Is Sheffield property market moving again?

[rubydazzler 11]

It does seem to be on the move again atm, which is good news for some of us, if not for the people hoping for the market to drop even further. Was chatting to an agent today and was told that after a long period where nothing much was moving, business has picked up, viewings are on the increase and they've even closed a couple of sales this week alone.

 

Of course, he could just have been bigging it up, but there was no reason to, to me, as I'm not in the market to buy or sell atm.

Edited August 22, 2009 by rubydazzler

[Dimitri 11 10]

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.

 

I think you are still caught in pre-2007 thinking Corbyn. People then generally had to pay more than what a house was 'worth' just as they are now but just like then this won't last - in fact it could be a few weeks or months before prices start falling again. If you want to buy go for it, but your house is almost certainly going to be 'worth' a lot less in 2/3 years time if not before that.

Edited August 22, 2009 by Dimitri 11

[Dimitri 11 10]

It does seem to be on the move again atm, which is good news for some of us, if not for the people hoping for the market to drop even further. Was chatting to an agent today and was told that after a long period where nothing much was moving, business has picked up, viewings are on the increase and they've even closed a couple of sales this week alone.

 

Of course, he could just have been bigging it up, but there was no reason to, to me, as I'm not in the market to buy or sell atm.

 

He isn't bigging it up, houses are selling again but as I have already mentioned previously, the question is whether this signals the bottom of the market, or whether it is a bull trap (prices will rise for a short time and then begin falling again). Make your own decision but house prices rising in the long term because 'they are rising now' doesn't hold much weight for me.

[rubydazzler 11]

Make your own decision but house prices rising in the long term because 'they are rising now' doesn't hold much weight for me.

Did I say it should? I'm not interested for myself, as the only way I'll be leaving here is in a box, though hopefully not for a few years yet But obviously it's disappointing that my property is worth less than a few years ago, in the event that I might have been considering equity release, for instance.

[Cyclone 10]

Equity release is just a fancy phrase for borrowing money and securing it against the very thing you need to live in until you leave it in a box.

I can't see why anyone who owns their house would be upset at falling prices.

[rubydazzler 11]

I can't see why anyone who owns their house would be upset at falling prices.

ermmm? why can't you?

 

The only people who'd be pleased at falling property value are people who want to buy a house, imo.

[Cyclone 10]

If you already own your house and don't intend to move then it should make no difference to you, so you should be neither pleased nor displeased.

Of course you might have children who intend to buy or move at some point, so then you'd be pleased if prices were falling.

 

Increased house prices benefit no one except property developers and investors.

[rubydazzler 11]

If you already own your house and don't intend to move then it should make no difference to you, so you should be neither pleased nor displeased.

Of course you might have children who intend to buy or move at some point, so then you'd be pleased if prices were falling.

 

Increased house prices benefit no one except property developers and investors.

It's Sunday and my one day off work and I'm not intending to get into one of those pointless Cyclone-must-prove-himself-right arguments, so I'll give in at the start and say Yes, dear, I'm sure you're right

[pattricia 574]

A friend of mine went to look round a house at Dore, and every room was filled with viewers. She had to stand in a queue. Whether it will go for the amount asked is another matter. Still a buyers market though. It is still Location, Location, Location apparantly.

[Dimitri 11 10]

Did I say it should? I'm not interested for myself, as the only way I'll be leaving here is in a box, though hopefully not for a few years yet

 

No, I meant it as a generalisation, I wasn't saying you in particular thought this (house prices will rise long term because they are rising now) - that's why I said, 'make your own decision'. As i've said before nobody is arguing about whether prices are rising at this moment in time as they clearly are - the important thing is what they will be doing for the next 3-4 years.

[Cyclone 10]

It's Sunday and my one day off work and I'm not intending to get into one of those pointless Cyclone-must-prove-himself-right arguments, so I'll give in at the start and say Yes, dear, I'm sure you're right

 

Ermmm, okay, I guess that means you actually have no counter argument but want to cover it up with some excuse about Sunday

[Corbyn 10]

I think you are still caught in pre-2007 thinking Corbyn. People then generally had to pay more than what a house was 'worth' just as they are now but just like then this won't last - in fact it could be a few weeks or months before prices start falling again. If you want to buy go for it, but your house is almost certainly going to be 'worth' a lot less in 2/3 years time if not before that.

 

Well that is your opinion but mine is that a house is worth what someone will pay for it and if several people all want to pay a large amount maybe that is what the house is worth. Houses in the areas we are looking don't sell for 15-20% under peak prices. Some areas hold their value better than others.

 

In a few years I think what we buy may be worth a similar amount and if it has dropped a little then that would have only have happened to the house we are living in now too which isn't big enough for us anymore. At least in a new house we won't want to move and by the time we do who knows what the housing market will be doing.

 

You are choosing to wait to buy a house and that is your decision based on your opinion of what will happen but it is only your opinion and unfortunately for you it isn't guaranteed to end how you want it to. I assume you are a first time buyer and I can see why you would want to wait for the so -called bottom. I also understand your logic about prices, bull traps etc but whilst you think I'm stuck in pre 2007 thinking, I think you neglect to think about the emotional side to buying a house. Whenever you buy a house if there is a number of parties interested in it then you either end up in a bidding war or you lose out on the house. If you happen to be the only person interested then that's when I would worry about resale and value of the house more. I know all the houses we are have or are bidding on would sell in the future and if that was at a lower price than what we bought for then we would be looking to get a similar discount on whatever we bought.