Honestly, what would you do? (housing market)
Honestly, what would you do? (housing market)
Author
Discussion

pstruck

Original Poster:

3,549 posts

280 months

Tuesday 6th May 2008
quotequote all
Been done to death in some form or other I guess, but I am in a dilemma over the current state of the housing market.

I have been planning my next move up the property ladder for a while now and have to say that I am reluctant to shelve those plans. However, the state of the market and mortgage availability have me a bit worried.

I am just in the process of putting my current place on the market, but are the prospects of selling really as bad as the media would have me believe? Is it not all over hyped by the press?

Timmy33

13,014 posts

229 months

Tuesday 6th May 2008
quotequote all
Well there's only one way to find out isn't there. Stick it on the market. No one can tell you what your house is worth....except it's eventual buyer.

fatboy b

9,666 posts

247 months

Tuesday 6th May 2008
quotequote all
I believe that as long as your LtV is not over 90%, then a mortgage is still easy to come by. We just re-mortgaged with a LtV of about 55%. They never even asked for proof of income (not a self-cert).

Edited by fatboy b on Tuesday 6th May 13:28

Fittster

20,120 posts

244 months

Tuesday 6th May 2008
quotequote all
Unless you put your property on the market you won't really know. If prices slip, your house will go down in value as will the price of the house you are moving to.

Unless you are planning on taking on a big mortgage I don't really see a problem, just might take a while to find a buyer.

Fume Troll

4,389 posts

243 months

Tuesday 6th May 2008
quotequote all
Are you looking to move to make money, or because you want another house?

Look at it this way: If the market is falling you sell your house and get your next at a lower cost than you would have otherwise.

Cheers,

FT.

briSk

14,291 posts

257 months

Tuesday 6th May 2008
quotequote all
i am in the same boat. we're just going to market it and see what happens. in terms of buying the next one..well i don't know but getting this one sold is the important part of the equation. more than happy to rent for a bit - especially if it includes the lawn being mowed..!

Olf

11,978 posts

249 months

Tuesday 6th May 2008
quotequote all
Anecdotal - The last couple of weeks the vast swathe of estate agents in the town I work in have been packed out...

... with estate agents. Sounds strange but I guess these guys are usually out and about doing viewing and valuations?! Not now - they all seem to be sat at their desks phone glued to ears looking very earnest and serious.

The local foxtons looks like a call centre with a loads of kids in their looking like cows do on the way to the abatoir.

Anyway... good, wisely priced housing will always sell. Just don't be one of those sellers whose still trying to catch the last peak price bus that actually left late last summer. The market is saturated with overpriced housing stock, people who are trying to realise capital that only existed for a short time at the peak. These people are so desperate not to put their prices down that they are choking the market.

pstruck

Original Poster:

3,549 posts

280 months

Tuesday 6th May 2008
quotequote all
Our place is priced at what I consider to be realistic. I guess only time will tell though. I await the first viewings and any feedback with keen anticipation.

Tony*T3

20,911 posts

278 months

Tuesday 6th May 2008
quotequote all
The estate agents are letting staff go left and right. Cutting right back. Some EA shops are even closing down.

Our own house isnt even getting viewing now - markets dead as a dodo. Stuff isnt actually falling in price, its just plain not selling. For the prices to actually fall, sales have to go through, and they are not.

Estate agents are also reigning in their costs by not actually bothering to advertise except on the web or shop window. The usual favourite of the media is looking rather thin as they try to cut their costs.

Its a buyers market, but there seem to be virtually no buyers. Its very much sit tight and wait and see. Anyone not asking for a 20% discount over advertised price is being seriously silly.

Tip of the iceberg I think. Should see serious house price falls as people become desperate to sell for whatever reasons - hardship, relationship breakdown, relocation etc.




Olf

11,978 posts

249 months

Tuesday 6th May 2008
quotequote all
Tony*T3 said:
Estate agents are also reigning in their costs by not actually bothering to advertise except on the web or shop window. The usual favourite of the media is looking rather thin as they try to cut their costs.
Don't see evidence of this - local rag is stacked to the rafters with ads.

Tony*T3

20,911 posts

278 months

Tuesday 6th May 2008
quotequote all
Olf said:
Tony*T3 said:
Estate agents are also reigning in their costs by not actually bothering to advertise except on the web or shop window. The usual favourite of the media is looking rather thin as they try to cut their costs.
Don't see evidence of this - local rag is stacked to the rafters with ads.
Do a survey of the local EA's, you'll find some of them have stopped spending the money on paper adds. They are withdrawing from that media at the moment because of the expence. Our house was on the market with one that did just this. We move EA at the end of the contract.

Of the 7 or 8 Estate Agents big in our town now, only one chain advertises consistantly in the local rags. Maybe your area hasnt started doing this yet if sales are still bouyant.

briSk

14,291 posts

257 months

Tuesday 6th May 2008
quotequote all
apart from the fact that i want to move away from 'mockneys' in a way i don't want ours to sell (if it ever gets marketed!) because we own half of a house with a very affordable mortgage... when we move we'll own less of a house with a big mortgage attached!wink

gangster66

340 posts

223 months

Tuesday 6th May 2008
quotequote all
Olf said:
Tony*T3 said:
Estate agents are also reigning in their costs by not actually bothering to advertise except on the web or shop window. The usual favourite of the media is looking rather thin as they try to cut their costs.
Don't see evidence of this - local rag is stacked to the rafters with ads.
My guess is that the local papers - who probably derive a considerable chunk of their income from EAs - have been forced to lower their prices to keep the ads running.

briSk

14,291 posts

257 months

Tuesday 6th May 2008
quotequote all
Tony*T3 said:
Olf said:
Tony*T3 said:
Estate agents are also reigning in their costs by not actually bothering to advertise except on the web or shop window. The usual favourite of the media is looking rather thin as they try to cut their costs.
Don't see evidence of this - local rag is stacked to the rafters with ads.
Do a survey of the local EA's, you'll find some of them have stopped spending the money on paper adds. They are withdrawing from that media at the moment because of the expence. Our house was on the market with one that did just this. We move EA at the end of the contract.

Of the 7 or 8 Estate Agents big in our town now, only one chain advertises consistantly in the local rags. Maybe your area hasnt started doing this yet if sales are still bouyant.
most be localised. most local papers only exist for EA advertising (and local fetes). around me there's pletny of advertising and my next door neighbours house sold pretty quickly. a couple of others were around for longer than last year but seem to be selling. what for i do not know (well i know next door sold for the 'offers over' price for cash)... hopefully those of us who bought moderately attractive houses in moderately okay areas will still be able to get shot. as long as i get my money back i don't care (and i think i will)..i was never in it for 'profit'...

Edited by briSk on Tuesday 6th May 14:05

pstruck

Original Poster:

3,549 posts

280 months

Tuesday 6th May 2008
quotequote all
Situation must vary quite a bit geographically. Agents down here (Devon) are still advertising heavily. Not sure just how many sales are knocking about, but this part of the country is usually a bit different to some due to fairly active retirement and second home market. Can only hope this works in our favour.

briSk

14,291 posts

257 months

Tuesday 6th May 2008
quotequote all
gangster66 said:
My guess is that the local papers - who probably derive a considerable chunk of their income from EAs - have been forced to lower their prices to keep the ads running.
great minds..!
hehe

Tony*T3

20,911 posts

278 months

Tuesday 6th May 2008
quotequote all
briSk said:
apart from the fact that i want to move away from 'mockneys' in a way i don't want ours to sell (if it ever gets marketed!) because we own half of a house with a very affordable mortgage... when we move we'll own less of a house with a big mortgage attached!wink
Depends on what you choose to move to and where really.

If you've got a fair chunk of deposit, could be a good time to look at an auction - and thus keep up your share of the equity.

briSk

14,291 posts

257 months

Tuesday 6th May 2008
quotequote all
Tony*T3 said:
briSk said:
apart from the fact that i want to move away from 'mockneys' in a way i don't want ours to sell (if it ever gets marketed!) because we own half of a house with a very affordable mortgage... when we move we'll own less of a house with a big mortgage attached!wink
Depends on what you choose to move to and where really.

If you've got a fair chunk of deposit, could be a good time to look at an auction - and thus keep up your share of the equity.
but surely the auction- tonkers (wink ) pirahnas won't be paying good money at the moment either? if anything surely they're being especially cautious..keeping thier powder dry for the 'great depression II'?

edited for really really good spelling and typing innit.

Edited by briSk on Tuesday 6th May 14:13

Davi

17,153 posts

251 months

Tuesday 6th May 2008
quotequote all
Tony*T3 said:
Olf said:
Tony*T3 said:
Estate agents are also reigning in their costs by not actually bothering to advertise except on the web or shop window. The usual favourite of the media is looking rather thin as they try to cut their costs.
Don't see evidence of this - local rag is stacked to the rafters with ads.
Do a survey of the local EA's, you'll find some of them have stopped spending the money on paper adds. They are withdrawing from that media at the moment because of the expence. Our house was on the market with one that did just this. We move EA at the end of the contract.

Of the 7 or 8 Estate Agents big in our town now, only one chain advertises consistantly in the local rags. Maybe your area hasnt started doing this yet if sales are still bouyant.
Same as ever here WRT the local rags.

Fittster

20,120 posts

244 months

Tuesday 6th May 2008
quotequote all
pstruck said:
Situation must vary quite a bit geographically. Agents down here (Devon) are still advertising heavily. Not sure just how many sales are knocking about, but this part of the country is usually a bit different to some due to fairly active retirement and second home market. Can only hope this works in our favour.
My Mum is currently trying to buy in Devon and complains bitterly that there are very few properties being put on the market. Bungalows under 300K with a decent garden are apparently like gold dust.