Quote:
Originally Posted by Oberon
It's rare the bloody things come down, isn't it? Good if you're selling but trying to get back into the market at a decent level for the money... 
Prices in the UK are getting a bit ridiculous now, pricing a lot of people out of the market, one would hope that this would bring them down but what happens instead is that the ones in ideal locations such as in holiday towns by the seaside get snapped up by holiday companies and rented out as holiday homes.  Thus driving any youth out of the area.
Still, that's the system for you, if people can make $138k out of a former broom cupboard measuring 10ft by 8ft, or $261k for a 11ft by 7ft janitors storeroom, then they're not exactly going to stop are they? |
You're right, they won't stop. I don't blame them. When I stopped by a realtor earlier this year to get their take on homes selling in my area, I was shocked when I learned the local housing market is going wild. No wonder renters in the area cannot find a house (other than apartments, there are plenty of them). My current renter at the time was paying me about $300 under market. And he was chronically late, often 3 weeks at a time, and bounced two checks. He had no excuse, he made plenty of money (more than me), he just took advantage of my good nature. He had no shortage of toys (motorcycle, expensive tools, new truck, etc). When I discovered that my house had increased in value 40% in the last ten years, I gave him 30 days notice and sold it.
The thing is, house prices were high when I was his age. They are always high. In proportion to his salary, he could afford to buy, if he would be frugal and save a bit. All I can say is, if others can manage, so can youth. I would suggest giving up any thought of living on the seaside, that's for established, mature buyers. Find something that is a good value, invest in the equity, and stick with it.
Like you said, it's rare things come down, so get in and eventually you will be the seller.