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how can the house market possibly get out of this lock?

how can the house market possibly get out of this lock?

Old Nov 4th 2009, 3:29 pm
  #61  
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Default Re: how can the house market possibly get out of this lock?

If you bought your property before 2005 you have prob broke even or its worth now still more than you paid.
It's only worth what people will pay, not what you think it is worth. And of course you can only realise the money if someone will take it off your hands

A friend of mine has moved into a rental and is paying the same as me for a small 2 bed flat as what I am paying mortgage for a 4 bed house house purchased 2002?
But if things go bad, if he wants to return to UK, he just up sticks and leaves, many that cannot sell their houses wish they could leave.

If you can afford it and you can get a loan and the property is a bargain I say buy.
I can afford it, but I certainly won't be buying, despite your sage advice!
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Old Nov 4th 2009, 3:52 pm
  #62  
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Default Re: how can the house market possibly get out of this lock?

We live in a nice quiet area, the apartment two along from us has had it´s first viewing for about a year and a half after a considerable drop in the asking price.
People in another have gone back to the UK and struggled to get a long let to put towards his mortgage.
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Old Nov 4th 2009, 3:58 pm
  #63  
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Default Re: how can the house market possibly get out of this lock?

Its certainly worth taking Saga advice, i`d agree now is probably the best time to buy.

And it`ll probably stay this way for about 1.5- 2yrs.

But it depends ofcourse on why your buying.

If its to be home for +5 yrs and you can afford it buy, if its an investment long term again buy now or within a yr.

If its shoer term investment to make a fast few grand then no its a terrible time.

Unless your an investor don`t take much notice in property prices, they always have and always will fluctuate.

Its virtually impossible to generalize when is a good time to buy as everybodies needs differ.
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Old Nov 4th 2009, 4:34 pm
  #64  
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Default Re: how can the house market possibly get out of this lock?

Why would now be a good time to buy when greater falls are expected. If coming from the UK the pound is till about 25%+ off it's high. Invest in spanish property only an Agent would say that
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Old Nov 4th 2009, 5:26 pm
  #65  
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Default Re: how can the house market possibly get out of this lock?

Its certainly worth taking Saga advice,
Saga? Sage?
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Old Nov 4th 2009, 8:05 pm
  #66  
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Default Re: how can the house market possibly get out of this lock?

We would like to buy but lloking at this area when we moved here 10 months ago we were lucky if there was 1 appartment to rent on each street. Now there are numerous appartments to rent on numerous buildings on each street with many more up for sale, it's not looking like it's going to get any better any time soon.
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Old Nov 4th 2009, 8:51 pm
  #67  
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Default Re: how can the house market possibly get out of this lock?

Originally Posted by brianc_li
The only properties that are getting 100% mortgages now are those that are actually owned by the banks. Reposessions, bankrupt developers, etc. The banks are now so desperate to shift these off their books that they are offering all sorts of incentives to shift them. This in turn is causing more problems for those trying to achieve ´normal´ sales.
We are buying an apartment and the valuation is 25% more than the asking price, meaning that we get more money lent to us than we need. In theory, the bank doesn't need to know that, as it were.
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Old Nov 5th 2009, 3:06 pm
  #68  
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Default Re: how can the house market possibly get out of this lock?

Me, I place the blame fair and square on the idiots in the USA who issued ninja (euphemistically called sub prime) mortgages, on the UK governments who deregulated the banks and did nothing, Tories and Labour, to stem the tide of madness and greed that allowed 100% and 100+% mortages to be issued.

As for the bonusses, I thought they were supposed to be for those that way outperformed in their jobs. Based on the evidence, I think that they were most certainly not merited, and in the future any such bonusses should be put into a holding account, so that if the employee's work should later turn out to be flawed, it can be clawed back.

Currently, as more than one person has said, your house is only worth what you can sell it for. So what if it is worth less than you paid for it? If you sell it and buy another, then you might lose on the sale, but won't you win on the buy? Plus if you wait for the market to pick up, then won't the cost of buying also have risen so what you gain on one, you lose on the other?

People who sold on the bubble are technically known as lucky b*ggers, and the next wave of property millionaires will be those people who buy NOW while the market is so low. If you have a property that you live in, and it is not an investment attempt, like the bulk of us, then property prices have little relevance.

For those with massive mortgages, you truly have my deepest sympathy. That ain't funny. Them as bought on the bubble, well to be blunt, in a market there are winners and losers, all of us part of the food chain, and the losers feed the winners.
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Old Nov 5th 2009, 3:11 pm
  #69  
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Default Re: how can the house market possibly get out of this lock?

People who sold on the bubble are technically known as lucky b*ggers, and the next wave of property millionaires will be those people who buy NOW while the market is so low.
Why are people saying the market is low? Compared to average wage multiples prices are still way above the average. There's been a price bubble, and economies will only recover when prices revert to their long term average - either by direct price falls (as in Spain) or via currency devaluation (see the UK ). If you don't have price adjustments you'll have a long term slump (as has happened in Japan).
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Old Nov 5th 2009, 3:30 pm
  #70  
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Default Re: how can the house market possibly get out of this lock?

Originally Posted by steviedeluxe
Why are people saying the market is low? Compared to average wage multiples prices are still way above the average. There's been a price bubble, and economies will only recover when prices revert to their long term average - either by direct price falls (as in Spain) or via currency devaluation (see the UK ). If you don't have price adjustments you'll have a long term slump (as has happened in Japan).
Absolutely, I've not seen any "bargains" advertised in Spain just yet. When prices come down to maybe 4 times the average salary for a certain area then I may think about buying. Not sure that is ever going to happen though.

House prices in London seem to be going up and up again, back at 2007 levels in SW London.
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