We finally sold for 180K in August and while that was hard to do I really do feel now that it was a very fair price. We bought the house in 2003 for 150,000 so we managed to sell for more than we bought which is great.
I'm not trying to be annoying, but when you factor in how much interest you have paid over the past 6 years, including all the fees you had to pay when purchasing your house, you probably sold at a loss.
This is something people should keep in mind when selling if they are trying to break even or make a profit!
The way things are going it might be worth half of its current value in next 3 years but defintely wont go as high it was couple of years ago. If you follow markets there are highs and lows, and if you want to chase a high you might be up for waiting a full cycle that is roughly 15-20 years. I am sure anyways that even if price rises it would be minimal and bottom might be a little bit away. As unemployment is growing, alongside govt. budget deficit, tax is going up etc. etc. it seems like we might be atleast couple of years away from bottom but for sure very near it.You should bear in mind that there are potential sellers out there who are prepared to wait rather than basically give their houses away. I'm in that position, I inherited a house and refurbished and redecorated it with a view to selling. It's in a good area, 20 minutes walk to Dublin city centre, the house two doors down sold for 485,000 two years ago and having shown it to two local estate agents I was told I should ask 320,000 and accept 280,000. Basically I'm not willing to sell at that price and since my outgoings on it are minimal I'm happy to hold on to it and to invite family and friends to use it for visits (it means we'll have a very full house for Christmas this year for example and we had lots of friends use it for long weekends during the year) I figure that in the long run it will sell, it's a great house in in a great location with no work to be done, when the market picks up I'll sell and in the mean time I'm enjoying being able to invite people to visit without any of the usual hassle involved.
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