Re: Re: Eurozone failure and the Spanish property market.

#102110
adiep
Participant

@ethnatkev wrote:

It does quite sadden me. I have been reading through various different posts on here and other forums. A lot imply that the market isn’t yet moving due to “stubborn sellers” who won’t reduce the price. Do you blame them though?? Most of them purchased in the boom, so never got a bargain anyway, and now face selling their home at a loss to then have to owe the banks money for years to come…. I personally would not and could not afford to drop the price. If it doesn’t sell, I will continue with rentals until it picks up and a lot of people I speak to are saying the same. I would not wish that on anyone. It is happening to people I know in Spain and it is a horrible situation to be in.

Im sorry, but I dont think anyone should have believed the nonsense that house prices can continue to rise YoY inperpetuity. The reality is that housing markets bubbled, many of us saw the bubble and steered clear, were not going to bail out those who jumped into the bubble… why should we? we buyers are not charities either. in the same token, dont sell if you dont need to, nothing lost.

Also one point, you suggest that most people purchased at the height of the boom. this really isnt true, not even close to being true. there are plenty of vendors who purchased 10-20 years ago and can reduce by a substantial amount. same goes for brits who purchased with large deposit during the strong pround versus euro time, they can reduce by large percentages without taking a hit in pounds.

there is an expectation by some that selling a property will always yield a profit, but i think if you stop and think for a second you’ll agree thats an unreaslistic expectation, prices just dont keep rising and rising forever.