forums | Real estate market – someone asked about house prices the other day via Keno

Real estate market – someone asked about house prices the other day on 09:22 – August 12 with 460 views SaleAway
In South Manchester there is a bit of a chill I think. I’m watching a few prices here, and I see a few “reduced” prices, and a lot more houses lying around.

It will definitely start to go in that direction. The cost of living and rising interest rates must have an impact…

Real estate market – someone asked about house prices the other day on 09:37 – August 12 with 414 views clive_baker
That was me, and that would certainly explain the ridiculous prices I see. There seems to be a real disconnect between this and the average sale prices, so I can only assume it’s the people/agents who are overambitious and ultimately don’t reach them, which this seems to support. I guess at the end of the day, the proof is in the pudding of actual selling prices, which are still up year on year. I can see the market cooling and maybe a slight pullback as the cost of living starts to pinch, but when I say a pullback, we’re probably back to 2021 prices in a heartbeat.

I thought you lived in Ireland by the way. Did I dream of this?

Real estate market – someone asked about house prices the other day on 09:39 – August 12 with 408 views geg1992
I am almost about to buy a house and have been watching the market in Ipswich.

Around my price target, there are many more homes that stay on the market longer. I also notice that the houses are shrinking, whereas about 4 months ago, I had never seen that.

I’m hoping by the end of the year, once I’ve made the final savings, that there will be even more nice homes in my budget as the cost of living and housing rates rise. higher interest will set in. A lot of people I know seemed to be buying homes really stretching their budget. It will be interesting to see how rising interest rates affect people like this, after being so low for so long. I’m happy to buy a modest house while leaving more disposable income, but people often want the best.

Real estate market – someone asked about house prices the other day on 09:55 – August 12 with 357 views clive_baker
Real estate market – someone asked about house prices the other day on 09:39 – August 12 by geg1992
I am almost about to buy a house and have been watching the market in Ipswich.

Around my price target, there are many more homes that stay on the market longer. I also notice that the houses are shrinking, whereas about 4 months ago, I had never seen that.

I’m hoping by the end of the year, once I’ve made the final savings, that there will be even more nice homes in my budget as the cost of living and housing rates rise. higher interest will set in. A lot of people I know seemed to be buying homes really stretching their budget. It will be interesting to see how rising interest rates affect people like this, after being so low for so long. I’m happy to buy a modest house while leaving more disposable income, but people often want the best.

You’re right about interest rates, it’s going to be a tough time when people start remortgaging. Debt has been “free money” for so many people for so long. For context, a 1% change in interest rates on a £250,000 mortgage with a 25 year term is an increase of £125 per month. Add to that the increase in utilities, food, etc. and it is not unthinkable that many households could be £500 a month worse off than they were 12 months ago. The immediate impact is significant, but the wider impact of consumers with no money in their pocket is equally concerning. This will inevitably have an impact on all industries and when this starts to affect labor force participation and unemployment rises, we are going to have a really tough time.

I think there is merit in buying something that is well within your means. Too often people are told to “stretch” to maximize the equity gain but sometimes you have to do the sleep test at night and wonder if your income is hit by 10% or 20%, can you always pay the bills. There is a lot to be said for this, both practically and psychologically.

Real estate market – someone asked about house prices the other day on 09:56 – August 12 with 357 views AncientGrizzly
Certainly not the case here in Ely.

Prices in Cambridge are still stupid, but we see 3 beds on the market now here for £630,000! And most good houses leave the same day or before reaching the market.

It is, however, expected to slow down soon with rising rates and energy bills. Although an agent said the cost of Cambridge would drive people here up the cost

My parents bid on 5 and lost all last year. Success on house 6!

Real estate market – someone asked about house prices the other day on 09:57 – August 12 with 350 views Keno
Real estate market – someone asked about house prices the other day on 09:37 – August 12 by clive_baker
That was me, and that would certainly explain the ridiculous prices I see. There seems to be a real disconnect between this and the average sale prices, so I can only assume it’s the people/agents who are overambitious and ultimately don’t reach them, which this seems to support. I guess at the end of the day, the proof is in the pudding of actual selling prices, which are still up year on year. I can see the market cooling and maybe a slight pullback as the cost of living starts to pinch, but when I say a pullback, we’re probably back to 2021 prices in a heartbeat.

I thought you lived in Ireland by the way. Did I dream of this?

You didn’t dream it, I’m lucky and lucky to be Irish

I consider myself missionary work trying to spread light and joy to the great masses on Sussex and TWTD

Real estate market – someone asked about house prices the other day on 10:13 – August 12 with 302 views clive_baker
Real estate market – someone asked about house prices the other day on 09:57 – August 12 by Keno
You didn’t dream it, I’m lucky and lucky to be Irish

I consider myself missionary work trying to spread light and joy to the great masses on Sussex and TWTD

Lucky people of Sussex, I say.

When are you going to start with said light and joy here?

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