I want to get on the property ladder and have viewed 40 homes, but can’t make my mind up!

After saving for a while, I decided to buy my first house this year.

So far I have been renting with friends for a number of years and have moved from property to property.

But now that I’m looking for a place to buy something, I can’t find it; I feel like a rabbit in the headlights.

I feel partially overwhelmed by the prospect of putting all my savings into a down payment on a house, at a time when home prices are falling and mortgage rates have risen rapidly.

But I’m also overwhelmed by the fact that I have to choose a house where I will live for the next five to ten years.

I know what area I want to live in and what type of home I want to live in, but I haven’t seen anything that’s quite right yet. There was no love at first sight.

I’ve visited about 40 properties so far, although I knew most of them wouldn’t end up being quite right.

I’m probably being too picky, but there are only so many homes that come on the market – and most of them aren’t attractive. Prices don’t seem to be dropping. Sellers seem to be holding their ground and only a handful of the best homes are selling.

Do you have any tips to help me get over my decision paralysis? For example, is there some form of a purchasing checklist?

I’ve also heard that I need to build relationships with estate agents as the best houses all sell before they reach Rightmove or Zoopla. Is this even true in a market like this? And how should I do that?

Ed Magnus from This is Money answers: Decision paralysis is when you are unable to decide on something for fear of making the wrong choice.

I’m afraid it’s part of the rich fabric of life, like it or not – it’s a problem that affects everyone – albeit some more than others.

We live in a world where it can seem like there is an infinite amount of the same thing – but all in slightly different shapes, sizes and guises – whether that’s breads in a supermarket, jeans in a clothing store or TVs in the kitchen. a department store.

The same goes for real estate, except it’s also likely the biggest financial decision of your life, which adds to the pressure.

The good news is that you know the area you want to buy in – probably quite well after about 40 viewings.

The bad news is; there is no manual to help you make that all-important final decision.

Some buy with their heads, others buy with their hearts. You sound like you fall into the latter camp.

That said, you are clearly concerned about falling house prices.

The latest house price index from Halifax and Nationwide shows values ​​fell last year by the most sharply since 2009.

Most experts agree that prices will continue to fall from here on out, but ultimately trying to time the market is pure guesswork – and some local markets behave differently.

We asked three experts for their advice: Henry Pryora professional purchasing agent, Charlie Lamdinfounder of real estate website BestAgent and Matt Thompsonhead of sales at London estate agency Chestertons.

Advice from the purchasing agent?

Henry Pryor replies: Oh dear, it seems like you’re having a hard time, doesn’t it?

As strange as it may seem, my advice to you is “stay true.” Don’t move, you’re not ready yet and I expect you’ll regret it if you do.

Finding the right house is like finding the right partner. It can happen immediately, or it can take a lifetime. Some never do.

As a partner you will have to make compromises. What you want probably doesn’t exist and if it did, you probably couldn’t afford it.

You say you are very happy with renting, and many people are too. I have been a real estate agent and rental agent for forty years.

There is no shame in it and many mortgage holders today would envy your freedom.

If you look at forty properties in one place, you come dangerously close to annoying the local real estate agents, who will think you’re just a tire kicker.

Instead of helping you see off-market properties, they are more likely to fail to point things out to you.

A real estate agent doesn’t want to be a tour guide, he wants to sell his clients’ properties.

My advice is to decide if you really want to buy a house in a situation where most people agree there is a bear market, when interest rates are high and the stock of houses for sale has increased by 25 percent has decreased.

See what home ownership can get you, but renting and saving can’t.

Only buy something that you can live in for at least five years, otherwise you will continue to rent.

Be much more selective in what you go for and see if you decide to continue your search. Please note that real estate agents there are not tour guides who can help you find a home. They are paid to sell you one of the products they have been instructed to sell.

Finally, buying a house is serious business and can be expensive. The word ‘mortgage’ comes from the French word for death. It was a loan until death. It’s not for everyone and renting is not a second-rate choice.

Advice from the moving expert?

Charlie Lamdin replies: If there’s any doubt, there’s no doubt. That’s rule number one.

You should only go through with a home purchase if the thought of it fills you with excitement, and it represents a big step forward in all areas of your life, not just financially. It’s too big a decision to go wrong.

Don’t wait to time the market, view potential homes again and again and relentlessly. Make offers on homes you know you’d like to live in, but avoid bidding wars as a first-time buyer.

Every viewing teaches you something, whether it’s a first-line insight into your market from the estate agent, or a feel for what will and won’t sell.

In a declining market, you need to look at homes where the asking price is outside your budget. Agents are quieter now and more willing to show you homes that they were too busy to show you a year ago.

If and when you find a home that really feels a little more special than the others you’ve looked at, and you find yourself wanting to list it, just remember this.

First. Sleep on it.

Second. Make your offer by email only, not by phone or in person. This prevents you from being ‘closed’ by trained professional negotiators at a higher price than you are comfortable with. They can’t intimidate you into asking for a higher price by email.

Third. It is better to offer your maximum comfortable price and not get the house than to pay too much and be saddled with a financial obligation that becomes a millstone around your neck, as has happened to so many people who are now caught by the rising mortgage costs.

There are no shortcuts to this process. But you can greatly increase your chances of having your offer accepted if you basically have a mortgage, a conveyancer, proof of deposit and a commitment to purchase your search package immediately if the seller accepts your offer.

This shows greater involvement, that you are not afraid to engage in the process and that you are more inclined to exchange contracts.

Motivated sellers look for certainty of sales above the maximum price. This creates a great opportunity for well-prepared starters because you are chain-free.

Happy house hunting.

Advice from a real estate agent?

Matt Thompson replies: Buying your first home can be a tricky undertaking and you’re right to do it at your own pace, especially if you’re not in a particular hurry to move.

It’s good to hear that you’ve already selected the location you want to buy, although it sounds like this area doesn’t offer you much choice, which could complicate your search for the ‘perfect property’.

To broaden your range of potential properties, it may be worth expanding your search radius slightly as you are more likely to find the right property within your budget.

It also sounds like you are unsure about current market conditions and have further questions about the real estate market.

Because I cannot determine from your questions where you want to buy, I cannot offer you tailor-made advice. I recommend that you schedule an appointment and meet with trusted real estate agents in your area to give you an overview of the market. and fully understand what you are looking for.

Last but not least, your real estate agent is likely to be in constant contact with local homeowners and is therefore one of the first to know about new properties coming up for sale.

It is therefore advisable to maintain regular contact with your chosen broker.