Anyone else depressed with house hunting?

Marchbride

Looking around for three months now and there's absolutely nothing out there. Went to three house viewings on Saturday on the north side of Dublin and all three houses needed ALOT of work added onto the inflated asking price. Yet there were at least 25 couples at two of the three viewings. It's madness and seriously turning me off viewing and searching in general. Anyone else experiencing this? Anyone any wisdom that supply will somehow improve anytime soon?

TheBody

I'm having the same problem. Houses are either way out of my budget or they are in need of MAJOR work. I'm fed up with it all.

Marchbride

TheBody wrote: »

I'm having the same problem. Houses are either way out of my budget or they are in need of MAJOR work. I'm fed up with it all.

Awww stop its crap isn't it!!?!! I remember watching my sister and friends beam with excitement when house hunting between 5-2 yr ago and all I feel is stress!! Are you looking north side too body? Anyone's I've seen in north side need at least new heating system, rewiring and windows.. U need over 320 to get something half decent!!

TheBody

I'm looking in the Mullingar region. I'm trying to find a house in the countryside. Been actively looking for about 8 months now.

TheBody

I was thinking that getting the mortgage would be the tricky bit!!

gaius c

Mr.S wrote: »

Increasing budget seems to be the only way. Basically everyone wants 1 or 2 beds for 900-1200euro a month!

Think OP and others are talking re buying.

TheDriver

I am finding the same, not many properties on the market that fill my criteria (and I am not that fussy), some silly prices being made and I am also finding sellers who can't actually sell their house!

Marchbride

TheDriver wrote: »

I am finding the same, not many properties on the market that fill my criteria (and I am not that fussy), some silly prices being made and I am also finding sellers who can't actually sell their house!

Not one on market for us.. Seen one we liked and contacted EA who then told me that it's not actually for sale as vendor is now letting bank repossess but yet EA has add up? That was annoying as it would have been ideal (if we got it of course) but that's as close as we've gotten to the right one.
I found it funny when viewing one of the properties which needed alot of work on Saturday, I overheard the EA telling an interested couple that the asking price was offered that wk but owner didn't accept it as he knows there's plenty of fish but very little bait. The house is on market for at least 8 mths and couldn't be shifted and now the vendor is in a position where she can turn asking price down.. Amazes me

chris85

I am starting to look at properties but still in early stages. Hoping to look for mortgage approval in March/April with a view to buy in the 2nd half of the year I hope. However I have been keeping an eye on properties and prices in the North Dublin area and not very optimistic on how it will go. Will have better idea in few months.

Its kind of annoying as me and partner are both good candidates for mortgage with good jobs, good savings and no debt. We want to buy and settle in Dublin as were we are from but so many investors and cash buyers seem to be inflating the prices and so many unsustainable mortgages not being serviced and the banks are finding it hard to repossess so a large amount of properties out there which would be better for me if they were up for sale.

caew

we've been looking for months but the problem we are finding is sellers not wanting to sell. we have looked at houses that have been up for over a year, no offers, yet we have put in offers and they either won't consider them or just don't bother responding.

I think sellers are hanging on hoping the prices shoot up so many houses up for sale are not for sale really at this time.

lima

caew wrote: »

we've been looking for months but the problem we are finding is sellers not wanting to sell. we have looked at houses that have been up for over a year, no offers, yet we have put in offers and they either won't consider them or just don't bother responding.

I think sellers are hanging on hoping the prices shoot up so many houses up for sale are not for sale really at this time.

Yeah unfortunately this is so. The govt are really happy about this by the way, it's what they wanted. Restricted stock = higher prices.

I'm actively looking to buy too btw

Marchbride

caew wrote: »

we've been looking for months but the problem we are finding is sellers not wanting to sell. we have looked at houses that have been up for over a year, no offers, yet we have put in offers and they either won't consider them or just don't bother responding.

I think sellers are hanging on hoping the prices shoot up so many houses up for sale are not for sale really at this time.

Sad but true we saw and loved a house and have a reasonable bid on it but were told that the vendors are happy to wait out until something better comes along?! House been on market approx 10months.. They're downsizing but have nowhere to go so if you were to get the house you'd be waiting a long time to move in. So they're hanging for the 'boom'!!
Crap time to buy

stargazer 68

Marchbride wrote: »

Sad but true we saw and loved a house and have a reasonable bid on it but were told that the vendors are happy to wait out until something better comes along?! House been on market approx 10months.. They're downsizing but have nowhere to go so if you were to get the house you'd be waiting a long time to move in. So they're hanging for the 'boom'!!
Crap time to buy

There is a lovely house for sale on my road and has been up for sale for a year now - could never figure out why it hadn't sold - maybe thats why then!

leahyl

I am so over house hunting the last year or so but I am trying again now because I'm getting a little bit sick of being at home.

Saw a house on daft in a Cork suburb - 4 bed for 210k - emailed the agent on Sunday night looking for an appointment to see it - still heard nothing....

There is actually nothing out there and this house looks fairly decent but I'm wondering if they'd accept a lower bid....if I ever get to view the house that is.

caew

Marchbride wrote: »

Sad but true we saw and loved a house and have a reasonable bid on it but were told that the vendors are happy to wait out until something better comes along?! House been on market approx 10months.. They're downsizing but have nowhere to go so if you were to get the house you'd be waiting a long time to move in. So they're hanging for the 'boom'!!
Crap time to buy

That is exactly our experiences, a lot of houses we have viewed are people downsizing and are willing to take the chance the prices are going up and won't even consider offers now.

It is a waste of time, both for potential buyers and estate agents who are showing a house that isn't really for sale!

chris85

Is this mainly Dublin based where people are seeing owners trying to hold on for better prices down the line? Or is it happening all over the place? My search will be focused on Dublin either way.

gaius c

caew wrote: »

we've been looking for months but the problem we are finding is sellers not wanting to sell. we have looked at houses that have been up for over a year, no offers, yet we have put in offers and they either won't consider them or just don't bother responding.

I think sellers are hanging on hoping the prices shoot up so many houses up for sale are not for sale really at this time.

There was an excellent thread here before detailing one buyer's search for a house and the number of houses he looked at that were not actually for sale. The reasons included:
1. House was only on sale to get the bank off their backs and they refused all offers.
2. House was on sale but the asking price moved forever upwards because a) they didn't want to move or b) they had a mortgage that needed clearing and wouldn't sell it for less.

Bulls maintain that there is pent up demand but there is also pent up supply too. Patience. This could take a while to clear.

Alf Veedersane

Marchbride wrote: »

Looking around for three months now and there's absolutely nothing out there. Went to three house viewings on Saturday on the north side of Dublin and all three houses needed ALOT of work added onto the inflated asking price. Yet there were at least 25 couples at two of the three viewings. It's madness and seriously turning me off viewing and searching in general. Anyone else experiencing this? Anyone any wisdom that supply will somehow improve anytime soon?

Keep positive.

We were well over a year looking and viewed more than 30 places. Were screwed over but got what we wanted in the end.

gaius c

chris85 wrote: »

Is this mainly Dublin based where people are seeing owners trying to hold on for better prices down the line? Or is it happening all over the place? My search will be focused on Dublin either way.

Not better prices, better quality.
The only houses that are genuinely for sale are derelicts or houses where the previous occupant was carried out in a box a month before.

chris85

gaius c wrote: »

Not better prices, better quality.
The only houses that are genuinely for sale are derelicts or houses where the previous occupant was carried out in a box a month before.

Can agree with that. The ones I see on daft certainly look like that. I am looking for a house which is livable when I move in. I will be making changes as most do over the years but at the start wont have major money to make changes and will need it livable.

miezekatze

I agree with Alf Veedersane, stay positive about it! We bought our house just a few months ago after spending almost every weekend in 2013 viewing houses, getting outbid on multiple houses and getting very fed up with the whole experience! It's a stressful process, but it will be worth it in the end! By summer 2013 we started thinking that we'd never find anything, and that's even though we'd increased our budget and were willing to compromise on quite a few things. Eventually it worked out for us though, we came across a house that ticks most of our boxes at a decent price, and for some strange reason nobody else was bidding against us. Good luck to everyone who's still looking!

gaius c

chris85 wrote: »

Can agree with that. The ones I see on daft certainly look like that. I am looking for a house which is livable when I move in. I will be making changes as most do over the years but at the start wont have major money to make changes and will need it livable.

You can't get them right now because even if the owners are not in arrears, they are in NE and don't want to realise it by moving & selling up.

Egan2012

I know you are all talking about buying homes guys, But I was only looking for a place to rent and it took me nearly 12 months just to find a suitable place. We have a big family and a lot of the places wouldn't except us. I found it very dishearting. I know it's probably not the same as trying to buy a place. We eventually found a place just before Christmas. For the house that we got it was well worth the wait.

youcancallmeal

Egan2012 wrote: »

I know you are all talking about buying homes guys, But I was only looking for a place to rent and it took me nearly 12 months just to find a suitable place. We have a big family and a lot of the places wouldn't except us. I found it very dishearting. I know it's probably not the same as trying to buy a place. We eventually found a place just before Christmas. For the house that we got it was well worth the wait.

Why wouldn't they accept you?

Egan2012

youcancallmeal wrote: »

Why wouldn't they accept you?

Because we have 7 children. I know it's a lot but even Autioneers would say to us you have a lot of traffic. That would put landlords off. I was there saying to myself what the ****. lol

youcancallmeal

Egan2012 wrote: »

Because we have 7 children. I know it's a lot but even Autioneers would say to us you have a lot of traffic. That would put landlords off. I was there saying to myself what the ****. lol

I wouldn't have even told estate agents how many kids you have!? Unless of course you were viewing places with 7 kids in tow?

TheDriver

I think EAs are also telling people not to put their houses up for sale until things come better. I have looked at a fair few houses and it is depressing. Making offers that are sneered at or no response received. Also people thinking their dumps are worth a fortune, its not 2005 anymore. And weird looks from EAs when you ask about simple things like broadband.
I even looked at one house that had so many issues such as water well on neighbours land etc. As if that would ever lead to a good purchase.

There are a few houses out there that people are willing to sell but thebidding wars that start are dreadful

lukesmom

We were very lucky. We got the house we wanted last June and its already gone up in value by €40K.

jmayo

gaius c wrote: »

Not better prices, better quality.
The only houses that are genuinely for sale are derelicts or houses where the previous occupant was carried out in a box a month before.

Another group of sellers are those older ones who need to move nearer towns or nearer family as they are getting old or are already sick.

I know of a couple of such sellers who had high asking prices (because that's what it was worth in the boom) and wouldn't sell for much less.
They have now just rented out the places.

Sooner or later this group will join your above group.

jmayo

lukesmom wrote: »

We were very lucky. We got the house we wanted last June and its already gone up in value by €40K.

Glory be its 2002 all over again.
Flip it now.

Alf Veedersane

lukesmom wrote: »

We were very lucky. We got the house we wanted last June and its already gone up in value by €40K.

Did you have it valued?

Egan2012

youcancallmeal wrote: »

I wouldn't have even told estate agents how many kids you have!? Unless of course you were viewing places with 7 kids in tow?

I tried that. Got right to the stage where I was going to pay the deposit out at the house. They looked for confimation of how many people were going to be living there.

ciiara22

I have been looking in the county limerick for a house since November there is nothing within my budget. there are loads of council houses available but they haven't gave me one! it's a disgrace!

roblakio

lukesmom wrote: »

We were very lucky. We got the house we wanted last June and its already gone up in value by €40K.

How do you know? Is that just a guess?

lukesmom

roblakio wrote: »

How do you know? Is that just a guess?

Because the house 2 doors down has recently sold for 40k extra

ronjo

lukesmom wrote: »

Because the house 2 doors down has recently sold for 40k extra

Surely that doesnt mean yours has too?? or?

Alf Veedersane

lukesmom wrote: »

Because the house 2 doors down has recently sold for 40k extra

That doesn't mean yours has gone up in value.

It might if your houses were identical.

But they might have a nicer interior, better BER, etc etc.

Ush1

lukesmom wrote: »

Because the house 2 doors down has recently sold for 40k extra

Doesn't mean yours will and unless you're planning on selling it most likely will lead to paying more property tax.

youcancallmeal

Ush1 wrote: »

Doesn't mean yours will and unless you're planning on selling it most likely will lead to paying more property tax.

Exactly. When you go to state the value of your house will you be also adding this 40K increase estimate? If not Revenue could come calling asking why you think your house is worth less than the one 2 doors down?

Ray Palmer

3 months look is a drop in the ocean. Considering it is the biggest financial purchase of your life I would hope you would look for longer than that.

I find it kind of funny people go on about supply and demand but miss a crucial element on it being supply. If people aren't willing to offer their houses for sale the demand hasn't reached a point for supply to meet it. There is only one way it will go increased demand for supply to meet it.

Most of the houses I have seen for sale in my area are houses that were inherited rather than people moving out. Trackers are worth a fair bit of money so many people aren't willing to lose them. To upgrade out of your tracker can mean the extra €300 you could put on a mortgage may actually only be worth €200 or less.

Better off paying off your mortgage rather than simply throwing €100 out the window. A relative has 2 three bed houses on the north side and it simply isn't worth selling them. One has a mortgage so to sell it would cost her €120k loss. Yet if she holds on to it for ten years renting it out it costs her €100 a month (assuming rents don't fall or rise) she owns it out right. Is the house going to be worth more then? Probably but taking a €120k hit now or €12k hit over 10 years I know which one I would take. People often misunderstand property investment as a pure hope of asset value rising. Effectively she will have bought a house for under €50k that was initially €280k when she got a mortgage to buy it. It is one of the reason BTL people aren't in trouble even with outstanding payments. The other property is an inheritance and she is happy to have that as income rather than a lump sum she would have to pay CGT on. If she gave it away she would have to pay CGT too. There are lots of restrictions on the market people often miss.

moxin

Marchbride wrote: »

Anyone's I've seen in north side need at least new heating system, rewiring and windows.. U need over 320 to get something half decent!!

There are still plenty of houses for sale in good nick below 320k on the northside, you must be looking in quite a specific local area. Yes there are alot of dumps too but your price range is a bit on the upper side in relative to the volumes available.

lukesmom

Alf Veedersane wrote: »

That doesn't mean yours has gone up in value.

It might if your houses were identical.

But they might have a nicer interior, better BER, etc etc.

Houses are identical and decor similar yes. No mortgage on ours either. But I do sympathise as my sister in law and her husband are also searching to buy and not having much luck either.

ezra_pound

youcancallmeal wrote: »

Exactly. When you go to state the value of your house will you be also adding this 40K increase estimate? If not Revenue could come calling asking why you think your house is worth less than the one 2 doors down?

Remember
A. Property bought last year may be exempt from property tax for 2014.

B. Revenue Valuation lasts three years so it doesn't matter if prices increase in that time until the three years have passed.

handlemaster

I'd assume Adams town development is still going also there were new developments in D15 Dont know if anything available now.

Marchbride

3 months look is a drop in the ocean. Considering it is the biggest financial purchase of your life I would hope you would look for longer than that.


Looking for a yr now Ray but approved for the 3 months.. We were viewing houses before approval to get an idea of what's out there for our budget.. But every house bar one in ratoath need at least 15k worth of work before it would be liveable and with an 8 mth old and 2yr old that's not really an option.
As there's a serious lack of supply we are thinking I moving outside dub to ratoath area but not ideal!
Chris 86 - my search is dub based and all houses I've viewed have been shabby!!

Calhoun

Ray Palmer wrote: »

3 months look is a drop in the ocean. Considering it is the biggest financial purchase of your life I would hope you would look for longer than that.

I find it kind of funny people go on about supply and demand but miss a crucial element on it being supply. If people aren't willing to offer their houses for sale the demand hasn't reached a point for supply to meet it. There is only one way it will go increased demand for supply to meet it.

Hit the nail on the head with this comment, this is a very big financial purchase and it needs to be researched and considered carefully. The whole find a house quick approach is what fuel'd the last overinflated boom and it could happen again if folks arent careful.

If i was in a position where there were slim pickings in the market i would rather wait another year and rent than make an impulse buy now and buy something that doesn't suit.

Is there any truth in the current stock shortage being due to cash buyers? and this is a bounce before a decline again?

lukesmom

Calhoun wrote: »

Hit the nail on the head with this comment, this is a very big financial purchase and it needs to be researched and considered carefully. The whole find a house quick approach is what fuel'd the last overinflated boom and it could happen again if folks arent careful.

If i was in a position where there were slim pickings in the market i would rather wait another year and rent than make an impulse buy now and buy something that doesn't suit.

Is there any truth in the current stock shortage being due to cash buyers? and this is a bounce before a decline again?

We were cash buyers and I reckon that's why we got ours at such a low price - €95k which was 7 months ago and one has just sold two doors up for €140k also we are exempt from property tax also so happy days. Hard to believe that our house was once €250k madness!

caew

Calhoun wrote: »

Hit the nail on the head with this comment, this is a very big financial purchase and it needs to be researched and considered carefully. The whole find a house quick approach is what fuel'd the last overinflated boom and it could happen again if folks arent careful.

If i was in a position where there were slim pickings in the market i would rather wait another year and rent than make an impulse buy now and buy something that doesn't suit.

Is there any truth in the current stock shortage being due to cash buyers? and this is a bounce before a decline again?

The original OP has been looking for a year, I've been looking since last March and viewed over 30 houses. I don't know how you got the impression we are impulse buyers!! we have done all our research very carefully and the houses we are bidding on tick the boxes for our search criteria. This isn't our first house purchase. The problem is houses advertised for sale that aren't really for sale when it comes down to it. Not our approach to buying a house.

Marchbride

caew wrote: »

The original OP has been looking for a year, I've been looking since last March and viewed over 30 houses. I don't know how you got the impression we are impulse buyers!! we have done all our research very carefully and the houses we are bidding on tick the boxes for our search criteria. This isn't our first house purchase. The problem is houses advertised for sale that aren't really for sale when it comes down to it. Not our approach to buying a house.

Thanks for clearing that caew
Yep that's right looking about a yr but not actively as didn't have approval.. We have definitely viewed at least 20 houses probably more.. 2 of them were lovely per approval and we would have bidded on them if we had approval and one went for 10k than what we thought it would have but that's the only one we've seen in all this time that was worth te asking price and good buy!! The annoying thing is that approval runs out and you have to renew again.. Anyone experience of this? How drawn out is it??

Ray Palmer

Calhoun wrote: »

Is there any truth in the current stock shortage being due to cash buyers? and this is a bounce before a decline again?

Two theories based on loose facts so untrustworthy.

Stock shortage is simply that, stop building houses where there was a demand and need the remaining stock will become a shortage. Couldn't afford to buy land in major population centres and decide to buy cheaper land and build there on the belief commuters will appear and buy the property. Crash happened houses in the middle of nowhere are worthless. The people that might have bought panic and decide not to buy any property for a while. Year later they have large cash amounts to buy with. They try to buy in the major populated areas sucking any stock there away from the market. There is shortage of stock.

The bounce theory is based on stock market movements. It does not always happen with property but has happened. It's just a possible outcome along with continually raising of house prices that may stabilise at the levels at 2005 levels. Nobody knows and if they claim to know they are lying.

All the more reason to buy a house by truly assessing it's merits and your own needs.

uli84

lukesmom wrote: »

We were cash buyers and I reckon that's why we got ours at such a low price - €95k which was 7 months ago and one has just sold two doors up for €140k also we are exempt from property tax also so happy days. Hard to believe that our house was once €250k madness!

Are you talking about Dublin?