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Phil N | 3.5 months into buying a flat should i continue or drop out due to falling house prices? |
i am close to buying my first property. its a leasehold flat in tenbury wells (west mids). i am growing very concerned with falling prices and dont want to but if im gona go straight into negative equity??
Additional Details
i should say that the area i live in has had no decreases in house prices and is a very desirable area to live in! |
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Mark J
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pull out, or threaten to pull out, you've got nothing to loose, get the house revalued and make a new offer based on that, conditional on the deal going through in n weeks. Bear in mind you are being jerked arounfd by numerous people in the chain....... after all as yours is a first time purchase its not conditional on anything at your end, apart from the vendors which to sell, and buy their new property. 3.5 months is way to long for that. you are in a strong position.
bear in mind the property market has peaked (probably last year, and no body has a clue as to where property values will fall to as part of this re-alignment. It could be on the way up again right now, it could have more to fall, who knows it may fall by as much as 30..40%, heck it could fall a heck of a lot lower than that), if the deal hasn't been done yet, and you are not committed then don't buy a house right now, unless you are absolutely besotted with that house. |
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Doctor Deth
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if you pull out now, you may lose any deposit money you have put down |
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Cari
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If you've been waiting 3.5 months already, the chances are you're stuck in a chain in which *probably* the other parties involved are thinking exactly the same way as you - they are now dragging their heels due to falling house prices. If that's the case, then there's a good chance that the chain is going to collapse anyway leaving you without a property to purchase.
As someone else said, you won't go into negative equity if you don't sell until prices have recovered, but there's nothing wrong with hanging on and waiting to see if you can eventually get that house, or a similar property, for a lower sum.
I personally am looking to buy my first property and I wouldn't want to right now because the current market is so unstable. There are two options: either it will keep declining, or it will simply go right back up again in the spring when property prices always pick up. I live in London so I believe it's going to be the latter. But one thing's for certain: I definitely won't be making any purchases until spring at the earliest, when things *may* have settled. |
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Peter L
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It depends on how long you want to live there and what your plans are afterwards. If you are looking for a home for several years and you expect to move to another house when you leave this one, it is different from you buying as an investment to sell in a short term for the cash profit.
Even if you do want a long term home, naturally if you wait and prices fall, then you woudl have been better off financially to pull out. But then even if prices drop, mortgages may get more expensive, and perhaps you really like this house. In the mean time you will probably pay rent, which is dead money. If you like a gamble and don't care much about the house, wait and see. But if the prices go up in the spring, you will kick yourself. If you willdrive past the house in future and wish you did live there instead of where you do end up, you will also be frustrated.
A tough one, so good luck with it! |
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ididntknodat
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be an optomist and continue. |
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leambi
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I would want to know why it was taking so long, have you had your mortgage offer through, are your solicitors completing the searches, are the vendors causing problems, this is taking quite a while (i know that sometimes they do but on average its about 8 weeks for a straight forward purchase). |
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honey
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.The thing is you have probaly already spent money,ie surveys,searches solictor fees,which will be wasted if you walk way from this sale.If your willing to risk that and you have evidence of prices falling,try and negoicate with the seller.
At the end of the day its a place to call home,its not all about investment,thou granted no one wants to lose money !
As to prices going up or down its all speculation !
good luck |
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entidtil
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I wouldn't but you should Seek the advice of experts. Experts who have nothing to gain or lose.
Good Luck |
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groovymaude
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Swings and roundabouts, OK prices may drop, they will go back up. I wouldn't re-nogotiate with you if I were the vendor, you'd be costing them money after 3 1/2 months. If you pulled out I wouldn't sell to you at all, I'd sit on my investment. |
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gotmeridindirty
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You won't really have negitive equity unless you want to sell the property while the market is still in decline. Your house value might drop but this isn't necessarily a problem unless you sell and end up with debt for a property you no longer have. |
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saeed q
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DROP IT LIKE A HOT POTATO!
Negative equity is what you will have for the next 5 years. |
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