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

ballyblack

Q; Why does an estate agent not look out his window in the morning?

A; Because he would have nothing to do in the afternoon!

leftieM

cathy2702 wrote: »

I have been looking at houses recently as a first time buyer, one I looked at started over a year ago at £175k is now on at £95k and is been advised by the EA that £80k would secure it, still sitting unsold

I think there are few FTB's at the present, most mortgage companies want big deposits, 25% or more and FTB's don't have it, I also see co-ownership has had more funding since November.

An estate agents locally boasted 32 sales in January in local press, I'd love them to prove it

175k must have been hugely optimistic to begin with!

nellis10

rjh090384 wrote: »

our hourse been on m,arket for 1.5 years now estate agent havent contacte dus since christmas 07 so ours is still on at full price as they havent sadvised us of anything! lmao needless to say no interest!

We're exactly the same...On in July 07 and not one viewing since...lol...I haven't lowered the price as yet, but when we push to sell it in 6 months I probably will go down a lot more!

thriftyminx13

leftieM wrote: »

That's interesting thriftyminx. You know a lot of first time buyers!
Can you reveal what their motivation for buying now is?

I have a house so don't need motivation. my mortgage is uber cheap at minute because on base rate tracker. and their motivation is cheaper houses and fed up with renting. my friend lost out on the 110k house and its sold already. anyone know what areas are "safe" in east belfast and not too religious so to speak?

and i'm a civil servant (DOE) and am not an estate agent if that's what you are implying.

also they only have 5% mortgage and 10% in the other case.

leftieM

thriftyminx13 wrote: »

I have a house so don't need motivation. my mortgage is uber cheap at minute because on base rate tracker. and their motivation is cheaper houses and fed up with renting. my friend lost out on the 110k house and its sold already. anyone know what areas are "safe" in east belfast and not too religious so to speak?

and i'm a civil servant (DOE) and am not an estate agent if that's what you are implying.

also they only have 5% mortgage and 10% in the other case.

I just wondered what triggers people, who possibly don't really pay much attention to economics (just assuming this as they aren't waiting for prices to fall further), to buy? I suppose a lot of young people have been brought up to see home ownership as something to aspire to.

I did think you were an EA initially but you had revealed your occupation in a previous post.

I suppose if your acquaintances only have 5 and 10% mortgages they can afford to take a hit in equity. I'm sure, at that kind of LTV, the banks were throwing money at them.

manalive_2

Banks will tend to have a minimum amount they will give for a mortgage, cant see any bank giving a 5 or 10% mortgage on a house at around 100k. If you only needed to borrow 5 - 10k you'd be better off with a bank loan rather than a mortgage.

On the other hand if you mean that they have a 5 - 10% deposit then I think that they will struggle to get a mortgage also. Currently most mortgage deals require anything from 15 - 25 % deposit. This may change over the next year or so but is currently a huge stumbling block for any first time buyers insane enough to consider buying at the minute.

As far as good areas in east belfast - Ballyhackamore, belmont, holywood road past the cinema, orby and loopland would be the quieter parts IMO.

thriftyminx13

leftieM wrote: »

I just wondered what triggers people, who possibly don't really pay much attention to economics (just assuming this as they aren't waiting for prices to fall further), to buy? I suppose a lot of young people have been brought up to see home ownership as something to aspire to.

I did think you were an EA initially but you had revealed your occupation in a previous post.

I suppose if your acquaintances only have 5 and 10% mortgages they can afford to take a hit in equity. I'm sure, at that kind of LTV, the banks were throwing money at them.

They aren't looking to move quickly and I think they think the prices they are paying are fair enough compared to what they are paying for renting. They are all looking for fixed 3-5 year deals. They are all smart people and I can see their point.

A 2 bed terrace on ravenhill parade is worth 110k in my opinion and prices have to stabilise at some point.

The jobs they are all in, buffer them slightly from all these things and I think that now is the time to get into the market if you are a first time buyer if you can afford payments.

Their negative equity will not fall too much more in my opinion, not compared to those who bought at the peak and I think that they aren't looking to make a quick buck, they just don't want to waste money on renting.

thriftyminx13

manalive wrote: »

Banks will tend to have a minimum amount they will give for a mortgage, cant see any bank giving a 5 or 10% mortgage on a house at around 100k. If you only needed to borrow 5 - 10k you'd be better off with a bank loan rather than a mortgage.

On the other hand if you mean that they have a 5 - 10% deposit then I think that they will struggle to get a mortgage also. Currently most mortgage deals require anything from 15 - 25 % deposit. This may change over the next year or so but is currently a huge stumbling block for any first time buyers insane enough to consider buying at the minute.

As far as good areas in east belfast - Ballyhackamore, belmont, holywood road past the cinema, orby and loopland would be the quieter parts IMO.

Thanks for the list of areas, do you know what dunraven is like?

No i do mean 5% deposit, banks are lending. Bank of Ireland, Northern Bank. But they are looking at job and ability to repay and in some instances parent as guarantor. But they are lending again to FTB.

tara747

rjh090384 wrote: »

our hourse been on m,arket for 1.5 years now estate agent havent contacte dus since christmas 07 so ours is still on at full price as they havent sadvised us of anything! lmao needless to say no interest!

Have you thought of contacting them and suggesting a reduction in price? It depends how serious you are about selling I guess...

tara747

thriftyminx13 wrote: »

I have a house so don't need motivation. my mortgage is uber cheap at minute because on base rate tracker. and their motivation is cheaper houses and fed up with renting. my friend lost out on the 110k house and its sold already. anyone know what areas are "safe" in east belfast and not too religious so to speak?

and i'm a civil servant (DOE) and am not an estate agent if that's what you are implying.

also they only have 5% mortgage and 10% in the other case.

Do you mean 5% and 10% deposits or mortgages?