A seller drops their price substantially is this a sign of our times?

undetterred

Pobby wrote: »

Oh how I laughed today. Was over in my local for a beer and was complaining that our savings were doing nothing. Jokingly said that I wouldn`t mind buying a couple of flats to let out. Little Miss business lady pounced on me and said that now was the time to do it. Clearly then, this is the bottom of the market. Better get a move on as prices clearly will be shooting up again, I don`t think.

In the world outside MSE thats the sentiment of the average joe,is it right or wrong?
Seems plenty in here are deluded.

nembot

undetterred wrote: »

In the world outside MSE thats the sentiment of the average joe,is it right or wrong?
Seems plenty in here are deluded.

Wouldn't say deluded, just passionate about their opinion

Nobody knows who is right or wrong, it'll only be clear in hindsight.

I did hear the "buy now before it's too late" in work recently, said nothing - best thing to do I reckon

phil_b_2

nembot wrote: »

I rent a place that was up for 325k 9 months ago, rent is £600 per month.

Either the place was 50% overvalued or you are ripping your landlord off! That doesnt add up at all.

£600 a month rent would typical mean you are in a £150-180k property. that's based on what I've learnt in over 3 years renting anyway.

sabretoothtigger

deluded is the wrong word when the government has taken measures to turn the situation on its head and prove themselves right, buying right now could be best because they are determined to make other choices worse

Pobby

Well we will have to see who is right when it comes to a good time to buy or not. In my area I would guess the drops are around 15% from peak to now. Hardly a crash but hardly a cause to think dive in guys, they are on the way up again.

RabbitMad

ess0two wrote: »

Dont forget Geoff one swallow does'nt make a summer.

I thought it was one swallow doesn't make a relationship ?

nembot

phil_b wrote: »

Either the place was 50% overvalued or you are ripping your landlord off! That doesnt add up at all.

£600 a month rent would typical mean you are in a £150-180k property. that's based on what I've learnt in over 3 years renting anyway.

You got it!

:money:

This place and pretty much every house sold close to and at peak.

JonnyBravo

RabbitMad wrote: »

I thought it was one swallow doesn't make a relationship ?

Depends on your idea of the timescale needed for a "relationship" IMO.

mewbie_2

phil_b wrote: »

Either the place was 50% overvalued or you are ripping your landlord off! That doesnt add up at all.

£600 a month rent would typical mean you are in a £150-180k property. that's based on what I've learnt in over 3 years renting anyway.

Quite a change in capital values as opposed to yield over the boom years. I'm not convinced that is sustainable, paricularly in the new economy we are approaching.

But hey, maybe it's a new paradigm. We had one of those just before the dot com crash.