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Thread: Housing Market

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    Default Housing Market

    I was speaking with one of my friends last night, in reference to the housing market, where it is at the moment! I am looking to sell the current house and put it towards my new home.. They say it is a buyers market at the moment, what do you think?

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    Default

    It all depends on your house, where it is and why you are selling.....

    The current trend is prices going down. Good if you're a buyer, bad if you're a seller, if you're both it could be mixed.


    Research, research, research is the only way to decide what your next move should be. Your personal circumstances will dictate what you do.

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    Full Member Vaux-Man-G's Avatar
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    Its really weird at the moment IMO.

    I am on the prowl at the moment and not looking to sell my current home immediately, but there is absolutely buger all out there.

    The ones that do come on the market that do slightly appeal to me are either out-priced or are plain cack.

    I would say its neither at the moment as im not having much luck finding a decent one and the ones that I have seen that have come up-aint sold yet and they have been up for over 2 months, and the local agents have had nothing come up on the market within my requirements in the last 2 months. All downhill!

    I went to see one about 3-4 months ago, the vendor must have taken it off after the first few showings due to price/response or other reason, and three weeks ago I saw it come back up-but £30k less than waht he orignally wanted, yet its still not sold !!

    On the other hand, what I have noticed is that there is a lot more renovating going on at the moment, all I can see everywhere is people puting extensions on, I think people are simply staying out!


    Bye bye Vec B
    - Hello Siggy!

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    Regular Member Ste's Avatar
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    Staying Put?

  5. #5
    Ex Vec-C Admin ed taylor's Avatar
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    The market seems a bit stagnent around the Birmingham area. I have seen many house,s still on the market after quite a few months, down our way they would have gone almost straight away.

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    If you really need to move at the moment, then there can be real dangers of negative equity and many people seem to now be suffering this

    If you can wait until the market recovers, which may take at least 12 to 18 months, then do so

    The main problem is that there are fewer buyers in the market place, and even some of them are struggling to find finance at the right price
    As a result some have to place a lower offer on the property, all of which is resulting in a move towards a buyers market

    Another option is buy to let
    If your finances will allow it, convert your existing mortgage to a buy to let and include a new mortgage for a new property
    I've been doing this for the last few years, either as above or finding properties that are on a final lease and are likely to be sold within 2 years

    My current house was on a short 6 or 12 month lease only, which led me to ask why such a short lease, and as I suspected the property was to be sold in 15 months
    I then agreed to the 12 month lease, extending it to the maximum 15 months, and buying it direct from the seller, without any need for them to incur selling fees

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    I think it's everywhere, Ed. There's a house for sale across the road from me, decent size, quiet cul-de-sac, desirable area, been on since xmas with dozens of viewers but no offers....

    I think with mortgage rates the way they are, people just can't afford to buy

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    Default

    Negative equity isn't a huge problem if you intend to stay put for a while.

    People seem to think it is the biggest issue since issues began - but in reality it is a short term thing. House prices WILL recover, but it WILL take time.

    With the mortgage providers becoming more stringent in their lending, it will indeed get worse before it gets better. There will probably be some great bargains to be had later this year, when the whole thing really bites - (as I predicted late last year / early this year on here).

    If you have the means to buy and want to buy and can get a mortgage, then you will be in a strong position to get a good deal, either from repo's or from 'distressed' sellers.
    the BIG question is, do you want to buy a repo? Some people are put off by them, not entirely sure why.

    If you look at the auctions, you will find the pulse of the market immediately, as they better reflect what is the actual situation NOW, without any smoke and mirrors.

    At the end of the day, if a house doesn't sell, it simply means that the price is wrong. EVERYTHING will sell if the price for that item (in all its glory, and everything considered) is right.

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    Just had a look at repo's for the last few years.


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    Were they too scared to plot 2007?


    Bye bye Vec B
    - Hello Siggy!

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