[Lorrainbo]

Hi all, my husband and I are looking to buy a house, which over the last 2 years has fallen from €375,000 to €265,000. We're hoping to be in a position to make an offer this October. With today's property market the way it is what would you think is a reasonable offer for a house at this price? It's a 5 bedroom house and never been lived in.

[beertons]

Offer 190.

[Idbatterim]

what are other directly comparable properties in the immediate area asking?

[Lorrainbo]

The house is in Donegal and the asking prices for comparable properties vary. The house is in a private development consisting of only 4 houses. The house we hope to buy is the show house. Only one other has been sold in this development. The other 2 are a builders finish and they are asking a price 'in the region of €260,000' for both houses.

[golden lane]

see if you can find out how much it would cost to build a new house.....find out how much you could get a similar plot of land for....add them together......that's how much it is worth....

[smellslikeshoes]

It's an estate with empty houses in Donegal. Give a lowball offer of 150k or so, the worst they can do is say no.

[StillWaters]

Originally Posted by golden lane

see if you can find out how much it would cost to build a new house.....find out how much you could get a similar plot of land for....add them together......that's how much it is worth....

Not necessarily, some houses are selling for below build cost now. Some pockets are going for >20% above asking. It's a very strange Market out there!

In this case either a bank or developer is selling, so it's possible you might get a very good deal. I'd go in with a very low offer. €150k.

[Lorrainbo]

I'm liking your thinking StillWaters

[MadsL]

Compare rentals ie: http://www.daft.ie/searchrental.daft?id=1206805

If you can rent for €750 a month, then why would you pay some €950 a month mortgage. get your mortage down to the €600 month figure and your might be approaching what you should be paying.

[the groutch]

from the details given, I'd say the maximum you should pay for this (final agreed price) is 200k, so go in at 160-170 and work from there

[Pkiernan]

Offer €265,000.

You will get the house if you offer this.

[DublinWriter]

Originally Posted by Lorrainbo

We're hoping to be in a position to make an offer this October. With today's property market...

October is a long, long way off. Remember it's a buyer's market and cash is king. Only when the banks start lending again then you'll know when the market has hit bottom.

[snubbleste]

I know a couple who were mortgage approved and drew it down two weeks ago. Does this mean the market has hit bottom DublinWriter?

[DublinWriter]

Originally Posted by snubbleste

I know a couple who were mortgage approved and drew it down two weeks ago. Does this mean the market has hit bottom DublinWriter?

No. In Statistics the size of the sample is generally in inverse proportion to the accuracy of the end-analysis. I'm sure it's great news for your friends, but I don't expect the national media to be making any proclamations on the market the back of their mortgage approval.

[snubbleste]

Thank god for that.
If I hear of anything in the media about banks lending for mortgages, I'll take heed of your wise words.