20 August 2007
Buyers Market? Hardly
In a bid to get someone to buy a house business banks are already calling it a buyers market in the residential property sector. Please don't believe the bulldust. It's a buyers market when prices have reverted to the historical mean and sellers are still forced to discount. A 6 year property bubble does not unwind in 3 weeks.
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5 comments:
Couldn't agree with you more... Been reading articles of late that are really beginning to pee me off! Buyers market my BUTT!
It's becoming more and more difficult to get into the market if anything.
Wish people wouldn't write things for the sake o writing. Give people proper information before you suck it out of your @$$!
Thanks for bringing this point up.
Hi CTB blogdude,
Thanks for the site. How about doing some research about the number of units that are still being built that will flood the Cape market in the next year or two? The figures must be available. My guess is it's going to make the howling wilderness at Big Bay look like a thriving town. Easily 4000-5000 units coming on stream soon - and just wait until projects start getting canned and the places stand empty. Paniiiiiiic!
By the way, I'm a seller, and I've just dropped my price by R5,000: R670,000 for a two-bed ground floor flat in the heart of Harfield Village. Absolutely zero interest from buyers. Not yet a buyers' market, but when it starts, it's going to be a bloodbath for owners and sellers.
The average property price in Gauteng stands at approx R 900k, fully bonded equates to a monthly repayment of approx R 9000.00, which means to qualify for this laon the average man/woman should earn R 36 k per month. This is most certainly not the case, now is there anyone out there that can convince me that the fundamentals are all wrong in this country and in particular with the property market. With money becoming more and more expensive to borrow, I see the same happening here in SA as what happened in USA, people are just going to give their houses back to the banks as they cannot afford them anymore. Now try and convince me that the BUYERS market is not on its way.
Absolutely zero interest from buyers
silence before the storm
i would like to know what the owners of this site forsee happening to the property market over the next year or 2?
when do you believe this crash will come, and what percentage drop do you project?
which sectors of the market do you believe will be hit hardest?
do you believe it will hit the atlantic sea board where properties are fetching 10 - 20 - 30mil plus, or just the mid price properties?
do you believe the bottom end of the market will be hit? i would like to know what your forecast is....
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