If you bought your house in late '06 for 24k you'd probably only get about 150k at the moment. Would this affect your decision to sell?
I don't see where you have come from with this figure. I realise that there are certain properties that have nose dived but there are plenty more besides that have not. I have recent experience of properties in Limerick selling for 15-20% less than 2006 prices and some at shorter drops than that again. You cannot take a swipe across the nations prices and treat the market as one size fits all.
Regardless, the OP should probably still plan for the worst case scenario, given the way things are going. If you get more than the plan, well then that's a bonus!
I don't see where you have come from with this figure.
You should allow for that of course, but you should start out with a sensible plan. If your sale price is more than 10% off your asking price then you have gotten it wrong in most cases.
I think that's bad advice. What you're suggesting to the OP is that they only drop their price by a small amount. Well, there's people with houses on the market for 24 months who have been doing that - continually dropping their price by small increments - just enough to stay behind the market, never enough to get an advantage on other sellers. Death by a thousand cuts, I believe they called it in ancient China. You can see many examples by using the Property Bee property price history tracking plugin for Firefox - an invaluable tool for buyers:
http://www.property-bee.com/
Recently I saw a house for rent, which was way overpriced (the photos were misleading and the place was a lot smaller than expected). When I checked the history of the house, turns out they'd actually been trying to sell it for the past 2 years. If they had dropped their price initially by a reasonable amount, they probably would have sold it.
I think that's bad advice. What you're suggesting to the OP is that they only drop their price by a small amount. Well, there's people with houses on the market for 24 months who have been doing that - continually dropping their price by small increments - just enough to stay behind the market, never enough to get an advantage on other sellers. Death by a thousand cuts, I believe they called it in ancient China. You can see many examples by using the Property Bee property price history tracking plugin for Firefox - an invaluable tool for buyers:
http://www.property-bee.com/
Recently I saw a house for rent, which was way overpriced (the photos were misleading and the place was a lot smaller than expected). When I checked the history of the house, turns out they'd actually been trying to sell it for the past 2 years. If they had dropped their price initially by a reasonable amount, they probably would have sold it.
Do you have any dependants?
If you do sell, you will have to rent. Will you have to rent a house, or a room?
Is it possible that in the worst case of you losing your job that you would qualify for social welfare assistance with the mortgage?
Could you rent out a room/rooms? What would the potential rent be if you rented out the entire house as opposed to the mortgage? Have you looked into fixing your rate at this point in time for a few years to see what the market will offer?
If you do not plan on leaving the area I'm not sure I see much merit in your plan to sell. I'd be considering alternatives in your shoes.
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