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

leftieM

I haven't convinced you and you haven't convinced me. This is a very important issue that needs to be resolved. I suggest a duel to settle this. Pistols at dawn?

NAR

IvanOpinion wrote: »

i would disagree with you leftie, there was very much a correlation between the two
ivan

So would I Ivan, but what's the point of wasting air. The guardian article talks about "cooling down" - that obviously means different things to different people. :rolleyes:

IvanOpinion

leftieM wrote: »

I haven't convinced you and you haven't convinced me. This is a very important issue that needs to be resolved. I suggest a duel to settle this. Pistols at dawn?

personally i prefer egg on toast at dawn .. but maybe you need your iron a bit more than me

ivan

nosey_biatch

No-it's not too late if you're prepared to be realistic- I sold mine on Wednesday for 10k under the asking price and that was following a 15% reduction from the figure I was advised to sell at during the buoyant period.

Happy enough though-bottom line is it's only worth what someone is prepared to pay you for it.

talksalot81

jetboy wrote: »

Historical figures on housing suggest annual price increases on housing overall in the region of 5-8%. Yes the market here has overheated in the last few months and a correction is taking place but it is highly unlikely that house prices in 5 years time will be cheaper than they are now. I would still be of the opinion that if you've found the house you want and can afford it (after factoring another 1-2% rise in rates) then go for it. Supply will now exceed demand for a while as the 'landlords' dump apartments that no longer look attractive as buy-to-let.

Whilst i believe your 5 year outlook is in denial of several previous cases (thus proving a drop is entirely possible), I do agree entirely with 'buying if you can afford'. But it is vitally important that one really considers if it is affordable. The mortgage industry has demonstrated to us that their affordability measures over the last few years were flawed. To be affordable, you need to factor in not only living costs but also those which might happen. So as a couple, dont forget the possibility of a child. Everyone should factor in the possibility of being forced onto the SVR for your lender. Unless you are in an absolutely guaranteed job (not too many of us are), you need to make sure you have enough in reserve to cover you should you find yourself out of a job for several months. You also must keep in mind how long you would be willing to remain in the property. Whilst one may not consider a crash as high probability, it would be silly to move ahead assuming it impossible. If you cannot or would not wait out such a crash, you then need to have enough money in the bank to cover any resultant negative equity.

In my case, that means we could push to about 40% of our monthly income. Anything higher would be quite irresponsible. That is somewhere in the region of 4x our joint salary on IO. There are not going to be many 'dream' properties available at that multiple to 'average' people.

talksalot81

IvanOpinion wrote: »

i would disagree with you leftie, there was very much a correlation between the two

ivan

Just to back up LeftieM's reply, analysis of the property news inventory is entirely in agreement. There was a sharp decrease in the proportion of 100-200k property and a corresponding increase in the 200-300k region until late march (I can post the data if you really wish). It stopped almost immediately and has been very slowly reversing ever since.

NAR wrote: »

So would I Ivan, but what's the point of wasting air. The guardian article talks about "cooling down" - that obviously means different things to different people. :rolleyes:

Again I would cite the property inventory. Whilst this analysis has flaws (as most such analysis do), it does show that the average asking price of a property in the inventory stopped increasing at the time LeftieM suggests. Of course there will be variations, but that is why we consider a broad average.

Perhaps you guys have some hard evidence (i.e. not anecdote!) that the boom continued beyond when LeftieM and I believe?

IvanOpinion

talksalot81 wrote: »

Perhaps you guys have some hard evidence (i.e. not anecdote!) that the boom continued beyond when LeftieM and I believe?

See my post, I can only relate you to my personal experience (not anecdotal) which correlates to what the EA was telling me at the time (anecdotal). It would be far too much of a coincidence to suggest that thw two were not related .. such a coincidence might point towards some kind of deliberate manipulation of the market.

ivan

leftieM

IvanOpinion wrote: »

See my post, I can only relate you to my personal experience (not anecdotal) which correlates to what the EA was telling me at the time (anecdotal). It would be far too much of a coincidence to suggest that thw two were not related .. such a coincidence might point towards some kind of deliberate manipulation of the market.

ivan

Did you complete the sale of that house you referred to?

IvanOpinion

leftieM wrote: »

Did you complete the sale of that house you referred to?

That one has completed, the other one fell through though (although that was nothing to do with the current state of the market)

ivan

kgrant

Any opinions on our situation (last page) anyone?

What offer would YOU put on a local property (re-wired 1900-1930's house) still sitting at £165,000 since September 2007?

What way could we get the best price for the property and anyone got any mortage brokers or banks they would recommend speaking to at this time & advice on dealing with for us first time buyers?

Thanks.