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

IvanOpinion

kgrant wrote: »

So then....what would you put on the property? £135,000 sound an okay first offer?

Someone tried this with me several years back and I just laughed and told the estate agent to tell them that when they had a serious offer to come back to me. If the person is desperate to sell or it is a possible repossession then they may go for £135K .. in any other situation I would be surprised if they took the offer seriously.

What price have other properties in the area been changing hands at recently? have they already knocked the price down from those levels?

Ivan

championmongo1

I think £135,000 at present is low and is unlikely to be accepted unless the seller is desperate. Having heard what a few houses in that bracket have sold for recently and taking into account the added bonus of a garage, decent location, I would think that it £155,000+ is a more realistic price.

Decent houses in good locations (i.e. not council estates) have continued to sell although very very slowly. Asking prices in this bracket have dropped or should have dropped £15,000 since the peak in Q2 2007. Council estate houses have dropped or should have dropped by more. 'Apartments' and flats should drop by a value somewhere in between. Offers within 10% should be seriously considered at present.

There seems to be more activity in the market now and I reckon prices will stabilise around April time (not begin to rise but certainly stop falling). Offers much lower than revised asking prices are not likely to be considered from April onwards IMHO

But hey that is just my opinion. Good luck with whatever you decide to do!

ballyblack

Falling house prices - is it such a big deal?

Interesting article this morning on Citywire website;

http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=100133&NewsPage=1

talksalot81

ballyblack wrote: »

Falling house prices - is it such a big deal?

Interesting article this morning on Citywire website;

http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=100133&NewsPage=1

Many of the more bullish posters (here and elsewhere) have argued this for a long time. Those who would suffer would be those who have pushed themselves far too far. The majority of home owners would not fall into this category, many will have owned for many years and not been persuaded into MEWing and such. These people have little to lose. Anyone wishing to get onto the ladder for the first time or to move up it (and that means ANYone) would benefit from prices going down.

I believe that the fear of dropping prices is driven by people who have not really thought it through and by those who do have an interest in high prices (i.e. building trade, developers, EAs etc).

agal

There's a bungalow in BT47 has been on propertynews for a while at £350000. It has "reappeared" this week with a different ea, different photos and a price of £315000. Strangely, the original entry is still there but I can't see the original ea getting many enquiries!

kgrant

Just noticed this article today from Belfast Telegraph (21/01/08), what a laugh imo. Most FTB want to pay their mortage themselves & not deal with co-ownership schemers AT ALL who get paid mega-bucks for exploitating FTBs situations. We were told by our Mortage Advisor, that when house prices go up when you want to buy some of your proprty back off co-ownership the percentage taken from the value of the property is from the HIGHER value. However, when house prices DROP the co-ownership people take the percentage you buy back from them from the original (higher) cost, so this article is more misery for FTB and is bad news all round for the Northern Ireland Housing Market :

BELFAST TELEGRAPH 21/01/08 HEADLINE:

First-time buyer group hails £19m financial package from Assembly

Northern Ireland Co-Ownership has welcomed a £19m cash injection from the Assembly.

And the much-needed extra funds will enable it to deliver an additional 200 homes in the next three months, according to chief executive Alan Crowe.

The money is part of a £50m package which has been allocated to the Department of Social Development for a range of social housing initiatives, including assisting the Co-Ownership scheme.

The announcement was made by Finance Minister Peter Robinson in a statement on behalf of the Executive on public spending for 2007-08.

The move is also good news for first-time buyers, many of whom can get onto the property ladder via the Co-Ownership scheme.

Mr Crowe said: "For Co-Ownership buyers that should allow us to deliver an extra 200 homes over the next three months. For many first-time buyers, Co-Ownership is the only viable option to achieving that elusive first step onto the property ladder, and the £19m in additional funding reflects the continuing high demand for our services."

Mr Crowe pointed out demand is high - and the agency is anticipating this will increase, despite ongoing affordability issues. "We are currently operating at twice the level of government targets for 2007-08."

He said over 700 homes have been occupied through the scheme in the nine months from April to December 2007, with another 300 agreed for sale. And a further 125 applications for homes are currently being processed by Co-Ownership.

"We are backing local buyers with an average of £85,000 per property and the additional £19m is a response to our request for extra monies for the last quarter of 2007-08 to meet this surge in demand," added Mr Crowe.

And Co-Ownership has evidence that first-time buyers are still trying to achieve the goal of home-ownership. " The fact Co-Ownership is the realistic option for many first-time buyers reflects that the average home in Northern Ireland is still unaffordable for many aspiring home owners. Although interest is strong right across the range of starter shares that we offer - from 40-75% - there is also a lot of interest in entry level share of 40%."

Mr Crowe added, however: "Currently one in five of the buyers we are working with has opted for the lowest possible starter share and that's down to affordability. It's simply as much as they can afford within today's property market."

And he says they will be pressing the Government for yet more money in a bid to keep up with buyers. "No let up in demand is expected," said Mr Crowe.

tara747

kgrant wrote: »

Just noticed this article today from Belfast Telegraph (21/01/08), what a laugh imo. Most FTB want to pay their mortage themselves & not deal with co-ownership schemers AT ALL who get paid mega-bucks for exploitating FTBs situations. We were told by our Mortage Advisor, that when house prices go up when you want to buy some of your proprty back off co-ownership the percentage taken from the value of the property is from the HIGHER value. However, when house prices DROP the co-ownership people take the percentage you buy back from them from the original (higher) cost, so this article is more misery for FTB and is bad news all round for the Northern Ireland Housing Market :

BELFAST TELEGRAPH 21/01/08 HEADLINE:

First-time buyer group hails £19m financial package from Assembly

Northern Ireland Co-Ownership has welcomed a £19m cash injection from the Assembly.

And the much-needed extra funds will enable it to deliver an additional 200 homes in the next three months, according to chief executive Alan Crowe.

The money is part of a £50m package which has been allocated to the Department of Social Development for a range of social housing initiatives, including assisting the Co-Ownership scheme.

The announcement was made by Finance Minister Peter Robinson in a statement on behalf of the Executive on public spending for 2007-08.

The move is also good news for first-time buyers, many of whom can get onto the property ladder via the Co-Ownership scheme.

Mr Crowe said: "For Co-Ownership buyers that should allow us to deliver an extra 200 homes over the next three months. For many first-time buyers, Co-Ownership is the only viable option to achieving that elusive first step onto the property ladder, and the £19m in additional funding reflects the continuing high demand for our services."

Mr Crowe pointed out demand is high - and the agency is anticipating this will increase, despite ongoing affordability issues. "We are currently operating at twice the level of government targets for 2007-08."

He said over 700 homes have been occupied through the scheme in the nine months from April to December 2007, with another 300 agreed for sale. And a further 125 applications for homes are currently being processed by Co-Ownership.

"We are backing local buyers with an average of £85,000 per property and the additional £19m is a response to our request for extra monies for the last quarter of 2007-08 to meet this surge in demand," added Mr Crowe.

And Co-Ownership has evidence that first-time buyers are still trying to achieve the goal of home-ownership. " The fact Co-Ownership is the realistic option for many first-time buyers reflects that the average home in Northern Ireland is still unaffordable for many aspiring home owners. Although interest is strong right across the range of starter shares that we offer - from 40-75% - there is also a lot of interest in entry level share of 40%."

Mr Crowe added, however: "Currently one in five of the buyers we are working with has opted for the lowest possible starter share and that's down to affordability. It's simply as much as they can afford within today's property market."

And he says they will be pressing the Government for yet more money in a bid to keep up with buyers. "No let up in demand is expected," said Mr Crowe.

Agreed! What a joke.

Co-ownership - no ta.

quazimodo

The property market here in derry is FUBAR how are other parts!!!

IvanOpinion

Got a call from the estate agent yesterday asking if I wanted to put the house that did not sell last year back on the market ... apparently they are seeing an upturn ?????

Ivan

talksalot81

IvanOpinion wrote: »

Got a call from the estate agent yesterday asking if I wanted to put the house that did not sell last year back on the market ... apparently they are seeing an upturn ?????

Ivan

Methinks that this is a (hopeful!) predictive comment, not a statement of fact. Perhaps a few places have cleared with Christmas out of the way but the timescale since the 'awful' comments is too short to justify calling an outright 'upturn'.