House Price Crash Poll

slater14

FJS,

He must be a very lucky fella or he's pricing to get sold...

I agree with deemy, I think theres going to be a few smacked bottoms when the rates go up and prices ARE going down....here's a couple of properties I know of personally

My money's on a 10 - 20% drop and I'm offering accordingly

1. This one has been on the market for 9 months and it has been reduced by £250,000 - now thats a drop!

http://www.rightmove.co.uk/viewdetails-4167923.rsp/svr/3006;jsessionid=64A7332C5281F0B8CC4497533C526B1F?pa_n=1&tr_t=buy&chnl=buy

....notice how it was advertised with 2 agents once for £179k then for £167k....and it still isnt selling, is that a 2% rise?

http://www.rightmove.co.uk/viewdetails-5306996.rsp/svr/3006;jsessionid=64A7332C5281F0B8CC4497533C526B1F?pa_n=4&tr_t=buy&chnl=buy

...and heres the new price

http://www.rightmove.co.uk/viewdetails-5064968.rsp/svr/3006;jsessionid=64A7332C5281F0B8CC4497533C526B1F?pa_n=5&tr_t=buy&chnl=buy

The signs are there to see....can somebody show me prices that are RISING and selling with different agents that are being marketed right now?

FJSRiDER

slater14 wrote:

He must be a very lucky fella or he's pricing to get sold...

Er.. You are suggesting people are pricing their houses another way?

slater14

by the way you worded your original post one could assume that your friend was getting "full asking" at today's inflated value.

If your friend was pricing "full asking" at a more realistic level for todays climate, then of course he's going to get offers.....or, as I said, he was incredibly lucky.

Spendless

IMO the housing market is not one big whole one though just a series of smaller ones.

The recent housing boom didn't start in my town until June 2002 later than others, prices are stabilising now and properties taking longer to sell.

With my first home i was in neg equity within the first year of owning it, it only created me a problem when i married and had a son and needed a bigger place and was unable to sell.

FJSRiDER

slater14 wrote:

by the way you worded your original post one could assume that your friend was getting "full asking" at today's inflated value.

If your friend was pricing "full asking" at a more realistic level for todays climate, then of course he's going to get offers.....or, as I said, he was incredibly lucky.

He got the 'full asking price'. That it was set at a price that attracted a buyer very quickly suggests that it was the 'right' price.

Your idea of 'inflated' would be correct if it hadn't sold - and I can see there are numerous examples of those in our local property pages, week after week!

I suspect when you think 'inflated' it means a price you don't want to pay.

slater14

FJS,

Thank you for clarifying your friends situation.

So in effect he sold his house quickly by selling BELOW what similair properties in that area are currently being offered at.

Just out of curiosity, how far below the average price did he go to get the quick sale?

FJSRiDER

slater14 wrote:

Just out of curiosity, how far below the average price did he go to get the quick sale?

Not at all. It was a modern(ish) small 2 bed terrace house marketed (and under offer/sold) for £129,950. I don't consider that to be 'far below the average price' TBH. Repainted, re carpeted and finished well, with no faults it is an easy house to move into. Benefits to the buyer are that it is vacant and ready - what more could a prospective buyer want?

ISTR he told me the agents had suggested between £129,000 to £135,000 - that looks about right to me for the type of house/area at the moment. (Doesn't stop dreamers and nutters asking into the £140K's.)

He has bought and sold enough property over the past 15 years to know the market very well. He knows his stuff - with his help last year we bought our current house for 5% off the then 'rising market value'.

slater14

FJS,

I see your point.

Maybe those dreamers who are asking for £140k bought for £130k last year...in which case as my original post attempted to show, the rot has already started (i.e. negative equity).....If they sold at £129,950 they have lost money (not much, granted) but enough to turn it into a negative and not a positive.

Former_MSE_Dan

Previous Poll Topic: Poll started 5 April: Do you think House Prices will crash or rise over the next year? And by how much?

d. Increase 2-5%

22.8% - (429 Votes)

e. No Real Change

17.4% - (327 Votes)

f. Decrease 2-5%

16.1% - (303 Votes)

g. Decrease 5-10%

11.2% - (211 Votes)

i. Decrease over 20% (crash)

9.2% - (173 Votes)

c. Increase 5-10%

8.8% - (166 Votes)

h. Decrease 10-20% (smaller crash)

7.1% - (134 Votes)

j. I really have no idea

4.4% - (84 Votes)

b. Increase 10-20%

1.6% - (30 Votes)

a. Increase over 20%

0.9% - (18 Votes)


Total Votes: 1875