Is now a good time to sell a house??

Kopkillers

Hi folks,
I put a house on the market around 6 weeks or so and have had a lot of interest so far. There have been a number of offers and we even went sale agreed a few weeks ago only for the 'buyer' to pull out (well stop answering his phone,emails and so on after agreeing to hand in a deposit!!).
Anyway, still getting viewings and have had another reasonable offer only today.
A few people are now saying we'd be foolish to sell since we are at the bottom of the market and prices ar on the up....

Don't want to be greedy but would be pity to lose out on a better price down the road...

Appreciate any comments...
House is in an mature estate in Dublin 15

Thanks

NIMAN

I sold a house about 1 month ago. I wasn't cut out to be a landlord.

To be honest, I was glad to get rid. There is only going to be increasing taxes on 2nd properties, and God knows what the Gov will decide to tax next wrt homes.

I tried to sell it about 2yrs ago, and it has dropped 30k since then. I was afraid if I waited another year then it might lose another 10k. Plus there is a NAMA owned housing estate beside it, with approx 70 or 80 empty properties, and there was rumours these will be up for sale in the next year or two. I could see these selling at rock bottom prices, and my house would have been worth about another 30k less. Risk I wasn't willing to take.

You seem to be having plenty of viewings, and offers. So you must have it priced right to get interest. Many are still pricing their houses at sill prices, and will never get rid. You are doing it right imho. I think there is still some way to drop off in prices around the country, but since you are in Dublin then there is a chance you may already be at the bottom (if you believe the Irish Indo).

Kopkillers

NIMAN wrote: »

I sold a house about 1 month ago. I wasn't cut out to be a landlord.

To be honest, I was glad to get rid. There is only going to be increasing taxes on 2nd properties, and God knows what the Gov will decide to tax next wrt homes.

I tried to sell it about 2yrs ago, and it has dropped 30k since then. I was afraid if I waited another year then it might lose another 10k. Plus there is a NAMA owned housing estate beside it, with approx 70 or 80 empty properties, and there was rumours these will be up for sale in the next year or two. I could see these selling at rock bottom prices, and my house would have been worth about another 30k less. Risk I wasn't willing to take.

You seem to be having plenty of viewings, and offers. So you must have it priced right to get interest. Many are still pricing their houses at sill prices, and will never get rid. You are doing it right imho. I think there is still some way to drop off in prices around the country, but since you are in Dublin then there is a chance you may already be at the bottom (if you believe the Irish Indo).

Great response Niman,
Glad you got to sell your house.
Yeah I reckon the house is priced about right and I reckon we'll sell soon if we can but you always have doubts...

shanered

Look, with things like this its whether its a good time to sell for you, things could go either way tbh, after the budget etc...things could easily get worse, but then again things may start picking up in dublin as some newspapers are saying, but you have to remember that its the very same newpapers that made huge money off the property market and that they have a vested interest in raising the public's expectation of the property market.
If your selling to re-invest in the property market, eg upgrading its as good as time as any!
If you want to wait in the hope of a rise, you might be fairly dissappointed if prices fall again...

NIMAN

I took a risk selling, as I had a good tenant and it was in an area which I would not struggle to get rented. There was the chance I could have it rented out consistently until the mortgage cleared in 10yrs.

But I just wasn't happy with the way the economy is going, and the way I think it will go in the next few years. My tenant got their rent supplement cut by €130 this year compared to last, and I had to reduce the rent accordingly. This is only ging one way, DOWN. I think the 2nd home tax will go UP, UP, Up. Then add in whatever figure the property tax hits, as well as the hassle of worrying about a rented property, insuring it etc. Hence my decision.

Now maybe in 5yrs I will be kicking myself if its worth €20k more than I sold it for. But my angle was "I will feel so better if in 5yrs time its another €20k down from my sale price".

No-one really knows the answer. I was happy to sell, and still made a profit, which is not something the vast majority of property owners in this country could do.

You takes your chances.

Japer

think you were right in selling as there is only one way property prices can go, considering
(a) future austerity / property tax + other tax increases in budget etc
(b) interest rates can only go one way - up
(c) banks, nama etc sitting on stocks of empty + repossesed houses , which will have to be offloaded on to the market one day, lowering prices.
Here in Dublin prices may not fall much more, but out in the country I reckon prices will fall a lot more yet.
Capital cities tend to have public transport, higher wages, more jobs etc.

djimi

Are you selling with a view to buying another house? Its worth bearing in mind that if house prices are going to rise (which is debatable) then while you may get more for yours by waiting, it will balance off in that you will pay more for the house that you are going to buy.

Its also worth bearing in mind that the Indo seem to be spouting a lot of rubbish about the housing market which in reality bears little resemblence to what is actually happening. If you want to know if house prices are on the rise in your area then keep an eye on places like Daft and more importantly see how many of the houses are actually selling.

tim9002

I would try and sell it before the end of the year. There's an incentive for buyers this year due to the end of mortgage interest relief in December. Next year sees the introduction of a property tax, water charges, no mortgage interest relief and another tough budget. Prices are going to go up you say!

Kopkillers

tim9002 wrote: »

I would try and sell it before the end of the year. There's an incentive for buyers this year due to the end of mortgage interest relief in December. Next year sees the introduction of a property tax, water charges, no mortgage interest relief and another tough budget. Prices are going to go up you say!

Instructed our EA to accept a bid today so hopefully all will go smoothly and we'll have sold up by Christmas..fingers crossed!!
And would you believe, the got that we went 'sale agreed' with a few week ago and fecked off ...surfaced again today...
He offered 10 grand less that his previous bid...he has been shown the door!!

Thanks for all the advice guys...

riclad

DO you think prices will go down,do you depend on rent allowance tenants.
do you think prices will rise again, in ten years.
I think this government will bring in more taxes,property tax s will rise.

have you got a loan on the house?
i don,t see prices going up in the next 5 years.
look at whats happening in spain ,greece,portugal ,eu is struggling to keep their banks from collapsing.
we are in the middle of a crisis ,we have a few years to go ,before we can get back to some kind of stability.
this government brings in a tax, say 200euro,
in a few years its 500 euro.

NIMAN

Hope it all goes well for you Kopkillers, and that it doesn't fall through again.

Better rid I say.

Balarrr Didiarr

NIMAN wrote: »

Hope it all goes well for you Kopkillers, and that it doesn't fall through again.

Better rid I say.

Hope all works out for you, just my opinion but I really don't think D15 (or market in general) has bottomed out. There are still asking prices in this area that are extortionate in comparison to similar properties in just as good areas. I follow d15 closely with view to buy in a couple of years, personally I think further reductions will continue.

NIMAN

I still think there is plenty of bad news on the horizon for Ireland and Europe, and one of the reasons why I wanted to get rid of my 2nd property.

Greece has an unemployment rate of 25%+ and its over 50% for the Under25s. LaGarde says they need more debt relief - and Germany ain't going to give it.

Spain has just been moved to a level above Junk Status, and I'm sure Junk status is only around the corner for them. Then what will happen?

Italy next?

We are 5 years into this crisis and it looks like we won't be out of it any time soon. I'm guessing at least another 5yrs, maybe more.

Once we get some very harsh Budgets in Ireland, and with every allowance getting cut, I say SELL, SELL, SELL if you can.