Sneak Posted January 6, 2009 Share Posted January 6, 2009 The whloe thing is stupid - apparently house prices are up but sales are down by a third. If people actually priced their houses more realistically things would start to move again but then we would see a drop in the house prices over here. Not if the banks won't lend. Link to comment Share on other sites More sharing options...
Slim Posted January 6, 2009 Share Posted January 6, 2009 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....... If people dont' need to sell, they don't need to sell. So the price isn't artificially high, that's the price that'll make someone sell. You can't complain that someone has a price that'll make moving worthwhile. If people start needing to sell, the price will come down, that's how it works. Link to comment Share on other sites More sharing options...
oldmanxfella Posted January 6, 2009 Share Posted January 6, 2009 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....... If people dont' need to sell, they don't need to sell. So the price isn't artificially high, that's the price that'll make someone sell. You can't complain that someone has a price that'll make moving worthwhile. If people start needing to sell, the price will come down, that's how it works. The problem is still that people believe what the estate agent is telling them. The headline in the Manx Indy last week said it all: house prices in the IOM up 4% against a falling market in the UK - and people still believe that crap. I'm not saying its wrong but to me as a house buyer I found it an incredible waste of my time: "So your house has been on the market for 2 years and you've not sold it, and its still on for the asking price that applied at the height of the market 2 years ago when in fact the market has fallen and I'm selling my house for what its worth now not what it was valued at in 2007 - what part of that do you not understand?" That's not selling your house, that's waiting for an idiot to come along and buy it from you. There's certainly huge amount of delusion going on and it seems to me that people have got used to it being a buyers market and a huge dose of realism is just around the corner. Link to comment Share on other sites More sharing options...
Moghrey Mie Posted January 6, 2009 Share Posted January 6, 2009 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. If it doesn't sell after 2 years they put it in a glossy brochure at the airport to catch the come-overs who don't know the local scene.. Link to comment Share on other sites More sharing options...
oldmanxfella Posted January 6, 2009 Share Posted January 6, 2009 If it doesn't sell after 2 years they put it in a glossy brochure at the airport to catch the come-overs who don't know the local scene.. True but I even think the "shooting comeovers in a barrel" approach has had its day. Link to comment Share on other sites More sharing options...
Slim Posted January 6, 2009 Share Posted January 6, 2009 The problem is still that people believe what the estate agent is telling them. The headline in the Manx Indy last week said it all: house prices in the IOM up 4% against a falling market in the UK - and people still believe that crap. I believe that crap. I've certainly seen nothing that suggests otherwise. Until people have to sell, the prices wont drop, people will just sit tight, limiting supply. I'm not saying its wrong but to me as a house buyer I found it an incredible waste of my time: "So your house has been on the market for 2 years and you've not sold it, and its still on for the asking price that applied at the height of the market 2 years ago when in fact the market has fallen and I'm selling my house for what its worth now not what it was valued at in 2007 - what part of that do you not understand?" That's not selling your house, that's waiting for an idiot to come along and buy it from you. There's certainly huge amount of delusion going on and it seems to me that people have got used to it being a buyers market and a huge dose of realism is just around the corner. Then they don't really need to sell. And if you don't need to sell, your price can be higher. I don't have a problem with that, when people need to sell, the price will come down. Nobody's at fault here. Link to comment Share on other sites More sharing options...
thebees Posted January 6, 2009 Share Posted January 6, 2009 Well, two of my mates bought houses recently, one paid 30K under the asking price the other paid the asking. I quite like looking at houses on Deanwoods etc and I think the prices are stagnant and have been for the past year, ofc I have no qualifications in such areas but that is what I have observed. Link to comment Share on other sites More sharing options...
Slim Posted January 6, 2009 Share Posted January 6, 2009 Well, two of my mates bought houses recently, one paid 30K under the asking price the other paid the asking. I quite like looking at houses on Deanwoods etc and I think the prices are stagnant and have been for the past year, ofc I have no qualifications in such areas but that is what I have observed. The asking price really isn't relevant, because it would have been too high in the first place. Was it 30k under what a similar house sold for last year? We bought two years ago, and there's two houses same style as ours for sale in the surrounding area. One is for 70k more than we paid, the other 60k. So even if they drop the asking price, 30k like you said, as far as I'm concerned, the price has done up at least 15k a year over the last two years. I think you're right generally though, there's simply not enough movement to see any changes, the markets pretty much stopped rather than risen or fallen. Link to comment Share on other sites More sharing options...
Titanic Posted January 6, 2009 Share Posted January 6, 2009 House prices up by 4% on the IoM - what world do the local estate agents live in? Do they think people actually believe them - not. They are looking over a massive drop and are paddling like crazy to try and escape. The ass will drop right out the Manx market and soon, probably in the spring when people will start to try and sell. I think the local house market has dropped, possibly by 4% or more, just the estate agents are trying hard to cover up the truth for as long as possible - the truth is out there. Link to comment Share on other sites More sharing options...
Slim Posted January 6, 2009 Share Posted January 6, 2009 I think the local house market has dropped, possibly by 4% or more, just the estate agents are trying hard to cover up the truth for as long as possible - the truth is out there. 4% in 2008? You got any figures to back that up? Link to comment Share on other sites More sharing options...
Sebrof Posted January 6, 2009 Share Posted January 6, 2009 I think the local house market has dropped, possibly by 4% or more, just the estate agents are trying hard to cover up the truth for as long as possible - the truth is out there. 4% in 2008? You got any figures to back that up? Given the general level of veracity of estate agents, it's as good a guess as any. But with so few sales, it is impossible to know what the truth is. The sale of one mega-mansion could easily tip negative figures into positive, and vice-versa. S Link to comment Share on other sites More sharing options...
cheeky boy Posted January 6, 2009 Share Posted January 6, 2009 My sources in the estate agents report bugger all sales and little interest. The only thing keeping the doors open are rentals, commercial and the odd big money property My source in the Registry backs this up We lived in london during the 80s boom and I was sick to death of listening to these fuckers going on about how much money their house had made. As though they were some kind of Bill Gates Never seem to hear folks bragging about how much value their house has lost Link to comment Share on other sites More sharing options...
Slim Posted January 6, 2009 Share Posted January 6, 2009 Given the general level of veracity of estate agents, it's as good a guess as any. But with so few sales, it is impossible to know what the truth is. The sale of one mega-mansion could easily tip negative figures into positive, and vice-versa. Why do you need to guess? The figures are publicly available via the registry and snippets are on iomtoday every week. If you keep an eye on the roads where all the houses are the same, you can get a good idea of prices: http://www.iomtoday.co.im/property-sales/P...2008.4751379.jp Seen this too: http://www.home.co.uk/guides/house_prices....ocation=douglas Asking prices of course, so not that useful. Still, it's something. Wonder why the government don't produce averages based on the general registry numbers? Link to comment Share on other sites More sharing options...
Sebrof Posted January 6, 2009 Share Posted January 6, 2009 Given the general level of veracity of estate agents, it's as good a guess as any. But with so few sales, it is impossible to know what the truth is. The sale of one mega-mansion could easily tip negative figures into positive, and vice-versa. Why do you need to guess? The figures are publicly available via the registry and snippets are on iomtoday every week. If you keep an eye on the roads where all the houses are the same, you can get a good idea of prices: http://www.iomtoday.co.im/property-sales/P...2008.4751379.jp Seen this too: http://www.home.co.uk/guides/house_prices....ocation=douglas Asking prices of course, so not that useful. Still, it's something. Wonder why the government don't produce averages based on the general registry numbers? You need to guess because there are so few sales that one or two big houses - or a lot of small ones - can alter the mix, and therefore skew the result. As I said, there aren't enough sales to know what the truth is. But it's a reasonable assumption that things aren't quite as rosy as the estate agents claim. S Link to comment Share on other sites More sharing options...
Slim Posted January 6, 2009 Share Posted January 6, 2009 You need to guess because there are so few sales that one or two big houses - or a lot of small ones - can alter the mix, and therefore skew the result. As I said, there aren't enough sales to know what the truth is. But it's a reasonable assumption that things aren't quite as rosy as the estate agents claim. But you can look at the registry or on iomonline and get your price for benchmark stuff if you've a bit of local knowledge. Like you can spot 3 bed semi's from the street names usually, which are a good indication of the market average. Link to comment Share on other sites More sharing options...
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