D15 house prices

chucknorris

I am on the lookout for a house and have four houses in mind.

I've spoke to an estate agent about a property they were tasked with selling (that arrived on the market five days ago) urging a deposit because others were interested etc.
The EA also played down a newer property that just came on the market and explained why, even though they too were tasked with selling it which is quite odd. They explained the occupants renting it, the carpets etc. Completely unusual.

In recent days I've noticed an increase in houses coming on the market from d15 at substantially lower prices.

My thoughts are that people are now suddenly not sitting and waiting to see what happens but now selling and dropping prices dramatically. Perhaps due to the suggested increase in percentage points, the prediction in the media last week for further drops in house prices and maybe even the auction taking place on July 7th that includes two four bed duplex's with a reserve of 95k.

This came on the market this morning.

14 Bramblefield Walk, Clonee
Region EUR150,000 - For Sale by Private Treaty
3 Bedrooms, 3 Bathrooms
www.daft.ie/1600878

As a buyer, you would be forgiven to hold on a month just to watch this develop. The rate of decline is so quick that a percentage increase would not off set it.

Take the house above. If you were buying and have a 20k or 30k deposit, the mortgage on this house could be 120k-130k but you know you might get this even cheaper.

How low can they go

oblivious

chucknorris wrote: »

How low can they go

We sold and both in February this year, while holding out can reduce the price from my experience we had nearly reached the limit of dropping the price and would have with drawn the house if we did not sell.

I know of a number of properties that have not continued to drop or have been with drawn. Not all people are desperate or a been force into sell, it just a judgment call you have to make if they will go lower or that's rock bottom for them

But one thing is clear the asking price on the site in not the sell price pitch one around 10% or so to see if you get a response.

chucknorris

oblivious wrote: »

We sold and both in February this year, while holding out can reduce the price from my experience we had nearly reached the limit of dropping the price and would have with drawn the house if we did not sell.

I know of a number of properties that have not continued to drop or have been with drawn. Not all people are desperate or a been force into sell, it just a judgment call you have to make if they will go lower or that's rock bottom for them

But one thing is clear the asking price on the site in not the sell price pitch one around 10% or so to see if you get a response.

Thanking you

ps: where did you sell?

oblivious

chucknorris wrote: »

ps: where did you sell?

Ah not telling, i am still in the area-ish:D

Also that should be 10% less the asking price

chucknorris

oblivious wrote: »

Ah not telling, i am still in the area-ish:D

Also that should be 10% less the asking price

Understood I have being sniffing around trying to sale price info, it is like gold dust

Diddler1977

I would think most sellers would snap your arm off if you made an offer of 10% off the asking price.

I would make offers of about 30% off asking price on a few properties you were interested in.

If your offers are refused by sellers, withdraw them. Leave your details with the EA and check back with them every 3 weeks or so to see the state of play and let them know you are still interested.

Someone will bite eventually! Someone who HAS to sell.....

Also if the EA comes back a few months later and says the seller wants to reconsider your offer. Drop it by 10% and then resubmit. It gives a little room for negotiating on extras to be included in the sale of the house eg. Washing machine, etc.

chucknorris

Diddler1977 wrote: »

I would think most sellers would snap your arm off if you made an offer of 10% off the asking price.

I would make offers of about 30% off asking price on a few properties you were interested in.

If your offers are refused by sellers, withdraw them. Leave your details with the EA and check back with them every 3 weeks or so to see the state of play and let them know you are still interested.

Someone will bite eventually! Someone who HAS to sell.....

Also if the EA comes back a few months later and says the seller wants to reconsider your offer. Drop it by 10% and then resubmit. It gives a little room for negotiating on extras to be included in the sale of the house eg. Washing machine, etc.

Interesting Diddler, fair play.

I suppose if your a buyer it's the position that should be taken.

Here are two examples I'd he happy to live in.

http://www.myhome.ie/residential/brochure/1-belgree-rise-tyrellstown/364570

http://www.myhome.ie/residential/brochure/5-bellgree-green-tyrrelstown-dublin-15/438953

I'd certainly pay in the region of 170k for either. That's 15% or so less than asking,

Diddler1977

chucknorris wrote: »

Interesting Diddler, fair play.

I suppose if your a buyer it's the position that should be taken.

Here are two examples I'd he happy to live in.

http://www.myhome.ie/residential/brochure/1-belgree-rise-tyrellstown/364570

http://www.myhome.ie/residential/brochure/5-bellgree-green-tyrrelstown-dublin-15/438953

I'd certainly pay in the region of 170k for either. That's 15% or so less than asking,

Two nice houses there Chuck!

If you want to pay 170, you would need to be going in with offers of 150,000.

I'd also try get that American Style Fridge thrown in as a condition of sale

oblivious

Diddler1977 wrote: »

Someone will bite eventually! Someone who HAS to sell......

Yes but is in areas you really want and not everyone has to sell. It can be a good time to sell take a hit on your sale price if you can and make the saving on another property.

But this is predicated that the sale will clear the outstanding mortgage, as bank generally wont give out another mortgage and you can raise the deposit of the next purchase

nextbestintown

Wait. The big falls are yet to come.

450+ on the dole, 60,000 peps behind 6months+ on mortgages... its gonna be good!

This D15 house was 385 during the boom, now its 95K at auction... may go for more, probably less....

http://www.daft.ie/searchsale.daft?id=597292

The thing is, when one goes cheaper another one follows- just like the boom except in the glourious opposite direction!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! x

chucknorris

nextbestintown wrote: »

Wait. The big falls are yet to come.

450+ on the dole, 60,000 peps behind 6months+ on mortgages... its gonna be good!

This D15 house was 385 during the boom, now its 95K at auction... may go for more, probably less....

http://www.daft.ie/searchsale.daft?id=597292

The thing is, when one goes cheaper another one follows- just like the boom except in the glourious opposite direction!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! x

I understand you point and I have fought with that dilemma too. There is a view also that when they get that low, some people are ready to pounce on the quality ones. The increasing interest rate could force repayments fairly high even on a smaller mortgage.

My mortgage approval is valid until October, I am in no hurry but I would like a house before winter time.

QUESTION: Would you knock at those doors if the estate agent has not responded to your query?

Arciphel

Hey chucknorris I live close to where that house you posted for €150k is, far as I know it was an investment property that didn't pan out and is now a distressed sale. That's what I heard anyhow. Expect it to actually sell for closer to the €185k mark.

I'd be careful of Tyrellstown if you don't know the area, there is ongoing issues with management fees, public transport links and provisions for schools in the area and a lot of very cheap properties up there for some reason.

Drop me a PM if you like...

chucknorris

Arciphel wrote: »

Hey chucknorris I live close to where that house you posted for €150k is, far as I know it was an investment property that didn't pan out and is now a distressed sale. That's what I heard anyhow. Expect it to actually sell for closer to the €185k mark.

I'd be careful of Tyrellstown if you don't know the area, there is ongoing issues with management fees, public transport links and provisions for schools in the area and a lot of very cheap properties up there for some reason.

Drop me a PM if you like...

PM on the way!

I'd be very surprised if anyone will bid up. Everyone does expect something off and they would have been foolish to post for a region below their expected. that would have been the case five years ago but not today i reckon.

chucknorris

Diddler1977 wrote: »

Two nice houses there Chuck!

If you want to pay 170, you would need to be going in with offers of 150,000.

I'd also try get that American Style Fridge thrown in as a condition of sale

DIDDLER!!!
QUESTION: Would you knock at those doors if the estate agent has not responded to your query?

Murt10

oblivious wrote: »

But one thing is clear the asking price on the site in not the sell price pitch one around 10% or so to see if you get a response.

No. No. No.

In the present market, if you are not embarrassed by the size of your offer, you are offering too much. Go in much, much lower.

Diddler1977

chucknorris wrote: »

DIDDLER!!!
QUESTION: Would you knock at those doors if the estate agent has not responded to your query?

Hi Chuck!

No I would not knock in to owners even if the EA has not responded to an offer.

In this market, what I would do is wait a month. Ask for another viewing. Make another offer 5% lower then your original offer.

Presume they are not interested in each offer that they do not respond to.
In a falling market, keep going back with a lower offer.
They'll get the message eventually.