Is it reasonable for us to drop our asking price given current climate?

Getting_greyer

leftism said:

Maybe I got it wrong @MobileSaver sorry about that! I suppose I’m looking at it that a house crash is good news for the majority of people, so one man’s positivity is another’s negativity. But I guess a crash is bad news for some too- people who fall into negative equity etc. 

Double edged sword.  Crashes dont happen in isolation- lots of people are going to suffer and that's not just home owners.

leftism

Getting_greyer said:

leftism said:

Maybe I got it wrong @MobileSaver sorry about that! I suppose I’m looking at it that a house crash is good news for the majority of people, so one man’s positivity is another’s negativity. But I guess a crash is bad news for some too- people who fall into negative equity etc. 

Double edged sword.  Crashes dont happen in isolation- lots of people are going to suffer and that's not just home owners.

You’re right. All of the other stuff that leads to to a crash is really bad I just mean to many, the crash will be the silver lining

MobileSaver

leftism said:

But I guess a crash is bad news for some too- people who fall into negative equity etc. 

@Getting_greyer beat me to it; a house price crash is bad news for almost everyone because it only happens when the wider economy is in decline.

Of course there will always be a few exceptions and a small number of winners in any downturn. Some people may pick up really nice houses at a decent discount from distressed sellers.

Unfortunately for the crashaholics on here it's almost always the cash-rich existing property owners that snap up these bargains; as has been said a hundred times, if you want to know who will own property after an economic downturn then take a look at who owns it before!

eidand

MobileSaver said:

leftism said:

But I guess a crash is bad news for some too- people who fall into negative equity etc. 

@Getting_greyer beat me to it; a house price crash is bad news for almost everyone because it only happens when the wider economy is in decline.

Of course there will always be a few exceptions and a small number of winners in any downturn. Some people may pick up really nice houses at a decent discount from distressed sellers.

Unfortunately for the crashaholics on here it's almost always the cash-rich existing property owners that snap up these bargains; as has been said a hundred times, if you want to know who will own property after an economic downturn then take a look at who owns it before!

It's very funny that you see some dreaming about huge crashes, but when they actually happen they don't buy anyway because they keep waiting for who knows what. "Just wait 12 months to see what happens" I think is the favourite story and then prices go back up and they missed the boat ... again . At some point you need to stop waiting and take the plunge or keep paying someone else's mortgage.

Getting_greyer

If you are actively looking already, you could ikely get a smaller mortgage debt so that's good for those few. Crashes every few years doesn't solve housing problems of this country.  A !!!!!! ton of council housing would- I think it would go a long way to solving a lot of mental health injuries too.

Crashy_Time

MobileSaver said:

leftism said:

But I guess a crash is bad news for some too- people who fall into negative equity etc. 

@Getting_greyer beat me to it; a house price crash is bad news for almost everyone because it only happens when the wider economy is in decline.

Of course there will always be a few exceptions and a small number of winners in any downturn. Some people may pick up really nice houses at a decent discount from distressed sellers.

Unfortunately for the crashaholics on here it's almost always the cash-rich existing property owners that snap up these bargains; as has been said a hundred times, if you want to know who will own property after an economic downturn then take a look at who owns it before!

So BTL landlords then? Forgive me if I take some (all) of your logic with a pinch of salt.

Splatfoot

Just as added info, my mother received an offer on her step mums house yesterday (has been on since Christmas) and she has accepted, just £4 grand under asking. We have a viewing on our house tomorrow. The buyers are still there. 🤞🤞

tom9980

My soon to be ex rental was listed about 4pm yesterday and already have had 3 viewings booked for friday/sat, all have 10%+ deposits and mortgage in principle, quite surprised really.

For point of reference 3 bed ex council semi bought in April 2009 for less than £100k, lived in for 5 years rented for 6 years. I value it around £160k, the agent wanted to put it on for £180k I said no list it for £175k. 

Crashy_Time

Splatfoot said:

Just as added info, my mother received an offer on her step mums house yesterday (has been on since Christmas) and she has accepted, just £4 grand under asking. We have a viewing on our house tomorrow. The buyers are still there. 🤞🤞

What area is this?

Crashy_Time

tom9980 said:

My soon to be ex rental was listed about 4pm yesterday and already have had 3 viewings booked for friday/sat, all have 10%+ deposits and mortgage in principle, quite surprised really.

For point of reference 3 bed ex council semi bought in April 2009 for less than £100k, lived in for 5 years rented for 6 years. I value it around £160k, the agent wanted to put it on for £180k I said no list it for £175k. 

Got a link, just the postcode, not you actual house.