Morning folks I own a house, my girl owns her house. We have been looking at selling both and buying one together. The thing is, the market is dead, it should be a buyers market, but it isn't - as people who paid well over the odds don't want to sell for a realistic price. Plus, Euro land is going into meltdown, with Ireland, Greece and other Euro states going bust. So my question is, do I buy now, or wait six months?
I'm waiting. Interest rates are low so mortgages payments are low. The interest rates will eventually rise, raising the cost of mortgages, people wont be able to afford them and either default or sell. More homes on the market, prices drop.
Things are not going to get any better so I think it best you top yourself and save yourself the worry.
the housing markets been dead for two years already, if you look hard enough you'll find someone who's in the position where they have to move and cant ust sit on their arse for the next 5 years.
You could take the plunge and get your mortgage fixed at this low rate for 5 years or more if you can.
Me and the missus are looking at flats again, after we pulled out of the new build one at the start of the year. We used to rent a flat and were told if we wanted to buy it then we'd have to pay £95k. It's been sitting on the market for over a year now and it's at offers over £65k. We reckon we could probably get it for closer to £60k. The other £5k I would put towards a car for passing my test. At the moment we have about £16k for a deposit, so maybe use £10k for the deposit, keep 2 aside for lawyers fees and the like, then 4 for furniture to get us started
Well folk I am an Estate Agent and have my own business, I have no idea what the market is like up there in Scotland, but round here the market is ok if you price your houses sensibly.. The main issue round here is that most homeowners think they know more about the housing market than the agents and always add money to whatever the agent has said re the price... this bearing in mind that most agents will say a price slightly above what they really think the house is worth.. It is these reason combined things arent selling as the asking prices are too high for current market conditions. If you wait to sell your houses and wait for the market to improve and prices rise, I assume that the value of the house you will buy will be considerably higher in value than that of the two you intend to sell, so on that basis if prices rise 6% next year (which is being widely predicted) 6% on a house worth 300k is more value added to that one than 6% on a house worth say £130, so the more expensive will grow further apart from you in value.. in a depressed market it works better for people upsizing as long term you will make more money. My advice would be to get at least 4 valuations on your houses DO NOT tell the agent when you book the valuation how much you think it is worth otherwise that is the price they will tell plus a bit more.. take 4 valuations from agents who sell similar houses an check their website that they have actually sold houses of a similar ilk and use take the middle ground of the four valuations. It is a fact that if you try at a higher price from the outset the likely hood is you will end up reducing your price below that which you could have sold for in the first place.. Hope that helps..
Another point when picking your agent use a local independent one not one of the national like connells or countrywide where all the profits go to America .. Plus the fact they're ****s an over value to justify their high fees . Plus the staff in those places are twats an don't have any local knowledge.
If you can stretch the bank I'd try not to sell your 2 existing properties, and just buy a third. Interest rates are low and the inflation rate is high, you're existing mortgage debt will be worth 5% less next year from inflation alone never mind repayments. If you can get tenants in there covering most of the mortgages then you are laughing. People went skint during the housing boom because they were not looking at long term rental yields vs current mortgage costs, they were trying to flip the house in 2 years to make profit on the value of the property itself.
Just sell the both of them. I put my old flat on the market just before the crash (lucky timing eh?) and it took 2 years to sell. Supposedly the market has been going to get better ever since. You could wait forever to find the right moment. If you can sell them you're doing well and will get a good price for a new place. It's all relative, no point in hanging around.
Yet another thread that I post on and kill. I must be the best post killer on this whole forum I deserve Rep or somthing for that.
