A first-time buyer's story

[BrilloPad]

In that case
You want to buy too soon, and sell too early

It is hard to sell too early? A few people caught out in 98, 01, 04, 05, 06.

Buy too soon is easier - house prices went down from 89 to 92, steady 92-95. So I reckon a 3 year stability period. That is when repossessions have stopped and the overhang being sold.

[Old Greg]

It is hard to sell too early? A few people caught out in 98, 01, 04, 05, 06.

Buy too soon is easier - house prices went down from 89 to 92, steady 92-95. So I reckon a 3 year stability period. That is when repossessions have stopped and the overhang being sold.

I think that in retrospect, when this is all over, those who sold in 05 and 06 will trun out to have done a good thing.

[BrilloPad]

I think that in retrospect, when this is all over, those who sold in 05 and 06 will trun out to have done a good thing.

I am not totally convinced just because of the increase in average earnings.

http://forums.contractoruk.com/571200-post29.html

[Old Greg]

I am not totally convinced just because of the increase in average earnings.

http://forums.contractoruk.com/571200-post29.html

But corrections tend to overshoot and I think this is going to be a biggie...

Anyway, we can only make the best call we can and we'll see how things turn out.

[EternalOptimist]

It is hard to sell too early? A few people caught out in 98, 01, 04, 05, 06.

Buy too soon is easier - house prices went down from 89 to 92, steady 92-95. So I reckon a 3 year stability period. That is when repossessions have stopped and the overhang being sold.

I am thinking 'mm I have made a packet, but things aint peaked yet, but those guys on CUK are saying 'we're all doomed', I also dont think it can go on for much longer so - SELL'

You are never going to maximise yer dosh, but its safety what OG wants (me too for that matter)

[rootsnall]

Try having a 3 way conversation with solicitor on phone and 7 month pregnant wife in room, wher you have to decide NOW

A similar scenario but with the wrong result. We were given an ultimatum to exchange on the house we were buying. Pregnant wife putting on serious pressure to buy the bigger house and I bottled it despite common sense telling me not to. To compound the problem the buyers of our current house at the time pulled out with 24 hrs to go so we ended up with 2 houses. Luckily got an immediate cash buyer and offloaded the surplus house at near to top whack anyway. In the end it hasn't worked out too badly as we are in a house I'll be happy with long term, we looked at dozens and only saw two we liked, it would be a lot better if I'd paid 20% less though.

Despite all the gloom bigger houses still seem to be selling in my neck of the woods, one at £3million and one at £1.8million have both just gone under offer after being on the market for ages. Don't worry I wasn't in that market !

[Old Greg]

A similar scenario but with the wrong result. We were given an ultimatum to exchange on the house we were buying. Pregnant wife putting on serious pressure to buy the bigger house and I bottled it despite common sense telling me not to. To compound the problem the buyers of our current house at the time pulled out with 24 hrs to go so we ended up with 2 houses. Luckily got an immediate cash buyer and offloaded the surplus house at near to top whack anyway. In the end it hasn't worked out too badly as we are in a house I'll be happy with long term, we looked at dozens and only saw two we liked, it would be a lot better if I'd paid 20% less though.

Despite all the gloom bigger houses still seem to be selling in my neck of the woods, one at £3million and one at £1.8million have both just gone under offer after being on the market for ages. Don't worry I wasn't in that market !

They're under offer, but not sold yet - have a litlle peek at how much they go for when (if) they go through.

It was incredibly stressful, but we have consoled oursleves by renting a fantastic place that we would never be able to but at current prices. Glad it's worked out for you.

[rootsnall]

They're under offer, but not sold yet - have a litlle peek at how much they go for when (if) they go through.

I will be doing. That is very much top end for my area, they are few and far between so not really subject the normal rules that us mere mortals play by. If I had of STRed and we had an 80% correction I could of had it !

Quite a nice pad though, http://www.rightmove.co.uk/viewdetai...a_n=1&tr_t=buy

[BrilloPad]

I am thinking 'mm I have made a packet, but things aint peaked yet, but those guys on CUK are saying 'we're all doomed', I also dont think it can go on for much longer so - SELL'

You are never going to maximise yer dosh, but its safety what OG wants (me too for that matter)

I think it is never a good time to sell your own house unless move to a bigger house and you have to have the dosh.

BTL properties are very different. A few years and there could be some bargains around.

[Old Greg]

I think it is never a good time to sell your own house unless move to a bigger house and you have to have the dosh.

BTL properties are very different. A few years and there could be some bargains around.

In truth, we would never have sold up to rent, just to avoid a crash. We happened to be selling and buying a new place, when we woke up and just went ahead with the sale. 80% luck