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Is Sheffield property market moving again?

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I ask because my neighbours house has been on the market for about 4-5 months (in Ecclesall) and there had been very little interest, with ony 3 people viewing the house causing him to drop the price by 10%.

My neighbour now say's that 6 people have been to see it in the last two weeks and that he has had his first offer.

 

Any estate agents out there?

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I ask because my neighbours house has been on the market for about 4-5 months (in Ecclesall) and there had been very little interest, with ony 3 people viewing the house causing him to drop the price by 10%.

My neighbour now say's that 6 people have been to see it in the last two weeks and that he has had his first offer.

 

Any estate agents out there?

 

Could the 10% drop in price have something to do with it?

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Could the 10% drop in price have something to do with it?

 

Doubt it as he dropped the price months ago.

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I believe things are startint to pick up but slowly,I had no one in 6 months but have now had 6 in the last 4 weeks.

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I ask because my neighbours house has been on the market for about 4-5 months (in Ecclesall) and there had been very little interest, with ony 3 people viewing the house causing him to drop the price by 10%.

My neighbour now say's that 6 people have been to see it in the last two weeks and that he has had his first offer.

 

Any estate agents out there?

Yes it is moving, chatting to a solicitor today had no interest in the last 12 months, has had 4 viewings in the last week.

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I ask because my neighbours house has been on the market for about 4-5 months (in Ecclesall) and there had been very little interest, with ony 3 people viewing the house causing him to drop the price by 10%.

My neighbour now say's that 6 people have been to see it in the last two weeks and that he has had his first offer.

 

Any estate agents out there?

 

Yeh things seem to be on the up, people who waited for the market to 'bottom out' are missing out as the prices are starting to climb.

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Prices have been rising and still may do so for a short period but would be buyers should read this:

 

http://www.investopedia.com/terms/b/bulltrap.asp

 

It's very short but it basically sums up what I think we are seeing at the moment. If you don't agree, fair enough, but you then must have reasons behind why you think prices have bottomed and are going to remain flat or rise in the long term.

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So what are you saying Dimitri? We are looking to buy seriously in SW of city and things seem to be going pretty quickly when desirable which has surprised us? Surely with rise in unemployment, recession still abound things aren't going to rocket just yet or are they? Would it be wise to wait? Or do we get on board and get buying like some seem to be. Some houses we've thought were suitable in S8 have gone in days!

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So what are you saying Dimitri? We are looking to buy seriously in SW of city and things seem to be going pretty quickly when desirable which has surprised us? Surely with rise in unemployment, recession still abound things aren't going to rocket just yet or are they? Would it be wise to wait? Or do we get on board and get buying like some seem to be. Some houses we've thought were suitable in S8 have gone in days!

 

Here are some articles on the situation which sum it up far better than I can:

 

http://www.moneyweek.com/news-and-charts/economics/uk-economy-unemployment-house-prices-93308.aspx

 

http://www.moneyweek.com/investments/property/uk-house-prices-will-plummet-look-at-this-scary-chart-14664.aspx Note this sentence from this article, 'we are entering a bull trap, just as we did in 1991'.Bull traps always happen in house price crashes, the term hasn't been created to explain away the current rise in prices.

 

 

I am also looking to buy but am waiting until we are at the bottom or at least a lot closer to the bottom. The best thing you can do is look into the situation yourself before you come up with your decision - definitely don't listen purely to the mainstream media, try sites like Money Week and House Price Crash. The one thing to definitely bear in mind though, is that if you are going to wait, the wait could be very long. For instance we may need to end up waiting until next May/June before prices are back to this May/June's prices.

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Here are some articles on the situation which sum it up far better than I can:

 

I am also looking to buy but am waiting until we are at the bottom or at least a lot closer to the bottom. don't listen purely to the mainstream media, The one thing to definitely bear in mind though, is that if you are going to wait, the wait could be very long. For instance we may need to end up waiting until next May/June before prices are back to this May/June's prices.

Hindsight is a wonderful thing,if sellers are realistic ie reduce the price they would have received at the peak of the market in 2007, by 20% many properties are selling.

With the demand for private housing and assisted housing public sector housing associations council etc been so high, it is difficult to predict.

If we have to wait until next May or June before prices or back to May or June levels of this year why wait, as you will be paying the same price.

The one and only reason for waiting is that it may enable you to raise a larger deposit.

You will always have the prophets of doom & gloom and the opposite where everything is wonderful.How many so called "EXPERTS" in the media predicted two massive UK banking groups becoming in effect bankrupt.

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Hindsight is a wonderful thing,if sellers are realistic ie reduce the price they would have received at the peak of the market in 2007, by 20% many properties are selling.

With the demand for private housing and assisted housing public sector housing associations council etc been so high, it is difficult to predict.

If we have to wait until next May or June before prices or back to May or June levels of this year why wait, as you will be paying the same price.

The one and only reason for waiting is that it may enable you to raise a larger deposit.

 

I didn't say wait until May/June next year and then buy, I was pointing out to Jemson the timescales he will be looking at if he does decide to wait out the bull trap. It would still be a better time to buy as sellers sentiment is unlikely to be as bullish and so you will have more chance of negotiating a lower price.

 

I reckon that in 10 months time, would be buyers will be in the home stretch and prices will be heading downwards for a good couple of years, barring the odd month here and there of nominal rises. Either that or we will be on the dole but either way it still doesn't make buying now a good idea (if you are waiting for the bottom)

 

You will always have the prophets of doom & gloom and the opposite where everything is wonderful.How many so called "EXPERTS" in the media predicted two massive UK banking groups becoming in effect bankrupt.

 

It's easy to dismiss an argument and say it's not going to happen because it's too extreme, but what do you think then? If you don't agree that prices will begin to fall again pretty soon, what are your reasons?

 

The 'experts' you refer to are mostly bullish and think that house prices have bottomed and are going to rise. If they didn't get it right before, what makes you think they have got it right this time?

Edited by Dimitri 11

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I think what is happening in S8, which is also where are trying to buy, is that there isn't that many nice properties on the market. When a nice one does come up it is in demand as there just aren't enough of them and therefore you end up in a bidding war to get it. We have worked out what we think a house is worth and been prepared to offer more if it is somewhere we really like and would be happy to stay but we have been outbid where we could have gone higher but decided the house really wasn't worth it.

 

I think you have to think about what the house is worth but be prepared to pay a bit more if you really like it. Some people only do the former and they will probably never buy a house.

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