Any other home buyers in NI?

Old_Git

let me tell you now, house prices in East Belfast are going to plummet downwards. Be honest who would buy there now.

saverbuyer

CPS wrote: »

I did state desirable properties in Bangor - wouldn't class your example as desirable. The rest of your examples are not in Bangor.

To perhaps be more precise - a very high %, most, nearly all of the desirable houses I have looked at over the last 12 months in Bangor are no-where near RV let alone miuse 20%

I don't know the Bangor market, I do notice lots of big houses (in the area) coming on the property sites. The only thing I can say is forget about asking prices, and offer what you think something is worth. We are now back to 2003-2004 prices.

I would say that having talked to a few of the more honest EAs that not much is selling outside of repos and those that do are selling for less than asking sometimes by massive percentages. Unfortunatly we don't have access to the actual sold prices here like they do in every other part of the U.K. and Ireland.

If we could just log onto a site like everyone else can and check out the last price any house sold for (like every other region) the EAs and builders wouldn't be able to lie so much.

Old_Git

I phone an agent this morning asking about a house ,no offers yet .I said can I arrange a viewing ,oh yes they said NEXT Thursday at 9:00 am.
I said ,well what about this week ,They said we are fully booked until next week ,and we only do viewing in office hours .(sales must be good )
I said no thanks and bye.

Mistral001

tommie wrote: »

"I am now ready to buy and have kept a close eye on the market in my area (Bangor)."

well, here you go!!
RV:£220K
http://lpsni.gov.uk/vListDCV/propertydetails.asp?type=search&display=134764&di=24&dn=North+Down+Borough+Council&wi=0000000106&wn=Broadway&si=0000007328&sn=Donaghadee+Road
Sold for £105K !!
http://www.mustbesold.com/index.php?option=com_propertylab&task=showproperty&id=3847&perpage=20&start=0&order=&type=forsale&minprice=1&address5=&maxprice=&minbeds=0&live=0


(46% below RV)

The example quoted is in fairly poor condition and as far as I know condition does not change the rateable value. If it was in good condition what would it fetch?

It just goes to show that condition is important these days. I suppose you could spend a lot on this property without any guarantee that you would get your money back in a falling market.

Mistral001

Old_Git wrote: »

I phone an agent this morning asking about a house ,no offers yet .I said can I arrange a viewing ,oh yes they said NEXT Thursday at 9:00 am.
I said ,well what about this week ,They said we are fully booked until next week ,and we only do viewing in office hours .(sales must be good )
I said no thanks and bye.

I would have done the same. Either they are too busy (unlikely) or they are trying it on.

When I said I would have done the same thing, I meant I would do it now, but there was a time when I was more naive. I once went to look at a house years ago in a fairly stagnant house market time and when I went to view the house at the prearranged time the husband opened the door to me, the wife shouted down from the top of the stairs is that Mr Mistral001 or Mr Smith. I knew by the sheepish eyes of the husband that it was a con to make it look like there were a stream of interested buyers. I do not like doing business with people trying to con me so I did not soend much time deciding not to buy. In retrospect I should have said sorry I will come back later and walked away it would have saved a lot of my time.

Mistral001

Mistral001 wrote: »

The example quoted is in fairly poor condition and as far as I know condition does not change the rateable value. If it was in good condition what would it fetch?

It just goes to show that condition is important these days. I suppose you could spend a lot on this property without any guarantee that you would get your money back in a falling market.

Looks like it is in not all that bad of a condition going by Tommies other link to same house with better description and photos :

http://www.johnminnis.co.uk/view.cfm?p=JMDJMD3885

That is amazing. Someone got a bargain.

saverbuyer

Mistral001 wrote: »

Looks like it is in not all that bad of a condition going by Tommies other link to same house with better description and photos :

http://www.johnminnis.co.uk/view.cfm?p=JMDJMD3885

That is amazing. Someone got a bargain.

Someone paid what the house was worth. That's what auctions do.

Never believe asking prices at the estate agents or those sale agreed prices you see on property sites. It's only though auctions that we see what is really happening in the market.

Mistral001

saverbuyer wrote: »

Someone paid what the house was worth. That's what auctions do.

Never believe asking prices at the estate agents or those sale agreed prices you see on property sites. It's only though auctions that we see what is really happening in the market.

Yes, I know. It means that the true story about how much the property market has fallen has probably been underestimated.

However looking at that house, if there were no striuctural or other major problems with this house it was a bargain. it would have been a bargain 15 years ago at that price.

Auctions prices can be fickle though. It depends on who is there on the day bidding.

saverbuyer

Mistral001 wrote: »

Yes, I know. It means that the true story about how much the property market has fallen has probably been underestimated.

However looking at that house, if there were no striuctural or other major problems with this house it was a bargain. it would have been a bargain 15 years ago at that price.

Auctions prices can be fickle though. It depends on who is there on the day bidding.

Don't know the area but what I do know is that £105,000 was a lot of money in 1998 (15 years ago) and will by the time this whole economic mess plays out be a lot of money again (in real terms).

I think the average wage in 1998 was something like £10,500

tara747

Mistral001 wrote: »

There must be something in our DNA which says that if we buy in a falling market we are admitting that we are in some way mentally !!!!!!.

I suppose most people want to boast about how great their new house is. But even if the house is in a very desireable area and has everything that anybody wants, if it is falling in price that trumps everything in the desireabilty stakes. It is going to be a lemon in many people's eyes.

First time buyer are more affected by this human condition than others I should have thought. The prospective first time buyer will presently be living in rented accommodation or with parents which means that any house they buy that is falling in value is a massive issue. For someone who is selling a house to move into a new house it is not such a big issue as it is just moving from one house falling in value to another one.

So if first time buyers can just overcome the social embarassment of living in a house sufficiently long enough for it to start to increase in value again, then maybe first time buyers will start to buy houses again in large numbers.

Yes, silly me. And there I was thinking that it was the continuing huuuge property crash making me steer clear of buying a house in the last few years, when all along it was social embarrassment.

:rotfl::rotfl::rotfl::rotfl:

OH and I drive an old car, we both cycle wherever we can and we buy quite a lot of our clothes (and household stuff) in charity shops. Trust me, social embarrassment does not figure in our mentality. :cool:

But we do have a high level of savings (mine are in my sig). Our friends who are flashier than us are all either in massive debt or have close to zero savings. They're the ones who should be embarrassed, imho.