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

championmongo1

I'm finding it really hard living apart from my better half, she moved mid-August so I've dropped the price by a further £10,000 meaning it is now £20,000 below the original valuation and £15,000 below the original asking price! It's now one of the cheapest houses not in a council estate location in my area.

The EA said this was below the market value even in the current climate so hopefully that will get it sold so I can have a decent christmas/new year with my fiancee... and within an hour I have two viewers confirmed! Hopefully I we won't be paying for two properties for much longer!

Anyway fingers crossed and I will keep you posted!

NAR

That indeed is quite a drop. Hopefully you will get at least two interested and you will get a mini bidding war. Good luck.

leftieM

I think you're being sensible champion. I assume that if you sell at the current asking price you'll still walk away with a profit which is worth remembering. Good luck.

ballyblack

Belfast Tele today


http://www.belfasttelegraph.co.uk/homefinder/article3076480.ece

leftieM

'And the latest figures from the Halifax House Price Index for the third quarter of this year will come as welcome relief to home-owners who feared price drops.'

Phew! I think I'll celebrate by releasing some equity and buying a Range Rover.

talksalot81

The BT gives a sad reflection of the mathematical abilities of the general population. It seems to be common practice to simply consider any statistic in isolation.

If you toss a coin 5 times and get 5 heads - does that mean the probability of a tails is 0? No - but I bet the BT would claim it does.

IvanOpinion

I think it is very important to keep in mind what the underlying trend is and how it is being reported. At the minute it appears that generally house prices are still rising but at a much slower rate than previously seen. on the other hand though there is a growing number of panic sellers on the market that are dropping their house prices (that may or may not have been over priced) which is helping to push down growth into a static or, in some cases, negative position. I also note that many banks are now turning down mortgage applications to the sub-prime market (long over due) and making it harder to get mortgages .. this along with a high inventory and another possible rate rise could push the market back even more.

I was recently told of 2-up-2-downs in the village area of Belfast changing hands for close to £170-200K .. now that is very over priced.

The bottom line is that everybody has their own ideas and guesses on what is going to happen. I would love to know because I am trying to sell one house and am thinking of buying a couple of BTLs ... I have absolutely no idea what I should be doing in the current market ?

Ivan

Parisien

Ivan good point, as we saw with Northern Rock, the GP are easily panicked when they feel threatened or unsure of their financially situation. Hence people dropping their prices in order to get any sale, when the real problem was speculators deserting the market as it had run its natural, cyclical course....as happens in most types of business activities, but especially the housing/big spend market.

If there is still a pressure on BLTs ie the job market remains strong and EU nationals continue to want to stay and come to work then it may not be too bad.....ie backside falling out of the market!

Watch this space!

leftieM

talksalot81 wrote: »

The BT gives a sad reflection of the mathematical abilities of the general population. It seems to be common practice to simply consider any statistic in isolation.

If you can get the figures to say what you want then who cares if they are hiding a real trend.
I would have thought that if the prices were up 29% yoy in Q3 but 50% yoy in Q2 that effectively means that prices fell between Q2 and Q3? Doesn't it admit this in the article?

talksalot81

I do not think the article does admit to the stats as i understand them. Your assertion seems to be valid to me but the article talks of only a decrease in the growth. For a real terms drop, the growth would have to drop by greater than 100%. A drop of 10% in growth (assuming an arbitrary number of 100% growth) still implies a growth of 90%.

So, mathematically speaking, the article has stated that the market is still growing at a remarkable rate, simply 3% more slowly. If that is what they are saying then they are idiots for publishing it because, on a monthly or even quarterly basis, such a small variation will be well within the 'noise' of the data.