Property Market 2020

awec wrote: »

Yes, you said price drops due to a whole bunch of economic theory. Numerous times in fact.

After being wrong 3 or 4 times, you don't get to claim you were right when potential price drops are caused by a global pandemic.

But I do wish you all the best in your hunt for a home. I hope you find what you're looking for!

My main point was a drop in international activity/global recession leading to a drop in wages or job loss.we were at the top of an economic cycle.one of longest in history. Now the pandemic has triggered the correction I was expecting and probably made the situation worse that what I've predicted but it doesn't mean I was wrong.you were just out and out incorrect however.

smurgen wrote: »

I never said a pandemic.i said price drops.you spoke of certainty in price stability in an arrogant and dismissive fashion.

Yes, you said price drops due to a whole bunch of economic theory. Numerous times in fact.

After being wrong 3 or 4 times, you don't get to claim you were right when potential price drops are caused by a global pandemic.

But I do wish you all the best in your hunt for a home. I hope you find what you're looking for!

awec wrote: »

Unfortunately I wasn't blessed with your ability to predict global pandemics.

We'll have to wait and see on the substantial price drops.

I never said a pandemic.i said price drops.you spoke of certainty in price stability in an arrogant and dismissive fashion.

smurgen wrote: »

You didn't you dismissed the idea of substantial price drops.

Unfortunately I wasn't blessed with your ability to predict global pandemics.

We'll have to wait and see on the substantial price drops.

smurgen wrote: »

Nope.just that a price correction was well overdue.the coronavirus was only getting the ball rolling.the fallout afterwards will bring a proper downward momentum.you and a few others here bawked at the idea.

The markets are down due to a global pandemic. Don't try pretend this is what you predicted, you'll just look silly.

awec wrote: »

Hold on, are you trying to claim you predicted Coronavirus? :pac:

For what it's worth, the only thing I dismissed all along was your notion that you were going to be picking up bargains all over the place. But once again, come back to us when you've actually bought something, and we can work it out, and see whether the smugness is justified.

You didn't you dismissed the idea of substantial price drops.

awec wrote: »

Are you trying to claim you predicted Coronavirus? :pac:

Nope.just that a price correction was well overdue.the coronavirus was only getting the ball rolling.the fallout afterwards will bring a proper downward momentum.you and a few others here bawked at the idea.

smurgen wrote: »

You dismissed my prediction of a massive drop on the market within the next 9 months that I made 3ish months ago. I think your credibility here is more or less shot.

Hold on, are you trying to claim you predicted Coronavirus? :pac:

For what it's worth, the only thing I dismissed all along was your notion that you were going to be picking up bargains all over the place. But once again, come back to us when you've actually bought something, and we can work it out, and see whether the smugness is justified.

awec wrote: »

So you've heard from people who have heard from people?

You dismissed my prediction of a massive drop on the market within the next 9 months that I made 3ish months ago. I think your credibility here is more or less shot.

[Deleted User]

The market has been stalling for months in certain areas, that's only going to get worse.....
If people don't have to sell they will wait a few months, the ones that are on the market for months..... They may take lower offers now.

ebayissues

Steer55 wrote: »

Hundreds of thousands of jobs are about to go. Get real... The property market unfortunately will stall for the unforeseeable future.

And its already happening.

Property data is lagging. I would say if you have been keeping an eye out in a specific area, in 2weeks check and see if there are any sale agreed properties being relisted. I have seen 10 the past 2 weeks.

dor843088

I love all the certainty people are talking with in this thread . The only thing certain is uncertainty and with it brings huge risk. If you are buying a property now stop what you are doing until this thing blows over or you might be left with your arse hanging out.

JamesMason

Steer55 wrote: »

Hundreds of thousands of jobs are about to go. Get real... The property market unfortunately will stall for the unforeseeable future.

Stall? Fall more like. Get real indeed... airlines, hotel chains, oil demand...a major economic depression is imminent. This is not going to blow over in a few months.

Steer55 wrote: »

Hundreds of thousands of jobs are about to go. Get real... The property market unfortunately will stall for the unforeseeable future.

Agreed. This is the black swan event that will crash the market.

Some people are beyond help, you can lead a horse to water and all that.

Steer55

awec wrote: »

So you've heard from people who have heard from people?

Hundreds of thousands of jobs are about to go. Get real... The property market unfortunately will stall for the unforeseeable future.

awec wrote: »

So you've heard from people who have heard from people?

I heard it direct from the brother in-law regarding his current property transaction and anecdotally from others who are involved in the property game.

Data will be the lagging indicator to all this panic within the market that is occurring.

Summer2020 wrote: »

What makes you think sellers are highly motivated? As a current seller who is sale agreed, I’ll take my property off the market if the buyer asks to renegotiate. Happy to stay in current house if needs be.
Talk of sellers accepting 30% discounts is pure pie in the sky stuff.

That's fine if you consider staying put for the long term but if you desire to sell within the short/medium term consider that right now is the period where you will get the most amount for your house for ( most likely) the next 5-7 years.

randoplh134 wrote: »

I have already heard of countless stories from reputable peers who have heard that properties that have gone SA within the past two weeks have either had the buyer pull out or ask for a reduced price.

Bidding wars are well and truly gone

So you've heard from people who have heard from people?

Idbatterim wrote: »

during the last crash, many refused offers that they would have killed for even three months before. There is no way there will be drastic price reductions volunteered by sellers now, just because stuff MIGHT , but probably will get very serious...

I have already heard of countless stories from reputable peers who have heard that properties that have gone SA within the past two weeks have either had the buyer pull out or ask for a reduced price.

Bidding wars are well and truly gone