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Dark Black
24th September 2008, 07:03
We've exchanged... finally, on our house sale.

Had a full price offer back in June (it's really dragged - some nervous times for us) based on a good valuation before the prices started to drop.

Complete next week... Renting here we come :banana::banana::banana:

( Just thought I'd share some good news :music: )

ferret
24th September 2008, 07:38
Result! No mean feat in these times. Congratulations :banana:

rootsnall
24th September 2008, 07:50
Congratulations from someone who's Mrs broke him and made him buy a big house last year :mad

You are truly BOOMED ! Bide your time, I think you are looking at a few years to make a real killing but there is always that distress sale to keep your eye out for.

expat
24th September 2008, 07:58
Congratulations from someone who's Mrs broke him and made him buy a big house last year :wave:

But "rent is money down the drain". So what is the name for what is happening to the value of our house?

rootsnall
24th September 2008, 08:27
:wave:

But "rent is money down the drain". So what is the name for what is happening to the value of our house?

There were no financial arguments from the Mrs, it was another kid on the way and I want a stable roof over my head type of stuff so hard to deflect. Renting, getting nagged and looking at Rightmove everyday has its downsides but obviously I'd still sooner have the cash in the bank. The higher end stuff round my way still seems to be holding up in price and some selling, lower end also OK, the big middle bit is stuffed so it's only a matter of time before it all starts tumbling down.

HeliCraig
24th September 2008, 08:35
Having just watched a friend sell his flat for 4k less than he bought it for (long story, not the brightest spark!).... well done. Boomed indeed!

C.

KentPhilip
24th September 2008, 09:19
I want a stable roof over my head

Are you Jesus?

Spacecadet
24th September 2008, 09:38
Are you Jesus?

:spel Joseph

sasguru
24th September 2008, 09:43
Having just watched a friend sell his flat for 4k less than he bought it for (long story, not the brightest spark!).... well done. Boomed indeed!

C.


He seems quite bright to me to cut his losses, no?

expat
24th September 2008, 09:47
There were no financial arguments from the Mrs, it was another kid on the way and I want a stable roof over my head type of stuff so hard to deflect. Renting, getting nagged and looking at Rightmove everyday has its downsides but obviously I'd still sooner have the cash in the bank. The higher end stuff round my way still seems to be holding up in price and some selling, lower end also OK, the big middle bit is stuffed so it's only a matter of time before it all starts tumbling down.I can not honestly claim it was her against me: it was both of us against my better judgement. Might have made the right choice anyway, my better judgement has been occasionally right but never fun.

I am not certain that decent houses in decent areas will really crash horribly: obviously nobody is buying now, since everybody "knows" what the media tell them, that houses will be 40% cheaper next year; what we have here is a market that's not moving. When it does, we shall see what the prices are like.

HeliCraig
24th September 2008, 09:54
He seems quite bright to me to cut his losses, no?

I would have just stayed there for a few years - there was no change in circumstances to provoke the move. Why sell at the bottom of a market? (If we are at the bottom?).

sasguru
24th September 2008, 09:54
I can not honestly claim it was her against me: it was both of us against my better judgement. Might have made the right choice anyway, my better judgement has been occasionally right but never fun.

I am not certain that decent houses in decent areas will really crash horribly: obviously nobody is buying now, since everybody "knows" what the media tell them, that houses will be 40% cheaper next year; what we have here is a market that's not moving. When it does, we shall see what the prices are like.

Not quite right to say it's the "media" telling them that.

1. The data show that house prices have declined 10% in the last year.
2. US prices have fallen 20% in the last 2 years and no sign of bottom, yet.
3. Prices would need to fall 40% from peak to reach their long run average.
4. Mortgages are much harder to come by obviously.
4. Unemployment is on the up and eventually this will lead to more repos.

I think a 40% drop is optimistic as usually pessimism is exagerrated (just like optimism) and so prices will overshoot downward past that mark.

sasguru
24th September 2008, 09:56
I would have just stayed there for a few years - there was no change in circumstances to provoke the move. Why sell at the bottom of a market? (If we are at the bottom?).

:laugh We're nowhere near bottom yet.

Dark Black
24th September 2008, 22:42
Result! No mean feat in these times. Congratulations :banana:

Cheers :happy

I had a fairly small mortgage on the house so most of the difference between that and the (higher) rental costs will be met from the interest on the equity if necessary.

I suppose though, really, I should get myself off the bench again once we've moved and put some money back into the company :grin