Is a Housing Price Drop a Disaster for All?

byjimini

Depends if you want to sell or not. If you're in your forever home then keep on paying.

silvertooth

There are larger disasters than the coming property crash

every business is suffering around the world right now

and things are about to get a lot worse 

https://youtu.be/FZV9z0RVhy4

lisyloo

Crashy_Time said:

Sailtheworld said:

movilogo said:

Many houses are actually sold under 5% of asking price anyway. Some sell below 10% of asking price. So using that definition, price crash is already here.

Nobody uses that a definition of a price crash because it's clearly flawed.
Last Year - I buy a house for £100k
This Year - I try to sell at an asking price of £125k
Next Year - I sell at £110k
The HPC crew would be celebrating but that's to be expected. There are a few old-timers on there who are beyond hope but I'm hopeful, that for most of them, it's just a phase they're going through. 

What happens if you can`t sell it at all though?

What scenarios are there when you can't sell at all? (with auction and "we buy any house" as heavily discounted options).

The only one I can think of is significant issue with the property e.g. crack den next door.

Bad things can occassionally happen with individual properties but they are extremely unlikely.

RelievedSheff

Crashy_Time said:

Sailtheworld said:

movilogo said:

Many houses are actually sold under 5% of asking price anyway. Some sell below 10% of asking price. So using that definition, price crash is already here.

Nobody uses that a definition of a price crash because it's clearly flawed.
Last Year - I buy a house for £100k
This Year - I try to sell at an asking price of £125k
Next Year - I sell at £110k
The HPC crew would be celebrating but that's to be expected. There are a few old-timers on there who are beyond hope but I'm hopeful, that for most of them, it's just a phase they're going through. 

What happens if you can`t sell it at all though?

There is no such thing as an unsaleable property. Everything will sell at the right price.