I could take their son/daughter as an example (who bought recently) and point out there in negative equity? Would they like that?

My workmates didn't... and they shut up!

[laughing_goat]

Next week I'm off to a dinner party with some smug friends who left university at the same time as me. They bought houses in the mid-90's, I didn't. Whenever we meet, the topic of house prices comes up, and they always go on about how much money they've made. I've predicted house price doom so often in the past, I'm no longer credible on the subject ('No, it really is just about to happen').

Anybody got any good one-liners I can use to hold my end up?

I have friends like this too, they ridicule me for selling in dec 2003. I sold to move in with Mr Goat , not because I thought a HPC would happen (a long story best kept for another thread). This however, doesn't stop the usual lines. Admittedly, everyone gets the p**s ripped for one reason or another (I am guilty too), so I am kind of grateful that they'll have to think of another subject for me soon.

Anyway, to answer your question, don't use one liners. Just let them get on with it, if they have decided you are a 'poor FTB' then go with it, let them pick up the bill (that may be a bit too mean), let them gloat about the fictional profit they've made (and how much of it they've MEW'd) and definately let them give you financial advise (that's always good for a laugh). The next day, you can post it all on here.

The word 'patients' is mentioned a lot on this forum, this is a good example of when it should be exercised.

Edited October 11, 2005 by laughing_goat

[oracle]

Next week I'm off to a dinner party with some smug friends who left university at the same time as me. They bought houses in the mid-90's, I didn't. Whenever we meet, the topic of house prices comes up, and they always go on about how much money they've made. I've predicted house price doom so often in the past, I'm no longer credible on the subject ('No, it really is just about to happen').

Anybody got any good one-liners I can use to hold my end up?

...yes.tell them about the ISA/fund you may(or may not) have going up by 70% in the last 2 and a half years......that should soon get them questioning why they are hanging about for a measly 3%p.a growth(seasonally/regionally adjusted at that)....in their property.

they want to boast...then play the percentage game!!

spin it like mad!(it won't take long for their little brains to work out 70% more on their house's value and they will go for it!)

[liquid]

Anybody got any good one-liners I can use to hold my end up?

To make them really feel sorry for you, you could say any of the following:

"I've got six months to live".

"I've mucked up my chances here and I've decided to move to Transylvania. I can buy a 10 bedroom castle for 7k".

You could of course take the high ground and say any of the following:

"I'm leaving this country to teach English to the poor children of Bangladesh".

"I've discovered philosophy. Care to have a discussion on Hume's treatise?".

You could of course massage their ego and say "You guys were right. I really should have listened to you".

[Elizabeth]

Well personally I can only say that I have always found facile insincerity to be the best defence. Admit the error of your ways.

Tell them you are about to join a property club run by some property guru and become a millionaire in six months buying houses you've never seen in Darwin Australia because you can write down the depreciation on new properties for 20 years (it was a pre-crash government 'initiative' to keep the building industry, a bit like the $7000 for FTBs in Oz and also SIPPS).

Tell them you were totally wrong, but you have seen the error of your ways and that 'property never goes down' because Mr James told you in 3rd form and he's been your hero and guiding light.

[oracle]

Well personally I can only say that I have always found facile insincerity to be the best defence. Admit the error of your ways.

Tell them you are about to join a property club run by some property guru and become a millionaire in six months buying houses you've never seen in Darwin Australia because you can write down the depreciation on new properties for 20 years (it was a pre-crash government 'initiative' to keep the building industry, a bit like the $7000 for FTBs in Oz and also SIPPS).

Tell them you were totally wrong, but you have seen the error of your ways and that 'property never goes down' because Mr James told you in 3rd form and he's been your hero and guiding light.

...naaah,sounds like tring to fit in with the in crowd.

you need to tell them about the "next big thing" and what tantalising returns you have made.

.....albeit in a small way(to double the impact,they will soon twig that if you have made 70% on 10k..yup 7k profit.

...if they invest 100k equity they will make 70k in 2.5 years.(catch my drift)

....all totally based on past performance but joe public will lap it up!...this is just the way BTL has been flogged to the masses,and the beauty of it is that as more people come round to it,the more you stand to make!...so don't miss the boat!

[Elizabeth]

...naaah,sounds like tring to fit in with the in crowd.

oi... nobodies ever accused me of that before... well not since I was 14!

[oracle]

oi... nobodies ever accused me of that before... well not since I was 14!

sorry liz!!!.....we are all social misfits on here,so welcome to the club....we are deeply unpopular and need as many friends as we can get!!!

.....I was speaking from a very basic shrink's perspective!!....this house price stuff is herd-mentality gone mad...and there is a bit of emotional blackmail at work to get us all to join in.....at least we have all had the sense to spot it(the authorities won't like it as we aren't playing the game by their rules....which amount to..............lose!)

[oracle]

I think buddha said something like be friendly, but have no friends.

nice being likened to a god!!!!!!

.....we are the teachers,the pupils will understand in time.

teach them well,we must.

be patient with them,they must learn the lesson.How they learn is of their own choice but to pass the exam quickly does not mean they truly understand.(sort of like a driving test)

[boom_and_bust]

Next week I'm off to a dinner party with some smug friends who left university at the same time as me. They bought houses in the mid-90's, I didn't. Whenever we meet, the topic of house prices comes up, and they always go on about how much money they've made. I've predicted house price doom so often in the past, I'm no longer credible on the subject ('No, it really is just about to happen').

Anybody got any good one-liners I can use to hold my end up?

Hi,

OK, if you really can't stomach 'turning-the-other-cheek' approach, just casually mention that in the past you have just been scared off by the rising prices and stories of woe from people who were in the last crash. You see now that maybe your judgement may have been clouded. As true friends, say how you would really appreciate a little investment advice about buying from them all.

Say that the thing that really spooked you was this one 'fella' down the pub who kept saying the crash was coming. That he said it was cycles and stuff or something or other. Anyway, he said that Japan went through similar rises and slumped for a decade, that Holland, Australia and Spain also went under big booms before the Britain and they have seen some price crashes in cities up to 20% in a year. That America has been boiling along for about the same time as the UK and that the hottest of the hot spots, southern Calafornian cities from San Fransico to San Diego have seen some big drops so far this year - as big as 30% in San Fran.

Now, you say, please, guys, can you give me some advice and where to invest and how much I can expect to see rises. 'Cos I am really confused that all these other places have had some big price falls and I just want some reassurance to make the decision.

Probably won't get you anywhere but if you can post the answers on here, might be interesting to see if the VI media spin has come up with any new ideas on the subject of fantasy-league-housing.

Boomer