That's good to hear the market is getting flooded in Greenock. But when will prices start coming down? There is no sign of it yet it has to be said.
The only slightly positive sign is that more properties seem to be being offered at a fixed prices these days rather than the ridiculous "offers over" that has until now been ubiquitous. I hope if prices start to fall estate agents do away with the "offers over" system altogether. Either that or buyers should revolt and simply declare a new "offers under" system regardless of what the agents say.
I have been looking at this flat in Gourock (not that I can afford it at present). It is a nice place, but what a price! Are they for real?
It started offers over £189,000 and is now at a fixed price of £209,000.
I guess they reckon that is a reduction of sorts, on the principle that houses should get up to 20% over the asking price in Scotland. I reckon £90,000 would be a fairer price.
Can we realistically expect a crash in Inverclyde? What are others' thoughts on this. We have seen a rapid climb in prices the past few years, but then we were starting from a low base. A lot of new flats have been built, especially in the east end on the shore front. Will this extra supply bring prices down? Is IBM winding down and what will the effect of that be? Has Greenock become desirable as a commuter town for Glasgow and what effect has this had and will it have on the future of the housing market?
I hear whay you are saying, but prices will NEVER come down that far in this area. But if you take my prediction of 35% off, it brings it down to £140k. This does seem fair, and to be honest I dont think it will go for much more than that, maybe £170k if they are very lucky.
I really think in 6 months time, it could be a VERY good time to buy - people WILL BE DESPERATE to sell by then.
If you can 20% off of an asking price then go ahead and buy - provided you can get approved for a mortgage
You have to ask yourself is it really worth waiting 3 years to wait and see if prices fall another 10 or 20% ?
Cos even if they do, everything else will be 10% cheaper, so it wont really matter.
Edited by davidmc08, 14 April 2008 - 10:00 PM.