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House Prices On The Isle Of Man


germann
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How low will they go?

 

Discuss.

 

I don't believe house prices in the Isle of Man have dropped as yet, but stagnated, and remember the price at the estate agents is a guide.....it would be interesting to see how these differ from the actual price paid for a property.....

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It's difficult to say whether prices have dropped, because nobody appears to be buying

 

Property doesn't really sell this time of year. It will be interesting to see what sells come the spring, then we will see if prices start dropping much.

 

On the news today, average house prices in the UK fell 15% during 2008 and 2.5% during the month of December 2008, but they also did say that price drops were slowing

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How can they be slowing if almost one fifth of the total drop for the year happened last month?

 

I reckon there will be a drop over here, estate agents keep banging on about there still being strong demand over here but if people can no longer get a mortgage without having a sizeable deposit then they ain't gonna be able to do anything to satisfy that demand

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It's difficult to say whether prices have dropped, because nobody appears to be buying

 

More impotant, nobody appears to be selling too which is keeping everything pretty much stagnant.

 

I wonder what sort of pinch this will have on government income from the registry fee?

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It's difficult to say whether prices have dropped, because nobody appears to be buying

 

More impotant, nobody appears to be selling too which is keeping everything pretty much stagnant.

 

I wonder what sort of pinch this will have on government income from the registry fee?

 

A good way to see how many properties are going onto the market is to have a look at Deanwoods Website once a week as their property search engine will show new properties listed first. Chrystals Website used to do the same, but they revamped it and made it worse.

 

http://www.deanwood.co.im/residential/estate.htm

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The same thing happened in the last economic slow down over here in the early 90's. House prices did not drop but sales slowed down dramatically. I suppose we are in a fortunate position because unemployement is still low so people can hang onto their house without the dear of the banks taking it!

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A good way to see how many properties are going onto the market is to have a look at Deanwoods Website once a week as their property search engine will show new properties listed first. Chrystals Website used to do the same, but they revamped it and made it worse.

 

http://www.deanwood.co.im/residential/estate.htm

Yes, Chrystals new site is not an improvement. Why do people do this?

 

In France, there is a recent change in the way some estate agents are presenting their property, with some agents now including a 'recently reduced' option as well as the normal 'recent additions' option on their search engines. It makes searching a lot simpler.

 

Deanwoods? Simpler site to search than Chrystals but DW seriously need to sharpen up their response procedures. Or maybe they just don't like cash purchasers anymore?

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It's difficult to say whether prices have dropped, because nobody appears to be buying

 

More impotant, nobody appears to be selling too which is keeping everything pretty much stagnant.

 

The problem with sellers here from experience is that most of them have just stuck their house on the market with a view to making a few quid over the odds. Even if the house has been on the market for 2 years they won't take a penny less than the asking price because they are not that arsed about moving because they just have pound signs in their eyes. The only leverage I have ever got was when you knew the sale was a divorce and so they wanted to get shot but the vast majority of people seemed not that bothered whether they moved or not.

 

Prices will only drop here when people have to sell through job loss or leaving to go back to the UK, or more likely buy to lets that have to be shifted to repay the bank.

 

On this basis the market could stagnate for years here purely because the vast majority of sellers are just chancers looking to walk away with cash in their arse pockets.

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It's difficult to say whether prices have dropped, because nobody appears to be buying

 

More impotant, nobody appears to be selling too which is keeping everything pretty much stagnant.

 

The problem with sellers here from experience is that most of them have just stuck their house on the market with a view to making a few quid over the odds. Even if the house has been on the market for 2 years they won't take a penny less than the asking price because they are not that arsed about moving because they just have pound signs in their eyes. The only leverage I have ever got was when you knew the sale was a divorce and so they wanted to get shot but the vast majority of people seemed not that bothered whether they moved or not.

 

Prices will only drop here when people have to sell through job loss or leaving to go back to the UK, or more likely buy to lets that have to be shifted to repay the bank.

 

On this basis the market could stagnate for years here purely because the vast majority of sellers are just chancers looking to walk away with cash in their arse pockets.

 

i'd sure hate to be stuck in a moving chain with brats like that

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The problem with sellers here from experience is that most of them have just stuck their house on the market with a view to making a few quid over the odds. Even if the house has been on the market for 2 years they won't take a penny less than the asking price because they are not that arsed about moving because they just have pound signs in their eyes. The only leverage I have ever got was when you knew the sale was a divorce and so they wanted to get shot but the vast majority of people seemed not that bothered whether they moved or not.

 

Prices will only drop here when people have to sell through job loss or leaving to go back to the UK, or more likely buy to lets that have to be shifted to repay the bank.

 

On this basis the market could stagnate for years here purely because the vast majority of sellers are just chancers looking to walk away with cash in their arse pockets.

 

Yep this is about the size of it, we have very few 'distressed sellers' over here, i.e. no one who really NEEDS to sell, just a lot of folks who are happy to wait and wait until the buyer who 'absolutely must have it' comes along and offers the asking price, or very close to it.

 

I know a few people who have their houses on the market who'd quite like to move, but aren't that arsed either, one house has been on the market for over 18 months and they haven't dropped the price one penny and have no intention of doing so, and that's not an unusual situation at all.

 

In addition to that, estate agents don't seem interested in introducing a dose of reality to the market, or perhaps cutting their own commission rates by suggesting lower prices.......

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