Estate agents advise NI sellers to drop prices 40-50%!

cheekyjo

I had my house valued in October '07 for purposes of re-mortgage. It was valued a 210,000. Out of interest I had it revalued in November '08 and the estimated value then was 145,00. I was gutted!

I'l be honest I really feel sorry for those people who re-mortgaged when house prices were up and are now sitting with negative equitty on their home. I have a friend who did just this to help pay for her wedding and now they need 2 move and are going to be left with 100,000 still to pay on their mortgage because the highest bid has left a massive shortfall. They'r not even gona have the money 4 a deposit on a new home.:(

Easymoney

Good post Tara747

Long may the drop continue, they should never have went so high, so quickly.

Sorry to anyone who is going to get burnt, but it was your choice to sign on the dotted line.
Consider those of us who couldn't afford a basic house and had to rent, lost of ten of thousands of £££ and nothing to show for it

bigw81

Vendor gifted deposits are big across the water, but for some reason haven't seemed to take off in N Ireland - probably because we've never had the boom/bust scenarios they've had in the past so have no experience of what to do when house prices are falling. Rather than an estate agent persuading a vendor to drop their price, they simply keep the price at the existing level, and instead offer a 'vendor gifted deposit'. So to keep it simple, house is on market at £100k, vendor can offer a 'vendor gifted deposit' of £5000 to encourage the buyer to go for it, rather than dropping the price to £95000. Assuming that the buyer already had his own deposit, that probably means the borrowing is at a lower level as well, which is good news as many banks won't lend more than 80% any more. IMPORTANT: Once you've dropped your price, you can only then offer a 'vendor gifted deposit' off the reduced price - so this route should always be your FIRST course of action, not an afterthought! Ask your estate agent about it - if they don't know how to do it, they should ......... there are still plenty of people buying/selling, but they know how!

warmhands.coldheart

Some people selling houses privately at he moment are living in COCO Land.

there are a number of houses in our Development on the market privately through estate agents at £170,000 ~ £180,000 (Laughable I know considering it's in Craigavon) But yet on a local Auction site there are similar houses going to Auction with guide prices of £65,000. OK I know these are guide prices and they will probably go for a bit more. but how much more is the question. Even at double the guide price (£130,000) thats still 40~50,000 lessthan those on sale privately.

People need to get real and realise house prices have dropped. stop living in a dream world where you think your house is still worth what it was a year and a half ago....

Some of these houses in our development have been empty and for sale now for the guts of a year. Hmmmm I wander why!!??

I agree with the thread title. People need to drop the prices about 40% and then maybe houses will start to sell again and the road to recovery may begin