Thinking about buying a home but not sure what happens to market in times like this?

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titfortat
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Thinking about buying a home but not sure what happens to market in times like this?

Postby titfortat » Fri Aug 05, 2022 12:35 pm

My partner and I have wanted to get onto the property ladder for ages, ideally staying local as we love it around here. However I am very risk averse and wondering if we are mad to make this move now? I am not sure what happens to the property market in times like this? Do things go up and moving quickly would be a wise move to beat further increased prices or do things go down and it would be better to wait? Appreciate anything anyone can share. 
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GemsyHP
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Re: Thinking about buying a home but not sure what happens to market in times like this?

Postby GemsyHP » Mon Aug 08, 2022 8:24 am

Morning

I am a local agent but also live between the commons - please do feel free to send me an email with your contact details - I am happy to have a chat about the market and our thoughts if that’s helpful?

gemma@chelwoodpartners.com

Kindest
Gemma
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Bunnyboots
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Re: Thinking about buying a home but not sure what happens to market in times like this?

Postby Bunnyboots » Mon Aug 08, 2022 9:16 am

I have never known property prices to drop substantially and stay dropped in the long term. Just look at house price histories on Rightmove and you will see they consistently get higher.
There was a period in the early 90s when due to increasing interest rates some people became in negative equity as they had mortgaged to the hilt but this only lasted a couple of years and only mattered if they needed to sell.
It is a lovely area and if you can afford to buy I’d say definitely go for it as long as you are not likely to have to move again quickly. Property prices do only ever go one way in the long term.
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DavidWT
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Re: Thinking about buying a home but not sure what happens to market in times like this?

Postby DavidWT » Mon Aug 08, 2022 10:51 am

There is never the right time or the wrong time to buy a home as far as the market is concerned. You are not professional property investors looking to buy low and sell high in a short space of time. You are buying a long term investment and more importantly a home for yourselves. When you eventually sell the property it’s highly probable it’s because you are moving so it follows you are also buying. So if the market is down when you are selling then this will be the same of the property you are buying.
I have been working in the finance side of the property market for the last 30 years and my experience of people “waiting” for what they think is the right time never actually buy. There’s always something going on which could influence market conditions . Forever concerned about buying at a high point so holding off until it comes down and then realising it doesn’t come down and wishing they had bought already, or worried about buying when the market is falling in case it continues to fall. And if the market is flat does that mean the market is about to turn!! You will never predict movement accurately, it is simply luck . Remember you are buying a home to live in. You will only realise it’s actual value when you sell it and keep the cash, which might be tricky when you will continue to need somewhere to live!
The market moves all the time and will continue to do so. In the long term it doesn’t really matter when you buy. It’s all about when the right time is for you - not the market. If you happen to buy at the very bottom, basically that’s pure luck but no one can predict the bottom.
If your focus is all about the market and the “right time” there is a good chance you will probably never make the jump as you will continue to find reasons not too. I have met people like this in my time, and they continue to line the pockets of their landlords they rent from.
My advice is to get your mortgage finance lined up as much as is possible (assuming you need to borrow) then work hard on finding the right property that suits you both… and then just go for it!
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LocalAgent
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Re: Thinking about buying a home but not sure what happens to market in times like this?

Postby LocalAgent » Mon Aug 08, 2022 10:01 pm

As a local estate agent of 30 years on Northcote Road, I couldn’t have put it better myself!
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LocalAgent
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Re: Thinking about buying a home but not sure what happens to market in times like this?

Postby LocalAgent » Mon Aug 08, 2022 10:06 pm

Whilst the comments below are pretty much spot-on, sometimes there are certain types of property that may be better to look for in different market conditions.

If you’d like some experienced advice (we’ve been around through all the ups and downs of the last four decades!) then do feel free to give us a call. My company is called John Thorogood (020 7238 7474) or email sales@john-thorogood.co.uk. Our office is at 140 Northcote Road, specialising in that particular area.
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