Any other home buyers in NI?

marathonic

qwert_yuiop wrote: »

'Cause I'm waiting for a particular type and place of property. Why buy somewhere I don't want to live? Buying now to avoid some putative rise and then sell would be plain daft. And my savings are doing quite well elsewhere. I can wait a while.
I'm not particularly demanding, and we're both averse to debt.

Sorry - I'm anything but Mr Gloom - but I can't see any significant meaningful rise the way things are.

My landlord is subsidizing our saving.

It's good to see that you've seen the sense in my numbers and backed down from the 'prices won't rise' argument and moved onto the 'my precise property isn't on the market yet argument'.

qwert_yuiop

marathonic wrote: »

It's good to see that you've seen the sense in my numbers and backed down from the 'prices won't rise' argument and moved onto the 'my precise property isn't on the market yet argument'.

No. I don't see any meaningful rise, but as I say, get back to me.

motorguy

tara747 wrote: »

You do know that most of a mortgage payment in the early years is interest? Don't you?

Thats irrespective as it still needs to be "paid". If you've a 25 year or 20 year mortgage or a 15 year mortgage, you still have to make the payments over the term.

tara747 wrote: »

I don't feel the need to justify my decision not to buy yet. I'm just not buying yet. It's you who is looking for reasons why others are not buying. It seems to baffle you that some people are not buying.

Of course, and i'm glad to see that people now feel comfortable with sharing the real reasons not to purchase - ie, not that the market conditions arent favourable, but that they are "just not buying yet".

Thats quite a movement from previous posts and threads whereby "blockers" were being cited as reasons not to buy - market might not have bottomed out, signs arent good, report from such and such says this, etc, etc, etc.

motorguy

qwert_yuiop wrote: »

'Cause I'm waiting for a particular type and place of property.

So why all the argument about "market conditions", "renting has more benefits", "possible double dip", "likely to fall", "possible to fall further", "outlook from this report says...", "last year prices didnt really go up because i've found this report that says...", when the reality is, you're waiting for a particular type and place of property?

You would seem to be implying that contrary to what you have been saying, market conditions are "right", you just havent found the right house for you yet?

Can you not just admit "now seems to be a good time to buy, i'm just waiting on the right property", which is really what you're doing, though not what you've been saying?

motorguy

qwert_yuiop wrote: »

No. I don't see any meaningful rise, but as I say, get back to me.

But as your preventer from purchase is actually that the right house for you isnt yet available, that would seem to contradict your "argument" that market conditions are not yet right?

qwert_yuiop

No. I said I'd buy the right place and it would probably be a bad decision economically. I won't be missing another boom.

As I said before, all you can be sure of is that it's a better time than before. Any statement that "prices can only rise" and all that estate agent talk is only speculation.

But we should talk about this in a year or so.

RTNI

Land & Property Services assisted by the Northern Ireland Statistics & Research Agency today released the Residential Property Price Index report for Quarter 4 2013.

The Index measures change in the price of residential property sold in Northern Ireland. The Index uses stamp duty information on residential property sales recorded by Her Majesty’s Revenue & Customs.

Results for the most recent quarter (October – December 2013), which are provisional show that:

· the number of sales continues to increase. There were just over 4,800 verified residential property sales recorded in Q4 2013. This is a 28% increase over the year, a 16% increase over the quarter and the highest quarterly figure since 2007;

· between Q3 (July - September) 2013 and Q4 (October – December) 2013 residential property prices remained unchanged;

· residential property prices increased by 4% over the year from Q4 2012 to Q4 2013; and

prices of residential property sold today are under half of their Q3 2007 peak value (a 54% fall).

marathonic

RTNI wrote: »

Land & Property Services assisted by the Northern Ireland Statistics & Research Agency today released the Residential Property Price Index report for Quarter 4 2013.

The Index measures change in the price of residential property sold in Northern Ireland. The Index uses stamp duty information on residential property sales recorded by Her Majesty’s Revenue & Customs.

Results for the most recent quarter (October – December 2013), which are provisional show that:

· the number of sales continues to increase. There were just over 4,800 verified residential property sales recorded in Q4 2013. This is a 28% increase over the year, a 16% increase over the quarter and the highest quarterly figure since 2007;

· between Q3 (July - September) 2013 and Q4 (October – December) 2013 residential property prices remained unchanged;

· residential property prices increased by 4% over the year from Q4 2012 to Q4 2013; and

prices of residential property sold today are under half of their Q3 2007 peak value (a 54% fall).

And a 27% increase in transactions for Q4 2013 over Q4 2012. That's a significant number.

Both detached properties and properties in the north of Northern Ireland rose 5% - my property falls into both categories but, personally, I wouldn't accept an offer of 5% above what I paid if I was selling.

I would be looking for about 20% above what I paid and, yes, that is a realistic figure because I got an excellent deal from a distressed seller (something we're likely to see a lot less of in years to come). Of course, the bears will not believe these figures but I'm not worried in the least about that.

tara747

marathonic wrote: »

As I advised before on this thread, potential purchasers should do their own numbers for their own area and circumstances to see whether purchasing now makes sense for them. This will allow them to make a more informed decision than simply listening to the bears, or the bulls, on any internet forum.

They should remember that a recent property owner, like myself, is likely to talk up the market because my opinion is obviously that the market will go up - otherwise, I wouldn't have bought.




They should also remember that someone who is not a property owner is likely to talk down the market until the day they sign the contracts for their own purchase. There are multiple potential reasons that I can see for this including:

• The less buyers in general on the market, the less liklihood there is of prices rising excessively before they buy;
• If they're very unlucky, they could end up in a bidding war with you on the same property when they do go to buy - so why advise you to buy before they've secured their own property;
• They genuinely believe that property prices will fall further

The best thing to do is go by the numbers, not the arguments of the bulls and the bears. This is what I done and this is why I bought in December 2012.

Most sensible post on this thread so far. :T

motorguy wrote: »

Thats irrespective as it still needs to be "paid". If you've a 25 year or 20 year mortgage or a 15 year mortgage, you still have to make the payments over the term.

Of course, and i'm glad to see that people now feel comfortable with sharing the real reasons not to purchase - ie, not that the market conditions arent favourable, but that they are "just not buying yet".

Thats quite a movement from previous posts and threads whereby "blockers" were being cited as reasons not to buy - market might not have bottomed out, signs arent good, report from such and such says this, etc, etc, etc.

You're missing my point. Your previous post implied that every penny in mortgage payments would be deducted from the capital, which we all know is not the case.

motorguy

tara747 wrote: »

You're missing my point. Your previous post implied that every penny in mortgage payments would be deducted from the capital, which we all know is not the case.

No, thats not what i was saying. I was saying that every penny in mortgage payments came off the amount owed. Amount owed = amount borrowed plus interest due, as opposed to rental payments over the same time, which relatively speaking is dead money.