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housey

Considering Putting In An Offer - Help Me!

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Hi

I dont post very often but read this forum a bit to obsessively!

Ive been as bearish as one can be the last few years, I STR'ed in 2003.

I find myself in a position where im about to put an offer on a property

Reasons (in no paticular order)

1. The girlfriend is fed up renting and lost faith in my prices will come down arguments.

2. I have to be honest im getting fed up renting - want a pet, decorate to my tastes etc...

3. Never thought I would say it but ive lost faith recently that prices will come down.

4. I need to stop my obsession with house prices :-)

Weve been taking a look at a few areas in Bristol to see whats on offer within our price range, what I see is very few properties which I would consider living in + any which do look ok seem to go to sold very quickly. Asking prices defintly seem to have gone up over the last few months, by quite a bit.

Ive 3 friends that have put there properties on during the last month, 2 have had asking price offers (both seemed to be very overvalued by the estate agents).

Everyone thinks im mad for sticking to my "house prices will drop" mantra.

I feel pretty stressed about making the decision to put an offer in, part of me feels like im getting sucked in with the buy now or pay more later, another part of me is kicking myself for not buying a year ago when I could have got more for my money!

I can afford the property quite comfortably, with my STR fund + the girlfriends STR fund our mortgage will be very managable even if interest rates rise (which im sure they will).

I just dont want to buy at the top after standing firm for so long.

I know only I can make the decision and noones got a crystal ball just felt the need to post what im thinking of doing.

Housey

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What if you decide to start a family? Will you still be able to afford mortgage payments on one wage? Will the property be big enough to even contemplate having children? Are both your jobs pretty secure?

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Find a better land lord!!!

I can decorate have two dogs and 230+fish lol

FInd a nice ITR landlord get a nice low rent and BE PATIENT!!

Hope that helps!!

P :D:D

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Upto you mate. I've got my money in savings etc and it will make me over 5% a year (guaranteed) plus some in slightly more riskier investments (my ISA fund is already up 3.5% in ONE month). If house prices continue going up then so be it. I'll continue saving and buy if and when its sensible for ME.

Do what you have to do. If you're worried, lock yourself in a long term low IR deal, if your job is secure.

Edited by OzzMosiz

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How long are you prepared to stand firm for? The HPC keeps getting delayed and there isn't really much sign of it happening in the near future, but that's not to say it won't.

Personally, it wasn't worth me staying out of the market. I bought and I'm actually happier getting it over and done with. It sounds like you've made your mind up anyway.

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Ive 3 friends that have put there properties on during the last month, 2 have had asking price offers (both seemed to be very overvalued by the estate agents).

I take it your three friends are wishing to climb the debt ladder?

Everyone thinks im mad for sticking to my "house prices will drop" mantra.

Understandable really when you come to think about, it's hard being the odd one out I know :rolleyes:

Pity you being a Bear and STR, that you never join in our japs here on HPC, and now you have joined just to say bye bye your buying.....I'm really really gutted...you know I feel like going in to the next EA I see and saying hit me with a big one, I'm feeling lucky lucky lucky. :D

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I suggest you offer at least 50% over asking price so as not to get gazumped and don't dilly-dally as houses are flying off the shelf..

Hope that helps Sammy baby...

Well we lost a property last week. It was new on and we offered 10% below, then 8%, 5% and then before we could offer any more it was under offer somewhere near asking.

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C'mon man! Where's ya b*lls! Can't you just hang on another year. We str'd in 2003.... but always knew the downturn wouldn't happen overnight. We had a goal - 2 yrs best case scenario, 4 yrs worst.

Why not rent another pad, and forget about house prices for another year. Keep the faith. ;)

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Think about all of us who dont have a STR fund and are trying to get on the ladder, you are in a much better postion than any of us. If you can afford to buy its gotta be worth doing in a rising market. If properties go up 10% this year, and fall 20% the next is it really that bad? Cant you just keep hold of it until the value goes up again?

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Hi

I dont post very often but read this forum a bit to obsessively!

Ive been as bearish as one can be the last few years, I STR'ed in 2003.

I find myself in a position where im about to put an offer on a property

Reasons (in no paticular order)

1. The girlfriend is fed up renting and lost faith in my prices will come down arguments.

2. I have to be honest im getting fed up renting - want a pet, decorate to my tastes etc...

3. Never thought I would say it but ive lost faith recently that prices will come down.

4. I need to stop my obsession with house prices :-)

Weve been taking a look at a few areas in Bristol to see whats on offer within our price range, what I see is very few properties which I would consider living in + any which do look ok seem to go to sold very quickly. Asking prices defintly seem to have gone up over the last few months, by quite a bit.

Ive 3 friends that have put there properties on during the last month, 2 have had asking price offers (both seemed to be very overvalued by the estate agents).

Everyone thinks im mad for sticking to my "house prices will drop" mantra.

I feel pretty stressed about making the decision to put an offer in, part of me feels like im getting sucked in with the buy now or pay more later, another part of me is kicking myself for not buying a year ago when I could have got more for my money!

I can afford the property quite comfortably, with my STR fund + the girlfriends STR fund our mortgage will be very managable even if interest rates rise (which im sure they will).

I just dont want to buy at the top after standing firm for so long.

I know only I can make the decision and noones got a crystal ball just felt the need to post what im thinking of doing.

Housey

str?

In that case you have equity..

In that case buy...

I am not here to invest in the property market.. I am here to avoid getting too much debt..

:)

Just buy.. if you can afford.. who cares.. :)

No one is selling anything out there but credit..

you have equity all you need is less credit..

Get a home and concentrate on life.

Prices are falling..

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Guest Winners and Losers

Find a better land lord!!!

I can decorate have two dogs and 230+fish lol

FInd a nice ITR landlord get a nice low rent and BE PATIENT!!

Hope that helps!!

P :D:D

I have a dog and two cats in my rented house. Very nice it is too - decorated just to my taste. I really don't understand why people don't allow pets. Its not pets that wreck the house, its those pesky kids! ;)

Cant you just keep hold of it until the value goes up again?

Sure, but IMO you will be waiting a very long time for that to happen.

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Guest Winners and Losers

What if the value never comes back up to present levels in real terms? What if values continue to fall for the next 20 years? The world's becoming a very different place don't you know?

For those who can't resist the urge to get on the ladder, do it! Don't just come back here in a year or so complaining that it was all Dr Bubb's fault... :lol:

Yeah, and don't come on here asking 'should I buy a house?'. What do you expect people to say. Ah, yes. Ah, no. WTF? My motto is, if in doubt leave it out.

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... The HPC keeps getting delayed and there isn't really much sign of it happening in the near future, but that's not to say it won't.

this is the kind of moronic statement that pops up all too often here.

What makes you think it's 'delayed'?

You are witnessing it

The peak has past and the only way is down now, whether or not we get a few 'blips' every now and again.

In fact, if it DIDN'T 'sawtooth' up and down, THAT would be cause for comment.

A year from now, as you collect your P45 from foxtons, you will look back and realize only too clearly that market falls, like market rises, are punctuated regularly by apparent reversals in the trend that give the 'sheeple' momentary joy, only to smash it back in their ignorant pasty faces very shortly after.

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Everyone =

104351-JC-NT.jpg

I find it deeply disturbing that you have a picture of sheep on your computer :o is there something you need to tell us....... :)

TB

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I was in exactly the same situation two years ago - fed up of renting, and afraid of buying at the top. At the end, my wife and I decided to buy sth we like, refurbish it and not worry too much about house prices in the near future as we might not need to sell the property soon anyway. So we bought a 3-bed property in North London in need of modernisation. Two years later, all the modernisation is done and - without taking into account any of the modernisation - house prices here have gone up another 8% or so. However, and this is the important point, we would still think our decision was correct, if house prices had fallen by the same amount (or even a bit more). Living in our own place with your own decoration is just so much nicer. If you think like that as well and if you also are not too worried about prices coming down in the short term, then you should definitely buy. In the long term, they will go up anyway.

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Well we lost a property last week. It was new on and we offered 10% below, then 8%, 5% and then before we could offer any more it was under offer somewhere near asking.

I don't trust that. That has happened to me twice. In both cases the house was taken off the market for a couple of days and then went back on. Luckily I have low self-esteem so I didn't go back once I was rejected :lol: In both cases the flats finally sold for about 15K under what I had offered. Hence I believe it is often a ruse to make you jump when all of a sudden you get that lucky chance to bid again, on the basis that you won't be so impertinent as to make the same mistake twice ;) ... so since they are obviously not happy with 10% under keep a lookout for it and then if it comes back on the market put in an offer 15% under!

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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