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

leftieM

IvanOpinion wrote: »

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

Five years ago the money that would have bought you a 'Rolls Royce' will now only buy you a 'Yugo' house-wise,to carry on the analogy. So, in that sense, in the current market, no house is a good price.

IvanOpinion

leftieM wrote: »

Five years ago the money that would have bought you a 'Rolls Royce' will now only buy you a 'Yugo' house-wise,to carry on the analogy. So, in that sense, in the current market, no house is a good price.

Or expanding your analogy if that is the open market price then all houses must be good value .. it is all relative ... out of all the things that are for sale, houses is one of the few that is truly market driven .. just because someone can not afford to buy their preferred one does not mean that it is not good value or that it is over priced. I believe property is still a good long term investment and eagerly await the new year to see what I should buy and, more importantly, when.

Remember though that if there is a recovery there are a lot of people looking second/third houses as well as FTBs which could push prices back up very rapidly. It is trying to judge when the change is about to occur.

ivan

pk83

LOL at the HPC brigade getting defensive when someone dares question their dream of total house market meltdown. I find it hard to believe that some people can't fathom the wider implications of such massive reductions in the market.

baldeagle09

baldeagle09 wrote: »

House prices in Belfast have been falling too. New build on Upper Newtownards Road are down from £495k to £470k within a month.
Fallen again in another month to £449,500

leftieM

IvanOpinion wrote: »

Or expanding your analogy if that is the open market price then all houses must be good value .. it is all relative ... out of all the things that are for sale, houses is one of the few that is truly market driven .. just because someone can not afford to buy their preferred one does not mean that it is not good value or that it is over priced.

Fair point. 'Good' value is irrelevant as market value is all that matters. As for investing in property - you will make money in the long term but if the '90s falls in England are anything to go by then you could be waiting more than 10 years to make money on your investment and that's a long time to tie up capital. You don't know what could happen in that time. Still, you have to speculate to accumulate and you could be rolling in it if the IMF, OECD, and other economists are wrong!

IvanOpinion

leftieM wrote: »

Fair point. 'Good' value is irrelevant as market value is all that matters. As for investing in property - you will make money in the long term but if the '90s falls in England are anything to go by then you could be waiting more than 10 years to make money on your investment and that's a long time to tie up capital.

but we don't live in england and in the fall in the 90's the prices in NI actually kept rising ... however we are in a different scenario here were the house prices here were being driven by the prices in the ROI.

You don't know what could happen in that time. Still, you have to speculate to accumulate and you could be rolling in it if the IMF, OECD, and other economists are wrong!

I have yet to see any reports from any of these groups that say housing is a bad long term investment .. if the number of repossessions rises there will be some good bargains to be had. There are a lot of people talking the market down, but some of the numbers being bandied around are just nonsensical.

Ivan

leftieM

IvanOpinion wrote: »

but we don't live in england and in the fall in the 90's the prices in NI actually kept rising ... however we are in a different scenario here were the house prices here were being driven by the prices in the ROI.
I have yet to see any reports from any of these groups that say housing is a bad long term investment .. if the number of repossessions rises there will be some good bargains to be had. There are a lot of people talking the market down, but some of the numbers being bandied around are just nonsensical.

Ivan

We didn't have falls in the 90s but we didn't have the preceeding boom either. Some clever economist will probably come by to tell us why - maybe something to do with a certain rather nasty regional conflict?
Good luck with buying. You'll have plenty of choice. I think you'll find a lot of people who are going to be in deep trouble and will have to sell at knock down prices. It horrifies me how easily some people got to borrow money on no more than a wing and a prayer.

motorguy

IvanOpinion wrote: »

house prices here were being driven by the prices in the ROI.

Ivan

I tihnk that had very little to do with it - more to do with the ceasefire here, external investors, bouyant buy to let market due to foreign immigrants, house prices significantly lower than the rest of the uk...

motorguy

leftieM wrote: »

Some clever economist will probably come by to tell us why - maybe something to do with a certain rather nasty regional conflict?

It horrifies me how easily some people got to borrow money on no more than a wing and a prayer.

Yeah, thats certainly my thinking on it.

Yup, frightening. :eek:

mr._prude

Does anyone think the property market will pick up in the spring or is it doomed. I have heard of new semis dropping from 200K to 150K and still not selling.

I hoping to sell Apr/May time but it is not looking good.

P