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vision (not Vision EA)

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About vision (not Vision EA)

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  1. Following a complaint to the webmaster from 'Vision Property Agents' which was emailed to me, I would like to make it clear to all readers that my tag of 'Vision' does not mean that I have any connection whatsoever with any Estate Agent called 'Vision Property Agents' or any of the 50 odd companies in the Yellow Pages using the name vision as part of their trading name. The noun 'Vision' is common enough word in the English language and I have to point out to 'Vision Property Agents' that the word it is not a recognised trademark like Coca Cola, Tesco or Levis. It should go without saying that the Estate Agent using this word as one of the three words used for his name does not have a monopoly on the usage of said word, unless accompanied by the other two words and in the correct order, but to oblige those who for whatever reason have associated the word vision with 'Vision Property Agents', I have altered my tag to make it clear that I have no connection with an EA also using this word. I would also like to make it clear that I have no plans to change my tag to either 'Property' or 'Agents'. I hope that this will clear up any misunderstanding with anyone who associated my usage of the noun vision to imply a connection with any firm using this word as part of their name, or in having any kind of association with their company.
  2. I can't say what an average price should be, to do that I would need to be fair and say that everybody should get the chance to buy an affordable home, because I just couldn't exclude lower earners. This would be nonsense though, because there will never be enough housing to supply this whim, prices will always be out of reach ie unaffordable to large chunks of society for this reason. Affordability level is the ceiling set by buyer demand in that pressures on the market drive up prices in high demand times, and drive down prices in low demand times. As prices have gone up they have made homes less affordable, similiarly as they have dropped they have become more affordable. Homes are more affordable now than they were this time last year. If prices are to fall to ave £200k then they will be even more affordable, but affordable to fewer buyers than say an average of £150k would allow and so on. The average price level needed to enable all average full time wage earners to buy an affordable property would need to be very much lower, perhaps half that, but the lack of housing supply makes this impossible, and in any case if we somehow managed to force prices back down to this level, what would happen is as buyers buy the demand will put the stock under pressure to yield higher selling prices, meaning that the average price would rise up all over again and once again and incrementally more people will be priced out of the market. We'll soon be right back were we are now, complaining becauise homes aren't 'affordable'. The only safe way to keep prices down, defeat market forces and satisfy demand is to keep an adaquate level of low price supply available at a fixed selling price. Unless the goverment is planning to do this I do not see how obtaining and then maintaining a sufficiently low affordable ave house price is ever going to be possible.
  3. No, I've no connection with Jeff the Vision. I agree though that peple are sitting on their hands, probably because they are expecting the unrealistically easy finance that was briefly available to make a comeback, probably because they want to wait in case there are further price falls between the time that they buy and the time that their mates buy. That's perfectly understandable, and I'm no Delargy fan but I felt that in that report that at last he was getting his teeth sunk deep into the issue, the issue being that for houses not to 'trade' at all, at any price, is a crisis which will hurt everybody. The price is certainly not the big ussue here, it is but one of the segments of the forbidden fruit, and it's time that people realised this before we see a lot more business closures, job loses and worse. Price is an easy fix, there are much greter isues to be addressed. To get the housing market to start all over again the buyer needs to be given confidence, all of the segments need to be tacled, flexible finance and stamp duty relief, among them. That's not something that is going to be achieved by frighteningly dramatic drops in asking prices, new buyers won't come into the market in large numbers while this is happenening so the soomer asking prices stabilise ie stop falling, the sooner the buyer will regain his confidence and accept the price to be genuine. For the market to restart and for houses to trade again, we need significant numbers of new buyers to come in, not the odd one who is enticed in by a big price drop. Cagey and inexperienced buyers simply do not believe that these cut price properties are 'bargains', they believe if they wait a while longer, because some 'expert' on the telly or in the daily rag said so, that they will get a much cheaper house than the bargains of today. As far as prices are concerned, there has to come a point were prices will not fall any further, possibly they will rest at the levels they were at before the rising market blasted off in 2006, who really knows but with some sellers so jumpy as to keep cutting prices again and again, others hell bent on holding on for a higher price, the market flooded with choice, and with buyers so put off by all of this confusion; a levelling off won't happen anytime soon. Press reporting on prices going up, then prices going down has played it's part in manipulating the thinking of would be buyers, the fact is property prices really do not matter unless you're selling or buying so it is not the big issue that the press exaggerate it to be, but it becomes a big issue when people are herded from one extreme of buying frantically to the other of not buying at all. However, it is not impossible to get finance, there is extensive choice of property out there, and it is possible to get a deal if you try hard. As long as you aren't buying to make a quick buck, your property will hold and increase it's value over time. it's really not a good idea to expect to make quick profits from your home, you should look upon your home as being a committment, that unlike your new car will not lose money in the longterm.
  4. Repeated media reporting like this from so called 'experts' is proving to act as a self fulfilling prophesy. Potential buyer behavior is always driven by reports and headlines like this, the market will stay dead until the media changes it's tune. It's not actually all that difficult to get a mortgage,(if you are waiting for an abundance of deposit free mortgages to return, forget it) and it is possible to buy property at a substantially reduced price, but the people are scared witless into waiting until they are told it is safe to buy. And the Piper advanced and the children followed, And when all were in to the very last, The door in the mountain-side shut fast
  5. Anybody miss the article on UTV news tonight can catch up on the u.tv website. Jamie Delargy is reporting, not just on house prices, but on the housing market in three dimensions. The snarl up in the number of sales transactions taking place is having major repecussions on our jobs, spending power and the economy as the ripple effect continues. He said "it's in everybody's interests that homes trade, whether at this price, a lower or at a higher price". The possibility of the Housing Executive buying up unsold new build property also was welcomed.
  6. Industry will always try to make money, property developers are no different to the the Belfast shipyards, the demise of which many years ago still has left a lasting detrimental effect on the areas were workers once lived. Hand outs aren't good but sometimes industry does need a tug along up in some way for the eventual well being of the economy, and this is a very stormy sea we are now in. Complete colla[se will hurt everybody.
  7. Affordability itself is a modern idea which was prolonged in NI because of ecomomic problems and civil unrest. . eg Most of Blfast's older housing was built for the rental market don't forget!
  8. People can get mortgages, it's just that the terms are harsher than they have been eg larger deposits are now required. With house prices dropped a good bit, shelling out a larger deposit is a different scenario to paying a much greater price using a 100pc mortgage as was happening previously. Now it seems that people don;t want to buy until 100pc mortgages return, if ever that will be............
  9. This is NOT a chicken and egg story here. Developers would not have been developing using borrowed money if they had not been able to borrow in the first place. Buyers would not have been able to buy from developers if the banks hadn't been lending the buyers money. Developers make houses just like car factories make cars and bakeries make bread. Banks pushed the overstretching of finances, and when they decided that the maket was over ripe they pulled the plug. As usual they left it to everbody else clear up after them.
  10. HELLO MR BLOCK CAPS! I'm no detective, but: What possible reason do estate agents have for keeping prices high? Are they making any money out of it? Use some logical thiking about this, estate agents are finding sales are impossibly slow, and you imply that you think that setting high prices is in their best interests. In the current climate, that doesn't make any sense to me.... The problem doesn't lie with the estate agents, they need to sell to make money, there is no motive for them to overprice at this time. You'll just have to think again for answers.
  11. I don't plan to become a regular on this forum, but I think you should buy now if you find a vendor willing to sell to you for what you feel is a 'safe' price. The selling situation has worsed greatly over the last six months in that buyers have dried up so the achieved selling prices have had to be lower than previous. This next six months is a good opportunity to buy, no immediate hurry, but there is such a great choice available now. Even in your wildest dreams there are more properties for sale now than you could have thought, this brings you huge choice. The sluggish movement of the market gives you opportunity, financial pressures on some vendors, and the general feeling that things could get worse before they get better gives yet more power to your elbow. You have the chance to barter down prices now like never before. Why wait until the market improves again for vendors, and gets worse for buyers? I've read the comments often enough to know that some people will not agree and will blast me, but I also know that there still remains a buyer culture here in this country, it's just that the buyers don't want to buy in case they lose capital. If you can buy at the right price, can afford the mortgage, then there is no reason to wait. Everything else you buy loses you money, including cars, food, clothing, electrical, etc and renting. History has prven that you won't lose in the long run if you buy and keep for long enough. Apart from a very small percentage of people who bought property at the height of the boom are the only ones to have lost money on their homes, everybody else in NI has nothing to worry about simply becaise the prices they would have bought for were far lower than at the peak. I know several old people who paid only a few hundred quid for their homes. I've a four bedroom house I paid £150k for seven years ago, worst case senario it's worth £350k today, if I'd sold at the peak I'd have got a lot more, but I'm not bothered because I won't lose any money. If Iwas buying again now it would take a lot longer to make as much equity, but then again we had just come out of a generation of civil unrest, were property here was consitantly far cheaper than in similiar cities in these islands, but I certainly wouldn't think of renting. The cheapness of the property here, propegated a strong buyer culture since WW2. for the past couple of generations renting was for the really poor, everybody else bought. Prior to WW2, hardly anbody bought property, renting was acceptable, affordability was unheard of. The troubles here kept prices here artficially low for so long that we got used to being able to buy. This has not been the case in similiar regions in these islands, affordability for anyone with a job ceased to be a possibilty long ago. The fact that so many people now believe that renting until houses get cheaper is such a good idea, is an indicator of how when the herd runs in one direction, you should look at other options because you can't all be winners, most of you will get there too late as usual. Anyway, if you see the home you want, then go for it, if they say no try somewhere else. Someone will say yes to your low offer, and if you get a purchase at a good price, a mortgage you can afford, you will be glad you haven't wasted your money feeding a landlord. If prices do drop a little more before they stabilise, then don't worry they will go up again, you won't lose out, lifelong homeowners never do, longterm homeowning defeats inflation everytime. The price only matters on two occasions, 1. when you buy and 2. when you sell. The in between bit does not matter. Somebody should explain that to the hyper press i this country who herd everbody in one direction or another whenever they fancy.
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