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I think people are thinking twice about listing houses for sale <...>

It will soon become obvious to everyone that the only houses that are selling are the ones which are more realistically priced.

Of the two sellers I personally know, one has cut and found a buyer (praying he won't bail out or gazunder later one), while the other has decided not to put her house on the market until it "picks up".

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I think people are thinking twice about listing houses for sale - EAs are jam packed with houses for sale and nothing is shifting fast. As the re-mortgaging at less than 95% LTV starts to bite and the ones coming off the fixed rate end up having to pay the Standard Variable rate - things will become more difficult to manage each month and by April I expect to see a lot more houses coming on the market.

crunch time

Estate agents will have to face up to persuading clients to drop prices or go under.

It will soon become obvious to everyone that the only houses that are selling are the ones which are more realistically priced.

We have had the 'first leg' down, the above condition highlighted by doccyboy will be the start of the 'second leg' IMHO

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Just like it is "picking up" in America? Oh wait... America has a recession and their subprime housing crisis is getting worse!

Sort of... I think she is behaving like an ostrich, and it is sad that I have no chance of convincing her to to what you have done (sell now at 20% less, while the going is good, and buy a year or two from now).

And - there is no recession in America! Helen Car..., soory, GW Bush (well, these two characters are so much alike) said so!

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On todays Working Lunch they were discussing the effects of crunch; tighter lending - bank manager will want to see the whites of your eyes-; FTB will struggle to get sufficient deposits; mortgage lending down 40%; market falling ; average house price should be 179k if average house was 60k in 1977 - so NI should be lower: the war cry from mr Boulger of Charcol (Mortgage brokers?} was "The government must do something about it." You have to laugh. :P

Sorry to have missed that! Sounds like very tasty bear food!

The credit crunch/NI housing downturn are now so mainstream in the news, it is great.

:lol:

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I'm sorry to burst your bubble all of you who are dreaming of property in Belfast falling below 100k next year, it isn't going to happen. I'm new to this forum, I am an Estate Agent but I know better than to say what company. But I will say this, that the branch that I work in, we have about 350 properties on the market and since yesterday morning we have agreed 7 sales. Yes, most were agreed below the asking price but there are signs that the market is beginning to stabilise - you can laugh all you want, but remember I do this for a living. Many of the posts in here are from people who seem to consider themselves experts, but on the ground, in reality I can tell you what is happening.

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I'm sorry to burst your bubble all of you who are dreaming of property in Belfast falling below 100k next year, it isn't going to happen. I'm new to this forum, I am an Estate Agent but I know better than to say what company. But I will say this, that the branch that I work in, we have about 350 properties on the market and since yesterday morning we have agreed 7 sales. Yes, most were agreed below the asking price but there are signs that the market is beginning to stabilise - you can laugh all you want, but remember I do this for a living. Many of the posts in here are from people who seem to consider themselves experts, but on the ground, in reality I can tell you what is happening.

You have not burst my bubble, the credit crunch will do that ;)

Welcome and thanks for letting us know what is happening with your firm.

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I'm sorry to burst your bubble all of you who are dreaming of property in Belfast falling below 100k next year, it isn't going to happen. I'm new to this forum, I am an Estate Agent but I know better than to say what company. But I will say this, that the branch that I work in, we have about 350 properties on the market and since yesterday morning we have agreed 7 sales. Yes, most were agreed below the asking price but there are signs that the market is beginning to stabilise - you can laugh all you want, but remember I do this for a living. Many of the posts in here are from people who seem to consider themselves experts, but on the ground, in reality I can tell you what is happening.

Hi, welcome to the forum, it's good to have an EA on board. Be prepared for a little 'stick' but i hope it never gets personal.

Thanks for your anecdotal evidence, it will be interesting to follow the delayed data this year to see what happens.

With regard to 'Many of the posts in here are from people who seem to consider themselves experts'. I think this is wrong and I can show you posts to back this up.

BTW, do you think Belfast will 'buck the trend' or it's a case of the 'trend' is changing?

ps - welcome once again

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... all of you who are dreaming of property in Belfast falling below 100k next year, it isn't going to happen.

I don't think you will find anyone here saying that. Property prices may never fall below £100K again in Belfast, but that will depend on there being high wage inflation.

What are your views on the current state of the American, Spanish and Republic of Ireland housing markets?

Do you remember when banks used to lend 3.25x single income, 2.5x joint income, a 10% deposit was needed that you saved yourself? Are you aware of what the credit crunch is currently doing to lending criteria?

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I'm sorry to burst your bubble all of you who are dreaming of property in Belfast falling below 100k next year, it isn't going to happen. I'm new to this forum, I am an Estate Agent but I know better than to say what company. But I will say this, that the branch that I work in, we have about 350 properties on the market and since yesterday morning we have agreed 7 sales. Yes, most were agreed below the asking price but there are signs that the market is beginning to stabilise - you can laugh all you want, but remember I do this for a living. Many of the posts in here are from people who seem to consider themselves experts, but on the ground, in reality I can tell you what is happening.

Welcome to the forum, as Prophet said you might get some stick but I'd hope that people remain civil towards you and take your VI points on board ;)

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I'm sorry to burst your bubble all of you who are dreaming of property in Belfast falling below 100k next year, it isn't going to happen. I'm new to this forum, I am an Estate Agent but I know better than to say what company. But I will say this, that the branch that I work in, we have about 350 properties on the market and since yesterday morning we have agreed 7 sales. Yes, most were agreed below the asking price but there are signs that the market is beginning to stabilise - you can laugh all you want, but remember I do this for a living. Many of the posts in here are from people who seem to consider themselves experts, but on the ground, in reality I can tell you what is happening.

Yes welcome to the board and it's good to hear some positive comments from someone 'on the ground' regarding the local property market, Especaially as an OO looking to sell! They may snap but they don't usually bite unless your posts get too long! lol! :wacko:

Edited by championmongo1
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It'll be a ship this time not a boat!

I wonder whom is it we'll be catching up this time? Moscow? Don't think there's any other place left to catch up with.

However, I know full well who the new dummyvestors will be - Ukrainians. I've told you they were coming!

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I wonder whom is it we'll be catching up this time? Moscow? Don't think there's any other place left to catch up with.

However, I know full well who the new dummyvestors will be - Ukrainians. I've told you they were coming!

Ha ha ha! Maybe the Russian billionaires will start snapping up Ulster property then my forecast of prices stabilzing by quarter 4 at around 20% lower than peak will be inaccurate as prices would surely rise another 100% if that was the case? :huh:

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IMO, the only reasons prices will go back up to their peak are:

1) 15+ years have past

2) More cheap credit is given to those at the bottom of the pyramid

1 is inevitable, although it will be hard to call whether it is 15, 20 or more years.

2 is highly unlikely for the next few years due to the current financial climate.

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Ha ha ha! Maybe the Russian billionaires will start snapping up Ulster property

Those guys, whatever they are, are not stupid, that's how they got rich. I don't think they need chicken-coops in Ulster, not even the run-of-the-mill semis.

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Yes welcome to the board and it's good to hear some positive comments from someone 'on the ground' regarding the local property market, Especaially as an OO looking to sell! They may snap but they don't usually bite unless your posts get too long! lol! :wacko:

I recommend that you market your house with this EA guy, his agency have had 7 sale agreeds in one day!

:)

Just kidding - welcome to the new EA poster, looking forward to your contributions.

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Guest vicmac64
Welcome to the thread - we are glad to see all opinions stated here - and since none of us have crystal balls none of us know what prices will be achieved next year in Belfast or anywhere else for that matter. Please keep posting.

edited to add - agreeing sales and completing sales are different.

Oh we will have our property at the right price - unfortunately prices have been dictated by lax lending standards - that is now over....

We can indeed expect a gradual return towards intrinsic value as opposed to bank led property bubbles.

Houses will continue to sell, some buyers may well pay more than the property is worth - however the laws of economics now govern the housing sector - which means the whole estate agency game is now playing in a different game - times are a changing as they say....

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Guest vicmac64
Those guys, whatever they are, are not stupid, that's how they got rich. I don't think they need chicken-coops in Ulster, not even the run-of-the-mill semis.

Well stupid they are not granted - but what else are they?

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