You don't get much warning before the bottom drops out of the housing market and I think this is it. Sit back and get ready for free-fall everyone!
House prices 'drop 2% in weeks' -
Wish that were true around here.
House prices are CRAZY high right now where I live... My sister and her hubby bought a large victorian for 36K several years ago in a little town...now a very similar house to theirs in their town is selling for $280K. I think they could probably sell their house for $100-$150 if they wanted.
But this is not going to last long as I have noticed that so so many houses are for sale and now prices are starting to drop. The mortgage rates are so low to get people to buy but it is obviously a sellers market. I do not see this lasting more than another year. I will wait till the prices go down and buy a house (or modular) than when the rates go down again, refinance.
My sister and her hubby bought a large victorian for 36K several years ago in a little town...now a very similar house to theirs in their town is selling for $280K. I think they could probably sell their house for $100-$150 if they wanted.
That is cheaper than our area. The way you describe that house, I am pretty sure it would sell for well over $500,000 here.
Gee, thanks Ballistic. I just sold my home and getting ready to build a new one to sell in two years and you post this........Bastard!!!!!!!!!!!!!!!!!!!!!!!!!!
I figured as soon as I hopped on the bandwagon with everyone else and got in the building/selling house buisness, the bottom would fall out....that's my luck. Yes, the UK is a long way from my house, but it seems the housing market usually follows suit of other areas. I hear it goes in 10 year cycles.
However....there is a little town called Ashland in Oregon that was a little insignificant town and it hasn't stopped growing regardless of the market/intrest rates. I hope my town does the same.
And here I'm feeling the pressure to get mine listed before it stops being a seller's market, because I have to have it sold before/as I emigrate! hehe
Well the worlds markets do seem to follow each other, but my posts are primarily about the UK market. The UK market is about to sky dive.
Although there are complexities to the market such as inflation, national debt, the actual cost price to real cost, and strange things like buyer confidence, we do have a real way to tell what is happening to the market, primarily earnings to house cost ratio.
Earnings to house cost ratio in the UK is set for a crash.