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

leftieM

I think more stock is shifting. There are certainly more sold signs about. So it's an upturn in that sense. As for prices - I have neither seen nor read anything that suggests they are rising again. There are still more sellers than buyers.

IvanOpinion

Just talked to estaet agent this afternoon. I am told that there is definitely a slight upturn at the lower end of the market (FTB) which will cause a cascade upwards. No I am in a predicament, do I sell or rent it out again when the current renters contract runs out ... why is life never easy?

Ivan

ballyblack

first 'buds of spring' or a 'false dawn'?
a wee bit too early to say!

NAR

I think it is a case of a lot more realism being adopted by estate agents when it comes to setting prices. After all no sales means no commission for them.

leftieM

NAR wrote: »

I think it is a case of a lot more realism being adopted by estate agents when it comes to setting prices. After all no sales means no commission for them.

They still have to convince sellers, many of whom cling to the halcyon days of early 2007.

baldeagle09

I think we have a way to run before we even approach the bottom. Some wiser opinions are estimating a fall of 5% this year. Personally I think it will be 15%. Only my opinion mind

NAR

Last year I pessimistically forecast a rise of 20% - it ended up 26%+. So I will pessimistically forecast a rise of 10% for 2008. :cool:

talksalot81

NAR wrote: »

Last year I pessimistically forecast a rise of 20% - it ended up 26%+. So I will pessimistically forecast a rise of 10% for 2008. :cool:

Gosh.... isn't pessimism so darned optimistic when it comes to property....

IvanOpinion

NAR wrote: »

Last year I pessimistically forecast a rise of 20% - it ended up 26%+. So I will pessimistically forecast a rise of 10% for 2008. :cool:

Should be an interesting year .. I think the real pessimists are those that can't see past a single months figures. I don;t know if I would go quite as high as 10% but if interest rates get cut a bit more and we skirt around the periphery of any serious recession then I could see that happening. If interest rates rise or we go into a recession then it is a case of all bets are off.

People have been talking the market down from 2003 but yet those of us who ignored such coments did much better than those that believed them. At the minute we have entered a time of doubt and it has become a buyers market as opposed to a sellers market ... however I believe, as usually happens, that will be short lived.

On the other hand, if interest rates are cut to boost the economy in an attempt to avoid the recession all we may be doing is pushing the recession out a few more years. Therefore interest rates could rise quite steeply and each person needs to ensure that they have not over stretched themselves.

Ivan

talksalot81

I dont know Ivan. Only one year ago people were taking last months data as definite evidence that a fall was absolutely and totally impossible. It was as strong as that. Prices NEVER drop as far as many were concerned.

I dont think that those who are looking at recent data and calling a fall are pessimistic. It is not one month, it is several months. We were growing, we stabilised and then things started to fall. It is more unrealistic to make the assumption of growth than further falls, especially in light of the troubled economic situation. Whilst you can argue that rates may be cut and that might help, it is almost always ignored that (whether this happens or not) we are in an economic mess. Prices are at an all time high, worldwide we are remarkably expensive without any real reason and there is not a prayer on earth for most FTBs save for selling their souls. In a time of good economics, we could justifiably say that the underlying factors remain good, but even with no more than the possibility of recession, the factors most definitely are bad!

The reality is that prices in NI are too high. There is just no justification for the level they are at. The most daft thing is that worldwide, property prices are considered to be at risk in many place. Taking mainland UK for example, there are now widespread predictions of falls. Considering that the fundamentals in the UK mainland are significantly better, it is even more likely that NI prices will fall.

I think that predictions of impending price rises are typically made by VIs with an intention to mislead or by people who simply are not grasping the gravity of our situation.