House have been up for sale for past 6 months

woolyhat

My house have been up for sale for the past 6 months with onely a few who came to view it but made no offers or got back to me. It is selling at a realy reasonable price a simi 3 b/roomed close to town. But suppose there are several empty estates around here and no employment. with no takers and prices realy low.
Help I want to move soon any ideas (Genuine Ideas please):(

connundrum

Have you a link to your daft.ie or myhome.ie ad?

It'd make it easier to give ideas etc.

woolyhat

Hi Thanks for your reply.Yes I am constantely searching these sites and it is actualy in my home .ie The advert is quite good but no luck with selling

Head The Wall

He means can you post the link to your house here so we can see is it at what the market deems a reasonable price and can there be any improvements made to it etc

Treehouse72

woolyhat wrote: »

My house have been up for sale for the past 6 months with onely a few who came to view it but made no offers or got back to me. It is selling at a realy reasonable price a simi 3 b/roomed close to town. But suppose there are several empty estates around here and no employment. with no takers and prices realy low.
Help I want to move soon any ideas (Genuine Ideas please):(

No it's not. It's too expensive.

You can seek advice and opinions till you're blue in the face, you can stage the house beautifully, you can throw in a free washing machine, you could have 1000 people a week viewing it...and none of it would matter a jot because the house is simply too expensive. If it weren't it would have sold by now. If you are in any doubt about this, just ask yourself what would happen if it cost €1. It would sell in 2 minutes, right? This shows the house will sell, if the price is right. Since it isn't selling, we can conclude that the price is not right.

If you disagree with any of this, it means you are in denial about the value of your house. While that's perfectly understandable, if you really want to sell this is something you need to internalise and deal with.

woolyhat

Hi Treehouse72 What you are saying is right but would'nt you think someone would say I will make you X of an offer and get back to me to consider it. Of course I started with a price within reason and would be willing to come down. If my price is too high would it now look like I was desprate to sell if I dropped a bit more? or should I take it off the market for a bit before I change the price?

Head The Wall

People looking in a certain area will be aware of what prices are and will probably be aware of the price your house was at. There are also plug ins for daft that show all price changes on property's etc.

Your idea of whats a reasonable price is biased so is not valid really, What are you basing this reasonable value on? Post the link so you can get an unbiased opinion from someone here as we can only speculate that you are pricing it too high based on what we know

BostonB

No offers means its too expensive.

Duckjob

woolyhat wrote: »

Hi Treehouse72 What you are saying is right but would'nt you think someone would say I will make you X of an offer and get back to me to consider it. Of course I started with a price within reason and would be willing to come down. If my price is too high would it now look like I was desprate to sell if I dropped a bit more? or should I take it off the market for a bit before I change the price?

Not necessarily - people wont bother trying to negotiate with you if you are starting from a deluded position. It's too much trouble for them and there's so many other houses for sale.

Very hard to know without daft.ie or myhome.ie link how reasonable or not your asking price is.

A personal bugbear of mine is people saying their property "won't sell". What they really mean is it won't sell at the price they believe it should sell for.

Any property on the market could be sold tomorrow. It's a question of a) finding the price at which it will sell and most importantly b) the seller accepting that that is it's worth.

You don't have to worry about how it looks if you drop your price. You'll get a buyer once your price is right. It really is as simple as that.

Noffles

OUrs has been for sale for over 2 years and will never sell for a number of reasons... price slightly higher than it would be due to our mortgage, location is fairly poor in a small under developed area that has nothing to offer and the county in general is piss poor.

ellejay

woolyhat wrote: »

My house have been up for sale for the past 6 months with onely a few who came to view it but made no offers or got back to me. It is selling at a realy reasonable price a simi 3 b/roomed close to town. But suppose there are several empty estates around here and no employment. with no takers and prices realy low.
Help I want to move soon any ideas (Genuine Ideas please):(

How much are the same size houses in the empty estates going for?
-you'll have to price your house cheaper than them for a start.

As previous posters have advised, it all comes down to price.
It will sell if priced to sell.

If you can't afford to sell the house, maybe you can rent it out?

LeahK

Not necessarily - people wont bother trying to negotiate with you if you are starting from a deluded position. It's too much trouble for them and there's so many other houses for sale.

I have to agree with this entirely. I am a first time buyer and currently looking for a house. When I search on Daft/MyHome I only search within 30% of my price range. (I am reckoning that I will offer 30% less than what the asking price is) any higher than that I wouldnt bother looking at to be honest!
Theres no point. I also dont know which sellers are willing to come down or not... For example if I know I could afford 200k, I would look at houses between 200k and 250k...Not houses priced at 300k.

PS my maths is crap so dont hang me on the 30%

CuppaCocoa

My partner sold her house within 4 weeks! Why? It was priced to sell. It was the cheapest one on offer in her estate. She had to accept that she wouldn't get as much as we thought it was worth. It went for 7k less that the Estate Agent's predicted sale value. Not bad for a quick sale!

gazzer

When I sold my house back in late 2008 I went onto Daft.ie and myhome.ie and looked at similar houses in the estate to see what they were being priced at.

I then knocked around a few of these houses and asked the owners if they would recomend any of the estate agents they were using. From that I got some very useful information. I then went to one of the recomended estate agents and got my house on the market at a price that was €10,000 cheaper than the current cheapest house in the estate. Went Sale Agreed in a month.

quozl

Duckjob wrote: »

Not necessarily - people wont bother trying to negotiate with you if you are starting from a deluded position. It's too much trouble for them and there's so many other houses for sale.

Absolutely agree with this. Even when renting I won't go near someone asking significantly more than I consider the place to be worth as you can negotiate 20% off, but if something is over-priced by 50% it's not worth wasting your time on it.

I sold my apartment in December 2008 using the approach suggested above - price it noticably below comparable properties. Then yours is the property that will get viewings, and without viewings you won't get offers and can't even negotiate with a potential buyer.

I also understand that there may be a price you feel you can't go below due to being unable to fully clear the out-standing mortgage. I used my savings and some borrowings to bridge that gap myself as the sale price did not clear my mortgage. I'm very glad that I did, and consider myself lucky that I was in a position to be able to do that. A work college of mine is currently negotiating a bank-loan to do similar, as his house sale with an ex won't clear the mortgage either.

If you want to sell, then price is what matters. Hope things work out for you.

bugler

The people doing the best in this market are those prepared to accept reality. If you aren't getting viewings and offers then your asking price is too high. No other way of phrasing it. It is important to make the most of the house, have it tidy, even freshly painted etc but ultimately it will come down to maths.

Buyers are not scrambling around for a scarce resource anymore, they can pick and choose and in many cases are happy to take a relaxed approach to the process, as it is no longer a race against time to get on the ladder. It now pays to be cautious.

I see a lot of sellers out there and I don't know what they think they are doing. They are not selling a house. They are not even on the market. If you're way over-priced then you may as well withdraw the house and wait for the market to pick up in x years time.

If you are serious about selling, and you realise that the price you can achieve is set by the market and not by the size of your mortgage or some wishful thinking of yours, then drop the price. Drop it 20k, give it a fortnight. If nothing happens, then drop another 20k. Repeat until you start to get some interest.

If you're not willing to drop the price, then you must accept you will not sell your house. In that case take it off the market and save yourself the stress.

The people who bite the bullet and sell at the market rate will look back at it as a good decision.

bugler

On the whole issue of knowingly over-pricing and then being willing to drop by 20% - this will not fool anyone. If you can and would sell for €300,000, then list that or very close to it as the price. Don't think you'll magic up a better deal by lsiting it at €350,000.

If there is genuine demand for your house then you will get offers - and who knows, depending on how you price it you may get multiple parties interested who will bid with each other.

Supercell

woolyhat wrote: »

Hi Treehouse72 What you are saying is right but would'nt you think someone would say I will make you X of an offer and get back to me to consider it. Of course I started with a price within reason and would be willing to come down. If my price is too high would it now look like I was desprate to sell if I dropped a bit more? or should I take it off the market for a bit before I change the price?

woolyhat to be honest I think most buyers like myself would think that the seller coped on and is likely to be realistic and will do a deal.
There is nothing more frustrating than seeing a lovely house that you would buy at the current market value if the owner copped on. But if its at 2008 prices i wouldn't bother, there is no shortages of homes on sale to bother with time wasters with their head in the clouds.

woolyhat

Thanks for all replies. The house is in a small terrace of 2 story houses 15 houses built in the 1930s there is another one for sale also a bit up from mine they are looking for 270.000.00 and its all overgrown with weeds and in bad condition. My house have a lovely well kept garden, freshely painted and insulated with a ber cert. decking and patio with barbique built at the back and my price is230,000.00

MagicMarker

woolyhat wrote: »

Thanks for all replies. The house is in a small terrace of 2 story houses 15 houses built in the 1930s there is another one for sale also a bit up from mine they are looking for 270.000.00 and its all overgrown with weeds and in bad condition. My house have a lovely well kept garden, freshely painted and insulated with a ber cert. decking and patio with barbique built at the back and my price is230,000.00

Unless the house up the street is SOLD it doesn't really make a difference.

danbohan

woolyhat wrote: »

My house have been up for sale for the past 6 months with onely a few who came to view it but made no offers or got back to me. It is selling at a realy reasonable price a simi 3 b/roomed close to town. But suppose there are several empty estates around here and no employment. with no takers and prices realy low.
Help I want to move soon any ideas (Genuine Ideas please):(

my experiance of auctioneers at the moment is that they are all suffering cold turkey , in short they are only used to selling in a boom and cant cope with the new reality , like this bank holiday weekend we have 4 auctioneers in this town are any of them open saturday and monday , no ,how stupid is that . so look closely at your price , can you handle a 20% -30% discount on it ? , yes , good discount now , no , you may very well have to prices are long way from bottom . good luck

woolyhat

danbohan wrote: »

my experiance of auctioneers at the moment is that they are all suffering cold turkey , in short they are only used to selling in a boom and cant cope with the new reality , like this bank holiday weekend we have 4 auctioneers in this town are any of them open saturday and monday , no ,how stupid is that . so look closely at your price , can you handle a 20% -30% discount on it ? , yes , good discount now , no , you may very well have to prices are long way from bottom . good luck

Would you think prices will fall even further? I feel my price is a bit less than half the value it was in boom time.
Yes it certainely is stupid for auctioneers to be closed this weekend. This is a good time when people are off work and could look at proparties.

Xiney

woolyhat wrote: »

Would you think prices will fall even further?

YES

munstergirl

Its a terraced house op, not a lot of people want to live in a terraced house, maybe drop the price to €200,000, how many houses are for sale in your town/city?

In limerick there are 1,100 for sale at the moment on daft. One area had houses in the peak
€495,000 semi d, now they are NOT selling for €200,000.
The houses were never worth €495,000 in the first place, also people are having hard time keeping job never mind getting mortage.

Best of luck!

danbohan

woolyhat wrote: »

Would you think prices will fall even further? I feel my price is a bit less than half the value it was in boom time.
Yes it certainely is stupid for auctioneers to be closed this weekend. This is a good time when people are off work and could look at proparties.

maybe not by huge amount in good locations in big citys , but outside of that for sure they will fall a lot further , their has been very few firesales yet , we are entering a period{10 years+} of high unemployment and decreasing income house prices can only go one way in my opinion .

woolyhat

munstergirl wrote: »

Its a terraced house op, not a lot of people want to live in a terraced house, maybe drop the price to €200,000, how many houses are for sale in your town/city?

In limerick there are 1,100 for sale at the moment on daft. One area had houses in the peak
€495,000 semi d, now they are NOT selling for €200,000.
The houses were never worth €495,000 in the first place, also people are having hard time keeping job never mind getting mortage.

Best of luck!

Hi Munstergirl I agree house prices were totaly out of proportion in the boom time. I still think my price is quite a bargain it looks small from the front view but I built on a big extention at the back,in fact the back of the house looks better than the front.
There are 250 houses for sale in my home town

Treehouse72

woolyhat wrote: »

I feel my price is a bit less than half the value it was in boom time.

woolyhat, the price of the house during the bubble is of no consequence whatsoever. And I mean none. The price during the bubble is not a reasonable basis to make a valuation for Autumn 2010. You need to start over in your valuation and try to get the bubble out of your mind. Forget about it.

A well respected valuation method is based on Yield, which is the return an investor would get on the property (or an equivalent property) by renting it out. Yield is calculated by: Annual Rent/Value of Property = Yield. A Yield of around 6% (gross) is a reasonable return for an investor who is renting a property out. Some people argue a 5% yield is ok nowadays, others say 7% is. Whatever, you can work out a valuation based on all three yields to get a range of valuations and tweak depending on your specific property.

The easiest shorthand way to work this calculation out is simply to mulitply Annual Rent by 14, 16 and 18 (calculate Annual Rent over 11 months, not 12, to allow for 1 month void annually). If you want a rundown on where those 14, 16 and 18 numbers come from, I'll run through it. But basically they solve for Yields of 7%, 6% and 5% respectively. In all likelihood the true value of your property lies somewhere in that range.

This method works best when the property has equivalents for rent. That however covers a very, very large proportion of all dwellings in Ireland. If you live in a castle on Inis Boffin it mightn't work so well.

woolyhat

Treehouse72 wrote: »

The easiest shorthand way to work this calculation out is simply to mulitply Annual Rent by 14, 16 and 18 (calculate Annual Rent over 11 months, not 12, to allow for 1 month void annually). If you want a rundown on where those 14, 16 and 18 numbers come from, I'll run through it. But basically they solve for Yields of 7%, 6% and 5% respectively. In all likelihood the true value of your property lies somewhere in that range.

This method works best when the property has equivalents for rent. That however covers a very, very large proportion of all dwellings in Ireland. If you live in a castle on Inis Boffin it mightn't work so well.

The rent for property in this area is 400.00 and 500.00 per month.
What should be my asking price baised on this?

Blackjack

woolyhat wrote: »

The rent for property in this area is 400.00 and 500.00 per month.
What should be my asking price baised on this?

at most, 90,000.

That assumes 15 times Annual rental earnings at 500 pm, not taking into account any adjustments for maintenance or vacant periods, which would reduce the value from 90K to around 70K.

xoxyx

Treehouse72 wrote: »

No it's not. It's too expensive.

You can seek advice and opinions till you're blue in the face, you can stage the house beautifully, you can throw in a free washing machine, you could have 1000 people a week viewing it...and none of it would matter a jot because the house is simply too expensive. If it weren't it would have sold by now. If you are in any doubt about this, just ask yourself what would happen if it cost €1. It would sell in 2 minutes, right? This shows the house will sell, if the price is right. Since it isn't selling, we can conclude that the price is not right.

If you disagree with any of this, it means you are in denial about the value of your house. While that's perfectly understandable, if you really want to sell this is something you need to internalise and deal with.

What a pile of b0llocks. Do you not realise that the price which is right for the buyer may be completely wrong for the seller. That's very bad advice from you I reckon.

Of course, if sombody is looking to sell their house for an unreasonable amount, they need to drop their price. But rather than dropping the price below their budget simply to sell (as you suggest), they should stay put if at all possible. Prices fluctuate, circumstances change. No need to go for broke which is essentially what you're suggesting.

I appreciate that there may be extraneous issues which mean the OP has to move, in which case, by all means, go with your suggestion. But that only applies in desperate situations.

Head The Wall

The OP probably is aware of that, he came on here wondering what could he do as he has to move and needs to sell. he didn't come on asking should he stay put

xoxyx

How do you know what the OP is or isn't aware of. A good discussion covers all angles.

Anyway, wasn't aimed towards the OP specifically. General points countering bad advice.

Duckjob

Treehouse72 wrote: »

woolyhat, the price of the house during the bubble is of no consequence whatsoever. And I mean none. The price during the bubble is not a reasonable basis to make a valuation for Autumn 2010. You need to start over in your valuation and try to get the bubble out of your mind. Forget about it.

A well respected valuation method is based on Yield, which is the return an investor would get on the property (or an equivalent property) by renting it out. Yield is calculated by: Annual Rent/Value of Property = Yield. A Yield of around 6% (gross) is a reasonable return for an investor who is renting a property out. Some people argue a 5% yield is ok nowadays, others say 7% is. Whatever, you can work out a valuation based on all three yields to get a range of valuations and tweak depending on your specific property.

The easiest shorthand way to work this calculation out is simply to mulitply Annual Rent by 14, 16 and 18 (calculate Annual Rent over 11 months, not 12, to allow for 1 month void annually). If you want a rundown on where those 14, 16 and 18 numbers come from, I'll run through it. But basically they solve for Yields of 7%, 6% and 5% respectively. In all likelihood the true value of your property lies somewhere in that range.

This method works best when the property has equivalents for rent. That however covers a very, very large proportion of all dwellings in Ireland. If you live in a castle on Inis Boffin it mightn't work so well.

In fairness, that formula tends to represent a fairly bearish outlook on where prices might be heading. While you can argue about how close prices will actually come to those levels, it's probably fair to say that today's clearing prices are still a good bit above that.

Really, all the OP has to do is lower his price aggressively until he gets a decent level of interest. I agree he needs to put aside comparisons of how much it was worth in boom times though.


.

woolyhat

I built on a extention to the house some years ago and it cost 36,000.00 pounds at the time. The house up the road which for sale is priced higher than mine onely have 2 bedrooms a very basic house. I built on (two story) A bedroom on-suite a bathroom, kitchen and utility and a realy big Garden room also all electrical items are included in the sale as no point takeing out built ins. timber floors etc.
If I consider the cost of the extention and contntents of the house it would onely put the value on the original house without what work have been done at around 53,000.00 even a derilict site would sell for more than that,and I live beside a 5 star hotel

Oafley Jones

z_topaz wrote: »

What a pile of b0llocks. Do you not realise that the price which is right for the buyer may be completely wrong for the seller. That's very bad advice from you I reckon.

He seems perfectly correct to me.

Treehouse72

z_topaz wrote: »

What a pile of b0llocks. Do you not realise that the price which is right for the buyer may be completely wrong for the seller. That's very bad advice from you I reckon.

Of course, if sombody is looking to sell their house for an unreasonable amount, they need to drop their price. But rather than dropping the price below their budget simply to sell (as you suggest), they should stay put if at all possible. Prices fluctuate, circumstances change. No need to go for broke which is essentially what you're suggesting.

I appreciate that there may be extraneous issues which mean the OP has to move, in which case, by all means, go with your suggestion. But that only applies in desperate situations.

Wow, what a rude and incoherent post for one that is so light on content and that seems to have so little grasp of how supply, demand and price work. If you are going to insult me, at least put some meat on the bones of your argument.

Anyway, thanks for reminding everyone that sellers always want more than buyers are willing to offer. If you have any more devastating insights like this, be sure to report back.

In the meantime, please try to understand this: I am talking about ACTUALLY SELLING the property. You are talking about picking a number out of the air, calling that your "asking price" and sticking the house on Daft. That is an entirely different thing. If you want to sell the house, follow my advice. If you want it to sit on Daft for months waiting for the property boom to return, do as Topaz suggests.

Oafley Jones

Treehouse72 wrote: »

Wow, what a rude and incoherent post for one that is so light on content and that seems to have so little grasp of how supply, demand and price work. If you are going to insult me, at least put some meat on the bones of your argument.

Anyway, thanks for reminding everyone that sellers always want more than buyers are willing to offer. If you have any more devastating insights like this, be sure to report back.

In the meantime, please try to understand this: I am talking about ACTUALLY SELLING the property. You are talking about picking a number out of the air, calling that your "asking price" and sticking the house on Daft. That is an entirely different thing. If you want to sell the house, follow my advice. If you want it to sit on Daft for months waiting for the property boom to return, do as Topaz suggests.

The highlighted part actually produced an audible WTF? from me, pure fortune cookie rubbish. Actually, the more I think about it, it sounds exactly like something you'd hear form Karl Pilkington.

Treehouse72

Duckjob wrote: »

In fairness, that formula tends to represent a fairly bearish outlook on where prices might be heading. While you can argue about how close prices will actually come to those levels, it's probably fair to say that today's clearing prices are still a good bit above that.

Really, all the OP has to do is lower his price aggressively until he gets a decent level of interest. I agree he needs to put aside comparisons of how much it was worth in boom times though.


.

You may be right Duckjob, but even if one were to use far more bullish Yield calculations the property would still likely come out valued 30% - 50% below current asking. So even if my numbers are overly bearish, even a more optimistic metric won't change the fundamental point that the property is likely massively overpriced.

woolyhat

woolyhat wrote: »

I built on a extention to the house some years ago and it cost 36,000.00 pounds at the time. The house up the road which for sale is priced higher than mine onely have 2 bedrooms a very basic house. I built on (two story) A bedroom on-suite a bathroom, kitchen and utility and a realy big Garden room also all electrical items are included in the sale as no point takeing out built ins. timber floors etc.
If I consider the cost of the extention and contntents of the house it would onely put the value on the original house without what work have been done at around 53,000.00 even a derilict site would sell for more than that,and I live beside a 5 star hotel

There is a realy tiny house just 3min walk away from wher I live 70,000.00 more than mine and no garden front or back also no place to park

Ideo

wollyhat post a link to your house! you keep comparing your house to other houses that are more expensive than yours and just because the asking on those houses is more does not mean that those houses are worth it. you will get a better response here if we can judge the house for ourselves

woolyhat

Ideo wrote: »

wollyhat post a link to your house! you keep comparing your house to other houses that are more expensive than yours and just because the asking on those houses is more does not mean that those houses are worth it. you will get a better response here if we can judge the house for ourselves

This would reveal my identity and I would like to remain private. Hope everyone will understand my position

Treehouse72

Of course, that's perfectly natural woolyhat.

Praetorian Saighdiuir

woolyhat wrote: »

This would reveal my identity and I would like to remain private. Hope everyone will understand my position

Look, its not like you are Batman!!

It seems to me that you are just on here to justify what your asking price is. You need to understand that other property prices in your area are also deluded.

You keep posting "examples" of other inferior houses in your area that are asking for more than you.

Ask yourself this...If your house is as wonderful as you are making it out to be, then why has it not sold?

Sorry to be blunt but without pics this is my conclusion:

ANSWER:
It is NOT worth the asking price......if you are desperate to sell, then you know what to do.

Also, I see your have another thread about your dream house, with some very specific characteristics. You are essentially looking for a great house in a great location for little money......join the queue! Apply this logic to the house you are selling.

Treehouse72

benwavner wrote: »

Look, its not like you are Batman!!

It seems to me that you are just on here to justify what your asking price is. You need to understand that other property prices in your area are also deluded.

You keep posting "examples" of other inferior houses in your area that are asking for more than you.

Ask yourself this...If your house is as wonderful as you are making it out to be, then why has it not sold?

Sorry to be blunt but without pics this is my conclusion:

ANSWER:
It is NOT worth the asking price......if you are desperate to sell, then you know what to do.

Also, I see your have another thread about your dream house, with some very specific characteristics. You are essentially looking for a great house in a great location for little money......join the queue! Apply this logic to the house you are selling.

Harsh, but fair.

Praetorian Saighdiuir

Treehouse72 wrote: »

Harsh, but fair.

Actually after a re-read, it did come across as harsh which was not my intention.

Im house hunting at the moment and my experiences of vendors so far is shocking. Some even refusing to budge 10% lower than the asking price, even though the property is crazy overpriced and it has been on the market over a year.

Some people are nuts.

woolyhat

benwavner wrote: »

Look, its not like you are Batman!!

It seems to me that you are just on here to justify what your asking price is. You need to understand that other property prices in your area are also deluded.

You keep posting "examples" of other inferior houses in your area that are asking for more than you.

Ask yourself this...If your house is as wonderful as you are making it out to be, then why has it not sold?

Sorry to be blunt but without pics this is my conclusion:

ANSWER:
It is NOT worth the asking price......if you are desperate to sell, then you know what to do.

Also, I see your have another thread about your dream house, with some very specific characteristics. You are essentially looking for a great house in a great location for little money......join the queue! Apply this logic to the house you are selling.

You do not know why anyone want to move from a area maybe they lost a loved one and want to get away, a broken unhappy relationship, several reasons. The house and price and area may be fine just other things hard to deal with. Why should I not want to get a house as near to my dreams. and I never said I was looking for a house onely spending little money. what I get for my own is what I will be able to afford.
There is nothing in the market which would be liveable for 99,000.00

Praetorian Saighdiuir

woolyhat wrote: »

You do not know why anyone want to move from a area maybe they lost a loved one and want to get away, a broken unhappy relationship, several reasons. The house and price and area may be fine just other things hard to deal with. Why should I not want to get a house as near to my dreams. and I never said I was looking for a house onely spending little money. what I get for my own is what I will be able to afford. There is nothing in the market which would be liveable for 99,000.00

"You do not know why anyone want to move from a area maybe they lost a loved one and want to get away, a broken unhappy relationship, several reasons. The house and price and area may be fine just other things hard to deal with"

I have no idea what your point is there! If someone wanted to sell quickly for any of these reasons above , im sure they would sell and not hold on indefinately for an extra €30k


"Why should I not want to get a house as near to my dreams"

I agree, I think we all should, that was my point, but at a realistic price.


"and I never said I was looking for a house onely spending little money. what I get for my own is what I will be able to afford. There is nothing in the market which would be liveable for 99,000.00"

My point was that we all want a great house for as little money as we can, which is why potential buyers are put off by overpriced properties, even if yours is nicer than your neighbours. My point about your dream house was that we all have ideal criteria when looking to buy a house. I have x amount of money and I would like to be near x and x and x and x etc. So, this is also what people are thinking when viewing you house. Does it tick all of their wants and needs and ideals? maybe, maybe not. But the deciding factor is price.

alex73

Problem is with House prices still falling and Cost of borrowing rising people are nervous buying. There was an estate in sligo where the 4 bedroom house were sold of at half price for 125K and they all sold the same day.. At the end of the day the house will sell if the price is right, its easier to get a mortgage for 125K than for 250K. My mortage is 140K with 13 year left and I pay 823 euros a month, (ECB tracker) same mortage in todays terms would be 1100 euros a month. Property is never going to be the same in Ireland again.

woolyhat

benwavner I am not holding out to get another 30,000.00 What I meant originaly was that I would be willing to come to a reasonable agreement in price with the buyer makeing a offer lower than the asking price and we eventualy agrreing on a price that we were both happy with. after all it was the auctioneer who valued my house to start with. I am of course willing to drop the price I do want to sell

Blackjack

woolyhat wrote: »

benwavner I am not holding out to get another 30,000.00 What I meant originaly was that I would be willing to come to a reasonable agreement in price with the buyer makeing a offer lower than the asking price and we eventualy agrreing on a price that we were both happy with. after all it was the auctioneer who valued my house to start with. I am of course willing to drop the price I do want to sell

Without knowing what or where you are selling (as you're not willing to tell - which I understand to an extent), the best advise I can give if you need to sell is to drop the price by whatever it takes to generate interest.
I can't suggest to you what that might be, although if places are only renting for 500 a month now, the earlier valuation of 90K is pretty much where I would be headed.

If you want to sell, drop the price to at least 15% below the last asking price of a similar property sold recently in your area.

SoupyNorman

Hi woolyhat, I've read through the thread. Firstly I dont think you are one of the totally delusional sellers on the market however you are still basing your selling price on local prices and trends, this is wrong.

If you want to sell your house, drop the price to €150k. I think you'll make a profit if you do this, I say profit because if you decide to hold on then I think the market will eventually level off close to the rental yield valuation model which was mentioned in the thread to be €90k approx.

I can appreciate that it's a difficult notion to comprehend, but in my view I dont think there will be many 3 bed semis in Dublin fetching more then €150k in 3years.

Average Dublin house prices are EUR 242,000 and falling slowly(but steadily), EUR 181,820 outside Dublin. The fall in prices has slowed but I wouldn't read into that with sellers optimism, the 'faster' falls in prices were mainly to do with the super-normal house prices of the bubble, like the froth being blown off the cappuccino as a poster said once which I thought was an excellent metaphor.

End of the day the market is an unstoppable force, it will do what it wants/needs to do to correct itself. The only way you can beat it is if you jump the gun and slash the price..if however you want to play the 'tweak my price' game then I fear you're headed for a long and depressing journey.


You have to prepare yourself for the fact that nobody may ever want to buy your house no matter the price, this country is oversupplied to a truly sickening level.