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Is Buying Time Getting Close?


notnow
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If you are able to buy - i.e. in a steady job, with cash deposit/buffer or even cash price in your pocket, is it getting close to buying time?

I am seeing "sought after" villages with a number of stuck homes in each, where normally there would be nothing for sale.

Some of these have reduced 20% from original asking price, or more in a few cases.

This means that desirable homes are competing for the very few buyers that are about, with inevitable price reductions, and are still not selling.

So, is it silly offer time? For me , I still see deluded sellers, ( turning down 95% offer while adding "I am not giving it away" ) and I still see the frightened sellers, who are so far underwater that they cannot accept offers, but I reckon there are now, for the first time ever in the UK housing market, many desperate sellers who can and will gratefully accept low offers. People moving to nursing care, or to live with family, divorcing couples, can they wait forever?

May I suggest that if you are considering making an offer, make sure that in the first instance it is refused, and then wait for the phone to ring, as it surely will. Unless you live in Cambridge.

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If you are able to buy - i.e. in a steady job, with cash deposit/buffer or even cash price in your pocket, is it getting close to buying time?

I am seeing "sought after" villages with a number of stuck homes in each, where normally there would be nothing for sale.

Some of these have reduced 20% from original asking price, or more in a few cases.

This means that desirable homes are competing for the very few buyers that are about, with inevitable price reductions, and are still not selling.

So, is it silly offer time? For me , I still see deluded sellers, ( turning down 95% offer while adding "I am not giving it away" ) and I still see the frightened sellers, who are so far underwater that they cannot accept offers, but I reckon there are now, for the first time ever in the UK housing market, many desperate sellers who can and will gratefully accept low offers. People moving to nursing care, or to live with family, divorcing couples, can they wait forever?

May I suggest that if you are considering making an offer, make sure that in the first instance it is refused, and then wait for the phone to ring, as it surely will. Unless you live in Cambridge.

Clearly in the areas north of Oxfordshire and the proper North there have been continuing house price falls. There is even the first signs of stabilising 'up north'. The job scene is tougher there and lots have moved south. However, the South is still in bubble territory. It seems that gentle falls in most areas are to be expected in the South. Vendors are showing signs of accepting lower offers. To support this, low interest rates must prevail and if they don't then I expect much harsher falls in the south and more in the north too. Southend you say? It's statistical rubbish. Rises of 1-2% were recorded by estate agents. A flight from expensive London property being the reason for anything to happen there atall.

If you are buying , then 20% below asking price is the start point. You won't be laughed at except in the very most sought after roads/areas.

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Hey, everyone's situation is different in my opinion, I am going to buy when renting the same property will be costier than mortgaging it let's say for 20years, have you compared that? I am seeing deluded sellers and crazy buyers too albeit less and less of the latter.

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The way things have been going for the last few months, I've been seeing income from investments significantly exceed rent plus bills. If I took that money and bought a house, I'd lose this income and (given that the total wouldn't cover the house I'd want to buy) have to service a debt. By this logic, I'll never buy, which is looking like a serious contender in the long-term gameplan; the mid-way plan was always to cover rent and bills from investment income, and to take stock there, but now I'm thinking about just going for broke with it, so to speak. If anything costs more than a month's pay, it's for renting!

Edited by JJJ
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  • 4 weeks later...

Only by the day.

But that day is a long way off for me, the numbers just don't add up, JJJ can see it as well. I think there's still a lot of unravelling to do and other investments are due their run. I'm looking forward to further personal house price deflation. 2013 has started well.

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