a believable interest rate?
btw, relating to that new blog, spawned from this thread, how many cached myhome.ie house price INCREASES could we find, going back through the past 6 months, in response to this list of decreases? Many multiples I guess
I understand what you're saying in defense of the market but would you not agree that the price rises of recent years have been driven by too many people chasing too few properties? If so, do you think that the record amount of property on the second-hand market coupled with the record number of new properties on the market will have any effect on prices.
An increase in inventory coupled with a reluctance on the part of buyers to leap into a market that the media tells them is ripe for a fall = potential for a fall in prices (although nothing is certain of course)
True, but the size of the fall would be limited by the fact vendors won't sell for less than they paid (probably including fees). Unless the economy crashes - they have abolutely no reason to. Also the rental market is bouyant. If investors decide it is time to sell at the top of the market - rents and thus yields might actually rise! That said, a swift fall of around 10% and reduced capital appreciation over the next few years would bring the values back to more realistic levels...
True, but the size of the fall would be limited by the fact vendors won't sell for less than they paid (probably including fees).
I bought a house in 1998 for £125,000, that property is now worth more than €600,000. That's quite a fall before your mistaken limit kicks in!
I bought a house in 1998 for £125,000, that property is now worth more than €600,000. That's quite a fall before your mistaken limit kicks in!
The point is that house prices are falling.
I'm not suggesting that there is support at 10%, but why would anyone who has bought or remortgaged since 1998 (including people who bought in the 1990s and have traded up) sell at such a low price?
There are still enough buyers to support the middle market 3-bed semi's and the like; which make up the majority of the market.
Why wouldn't they? The market dictates the price!
- Trade-uppers A trader-upper will sell their first property at a price below market high if the property they are buying is also below market high.
- An investor will sell for any number of reasons
- Executor sales on property through probate
- Developers will still make profits even at prices well below market high
- Respossessions
- FTB's feeling the pressure might sell to get out
It's a market, it doesn't stop because some people are below some imaginary threshold
How do you know this?
Anyway, are you going to sell me your house?
It won't be cheaper in 6 months time. It will be the same price, or marginly more expensive.
lol - just sold that one actually - have bought a new one, moving soon
And did u sell and buy at below market rate? Or time it perfectly and sell at the top and buy at a slight reduction?
a believable interest rate?
btw, relating to that new blog, spawned from this thread, how many cached myhome.ie house price INCREASES could we find, going back through the past 6 months, in response to this list of decreases? Many multiples I guess
True, but the size of the fall would be limited by the fact vendors won't sell for less than they paid (probably including fees).
i've looked and can't find any but please do post up any examples you can find in the interests of a balanced thread
right and thats why theres people handing back keys to banks in the states at the moment and walking way from $30,000 deposits and generally trying to sell to lock in any profit / minimise their loss
real house prices are not falling. at worst what we are seeing is the fat being trimmed, on some high-end houses. Is there anyone here who doesn't think that the AMV minus 10% would be a good price for their current house? I'd take it for sure.
Here's a link to the report:The Deutsche Bank report (the one quoted by the uber-bears that highlighted our comfort with taking risks) said that housing was more affordable in Ireland now than the average over the last 16 years!
partisan, could you tell us where in the report it says that housing is more affordable in Ireland now than the average over the last 16 years?Affordability has worsened significantly in the last couple of years in most European countries. Only Germany is a striking outlier with houses today being much more affordable than at any other point during the last 20 years.
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