Seller expectations too high?

leftieM

Rochdale_Pioneers wrote: »

the prices of family houses will recover because ultimately demand still outstrips supply - or will do once mortgages become available agaain.

I have a problem with that argument. The market is linked. No one sector can survive independent of the others because people usually rely on a sale to part fund the next purchase, particularly for family homes which are 2nd time buyer purchases.
However it's an argument I hear everywhere. I talked to a local politician who said that high end houses would hold their value because rich people didn't care what they paid. I was astounded by this naivety (no doubt tied to the fact he owned one such house). Rich people care more than most about value I would imagine.

tara747

Oh mitchaa, your signature does make me :rotfl:

skap7309

leftieM wrote: »

I'd say many don't have the luxury of holding on to them until 2016 (the predicted date that the market will return to it's peak levels here).

Things like this should be put up in lights for certain people to see everytime the EAs / bulls / media inform sellers to 'ride the storm' & 'sit tight until the market picks up.'

I would agree it may well be 2016 earliest before 2007 levels are achieved again and as this is 7 years away i cannot see why people would sit in a house they do not want (they would not be selling it otherwise :rolleyes:) for that long.

Cast your mind back to what you were doing 7 years ago and then imagine sitting in something you do not want or require? It aint gonna happen. The levels of personal debt spiralling during the good times proves that humans are impatient b*ggers and i certainly know i would not waste my life hold 'waiting for the market to pick up'.

Better to take a hit and get on with life rather than wasting it and stressing because of money.