2112 Posted November 22, 2022 Share Posted November 22, 2022 19 minutes ago, Max Power said: Talk of a recession is a self fulfilling prophesy! We are in a recession and it’s no good IOMG dick waving and denying a recession. The cost of building materials is affecting the construction industry, in most cases, the costs have rocketed, affecting their profits. Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted November 22, 2022 Author Share Posted November 22, 2022 23 minutes ago, Max Power said: Talk of a recession is a self fulfilling prophesy! Not mentioned a recession. But the housing market is clearly very, very tight. I can’t actually see how some estate agents survive selling a handful of houses a year and there do seem to be more rentals on the market in the last few months. There needs to be a lot more stock built otherwise there will be very slim pickings for the agents. Quote Link to comment Share on other sites More sharing options...
CallMeCurious Posted November 22, 2022 Share Posted November 22, 2022 7 minutes ago, offshoremanxman said: Not mentioned a recession. But the housing market is clearly very, very tight. I can’t actually see how some estate agents survive selling a handful of houses a year and there do seem to be more rentals on the market in the last few months. There needs to be a lot more stock built otherwise there will be very slim pickings for the agents. When you have someone who earns money from a percentage of the sale price what happens to the price I wonder? If the prices start falling by 10-20% no doubt they'll either raise their fees to maintin their cut or go to fixed fee to try to retain their income. 1 Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted November 22, 2022 Author Share Posted November 22, 2022 1 minute ago, CallMeCurious said: When you have someone who earns money from a percentage of the sale price what happens to the price I wonder? If the prices start falling by 10-20% no doubt they'll either raise their fees to maintin their cut or go to fixed fee to try to retain their income. At the moment there’s not much on the market except things that sell really quickly or a load of sad old shite that needs too much money spent on it that’s been hanging around since the end of covid. If prices drop I can’t see agents putting their fees up much past 1% as the bigger agents will be able to hold out better. I think more likely some will close up shop or get absorbed by bigger agents. Quote Link to comment Share on other sites More sharing options...
finlo Posted November 22, 2022 Share Posted November 22, 2022 3 minutes ago, CallMeCurious said: When you have someone who earns money from a percentage of the sale price what happens to the price I wonder? If the prices start falling by 10-20% no doubt they'll either raise their fees to maintin their cut or go to fixed fee to try to retain their income. Those leeches must surely have had their day in the modern online era? Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted November 22, 2022 Share Posted November 22, 2022 2 minutes ago, finlo said: Those leeches must surely have had their day in the modern online era? Not at all. Quote Link to comment Share on other sites More sharing options...
CallMeCurious Posted November 22, 2022 Share Posted November 22, 2022 3 minutes ago, offshoremanxman said: At the moment there’s not much on the market except things that sell really quickly or a load of sad old shite that needs too much money spent on it that’s been hanging around since the end of covid. If prices drop I can’t see agents putting their fees up much past 1% as the bigger agents will be able to hold out better. I think more likely some will close up shop or get absorbed by bigger agents. Assuming it's not a prolonged downturn. I still prefer something like the Scottish system of sealed bids. Seller sets a minimum price which is public. If you can match that you submit what you can afford or think is a good offer and the seller gets the best price. Binding contract, no gazzumping, or 'testing the market'. It's still open to some abuse if say some developers get together and collude but it has to be a start. Also surprised someone hasn't come up with a 'dating app' for houses where buyers and sellers list their price range, preferences and no goes etc. Let the algorithm sort them out. 2 Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted November 22, 2022 Author Share Posted November 22, 2022 1 minute ago, CallMeCurious said: Also surprised someone hasn't come up with a 'dating app' for houses where buyers and sellers list their price range, preferences and no goes etc. Let the algorithm sort them out. You’d need an estate agents license to do that. I know someone who has looked at that. Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted November 22, 2022 Share Posted November 22, 2022 29 minutes ago, CallMeCurious said: Assuming it's not a prolonged downturn. I still prefer something like the Scottish system of sealed bids. Seller sets a minimum price which is public. If you can match that you submit what you can afford or think is a good offer and the seller gets the best price. Binding contract, no gazzumping, or 'testing the market'. It's still open to some abuse if say some developers get together and collude but it has to be a start. Also surprised someone hasn't come up with a 'dating app' for houses where buyers and sellers list their price range, preferences and no goes etc. Let the algorithm sort them out. Look at Rightmove and check the filters, for the buyer it's all there. Quote Link to comment Share on other sites More sharing options...
Albert Tatlock Posted November 23, 2022 Share Posted November 23, 2022 10 hours ago, offshoremanxman said: You’d need an estate agents license to do that. ooooh! ...that must be a tough exam. Q1: Are you happy selling out the island to import a load of old duffers who will downsize and sell up in the UK, buy all the first time-buyer houses on the island while blocking up the health service? Q2: Count to 5 Q3: Spell 'Gazump' 2 5 Quote Link to comment Share on other sites More sharing options...
Banker Posted November 29, 2022 Share Posted November 29, 2022 Another one bites the dust!! Should help redevelopment of park road school site though https://gef.im/2022/11/29/last-orders-called-on-pub/ Quote Link to comment Share on other sites More sharing options...
Banker Posted December 3, 2022 Share Posted December 3, 2022 Some difficult decisions to be made https://www.manxradio.com/news/isle-of-man-news/treasury-minister-confident-in-making-up-budget-deficit/ Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted December 3, 2022 Share Posted December 3, 2022 (edited) The Good Doctor has a proven track record in slavishly regurgitating everything his public servants tell him to but there's only 2 months of the "extremely tough" twelve months left to go so all is well. Green shoots and sunlight uplands and all that... Edited December 3, 2022 by Non-Believer extra bit 2 Quote Link to comment Share on other sites More sharing options...
WTF Posted December 3, 2022 Share Posted December 3, 2022 21 minutes ago, Banker said: Some difficult decisions to be made https://www.manxradio.com/news/isle-of-man-news/treasury-minister-confident-in-making-up-budget-deficit/ says the man that thinks holes in walls don't let water through. Quote Link to comment Share on other sites More sharing options...
woolley Posted December 3, 2022 Share Posted December 3, 2022 1 hour ago, Banker said: Some difficult decisions to be made https://www.manxradio.com/news/isle-of-man-news/treasury-minister-confident-in-making-up-budget-deficit/ Tough reading. £43m negative variance to budget. The pink book 22-23 provisional forecast already had £35m excess of expenditure over income. Quote Link to comment Share on other sites More sharing options...
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