when will people start buying again?

confused31_2

Ive got my house up for sale, its been up for 7 months and we have had 3 viewings, when do you think the prices are going to bottom out?

I think there are not may people out there buying as they are scared of loosing a lot of money on buying a property, not so much for people like myself who are moving up the housing ladder and already own a home.

But there seems to be no first time buyers out there, i understand i will have to drop the price on my house to sell, but i think its all down to when the first time buyers will be back.

Im not in a rush to move, but some people are saying 2 years, which i dont mind waiting, but when do you think the first time buyers will be back? and the so called house market crash end?

confused

Toto

That's a question I don't think anyone could answer, only guess.

However, I will buy again when I walk into a house and think, wow this place is worth the money.

puddy

i wish i knew, i have had mine on since tuesday and already feel frustrated, god knows what i;ll feel like if it goes to months and months. i have seen a place i really want, i cant even begin to think about what offer i might make until i know what sort of offers i will get on my place.

PasturesNew

It'll be years. Your house will sell if it's the right sort of house in the right area for the right price.

There are buyers... they've just got a great choice at the moment so yours has to be the best of breed to get sold.


To ensure you're competitive, you have to keep an eye on what your competition's doing.

At your price, could a buyer find a better house? a bigger house?

Did people with bigger/better houses than yours reduce their prices recently, so they're now cheaper than yours?

Are your house details online better than the others? More comprehensive than the others?

There was a great example posted here yesterday. Same house, which would you view/buy:

kunekune wrote: »

Let's play spot the difference.

http://www.rightmove.co.uk/viewdetails-16686823.rsp?pa_n=1&tr_t=buy
http://www.rightmove.co.uk/viewdetails-10594869.rsp?pa_n=3&tr_t=buy

The_Prince_3

Very difficult to predict. But remember we have had booms and busts in house prices since WWII.

Once the bust happens, it is many many years before prices return to their previous peak.

I'm technically a FTB and will be sitting on my savings until after the biggest drops (so another two years of falls to go I reckon, followed by a long period of stagnation). And then we have another boom!

confused31_2

Ive looked at them 2 houses above and to be honest the one as got more detail, but if i seen an house in area i liked i would just view it anyway, ive only viewed one house and we decided not to view another until we sold ours, as it seems pointless.

Our estate agent has informed us people are requesting information on our house and people have been in and enquired about the house, but he also said not may people like to view a house when they are not in a position to buy.

I know about the viewing thing as my wife liked the house we viewed 7 months ago and it was very dis heartening not being in a position to buy as our property hasnt sold, thats when we made the desicion not to view anymore.

I think a lot of people are in the same boat has myself, and the only way its going to pick up is when the first time buyers come back and start buying.

My house is up at 169000, i dont mind dropping it but theres not many first time buyers that could afford it like wise with the properties above.

I wouldnt mind if the houses dropped 50%, i would just like to know when its going to end.

Mind you i think we are all looking for that answer.:rolleyes:

confused

Addiscomber

There are unlikely to be loads of FTBs suddenly re-enter the market because the lenders have repriced the risk of lending and large deposits are needed. Very few people have saved the sort of sums required to enable them to qualify for a mortgage at all, let alone the lower rates. Given that future potential FTBs will have student loans and other student debt to repay, I cannot see a significant proportion of people being able to afford to save a big enough deposit.

TTMCMschine

I live in Keighley & I have to say it how it is - that kind of house in Bingley is just not worth anywhere near that kind of money.

Its almost a quarter of a million pounds - do you get that? I'll say it again, its A QUARTER OF A MILLION POUNDS!!

Now just stop & think about that for a minute, about how much money that really is. It would take most people more than 10 years to earn that much, after tax it would take much longer. If you had cash to buy instead of borrowing, would you give away £250K of your hard earned money for a house like that?

Not likely.

The problem is that peoples brains have become detatched from reality, instead of seeing mortgages & the money they borrow as real money they see it as numbers on a piece of paper. Thats why so many people are in debt. They don't get wage packets anymore, they get wage slips, the money goes straight into the bank, their bills are direct debits, they pay by card, & the credit card bills are more bits of paper with numbers on them, but it didn't matter because the credit just kept on flowing.

People had forgotten that they were spending real money, but now, with less credit available, mortgages hard to come by, people struggling with higher gas, electric, petrol, food, & other prices, & people about to start struggling in a recession, with job losses, & existing debts to try & manage, plus falling house prices & probably a stock market crash on the way, there's no chance of a house like that making that kind of money again for another 10 - 15 years.

6 years ago that house would have been about £120-140K - well to answer your question about the bottom, we'll be there when that house hits the 100K to 120K mark, which will be in about 3 - 4 years time.

Don't think it can lose that much?

Just watch & see my friend, watch & see.

tradetime

There are people buying, and there will always be people buying, the right properties at the right price. Unfortunatley just not that many, demand due to affordability has dired up. The "credit crunch" has meant that the spread between what buyers can afford and what sellers want has suddenly widened.
Poll a few mortgage lenders and workout what they will lend based on current salary and deposit verses what they would lend 12-18 months ago for the same circumstances. The % difference between the two is how far house prices have to fall before demand once again can engage with supply and normal turnover can resume. How long that will take really rather depends on how many property owners can hold on to their property and for how long, employment and interest rates will be the biggest factor in determining this.

theGrinch

it's all theorising

looops

i need a drink!