House prices, how do they work.

obi604

Im looking at buying my first house and don't know the protocol really.

if I was buying a car for example and someone had it advertised for 10,000. Obviously I would check it out first etc and then maybe offer 8,000 or 9,000....but never the asking price.

Is it the same thing with houses, you see the house advertised for 300k and just chance your arm by offering 275k etc ?

miezekatze

You need to do a bit of research first so you know what a certain house is actually worth (check the price register etc.). Asking prices are not always realistic prices, sometimes they are set too low to 'generate interest' in the house and sometimes they are way too high due to unrealistic expectations. Depending on that, you can realistically make low offers and have a chance of it being accepted - however if there's high demand in the area you're looking and the price is realistic, they may just laugh at you if you offer a lot less.

obi604

miezekatze wrote: »

You need to do a bit of research first so you know what a certain house is actually worth (check the price register etc.). Asking prices are not always realistic prices, sometimes they are set too low to 'generate interest' in the house and sometimes they are way too high due to unrealistic expectations. Depending on that, you can realistically make low offers and have a chance of it being accepted - however if there's high demand in the area you're looking and the price is realistic, they may just laugh at you if you offer a lot less.

Thanks, good advice.

EA do this in two ways, say two identical house sell for 100k one EA will price the house at 105k and one EA prices it at 95k, the houses sells for 100k no matter what price it was advertised at.. its just in one case it was negotiated up too a 100k and in the other case it was negotiated down to a 100k.

Its optics the EA with the higher initial price is using that price as an advertisement for future business because he/she is trying to intimate that they can get a higher price than other EA's.

The property price registered had put an end to this most of the time but not always.

Unearthly

Never trust the EA if they say there is already bids. Bid low.

A property worth 225k I made a bid of 185k. Was told there was already a bid of 225k( it had only been up for 3 days) I told them I'm sticking to 185k. 2 weeks later they contacted me saying the asking price bidder had pulled out, and would I be interested in increasing offer.

Phantom bids

obi604

Unearthly wrote: »

Never trust the EA if they say there is already bids. Bid low.

A property worth 225k I made a bid of 185k. Was told there was already a bid of 225k( it had only been up for 3 days) I told them I'm sticking to 185k. 2 weeks later they contacted me saying the asking price bidder had pulled out, and would I be interested in increasing offer.

Phantom bids

Thanks, some of them are a shower of pr1cks alright .

Good example, you were right to hold your ground.

obi604

In regard to the property register....................I just searched an area and the number of properties sold seems very low.

Should property show all houses sold in an area Or is it dependent on the estate agent or whoever going to the bother of entering this in a database.

lgk

Register is updated after buyers solicitor submits the stamp duty return with Revenue, usually done within 2 months of the sale. Number of properties being low can be a result of little turn-over in an area since the register was introduced.

makeorbrake

Decide in your own mind what a property is worth to you - and stick with that figure. EA doesn't work for you - regardless of how 'good' you find them. Their objective is to maximize the sales price for the seller - and by proxy, for themselves.

other offers may be real or imaginery - you will never know. If you stick with what you believe is the value (to you) for the property, then you shouldn't get hung up on asking price or currently offered price. Make your bid - then move on to the next prospect...ad nauseum.

With regard to there not being many properties listed on the ppr, turnover is low - particularly where you are looking. Notwithstanding that, ppr is still useful to use as a barometer of where prices are at right now.

P. Breathnach

makeorbrake wrote: »

... ppr is still useful to use as a barometer of where prices are at right now.

Well, fairly recently!

obi604

Another silly q. so when looking at houses for sale, all the bedrooms normally have beds, kitchen has table and chairs, utility room has a drier etc all looks nice

if you buy the house, what is the norm......

for all the furniture to removed an the place just left enmity ?

braddun

the government has a property price register for all sold house


so look for what others sold for


does it need updating etc


allsops is having auction early december

The_Morrigan

obi604 wrote: »

Another silly q. so when looking at houses for sale, all the bedrooms normally have beds, kitchen has table and chairs, utility room has a drier etc all looks nice

if you buy the house, what is the norm......

for all the furniture to removed an the place just left enmity ?

Unless negotiated as part of the sale, anything that isn't nailed down will be taken by the vendor. So yes, the place will be left empty.

obi604

braddun wrote: »

the government has a property price register for all sold house


so look for what others sold for


does it need updating etc


allsops is having auction early december

thanks. but that still dosent answer my question : )

EDIT : you didn't quote, so I think your answering an earlier question, not the latest one I asked.

alibab

obi604 wrote: »

Another silly q. so when looking at houses for sale, all the bedrooms normally have beds, kitchen has table and chairs, utility room has a drier etc all looks nice

if you buy the house, what is the norm......

for all the furniture to removed an the place just left enmity ?

The norm is fixtures and fittings and everything else removed. So if it's integrated or nailed down it stays but anything else like furniture and white goods can be removed so yes you are left with a empty house . I was lucky curtain and lights etc plus a very other things were left but it could have been just the empty house

Woshy

obi604 wrote: »

Another silly q. so when looking at houses for sale, all the bedrooms normally have beds, kitchen has table and chairs, utility room has a drier etc all looks nice

if you buy the house, what is the norm......

for all the furniture to removed an the place just left enmity ?

Our house was an executor's sale so we got everything included in the price we paid (i.e. we paid no extra over the bid we placed on the house) - all the furniture, whiteware, curtains etc. They even included the contents of the shed - lawn mowers, ladders etc. We got a great deal (although we asked them to remove the beds).

If you buy somewhere that used to be rented out or is an executor's sale you might get lucky and get lots more included, but yes, normally everything that is not nailed down is taken.

Mrs OBumble

The_Morrigan wrote: »

Unless negotiated as part of the sale, anything that isn't nailed down will be taken by the vendor. So yes, the place will be left empty.

Except for the attic full of cr*p that they didn't want.

Make sure the contract specifies that the attic is emptied, and that you check this on the day you get the keys.