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Schmalex

I'm Going To Buy!

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Having taken a very bearish view of the property market for the past 6 months or so, it looks like my wife & I are going to take the plunge tomorrow. We have found a house in a small village that ticks all the boxes for us & most importantly, has the right feeling about it. Just got to start the negotiations in the morning & see where we get to over the next 36 hours or so.

I wish all the bears out there all the very best of luck as I am sure a correction is coming, but for me it is time to get back in & secure this particular property (After looking around close to 50 properties over the past few months, it is the only place that has both of us feeling that we want to live there).

Mortgage is not going to be that huge when compared to others (4 x joint salaries, assuming only my basic salary and about 2 times our joint salaries assuming I earn reasonable commission).

I know the committed bears will stone me for this decision & my head says to hold off, but neither my wife or I can stand renting for another 12 / 18 / 24 / however long.

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Having taken a very bearish view of the property market for the past 6 months or so, it looks like my wife & I are going to take the plunge tomorrow. We have found a house in a small village that ticks all the boxes for us & most importantly, has the right feeling about it. Just got to start the negotiations in the morning & see where we get to over the next 36 hours or so.

I wish all the bears out there all the very best of luck as I am sure a correction is coming, but for me it is time to get back in & secure this particular property (After looking around close to 50 properties over the past few months, it is the only place that has both of us feeling that we want to live there).

Mortgage is not going to be that huge when compared to others (4 x joint salaries, assuming only my basic salary and about 2 times our joint salaries assuming I earn reasonable commission).

I know the committed bears will stone me for this decision & my head says to hold off, but neither my wife or I can stand renting for another 12 / 18 / 24 / however long.

I think you should change to Bull from Bear. You would not be buying if you really believed you could be in negative equity soon.

AFP

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I think you should change to Bull from Bear. You would not be buying if you really believed you could be in negative equity soon.

AFP

Thing is, I know there is a risk that we could end in -ve equity quite soon, but as we are planning to buy this place as a long term family home (next 15 years or so) and not an investment, it does not worry me too much. Additionally, we are trying to protect ourselves as much as we can with the purchase (individual house, land, good motorway access, good major town access, conservation area etc, etc). Don't get me wrong, I am still VERY bearish about the market, but this decision is being made by balancing the need for financial prudence against the wish to buy our perfect house.

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Thing is, I know there is a risk that we could end in -ve equity quite soon, but as we are planning to buy this place as a long term family home (next 15 years or so) and not an investment, it does not worry me too much. Additionally, we are trying to protect ourselves as much as we can with the purchase (individual house, land, good motorway access, good major town access, conservation area etc, etc). Don't get me wrong, I am still VERY bearish about the market, but this decision is being made by balancing the need for financial prudence against the wish to buy our perfect house.

You mean your wife's decided !

say no more.....

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You can think that the market is going to go down soon, and still want to buy now. I think it is (going to go down), and just put in an offer on a house, and then upped it when they turned down my first offer. They rejected that one too.

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I think there is going to be a crash and with the current signs I am seeing we are not far away.

With an economy built on debt, when it does go down the number of unemployed will rise substantially. NE, higher IR and possible unemployment mean I would not even consider buying at todays prices! Even if it was for cash.

However, your choice is "yours" and I respect that and wish you good luck.

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Having taken a very bearish view of the property market for the past 6 months or so, it looks like my wife & I are going to take the plunge tomorrow. We have found a house in a small village that ticks all the boxes for us & most importantly, has the right feeling about it. Just got to start the negotiations in the morning & see where we get to over the next 36 hours or so.

I wish all the bears out there all the very best of luck as I am sure a correction is coming, but for me it is time to get back in & secure this particular property (After looking around close to 50 properties over the past few months, it is the only place that has both of us feeling that we want to live there).

Mortgage is not going to be that huge when compared to others (4 x joint salaries, assuming only my basic salary and about 2 times our joint salaries assuming I earn reasonable commission).

I know the committed bears will stone me for this decision & my head says to hold off, but neither my wife or I can stand renting for another 12 / 18 / 24 / however long.

So today we have 2 bears who have cracked and decided to join the sinful home owners. (See link). Still clinging to Bear status as they slide down to the Building Society and ask for all that lovely cheap debt to be handed out - so one of the boomers can chuckle and go cruising through their retirement. Before you go stoking the debt fueled economy that will beggar us all, think about how nice renting is and the freedom it brings and those lovely landlord subsidies. Remember that by buying a home you are just enslaving yourself and pricing out still further those that follow you. Why feed evil Gordon with stamp duty? Oh and don't forget prices will crash next month (- or is it Q1 2007 I can never remember?).

Show some balls and carry on renting. The signs of a crash are everywhere. Even though uber bears on this site who STR have cost themselves tens or hundreds of thousands of pounds, don't lose faith that they know what they are saying. Be brave and tell your wife she has to face uncertainty and insecurity and put off that dream home. Tell her the bears on HPC need you more than she does.

http://www.housepricecrash.co.uk/forum/ind...mp;#entry706058

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So today we have 2 bears who have cracked and decided to join the sinful home owners. (See link). Still clinging to Bear status as they slide down to the Building Society and ask for all that lovely cheap debt to be handed out - so one of the boomers can chuckle and go cruising through their retirement. Before you go stoking the debt fueled economy that will beggar us all, think about how nice renting is and the freedom it brings and those lovely landlord subsidies. Remember that by buying a home you are just enslaving yourself and pricing out still further those that follow you. Why feed evil Gordon with stamp duty? Oh and don't forget prices will crash next month (- or is it Q1 2007 I can never remember?).

Show some balls and carry on renting. The signs of a crash are everywhere. Even though uber bears on this site who STR have cost themselves tens or hundreds of thousands of pounds, don't lose faith that they know what they are saying. Be brave and tell your wife she has to face uncertainty and insecurity and put off that dream home. Tell her the bears on HPC need you more than she does.

http://www.housepricecrash.co.uk/forum/ind...mp;#entry706058

Show some balls and carry on renting

Actually it's gilfriend says no, not wife. Yeah, I have cracked. But you also learn about 'sticky down' on this site. So do I really want to wait three years for a decently priced house? Probably yes if I didn't have a girlfriend who is about to become my wife! Though, i think you are still a bear, if you buy a place knowing you might have to wait ten years for it to be the same price again.

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Though, i think you are still a bear, if you buy a place knowing you might have to wait ten years for it to be the same price again.

Sorry, you just gave the definition of being a loser!

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Thing is, I know there is a risk that we could end in -ve equity quite soon, but as we are planning to buy this place as a long term family home (next 15 years or so) and not an investment, it does not worry me too much. Additionally, we are trying to protect ourselves as much as we can with the purchase (individual house, land, good motorway access, good major town access, conservation area etc, etc). Don't get me wrong, I am still VERY bearish about the market, but this decision is being made by balancing the need for financial prudence against the wish to buy our perfect house.

sounds like sound emotional reasons.

main thing - you can afford the repayments easily it sounds, and, being in a genuinely nice area, if prices do drop they won't likely be the worst drops in the correction (which will be saved for 2 bed city centre btl apartments etc) and nice houses in nice areas are always sellable. I fyou bought a run down terrace in inner city Doncaster I wouldn't say the same for example. As I understand it the kind of property you are buying is the most crash-proof type, and of course we can't always wait for economic nirvana while our lives are put on hold.

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sounds like sound emotional reasons.

main thing - you can afford the repayments easily it sounds, and, being in a genuinely nice area, if prices do drop they won't likely be the worst drops in the correction (which will be saved for 2 bed city centre btl apartments etc) and nice houses in nice areas are always sellable. I fyou bought a run down terrace in inner city Doncaster I wouldn't say the same for example. As I understand it the kind of property you are buying is the most crash-proof type, and of course we can't always wait for economic nirvana while our lives are put on hold.

Well can't talk for Schmalex, but yeah can't wait all you life. And even though I didn't want one before, thanks to this site, I won't be buying a flat in docklands.

Actually I thought I'd buy a house so the market can finally fall. GC2 will officially be called, in the month I buy a house.

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Good luck to you.

My sister + BF are about to put an offer on a place and I was all set to offer my usual doom and gloom on the house market.

She is worried herself (and I've not talked to her about it at all, so that was her own opinion, which is telling) about the value falling (she got burnt in the last crash, as it happens).

But BF has lots of cash, they don't need much of a morgage, she has a kid on the way and they're looking to buy a home not an "investment".

So all I had to say was "so what? If prices crash it's going to be a good thing for you, when you look for the bigger place in 5 - 10 years time you'll pay less for it".

I don't see much wrong with that, and I'm as bearish as they come.

It's a shame the place is so horribly overvalued mind you, and if they were looking at selling themselves into morgage slavery I'd be raising pure hell with her about it, but as it is I'm hoping they'll weather the storm. Suppose I'd better buy myself a suit and some new shoes, never thought she was the marrying kind, but ....

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