What's the housing market like at the moment?

[darren1979 10]

look at my last post then for the facts!

[Tony 10]

They aren't facts that relate to anything apart from anecdote about a single house in your area that the owners are keen to sell for whatever reasons that you know nothing of. Look, I'm not being funny, but you can't extrapolate market evidence or opinion from that.

[darren1979 10]

ok ok so all you little quotes are fact then are they, they are actually just predicitions from other people what you believe will actually happen. The reality of this situation is that know one knows what will happen and you can predict or use other peoples figures all you like, I suggest that you go on right move and look at all the properties that have been reduced in all areas then you will get a good idea, surely all of these people cant be reducing because they are desperate to move.

[Tony 10]

What little quotes of mine? I am property professional and I receive data from many sources, and form an opinion based upon them. You may disagree but please don't make out that I am a fool that just quotes other people ad naseum because it suits my own entrenched stance.

 

If you like you can tell me why people are reducing prices. Rightmove won't give you the answers though.

 

As I have said before, I think that the core answer is volume and those who are motivated to sell will reduce the price in order to attract buyers. However, in today's bear market there is little point because no bugger is buying.

 

Reducing your price gives you a false hope and IMO actually damages your chances of selling more than it benefits them.

 

If you don't need to sell (for whatever reason) then you shouldn't. Just be patient.

[Cyclone 10]

If prices stop dropping though and nothing changes on the mortgage front, then volume will not return, the reason buyers aren't buying isn't just because they think prices will fall, it's because they can't get/afford credit anymore.

Either prices will fall, or volumes will continue to drop, there is no situation where neither of those happen.

[Tomataheeed 10]

.

Either prices will fall, or volumes will continue to drop, there is no situation where neither of those happen.

 

 

Or banks decide they'd like to get back to "normal" and start lending. I agree with what some others have said on here...the new "normal" will likely be 90% mortgages and a higher interest rate....and then I can see volumes returning to much closer 2007 figures. We will then be back to how things have mostly been for the last 30 years....save up a deposit and buy somewhere. Those ftb that have put off buying for 2008 will likely buy in 2009...these are mostly young impatient people that want to get on with buying their own place....they don't really want to rent. Renting for a year longer should have allowed them to save up a larger deposit.

[Cyclone 10]

90% mortgages at a higher rate for good risk people are available now. The situation is back at normal as far as that goes. It's normal for the last 30 years, it's only abnormal when you look at the last 10 or even less years.

Volumes will recover somewhat, but higher rates make mortgages more expensive, and 90% good risk makes the demand a smaller pool, so the prices will drop and the volumes will be lower than 2007, but better than now. At the rate things are going though by the time it does recover prices will have fallen somewhere between 10 and 20 % on average.

[Tricky 10]

...

 

Edit: Sorry, but I can't leave this one alone. Soros is a smart man, but his prediction of US interest rates continuing to rise above 4.75% and a US recession in 2007 have been 100% wrong. The current Fed rate is 2.0% and growth is distinctly positive. I can't predict the future, but I can quote the facts.

 

Have you got a link Tony?

[Tony 10]

Crikey.... let me take a quick look

[Tony 10]

Will this do for the time being... I'm off out to try to sort out the last bits of a new residential property deal

 

http://www.ameinfo.com/75420.html I haven't done more than skimmed it so it might not be the real deal. Apologies in advance if it isn't.

[naminj 10]

Hi Buffey,

Hi, I certainly agree with you. Your advice is really very helpful for us.

Thanks a lot!

[rustyfunk 10]

Will this do for the time being... I'm off out to try to sort out the last bits of a new residential property deal

 

http://www.ameinfo.com/75420.html I haven't done more than skimmed it so it might not be the real deal. Apologies in advance if it isn't.

 

http://www.ameinfo.com/122107.html