Is it too late to sell a house in Northern Ireland???

fredy34

tara747 wrote: »

All in your opinion of course. We shall see who is right. I don't intend buying till prices fall by half.

:beer:

I hate to break this to you but there is no way house prices are goin to fall by 50%. Maybe if we have a massive recession and loads of people loose their jobs. Otherwise expect a max further fall of 10 - 15%.

If you wont buy till they have fallen by half then you will never get a house.

dsab

The (new) apartment we are currently renting is on the market since July. The Landlord offered us the apartment yesterday for more then 45K (> 20%) below the current asking price, which already has been dropped by 12.5 K.

They had no interest at all, even though it is a great apartment in a great area of town. There is a new housing development across the street, and they can't shift the houses either. Officially they have dropped prices twice within the last 4 months, afaik by about 16K. But I know that they have been calling previous interested people and offering them for 25K below what they are currently on the market (in exchange for not making it public).

Some developers are getting really desperate.

P.S. This is Newry...

ballyblack

offered us the apartment yesterday for more then 45K (> 20%) below the current asking price, which already has been dropped by 12.5 K.

So the apartment was originally for sale for over 230K. That was a crazy price.......... possibly the 175k? asking price now is more realistic and should be considered?

.

leftieM

ballyblack wrote: »

So the apartment was originally for sale for over 230K. That was a crazy price.......... possibly the 175k? asking price now is more realistic and should be considered?

.

No way! I hope you won't buy at that price. It's ridiculous. If they've had no other interest then it's proof that it's over priced and they are just hoping you're naive enough to think you're getting a good deal.

People seem to be very slow to change what they expect their houses to sell for. Rather than drop the asking price when they get no interest, they get another agent to market the house. This seems pointless to me as you see the listings side by side on Property News. If you aren't getting any interest it's because your house is too expensive!

talksalot81

fredy34 wrote: »

I hate to break this to you but there is no way house prices are goin to fall by 50%. Maybe if we have a massive recession and loads of people loose their jobs. Otherwise expect a max further fall of 10 - 15%.

If you wont buy till they have fallen by half then you will never get a house.

And your evidence for this is? Without some form of reasoned justification, your comments are no more worthy of belief than the poster who you are patronizing.

tara747

talksalot81 wrote: »

And your evidence for this is? Without some form of reasoned justification, your comments are no more worthy of belief than the poster who you are patronizing.

Couldn't have put it better myself.

I think Fredy speaks more in hope than expectation.

motorguy

talksalot81 wrote: »

And your evidence for this is? Without some form of reasoned justification, your comments are no more worthy of belief than the poster who you are patronizing.

I dont think it was patronising, i think it was a fair summary of what would need to happen.

IvanOpinion

Talksalot, I have to agree with pglic. I don't think there was an attempt at patronisation but there are a lot of people talking up a crash with unrealistically large percentages being mentioned. I have heard of some panic sellers taking 20% of the price of their house, but they are currently being snapped up, therefore any bigger drops are unlikely. In some areas prices have not yet dropped (except by those desperate for a quick sale) and in some areas prices are still rising (just at a much lower rate) ... in other areas prices do need to drop.

I think anybody talking about 50% drops are living in a fantasy land (although I could yet be surprised).. the big drops are in the FTB market which got pushed upwards ... when the FTBs come back the entire market will recover. That along with the possible lowering of interest rates could make for an interesting time next year? The downside (possible stumbling block) is that there is a very lucrative rental market out there at the minute with people desperately hoping for price crashes ... however some renters have tied themselves into longish contracts (up to 2 years) and therefore will find that they will be unable to benefit from any market fall..

The bit I find amusing though is that some posters seem to capable of passing judgement on whether or not something is over priced without having seen the property. One of the nicest dwellings I know is an 'apartment' .. all 6,000 square feet of it with incredible views (if I could get it for under £500K I would snap it up )

Ivan

leftieM

IvanOpinion wrote: »

the big drops are in the FTB market which got pushed upwards ... when the FTBs come back the entire market will recover. That along with the possible lowering of interest rates could make for an interesting time next year?
Ivan

The whole market got pushed upwards Ivan, not just the FTB end of it. The FTB end isn't going to drop in isolation because it is this end of the market that fuels the rest of the market. The interest rate falls might entice a few back but the investors have gone from the market. They are unlikely to come back in large numbers - easy credit has gone, MEWing will be difficult because house prices are falling and, fundamentally, most FTBs will be unable to borrow as much as they were 12 months ago because of the current banking situation.
As for thinking something is overpriced without seeing it - it has the same value as saying that it's a good price without seeing it, surely?

IvanOpinion

leftieM wrote: »

As for thinking something is overpriced without seeing it - it has the same value as saying that it's a good price without seeing it, surely?

What I mean is that it is like saying 'that is a good price' for a car' without knowing if it is a Rolls Royce or a Yugo?

ivan