hodgy0_2

in a falling market just make sure you price yourself ahead of the (downward)curve

paulg1979

iTrader: (1)

We bought a new house last year off plan. We did a part ex with the developer on our apartment. They bought it off us for £180,000. Our new house completed on the 1st September 08 and moved out of our apartment and straight into the house that day.

We walk past our apartment now and again to see if anyone has moved in and its still empty. Had a chat with sales and its now on the market for £149,999 so they're already £30,000 down.

robby

We've had our house for sale for the past 2-3 months and only 1 peron showed any interest, she had a valuation on her current house and found she couldn't afford to buy ours (she never even viewed ours - saw it online).

The past several years every house on our lane which went up for sale were snapped up within weeks - we're selling ours £20k below last years prices (£5k under current valuation) and still no interest?

We've seen a house we want to buy so would like to sell asap but as no-one is showing an interest we can't even listen to offers

SunnySideUp

I would doubt that they are down on the 'package' you agreed with them - it's like a part exchange on a car. You may think you are getting a fair price, but you also probably pay more than a cash buyer would have to.

SunnySideUp

Ask the house you want to buy to drop heavily and you drop heavily accordingly ..... it's generally the only way to get things moving.

paulg1979

iTrader: (1)

I got it valued by an estate agents before the part ex to make sure I wasn't getting ripped off and was valued at £180,000 so seemed like a good deal.

Just been updated today from sales and its been sold for £146,000 on one of these shared ownership schemes. The trouble is there are so many good deals on new builds that the year old ones don't look too inviting.

Petem95

Seems like a lot of people who have tried to sell homes and can't have ended up trying to rent them out, and this is really pushing down rents due to oversupply.

Estate agents fear collapse in rents as 'reluctant landlords' flood the market | Money | The Observer

As the article says, a lot of people just will not face the reality that their home is worth significantly less than it was last year, and as a result lots of sellers as 'waiting for the market to pick up'...

As people realise prices have got a lot further to fall, I think prices falls will increase as reality sets in. 2009 looks set to be a bloodbath.

SunnySideUp

2009 could well be a bloodbath - not sure, we may have seen the bottom of the market this Autumn?

You only see where the bottom was when we are climbing out of it, houses priced correctly are selling.

finalzero

Not sold mine, had it on the market for £405,000 last year at the beginning of the slump.

Then everyone around my area started undercutting me, so now I have had offers of £300k which don't cover the original mortgage.

I am half tempted to move back into it but it's a bit too big for my liking but on a plus note may have a property developer interested who wants to buy it outright covering any arrears etc so lets see what happens.

SunnySideUp

A £300k + Mortgage?

Bloody hell ........

unclebuck

Pete's right.

We could be in a right old pickle over this house price thing. The good news is that there will be bargains galore for all for those with ***** of steel and the cash to back them up.

cookstar

iTrader: (6)

Just completed on our house last week, they took a good offer and the house was sold quickly.

We priced our rental flat competitively and was rented by the first to view, leaving it empty for only 7 days.

In our area at least people are starting to buy again, a lot of for sale boards have been replaced with SOLD ones, hopefully they will be able to go through with the deals.

GOLDMAN 555

Sorry guys it's got a lot further to go.

The forced selling hasn't entered the market yet this will start at the beginning of next year when all the buy to let landlords go bankrupt.

I think you will see a peak to trough drop of at least 40%. When all the people holding out for a better price realise the longer they leave it the more money they are losing they will also throw in the towel.

I have a friend who is very well off with a 30% deposit and he was turned down for a mortgage because he missed a couple of mobile phone bill payments.

If you're selling a house my advice would be dump it now whilst there is still time....

NotoriousREV

I said yesterday that a recovery was dependent on no more banking horrors being unearthed. Bernie Madoff (and the possible collapse of the hedge fund markets) plus the revelation that the finance industry needs to cover £800Bn of debt in 2009 was exactly the kind of thing I meant