chasing house prices down.

confused31_2

Ive had my house on the market since October 2007 till now and i have had enough of chasing the market down and we have decided to wait a year or two now and try and sell then.

We started at 169000 and we finished last week at 130,000, we have now marketed differently and put the price up to 250,000 pound just to keep the hip alive so when we remarket it we will just have to have the searches updated.

Now i know im going to get a lot of stick from people who are trying to get on the housing ladder, but from a personal point of view i prefer to wait until the market hits bottom and then try and sell my house.

Its not that im bothered how much i get for mine, but its also the other houses in the area, where i live have not dropped hardly anything has the sellers are being really stubborn.

Has anyone else had enough, ive noticed by me now, the amount of houses for sale are getting less and less, has people are taking them off the market.

Has anyone else had enough of chasing the market down without any sucsess??

And has anyone else put the house on hold and took it of the market, for a year or so until the bottom is reached?

pandamonia

id try and get shot before they limit lending multiples to 3.5x single income and 2.5x joint. because when that happens prices are stuffed

Cissi

I think you'll get similar responses here as on your other thread :rolleyes:

Personally I agree with your decision not to chase the market down. If you don't want to rent in the meantime then it makes sense to wait until the market settles and you can get what you're looking to buy at a better price.

However, I think most people on here are still confused (to say the least!) about your strategy. Marketing your house at almost double the price at which it hasn't generated much interest so far, just to keep the HIP alive, seems just as strange to me today as it did yesterday

Cissi

Just to clarify: I'm with Pandamonia on this one: if you really do want to move I'd do whatever it takes to sell now, then rent until you find something to buy. But if you aren't prepared to do this, then I'd take the house off the market altogether for now.

I must say, from your other thread, I'm willing to bet that you'll end up staying in your current house for a loooong time to come.

LittleMissAspie

I read your other thread and it didn't make much sense, this one makes a tiny bit more sense. You want to wait until the gap between your house and the house you want to upgrade to is smaller, right?

Do you have plenty of equity? You wouldn't want to get to the bottom of the market (how do you know it's the bottom anyway?) and find you can't actually sell because you're in negative equity.

confused31_2

like i said im not bothered how far they fall as long has i sell at the bottom and can move up, like pandamonia said if houses really do fall, the bigger houses will fall aswell.

People will just have to lower their prices if they want to sell, ive looked at the rental income from my property and for a 3 bed roomed house, i could get gauranteed rental income of over 500 pound from housing benefit tennants, which would clear the mortgage payments and some more.

I think if houses came right down, i may even let the current house out, and buy another to live in.

Has for keeping the hip alive, why would i want to buy another one?? its not costing me anything to market my house, and it wont put any viewers noses out of joint as they would not want the house for the price i have it at.

confused31_2

LittleMissAspie wrote: »

I read your other thread and it didn't make much sense, this one makes a tiny bit more sense. You want to wait until the gap between your house and the house you want to upgrade to is smaller, right?

Do you have plenty of equity? You wouldn't want to get to the bottom of the market (how do you know it's the bottom anyway?) and find you can't actually sell because you're in negative equity.

i dont think theres much chance of us going into negagtive equity unless houses go below 50,000 pound, and we bought the house in the ninties for 70,000.

Mind you, you just dont know,.

confused31_2

having said that if my house went into negagtive equity i would still be gaining if the larger houses drop the same percentage.

gordano_2

You could try for a cash buyer ... I sold a buy-to-let I had through www.repaymortgage.co.uk ... it wasn't a great price, but the best I found in the circumstances, so I got rid of the property and moved on. Unless you need to sell my advice would be to hold on ... prices will have to stop falling at some point, and then the buyers will return.

Running_Horse

gordano wrote: »

prices will have to stop falling at some point, and then the buyers will return.

I disagree, they will return as soon as they can get credit, and then prices will stop falling.

confused31_2

I agree with the last 2 post's but its just when?im not prepared to be bothered with it all and we are just going to put it on hold until the buyers come back.