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What's the housing market like at the moment?

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You would have to be mad to market your property now.

 

 

Yes, market it next year for 15% less.

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Yes, market it next year for 15% less.

 

Nice to hear from you, where you been?

 

You wont get the asking price marketing now so you may as well hold on and ride out the storm instead of trying to be greedy now.

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it all depends what kind of property is being sold as to whether its fallen in value. we bought a 2 bed flat in cornish place in 2004 - the height of the city centre living boom.

 

We paid £163k for it and we're out bid on it before having our offer accepted.

After having a baby we decided we needed to move to a family home. we put our flat on the market in april 2007 at an asking price of £190k, after little interest we lowered this to £185k (bear in mind since buying the property we had installed a high spec kitchen and bathroom and compleely re-done the whole flat to an exceptionally high standard.)

 

we still had little interest. so we started looking at part exchange deals on new homes. We we're offered £180k by cala homes in part exchange, so we snapped their hands off.

 

we've since seen our flat advertised via winkworth, initially at £169k, then £159k and most recently in the property guide at £139k with stamp duty paid, sols fees paid and £1000 towards the deposit.

 

We got out just in time otherwise we could have ended up in a very serious state of negative equity.

 

now we live in a huge 4 bed family home with garden - exactly what we wanted. if prices fall over the next few years we would more than likely suffer negative equity, but as we dont intend to move for a long time, it wont bother us. as long as we pay our mortgage thats all that matters - and we can afford to do this even if rates rise to over 8%.

 

i think the problems with the market ar with flats. sheffield council need to look at whats happened in leeds and manchester and rethink the amount of boxy 1 bed flats that are proposed across the city - they'll just end up being the new slums of the future - sitting empty or used to house asylum seekers - homeless etc.

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Prices are falling, helped by the masses putting property on the market in the vain hope of getting a good prices. Saw a good piece on the news by an estate agent. He had 4 times as many properties on his books as this time last year. On the other hand he only had a quarter of the amount of people looking to buy. This has to push prices down. You would have to be mad to market your property now.

 

Estate agents have so much on their books now because they aren't selling, there's been no sudden rush of people trying to sell, it's just normal turn over. The problem comes when the people trying to sell find where they want to go, they can't get the mortgages and the sales fall through. And with nothing to drive the chains from the bottoms the amount on the books is just going to keep rising.

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Well our house still sits on the market. We've decided to leave it there as no one comes round to view any longer and the Estate agent doesn't call any more.

 

If I take it off the market I have to pay fees to the agent. You never know, they might go bust and I won't have to pay anything.

 

Could always use the sign for fire wood I suppose.

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Just be patient, it will come around again as the financiers sort out the markets. Meantime, why be in a rush?

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We've had a couple of flyers in the last few days from estate agents - the 'we have buyers for houses like yours' type. Perhaps they do, but at what price? No thanks, not at the mo. :roll:

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Phylis, your comments are always interesting. You have up to recently been quite bullish with your thoughts. You now seem to have now turned in to a bear and agree that prices are falling.

 

Where do you stand on the question of recession? Will we be in one by the end of the year?

 

Personally I feel we will be in one by December.

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Thanks Tony. We'll leave it on the market and see what happens. We've had the property on the market for 12 months now so not really in a rush.

 

We were so fortunate not to have put a deposit on a new build as that would have been £1000 down the drain.

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Well our house still sits on the market. We've decided to leave it there as no one comes round to view any longer and the Estate agent doesn't call any more.

 

If I take it off the market I have to pay fees to the agent. You never know, they might go bust and I won't have to pay anything.

 

Could always use the sign for fire wood I suppose.

 

Are you with the estate agent that over values and charges a fee if you take it off the market?

 

Most agents are no sale no fee, but the one in question seems to have the majority of the for sale signs round S10 and S11.

 

Always best to go with a no sale no fee agent even if they don't give you the best valuation......

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Just be patient, it will come around again as the financiers sort out the markets. Meantime, why be in a rush?

 

Tony, I'm impressed with your optimism.

 

When (and how) do you think the financiers will sort out the market, and will they ever return to the lending practices that we need to support the prices at current levels?

 

The £50bn injection hasn't had any effect on LIBOR and there is talk that if prices keep falling, Northern Rock may not be able to pay back the loan to the Treasury. This will soon become political dynamite when the general public realise how much of our money the government is risking to try and keep hold of power.

 

Also, some people ARE in a rush and have to move for whatever reason. It is these forced sellers that will lead to the price indexes showing falls over the next 2 years.

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Nice to hear from you, where you been?

 

oh, you know, doing this and that.

 

i saw this article today and thought of you - any comments on it?

 

do you agree it looks a bit dismal for the new-build industry at the moment?

 

http://www.independent.co.uk/news/business/news/sharp-fall-in-new-home-sales-puts-thousands-of-jobs-at-risk-832208.html

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