no viewings in nearly 3 months

The price of any house is what the market will pay and no amount of agonising will alter that simple truth.
 
starlite68 said:
house prices near enough doubled during the boom...so take the price at the height of the boom and half it...thats your real price.
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One size does not fit all.

The price of any house is what the market will pay and no amount of agonising will alter that simple truth.
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The trick is finding out how high the market price can go to, that is where the agonising comes into it.
 
starlite68 said:
house prices near enough doubled during the boom...so take the price at the height of the boom and half it...thats your real price.
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Jeez, some people really get carried away. Don't think we're quite at that point yet where houses have halved in value, - though maybe in a year or two might well be the case
 
raven said:
Don't think we're quite at that point yet where houses have halved in value, - though maybe in a year or two might well be the case
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yes maybe it will a year or two....but who going to be crazy enough to pay over the odds now!!
 
starlite68 said:
yes maybe it will a year or two....but who going to be crazy enough to pay over the odds now!!
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who is crazy enough to sell there house at a loss and owe money back to the bank!!!!
people are of the impression that those who bought houses in the boom period are going to sell them for less than what they bought them for..this is very misleading.
Yes house prices are dropping esp for new houses which can be done as its the builder who sets the price but for those who bought in the "boom" period they don't have this luxury and are faced with holding onto their property until the market recovers or when they can sell to break even.

This idea of negative equity comes into play when you have to sell, and if you are staying long term, then the chances are that the prices will rise again, its cyclical..boom - crash -boom - boom

People who are looking for greatly reduced house prices will be limited to houses built pre-2002, as this is when the house prices started to rise rapidly

I find it funny how so many people love to see people in trouble on this site, people bought houses on the basis of market information, so stop knocking these people
 
johnnyg said:
who is crazy enough to sell there house at a loss and owe money back to the bank!!!!
people are of the impression that those who bought houses in the boom period are going to sell them for less than what they bought them for..this is very misleading.
Yes house prices are dropping esp for new houses which can be done as its the builder who sets the price but for those who bought in the "boom" period they don't have this luxury and are faced with holding onto their property until the market recovers or when they can sell to break even.

This idea of negative equity comes into play when you have to sell, and if you are staying long term, then the chances are that the prices will rise again, its cyclical..boom - crash -boom - boom
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Isn't it possible (in theory if unlikely) to sell your house at 90% of the purchase price. Rent for a while and then are able to buy it back at 60%. Thus you've only lost 10% instead of 40%. Ignoring the cost to change for the sake of argument.

I know of one couple who sold their house (at profit) in the last 6 months and are now renting, and plan to continue to do so for the next 6~12 months.

johnnyg said:
People who are looking for greatly reduced house prices will be limited to houses built pre-2002, as this is when the house prices started to rise rapidly
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What has the age of a house got to do with reduced prices?

johnnyg said:
I find it funny how so many people love to see people in trouble on this site, people bought houses on the basis of market information, so stop knocking these people
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Funny?
 
"Isn't it possible (in theory if unlikely) to sell your house at 90% of the purchase price. Rent for a while and then are able to buy it back at 60%. Thus you've only lost 10% instead of 40%."

Of course this is possible, only problem is if property goes up from the 90% or goes down from the 60% both of which are equally possible.
 
Hi,

As Mr. Man says every house is different. I had house on market for 1 year - say'd we'd give it a year to start with. It is a one off house on 1 acre of mature gardens - it was built pre 2002 but we put a lot of money into it - gardens, built on sunroom - electronic gates - best of everything as we didn't think we'd ever move. We put house on in March 07 no viewings for first 4 months - we had it with joint auctioneers who I think thought that all you have to do was stick up a sign and hope for the best. Changed auctioneers June 07 and found them much better - did open house on good few occasions - feed back was good - initial views was price too high - as the year went on dropped price and did some more open house which was great for getting people through. In total I dropped price by E100,000 bent over backwards to accomdate people - one gentleman in house for a viewing for 2 hours - brought family - left a trail of much behind them though they totally loved it as did other people - the reality is nowadays it is not in the hands of most prospective purchasers unless they are cash buyers who are few and far between. Banks are not giving out money. I took house off market as we are not desparate to move - I am to say the least relieved. My advise unless you really need to move at the moment don't - it is very very stressful - there is only so much you can reduce in price and bend over backwards to meet people expectations. Hope I've been of some benefit.
Angela59
 
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Cheers Angela59, as you said there is only so far she will go to reduce price, i'd say she will withdraw it at christmas if no movement and leave it a year.
 
Hi Johnnyg,

No problem - just thought I'd let you know of my experience! The sale of our house was affecting all the family and you have to stand back and say is it really worth it all. If your sister can hold back for a couple of years and ride our the storm - she'd be better off.

Angela59
 
johnnyg said:
who is crazy enough to sell there house at a loss and owe money back to the bank!!!!
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Johnny - you are forgeting that some people do not have a choice. for example, divorcing couples, people who loose their jobs and cannot pay the mortgage and the buy to let investors who bought and now cannot find tenants. In 2006 a large proportion of new property was bought by buy to let investors and now their is a glut of property available to rent which is pushing rent downwards. If the rent does not cover the mortgage these people will want to sell up and get out because it is costing them money to keep these properties!
 
groom said:
What is your sister's motivation for selling?
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this is a key piece of information

doesn't sound like she's an investor from the discussion to date, more likely relocating\trading up i.e. she doesn't absolutely 'have' to sell
 
she wants to buy a site that is for sale in an area she always wanted to live in, so not desperate at the moment, can't see the site going quickly either which is in her favour to hold out
 
johnnyg said:
she wants to buy a site that is for sale in an area she always wanted to live in, so not desperate at the moment, can't see the site going quickly either which is in her favour to hold out
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I see, in that case she's going to be staying put for quite some time
 
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