Gertrdeanna's house sell!!

poppy_f1

its very pink

anyway i'd say better and more pics

WTF?_2

clutton wrote: »

Squatnow says ""Reducing the LTV effectively cut house values in half"

what utter rubbish - never heard such rubbish !!!

Do the math, er maths.

Let's say you can scrape together 10k cash savings for a deposit.

If the bank will loan at 95% LTV then this 10k can represent 5% of the purchase price ... allowing you to borrow 190k to buy a house worth 200k in total.

If the bank will only loan at 90% LTV, then this 10k represents 10% of the max price and you can only borrow 90k to spend a total of 100k on a property.

That's how leverage works.

http://en.wikipedia.org/wiki/Leverage_%28finance%29


You can still borrow 190k (well, maybe if it's not too great a multiple of your income) but you'll need to save twice as much as a deposit - 20k. As money gets tighter how many people will be able to do that?

Kavanne

Have you thought about sprucing up the front a bit? Might get more people interested from the photos

zebulon

what about the 2 TVs in the loundge?
Is that for Stereo ;-)

Do new pics, after temporarily (or not) putting away load of things (like the 124 toys on the wardrobes, TV etc)
And good quality photos... that does not change the house, but its much nicer to look at...

good luck

RoxieW

Hi - we bought our house 4 years ago and the prices have only increased by about 10%. Anything priced higher just doesn't shift. If we were to sell in this market I'd be glad to sell at the price we bought for. I think to expect your house to have nearly doubled in value is a bit optimistic.

PasturesNew

RoxieW wrote: »

Hi - we bought our house 4 years ago and the prices have only increased by about 10%. Anything priced higher just doesn't shift. If we were to sell in this market I'd be glad to sell at the price we bought for. I think to expect your house to have nearly doubled in value is a bit optimistic.

In that postcode they appear to have pretty much done that
http://www.mouseprice.net/AreaGuide/HousePriceTrends.aspx?PostCodeDistrict=BL9&PostCodeDistrictName=Bury&PostCode=BL9

Based, I suppose on them starting off dirt cheap and then cheap borrowing available + property !!!!!!.

However, these are probably therefore likely to fall as quick as they rose again.

In the last 5 years, the postcode area of the OP rose 95% in price, whereas the national average was 67%.

jaype

My main gripe would be with the exterior. Can you not paint it white / blue / anything to hide the concrete pebble vomit? personally, the interior is fine. I can never see the point of making the place look like a show home.

clutton_2

just because the amount of deposit required to buy a property is doubled - does NOT make the value of the property reduce by 50%

WTF?_2

clutton wrote: »

just because the amount of deposit required to buy a property is doubled - does NOT make the value of the property reduce by 50%

Houses are largely worth what people will pay for them.
People generally need to borrow cash to buy a house.
Lots of people who bought in the last couple of years did so with only 5%, or less, deposits.
If people's borrowing power is curtailed then house prices will (must) go down.

Reducing people's borrowing power by half (which is what going from 95% to 90% LTV does) will have an effect. Probably not enough to halve prices but certainly enough to put a considerable dent in them.

20% nominal (ie asking price) drops over 2 years seems to be the popular consensus though anything up to a 50% drop in real terms (ie taking into account inflation) over the next 5-6 years is entirely possible IMO.

clutton_2

""anything up to a 50% drop in real terms (ie taking into account inflation) over the next 5-6 years is entirely possible IMO""

is entirely speculative in my view