Buyers beware as confident home sellers start to hold out for the asking price

StevieJ

Davesnave wrote: »

Yes, that's what it says at the end of the link I posted.

Just thought I would it out, do you have a problem with that

chucky

amcluesent wrote: »

"Buyers are beginning to lose the upper hand in house sales as fresh evidence suggests that in some regions of the country sellers are successfully holding out for close to the asking price.

Nearly two thirds of estate agents across the country said the difference between asking prices and selling prices narrowed sharply over the past three months.The margin between asking and sale prices is narrowing fastest in the South East of England."

GET IN!

oh dear more VI in the media

there are going to some unhappy wannabe home owners soon that will be paying more on their mortgage and even more on their house purchase

mewbie_2

It's a mini boom in the middle of a crash. Proving that there's not just one born every minute, but many. The bull argument now seems to consist of "yes they will keep dropping in price, but mortgage rates will go up". So I'm going to buy a house now, which will drop in price, and then my mortgage will go up? Sounds like a recipe for misery to me.

Comyface

brixham wrote: »

Could it be that some vendors are being more realistic with their prices ?
On for £250 and accepts £200 big difference from on for £210 and accepts £200.

That's exactly what I thought when I read original post.:)

chucky

mewbie wrote: »

It's a mini boom in the middle of a crash. Proving that there's not just one born every minute, but many. The bull argument now seems to consist of "yes they will keep dropping in price, but mortgage rates will go up". So I'm going to buy a house now, which will drop in price, and then my mortgage will go up? Sounds like a recipe for misery to me.

you haven't read the article..
haven't you heard of fixing your mortgage?

mini boom could last 12-18 months then drop off again into recession or another housing correction by the way. that's why they call it W-shaped

don't do recipes but i may put my savings in an Icelandic bank just because Martin said so.

mewbie_2

chucky wrote: »

that's why they call it W-shaped

I think the W shape is used to refer to the pattern of recession and recovery, not the housing market.

chucky

mewbie wrote: »

I think the W shape is used to refer to the pattern of recession and recovery, not the housing market.

i know - i thought that you would have understood that i was hinting that they may go hand in hand just like is happening now and happen at the same time

Max_Headroom_3

There do seem to be a lot of assumptions that house prices can only ever go in one direction and at one speed.

Is it not entirely possible that things have "tightened up" a bit whilst those who believe things have leveled off barrel in, and that once those buyers are out of the loop things will pick up speed in a downward trajectory again?

I don't think any trend "evidence" can be turned into a long term prediction at this time, in either direction.

The truth is that we are in pretty uncharted waters at the moment, and anything could happen.

mewbie_2

Max_Headroom wrote: »

The truth is that we are in pretty uncharted waters at the moment, and anything could happen.

It's a reasonable argument. But unlike 2005 the government does not have enough money to rescue the market. We have interest rates at .5%, and a lull before the expected spending cuts and tax increases come into play. I read sensible forecasters predicting 10 years of austerity, which does not sound like boom times to me.

Davesnave

StevieJ wrote: »

Just thought I would it out, do you have a problem with that

Not that I'm aware of. I just thought I'd point out that the article pointed out what you pointed out, but fair enough, if you thought anyone was going to miss it, the chances are they're unlikely to have done so by now.