Any other home buyers in NI?

marathonic

saverbuyer wrote: »

I'm heading on holiday to Mozambique and Kenya for a few week later in the year.

I'll see if the locals can give me any pointers on multigenerational living. I'll be happy to share their advice and tips.

This is a 34 page thread related to buying property in Northern Ireland. Try to keep it on topic - it's a long enough thread for newbies to read without having to sift through this nonsense.

motorguy

saverbuyer wrote: »

I'm heading on holiday to Mozambique and Kenya for a few week later in the year.

I'll see if the locals can give me any pointers on multigenerational living. I'll be happy to share their advice and tips.

Maybe you could ask them about how to not bring out the worst in people and you might get on better with your in laws?

marathonic

motorguy wrote: »

Just down south though? Not so applicable up here?

That's a good question. I'm not too sure. I know it's easier to reposess here so I'd say it's more likely a non-distressed seller opting for a "wait and see" approach.

motorguy

marathonic wrote: »

This is a 34 page thread related to buying property in Northern Ireland. Try to keep it on topic - it's a long enough thread for newbies to read without having to sift through this nonsense.

Agreed.

I'm drawing a line on my part in this.

Back on track!

motorguy

marathonic wrote: »

That's a good question. I'm not too sure. I know it's easier to reposess here so I'd say it's more likely a non-distressed seller opting for a "wait and see" approach.

Yes.

As more houses sell though, it will be interesting to see if seller like that drop their prices or hold out.

It will depend on their individual circumstances i guess.

marathonic

motorguy wrote: »

Yes.

As more houses sell though, it will be interesting to see if seller like that drop their prices or hold out.

It will depend on their individual circumstances i guess.

Yeah, it depends on their personal circumstances and the logic they use when picking an agent.

For example, if I were selling I'd get a valuation from 2-3 agents.

If it were a falling market, I'd tend to direct my initial asking price towards the lower of the three because I'd be fearful of missing the right buyer and the property remaining on the market for years.

If it were a rising market, I'd tend to shoot for the highest of the three with the opinion that, even if it is overpriced, the market might catch up.

For those on the market already, I just don't see any real urgency to drop if they haven't already. A lot of these people probably aren't even looking at property price changes as they feel no real urgency to move. Instead, they'll wait for an offer and determine what they can upsize to given market prices at that time.

tara747

someadvicereq wrote: »

Quick (vague question) - There is a house on the market priced at £280k. It was priced at this Jan 2013. It's RV is £225k.

I feel it is very overpriced and the price hasn't dropped in the last year, so I don't know if the sellers are not keen to sell, or can't sell below a certain price.

Anyway - does anyone know what % the house prices have dropped (on average) in the last year? I know they may have increased slightly in the last few weeks/months but over the past year it would still be a fall.

Anyone care to comment.

Also is there anyway to tell when a house was built? I don't see anything on the LPS website.

If it's in a new development, a quick google might tell you when it was built.

Re the price, if it seems overpriced to you, then it is. A house is only worth what someone is prepared (and able) to pay. Don't panic and don't be drawn into bidding wars (unless you like that kind of thing).

bingobangobongo wrote: »

As a general rule aren't most houses roughly priced around the RV? I can't see a house being worth 55k more than the RV? Sounds like the house was overpriced to begin with.

So assuming a year ago the house was valued at the RV of 225k, if it has increased 4% then it would be 'worth' roughly £234k.

Any logic to this?

Actually, lots of houses in and around Belfast are asking considerably less than RV. A couple of examples:

http://www.propertypal.com/57-college-park-avenue-belfast/196967
http://www.propertypal.com/89-haypark-avenue-ormeau-belfast/263153

marathonic wrote: »

Yeah, it depends on their personal circumstances and the logic they use when picking an agent.

For example, if I were selling I'd get a valuation from 2-3 agents.

If it were a falling market, I'd tend to direct my initial asking price towards the lower of the three because I'd be fearful of missing the right buyer and the property remaining on the market for years.

If it were a rising market, I'd tend to shoot for the highest of the three with the opinion that, even if it is overpriced, the market might catch up.

For those on the market already, I just don't see any real urgency to drop if they haven't already. A lot of these people probably aren't even looking at property price changes as they feel no real urgency to move. Instead, they'll wait for an offer and determine what they can upsize to given market prices at that time.

But, but, if prices are about to start rising astronomically, surely the next house they buy will be out of reach? :eek:

:cool:

marathonic

tara747 wrote: »

But, but, if prices are about to start rising astronomically, surely the next house they buy will be out of reach? :eek:

:cool:

People overpay for houses all the time - if you are to believe some early posts on this thread, you'll see that entire workplaces went out and overpaid significantly in 2002-2003.

People also get bargains all the time. I did when I purchased my house in December 2012 (which turned out to be, not only a bargain, but a bargain secured at the bottom of the market). If I were to get rateable value for my house, I'd stand to make a
30% profit.

I don't think I'd get that just yet, but I'd get very close to it. However, my property has a good view, one of the best for properties in the area. Therefore, I could consider putting it on the market at rateable value + 10% with no intention of selling, but the intention to sell and look out for another bargain if I get the right buyer. All it takes is for a buyer to fall for the view and I could have two of qwert yuiop's workmates in a severe bidding war.

tara747

marathonic wrote: »

People overpay for houses all the time - if you are to believe some early posts on this thread, you'll see that entire workplaces went out and overpaid significantly in 2002-2003.

People also get bargains all the time. I did when I purchased my house in December 2012 (which turned out to be, not only a bargain, but a bargain secured at the bottom of the market). If I were to get rateable value for my house, I'd stand to make a
30% profit.

I don't think I'd get that just yet, but I'd get very close to it. However, my property has a good view, one of the best for properties in the area. Therefore, I could consider putting it on the market at rateable value + 10% with no intention of selling, but the intention to sell and look out for another bargain if I get the right buyer. All it takes is for a buyer to fall for the view and I could have two of qwert yuiop's workmates in a severe bidding war.

A bidding war? Lovely view? Isn't your house in (London)Derry? :rotfl:






(sorry, couldn't resist)

marathonic

tara747 wrote: »

A bidding war? Lovely view? Isn't your house in (London)Derry? :rotfl:






(sorry, couldn't resist)

Yes to all three. There's no need for personal snipes and I'd say the view from my house is better than that in 75% of Belfast properties. I've been told so by guests and a few taxi drivers.

Regarding bidding wars, I heard of one happening about 10 miles outside Derry last week where the bidding went to £20k over asking price.

In total honesty, it's the first such story I, or the person telling it, has heard in 6+ years.