Any other home buyers in NI?

motorguy

Mistral001 wrote: »

Precisely. I cannot think of any situation where putting a house on the market would be something anybody would bother to do - unless they were forced to do it (repossession, divorce, etc.).

Even if you got promotion at work to somewhere in a different part of NI, you might decide to commute rather than move house. If you wanted to move to GB to an area where jobs were available the size of house that you could buy there after you sold your house in NI might put you off to say the least. If you wanted to move to get a bigger house in the same area you might be lucky and get a chain that is less than a year. Ditto if you wanted to move to a smaller house. Who are the people who would want to put their house on the market at the minute?

I'm finding this post strange?

There are various reasons why people would want to move - change of job location, want a bigger house, want a smaller house...

There are people who are prospering in this economy too - not all of us are unemployed or stuck in a dead end job with no prospects. I know quite a few people who are "moving up" because they can rather than because they need to. A lot of the new builds i'm seeing are big four bed and five bed detached houses and the developers seem to be moving them on no problem.

Granted, it may take time to sell, but if thats what people want to do then thats up them. If i was selling at the moment, i'd price it realisitically, and probably not even look at other houses until i'd mine sold - even if that meant renting for a few months once our sale completed.

As always, going to buy with no house to sell is always going to maximise your chances of getting a 'deal' on the one you're buying.

motorguy

qwert_yuiop wrote: »

The mortgagor will not allow you to sell if you cannot clear the mortgage - that's when you see who really owns the house.
The best you could do in that situation is overpay your mortgage in the hope you can at least get out of negative equity, allowing you to sell at some later stage.

If your house has halved in value it has to double in value to get back to the old price. Even at a fairly modest (by the standards of the olden days) 4% a year this would take around 16 years. Yeah, some crash wasn't it?

Thats all working on the assumption that everyone who bought at the peak did so by maxing out their mortgage on the house they bought. A lot of people rolled over any equity from their previous house so can afford to take a "hit" if needs be - although yes there are a load of people who arent so lucky.

Theres a guy up the road here who has his house on for £295K. My FIL was saying it was shocking as he has taken a £200,000 hit as he bought it for £425K and spent an easy £75K on it. We were talking a bit further on it and it turns out the guy had cleared £400,000 profit on his previous house due to the sharp rise in the market, so hes still £200K up overall.

Beachview_2

motorguy wrote: »

I'm wondering how many of those are old adverts from several years ago that just havent been removed?

I think pretty much everyone knows the markets dropped by half, certainly i cant think any estate agent would let someone put a house on these days at its 2007 peak price of say £300,000 when today its maybe only worth £150,000.

The adverts for those houses are actually live. None of them are old ones that haven't been removed.

There was a house I was interested in, but it was overpriced, and even its neighbours were on the market for less. There was nothing special about that house to justify the big overinflated price it had. Again laying on the market for about maybe a year or a bit more. I told the agent it was overpriced, well over rateable value, and other similar houses were on for less, he laughed and agreed with me!

There's a family near me and they had their house on the market for years and years. Their most recent price was double what it should have been. An EA I had out to my house told me that family had their house on at a crazy price. Ha ha sure I knew that anyway That family couldn't see sense to drop their price, and eventually gave up and took it off the market a few weeks ago. Meanwhile this house is now Sale Agreed!

tara747

motorguy wrote: »

Really? So noone said that house prices going up where something these groups had a vested interest in?

Can i perhaps point you to the following -

Post #230, when speaking of Chartered Surveyors...



and thanked by TARA247

Post #234, when using this "reverse logic" again...



And thanked by TARA247

Post #248



Thanked by TARA247 and SAVERBUYER.

Who's tara247?

qwert_yuiop

If you bought at peak you have lost half your investment even if you only used your savings. If you had a mortgage you've also lost the interest paid.
A loss of £200k is a lot no matter who you are.

Yes, you can sell the house if your mortgage is less than the property value. Still a stonking loss, but at least you can sell

motorguy

qwert_yuiop wrote: »

If you bought at peak you have lost half your investment even if you only used your savings. If you had a mortgage you've also lost the interest paid.
A loss of £200k is a lot no matter who you are.

Yes, you can sell the house if your mortgage is less than the property value. Still a stonking loss, but at least you can sell

And therein lies the problem - people viewing their 'home' as an investment.

Lets be honest - if the market had remained bouyant, yes he'd have got £200K more for it, but the house he'd be buying now would be at least £200K more expensive, so he'd never see that £200K anyway.

I guess it does sum up the "glass is half empty" mentality on this thread when someone can be walking away £200,000 better off overall, but people look at the paper "loss".

Bearing in mind hes £200,000 up, I dont expect the guy is losing much sleep over it.

qwert_yuiop

motorguy wrote: »

And therein lies the problem - people viewing their 'home' as an investment.

Lets be honest - if the market had remained bouyant, yes he'd have got £200K more for it, but the house he'd be buying now would be at least £200K more expensive, so he'd never see that £200K anyway.

I guess it does sum up the "glass is half empty" mentality on this thread when someone can be walking away £200,000 better off overall, but people look at the paper "loss".

Bearing in mind hes £200,000 up, I dont expect the guy is losing much sleep over it.

Well, indeed, which only makes the resistance to realistic pricing all the more remarkable. Round here there have been a few houses lying idle for several years after the last occupant died, with a forlorn, faded "for sale" keeling over in the garden. Drop the price, folks - it's an inheritance. Free money!

"I can't sell my house", I keep hearing at work. 'Course you can - at a 2013 price, not a 2007 one. It's a recession, people.

As for "glass half full", for most people on here it's brimming over - cheap house, here we come.

motorguy

Property prices officially on the rise...

http://www.bbc.co.uk/news/uk-northern-ireland-25016269

"The Northern Ireland housing market is continuing to recover with official statistics showing prices rose during the summer."

The NI Residential Property Price Index indicates prices rose by 2% between the second and third quarter of the year.

The report states that the latest figures "add weight to the conclusion that the NI property market has bottomed out".

The figures, released every three months by the government's statistics and research agency, are considered the most accurate measure of the state of the housing market in Northern Ireland.

saverbuyer

The average price of an Northern Ireland property is...


£98,000

motorguy

saverbuyer wrote: »

The average price of an Northern Ireland property is...


£98,000

Are you doing your usual and picking out only the bits you can criticise or find flaw in?