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wotser

First Time Buyers Beware!

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My neighbours house in North London is on the mkt as of last week, for 370k. Another neighbour paid a similar amount for his house about a year and a half ago, before the mini boom. He thought that the asking price would be 430k or more so he will be suprised when i tell him the price.

The reaction from some first time buyers might be, the prices have dropped, lets buy! Encouraged by media reports in the so called quality daily papers that now is the best time to buy. Dont you remember hearing that a few months ago too?! Its always the best time to buy acording to Estate Agents and the media. There is no reason why a first time buyer should feel that he should prop up a failing property market. Thats effectively what you are being asked to do. DOnt fall for it.

I would say first time buyer beware, as the property market moves slower than stock market most of the time, and in 1990 the lag between the stock market crash and the property market crash was at least 6 more like 9 months as far as I recall. Yes there will a softening in the meantime but its no time to buy.

Also be careful what you read in the papers, alot of its rubbish.

The credit crunch this time is unique as its large driven by sub prime, diced and repackaged into CDO pass the parcel, and then hit the stock market and is coming full circle back to the property market, will cause some mayhem.

Looking out my window its still for sale, no quick sell there, and i cant see buyers queueing up, so dont believe the estate agent hype. Demand / supply are two sides of the SAME equation, despite what they say!!

Edited by wotser

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My neighbours house in North London is on the mkt as of last week, for 370k. Another neighbour paid a similar amount for his house about a year and a half ago, before the mini boom. He thought that the asking price would be 430k or more so he will be suprised when i tell him the price.

The reaction from some first time buyers might be, the prices have dropped, lets buy! Encouraged by media reports in the so called quality daily papers that now is the best time to buy. Dont you remember hearing that a few months ago too?! Its always the best time to buy acording to Estate Agents and the media. There is no reason why a first time buyer should feel that he should prop up a failing property market. Thats effectively what you are being asked to do. DOnt fall for it.

I would say first time buyer beware, as the property market moves slower than stock market most of the time, and in 1990 the lag between the stock market crash and the property market crash was at least 6 more like 9 months as far as I recall. Yes there will a softening in the meantime but its no time to buy.

Also be careful what you read in the papers, alot of its rubbish.

The credit crunch this time is unique as its large driven by sub prime, diced and repackaged into CDO pass the parcel, and then hit the stock market and is coming full circle back to the property market, will cause some mayhem.

Looking out my window its still for sale, no quick sell there, and i cant see buyers queueing up, so dont believe the estate agent hype. Demand / supply are two sides of the SAME equation, despite what they say!!

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Guest DissipatedYouthIsValuable

Yo kidz.... houses rite..... imagine if the old dudez had all da weedz...rite...

They would be all like...."this weedz is a million quid for a Henry"..rite...

But if you wuz like all...."we ain't 'avin any, dat's well spensiv" for a few months...they'd ave to bring da price down...

Now....Pretend the weedz is like houses....(you might need to smoke some weed to imagine)...

...Fukin mindblowin' yeah?....

...Those mortgage and estate agent tossas and BTLers think we're well stupid....

...Buy iPods not 'ousiz..

Word..

Edited by DissipatedYouthIsValuable

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Yo kidz.... houses rite..... imagine if the old dudez had all da weedz...rite...

They would be all like...."this weedz is a million quid for a Henry"..rite...

But if you wuz like all...."we ain't 'avin any, dat's well spensiv" for a few months...they'd ave to bring da price down...

Now....Pretend the weedz is like houses....(you might need to smoke some weed to imagine)...

...Fukin mindblowin' yeah?....

...Those mortgage and estate agent tossas and BTLers think we're well stupid....

...Buy iPods not 'ousiz..

Word..

Off da shizzle... :P

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