How far will Sheffield house prices drop?

[Cyclone 10]

Yes, and your opinion is internally inconsistent. I hope you don't mind that I'm going to keep pointing that out.

Most of the opinions here are being framed in such a way that someone considering buying a house could use them as advice.

 

Waiting would have paid off for whoever bought your house. Clearly if you were selling and not buying, the quicker you could do so the better.

If you were trading up, then waiting would have paid out for you as well.

We are talking about people buying though, not selling up. So at the moment, it pays to wait because prices are falling, even a primary school child could work that out.

[espadrille 10]

Prices will rise in the long term, I can see that, and they will also fall next month, I can see that. If you want to pretend that they won't then go ahead and throw money away, but don't advise others to do the same.

 

Where in my posts have I ever ADVISED,my posts voice my oppinion,aint that what a forum is all about?put my house on the market in June,got what I wanted last month,now tell me know all where did waiting pay off for anyone.

 

 

 

yes, but you are not meant to have a different opinion though!!

 

If you are happy with your house and you are on the ladder and that is the main thing.Getting on the ladder means that you start out on the rd to home ownership and whether it is for investment, to live in our both, unless you do something silly, you will not regret it.There is nothing better than having cash to buy your next house with.

[ukdobby 224]

Yes, and your opinion is internally inconsistent. I hope you don't mind that I'm going to keep pointing that out.

Most of the opinions here are being framed in such a way that someone considering buying a house could use them as advice.

 

Waiting would have paid off for whoever bought your house. Clearly if you were selling and not buying, the quicker you could do so the better.

If you were trading up, then waiting would have paid out for you as well.

We are talking about people buying though, not selling up. So at the moment, it pays to wait because prices are falling, even a primary school child could work that out.

 

The price of my house did not come down in 4 months,as you say houses are 100% sure to come down month to month(when do you go to primary school)to me this is not 100%.I had 3 buyers wanting my house,waiting would not have got the house so where would that have paid off.

Houses will go up sooner than later this is 100% sure even if they drop to 1p they will go up.

I rest my case.if you do not agree tough.

[Cyclone 10]

You think that you can predict that prices will rise with 100% accuracy in the long term, but not that prices will fall in the short term when we're in the middle of a house market collapse.

You don't have a case, just an opinion, you clearly don't agree with me, which I don't mind, but your own argument isn't even consistent. One minute you're telling me that I can't say anything is certain, the next you're telling me what the certainties are.

 

Espardrille - you can have any opinion you want. If your opinion is that buying today will not cost more than buying next month then unfortunately your opinion is wrong.

[luybell 10]

One of the things which is puzzling me at the moment is that we are thinking about moving to a bigger house so I know the prices of the houses within our price range in this area. None of the one's I have looked at have sold in months yet none of the prices have been dropped (or if they have by hardly anything).

 

This lead to me to think that they are clearly not going to sell at this price but how do you know what is a realistic price to offer & what the vendor might except? It seems strange to me to leave overpriced houses with no hope of selling just festering, especially as predictions are that things will get worse. I am not an expert but it would help me when I look if I had an idea of what we could afford.

[GrannyGranny 10]

Because it means the EA changing the brochure and re-advertising which will cost them. They are hoping potential buyers will realise the price has fallen and offer what they think its worth.

Just offer what you think its worth. They can always say no and negotiations can start from there.

If you don't feel embaressed by the offer then its not low enough.

[Tomataheeed 10]

One of the things which is puzzling me at the moment is that we are thinking about moving to a bigger house so I know the prices of the houses within our price range in this area. None of the one's I have looked at have sold in months yet none of the prices have been dropped (or if they have by hardly anything).

 

This lead to me to think that they are clearly not going to sell at this price but how do you know what is a realistic price to offer & what the vendor might except? It seems strange to me to leave overpriced houses with no hope of selling just festering, especially as predictions are that things will get worse. I am not an expert but it would help me when I look if I had an idea of what we could afford.

 

My guess would be that sellers have given up selling, but they don't want to pay the fees to the agent....so they just keep it on at a high price.

[do-a-bull 10]

I think we're still in the 'denial' phase of the bust before increasing numbers of casual housesellers become increasingly motivated by other factors like a re-location, forced sale then we'll start to see a real slide.

 

I see nothing in the economy to suggest any price rise in the nearterm, and personally feel house prices will decline for the next decade or so.

[Tiggerchick 10]

It's all very well talking about house prices falling but each individual needs to weigh up what is best for them. If a first time buyer is trying to get on the market but is currently paying rent then if they buy a house and it drops in price slightly they still may be better off. This is because they would have paid money in dead rent, paying off someone elses mortgage, if they'd carried on renting so that money could have been paying off their own mortgage. If the house loses some of its value they will still have their own house to show for the mortgage money being paid each month. At some point in the future prices will start to rise again. If a person is buying a house to live in for the long term then they could just sit it out through the current recession.

 

Example

Couple A and B rent a house at £600 a month = £7200 a year

They consider buying a house at £100,000.

If the house loses 5% of it's value in a year then that is the equivalent of £5000 so they may well still be better off buying a property and paying their mortgage off on their own house.

If it lost 10% that's £10,000 so they'd have to consider whether it would be better for them to wait a while or whether it would still be a good investment for the long term.

 

No-one can accurately predict what will happen with house prices. It's a buyers market at the moment so offers lower than the asking price are likely to be accepted.

 

Everyone's waiting for prices to drop which is causing the prices to drop even more. By the same cause and effect theory, if these people all decide that the same point in the future is the best time to buy this is likely to cause a surge in prices again as demand will suddenly rise and we'll be back to more than 1 person bidding on a house so it will become competitive again.

 

I'm not saying that now is a good or bad time to buy as everyone is different and needs to weigh up their own risks and long term plans.

 

Now city centre flats, that's a whole different ball game ...

[espadrille 10]

It's all very well talking about house prices falling but each individual needs to weigh up what is best for them. If a first time buyer is trying to get on the market but is currently paying rent then if they buy a house and it drops in price slightly they still may be better off. This is because they would have paid money in dead rent, paying off someone elses mortgage, if they'd carried on renting so that money could have been paying off their own mortgage. If the house loses some of its value they will still have their own house to show for the mortgage money being paid each month. At some point in the future prices will start to rise again. If a person is buying a house to live in for the long term then they could just sit it out through the current recession.

 

Example

Couple A and B rent a house at £600 a month = £7200 a year

They consider buying a house at £100,000.

If the house loses 5% of it's value in a year then that is the equivalent of £5000 so they may well still be better off buying a property and paying their mortgage off on their own house.

If it lost 10% that's £10,000 so they'd have to consider whether it would be better for them to wait a while or whether it would still be a good investment for the long term.

 

No-one can accurately predict what will happen with house prices. It's a buyers market at the moment so offers lower than the asking price are likely to be accepted.

 

Everyone's waiting for prices to drop which is causing the prices to drop even more. By the same cause and effect theory, if these people all decide that the same point in the future is the best time to buy this is likely to cause a surge in prices again as demand will suddenly rise and we'll be back to more than 1 person bidding on a house so it will become competitive again.

 

I'm not saying that now is a good or bad time to buy as everyone is different and needs to weigh up their own risks and long term plans.

 

Now city centre flats, that's a whole different ball game ...

 

Good post...

[sham71 10]

I think we're still in the 'denial' phase of the bust before increasing numbers of casual housesellers become increasingly motivated by other factors like a re-location, forced sale then we'll start to see a real slide.

 

I see nothing in the economy to suggest any price rise in the nearterm, and personally feel house prices will decline for the next decade or so.

 

Good post....

[Cyclone 10]

It's all very well talking about house prices falling but each individual needs to weigh up what is best for them. If a first time buyer is trying to get on the market but is currently paying rent then if they buy a house and it drops in price slightly they still may be better off. This is because they would have paid money in dead rent, paying off someone elses mortgage, if they'd carried on renting so that money could have been paying off their own mortgage. If the house loses some of its value they will still have their own house to show for the mortgage money being paid each month. At some point in the future prices will start to rise again. If a person is buying a house to live in for the long term then they could just sit it out through the current recession.

 

Example

Couple A and B rent a house at £600 a month = £7200 a year

They consider buying a house at £100,000.

If the house loses 5% of it's value in a year then that is the equivalent of £5000 so they may well still be better off buying a property and paying their mortgage off on their own house.

If it lost 10% that's £10,000 so they'd have to consider whether it would be better for them to wait a while or whether it would still be a good investment for the long term.

 

No-one can accurately predict what will happen with house prices. It's a buyers market at the moment so offers lower than the asking price are likely to be accepted.

 

Everyone's waiting for prices to drop which is causing the prices to drop even more. By the same cause and effect theory, if these people all decide that the same point in the future is the best time to buy this is likely to cause a surge in prices again as demand will suddenly rise and we'll be back to more than 1 person bidding on a house so it will become competitive again.

 

I'm not saying that now is a good or bad time to buy as everyone is different and needs to weigh up their own risks and long term plans.

 

Now city centre flats, that's a whole different ball game ...

 

Every month that you own a house, particularly at the start of a mortgage you incur a large amount of interest.

If your hypothetical first time buyer stops paying rent and buys a house, for the first several years they are paying nearly nothing but interest.

Given that buying is more expensive than renting, and that prices are falling it still makes financial sense to wait.

For home owners trading up, it's even more clear cut that waiting is the sensible thing to do.