Level out or shoot back up??...

WithCheesePlease

What do people think - do ye reckon hourse prices will
a) bottom out (whenever) and stay low for a while or will they
b) shoot back up in a buying frenzy.

Just curious myself, cos I'm one of those people biding my time wondering when the right time to buy is. Half afraid just as things seem to have bottomed out they might just soar back up again.

D3PO

your in a dream world if you think prices will shoot back up

colly10

Im no expert but I don't think them shooting back up is likely over the next few years

Caoimhín

If house prices "shoot" back up within the next 2 years, I hereby promise to pay for your house.

The only frenzy will be the fire sales and bankruptcies.

WithCheesePlease

Ha, ok, fair enough - I clearly don't have a clue!

I just kinda thought there might be a sudden rush of all the people that have been hanging tough waiting for a good time to buy. Thought that might push things back up again.

Caoimhín

gearoid_healy wrote: »

Ha, ok, fair enough - I clearly don't have a clue!

I just kinda thought there might be a sudden rush of all the people that have been hanging tough waiting for a good time to buy. Thought that might push things back up again.

There is an estimated 250,000 empty houses around the country at the moment. Combine that with mass unemployment, huge personal debt, lack of finance and lack of confidence in the economy, it would take a rush of biblical proportions to drive prices back up to the unsustainable level they were at.

jimmycrackcorm

But there are also large numbers of people who are well paid and yet couldn't afford the over pricing but are waiting for the stable pricing to happen so that they can jump in. I work with a lot of IT people largely unaffected by the recession in this position.

spockety

jimmycrackcorm wrote: »

But there are also large numbers of people who are well paid and yet couldn't afford the over pricing but are waiting for the stable pricing to happen so that they can jump in. I work with a lot of IT people largely unaffected by the recession in this position.

There's plenty of food at the table.

confuzed

Right those IT people may not be affected but banks ARE affected. No more easy mortgages.

passive

I'd give it another 5-10 years...

Firetrap

I can't see them shoot back up. The conditions which led to the bubble don't exist any more.

iguana

gearoid_healy wrote: »

What do people think - do ye reckon hourse prices will
a) bottom out (whenever) and stay low for a while or will they
b) shoot back up in a buying frenzy.

c) Continue to fall until they reach sustainable levels.

bangersandmash

iguana wrote: »

c) Continue to fall until they reach sustainable levels.

Strange that this option didn't appear in the original post. An advertising campaign for a well-known brand of lager comes to mind.

ronbyrne2005

In real terms i cant see house prices getting to peak 2006 levels in next 25 years. In money terms probably but in real inflation adjusted terms,no.

who_ru

no no they are going to shoot back up - likely to shoot back up real fast too i heard. you better get your skates on and buy now, be prepared to outbid or out shoot other bidders/shooters.

Agent J

who_ru wrote: »

no no they are going to shoot back up - likely to shoot back up real fast too i heard. you better get your skates on and buy now, be prepared to outbid or out shoot other bidders/shooters.

Stop listening to Tom parlon.

PullOutMethod

Rising unemployment, rising taxes, NAMA, property tax in December, huge stock of unsold houses.
Take your pick - we are going back to 1996 prices (a further 50% drop is required)
Nothing strange or startling - we are simply returning to European norms.

hobochris

viva la firesale...

The_Conductor

I reckon prices will increase again- but in an eventual 30-40 year window- no sooner. In the short to medium term I reckon prices will continue to fall, before levelling out at roughly 1994-1995 prices. I further think the average industrial wage (or at least take home pay) will be 60% of its 2006 level within the next 2-3 years.

ionapaul

ronbyrne2005 wrote: »

In real terms i cant see house prices getting to peak 2006 levels in next 25 years. In money terms probably but in real inflation adjusted terms,no.

I think is more than likely that prices NEVER return to 2006 / 2007 levels in real terms. A return in real terms means we've gone into another obscene bubble, the biggest asset price bubble of all time, dwarfing the minor dot-com affair!

gogglebok

bangersandmash wrote: »

Strange that this option didn't appear in the original post. An advertising campaign for a well-known brand of lager comes to mind.

I think the OP had it covered with "whenever", in fairness.