Mortgage valuation has under valued

kinger101

lookstraightahead wrote: »

All houses are overpriced it's just a big game.

With few exceptions, houses sell at their open market value.

MobileSaver

lookstraightahead wrote: »

All houses are overpriced it's just a big game.

Yet over 1,000,000 of them are bought and sold every single year; so either millions of people are wrong or you are? I know which one I'd bet on.

Here's a tip on the realities of the world: Just because YOU can't afford something doesn't make it overpriced.

Marvel1

Leard91 wrote: »

We're kind of in a rush to move since we're being kicked out of our flat on December 7th.

There is no guarantee you will move to this new house by then.

Why do you have to be out by this date?

Marvel1

My annual wage is £21K gross, so it's lot for me to save back up in a short space as others have suggested.

getmore4less

Crashy_Time wrote: »

It is unlikely IMO that many houses for sale now are only 10k over-valued, they are probably over-priced by way more than that, so the potential loses down the line for the OP are greater than you imply, and you also have to factor potential interest rate rises into your 25 year thinking.

Could always try to time a bottom of the market and keep missing them multiple times.

Crashy_Time

getmore4less wrote: »

Could always try to time a bottom of the market and keep missing them multiple times.

I am not trying to time anything, I am just saying that the market is a massive bubble.

http://www.plumplot.co.uk/London-property-transactions.html

Transactions are the thing to watch just now, not noise about headline prices.

MobileSaver

Crashy_Time wrote: »

Transactions are the thing to watch just now, not noise about headline prices.

You have been banging on about transaction volumes for over five years now (over which time prices have gone up more than 14% on average), what exactly are we watching for?

Crashy_Time

MobileSaver wrote: »

You have been banging on about transaction volumes for over five years now (over which time prices have gone up more than 14% on average), what exactly are we watching for?

We are watching the housing market fall apart in slow motion, it is quite fascinating actually, especially the denial from some people that it is happening. Averages are skewed upwards as sales collapse, so we have a load of people who can`t afford a house, or won`t pay bubble prices, and another bunch of people who can`t sell a house. Who do you think benefits from this? If you want to downsize and can persuade a buyer to hold their nose and pay bubble price because they "love" your house then you might benefit, but I can`t think of anyone else, can you?

MobileSaver

Crashy_Time wrote: »

We are watching the housing market fall apart in slow motion, it is quite fascinating actually, especially the denial from some people that it is happening.

Just to be clear, in the five years since you joined this site, house prices have gone up 14% and transaction levels have remained flat at 100,000 every month... exactly how does that indicate a market falling apart or does it in fact simply indicate the only one in denial is you?

Crashy_Time wrote: »

so we have a load of people who can`t afford a house, or won`t pay bubble prices, and another bunch of people who can`t sell a house. ... I can`t think of anyone else, can you?

That is your problem, you are so desperate for a property crash that you are simply unable to take a step back and consider what is happening rationally. Instead you pick up on the slightest irrelevant detail, ignore anything that contradicts your warped view and come to the flawed conclusion that Armageddon is definitely about to happen this time.

The inescapable fact is that while you and your HPC nutjobs convince yourselves that the end is nigh for property, over a hundred thousand people just get on with their lives and buy a home to live in, month after month after month.

newsgroup_monkey

MobileSaver, save yourself some stress, block them. Makes this forum much easier to read.