2015 - how's your property search going?

Jeremyr

So much propaganda going around in regard to property prices in Dublin

Me personally i have found the prices are leveling off and dropping in the areas i am looking at

Asking prices are very high imo but that means nothing, estate agents are getting desperate.


What about yourself??


Do you believe the media hype?

Which areas are you looking to buy in ??

mr_seer

Jeremyr wrote: »

So much propaganda going around in regard to property prices in Dublin

Me personally i have found the prices are leveling off and dropping in the areas i am looking at

Asking prices are very high imo but that means nothing, estate agents are getting desperate.


What about yourself??


Do you believe the media hype?

Which areas are you looking to buy in ??

It's not.... The market has definitely cooled noticeably. I sold in October 2014 and I'm sitting pretty on a 20% plus deposit and a mortgage approval .5x LTI waiting for the esteemed Patrick Honohan's next move :cool:

I expect that the macro prudential rules will probably be phased in with 85% LTV initially, before stepping down to 80%. Even with this likely amendment, this will take a lot of competition from the market as anecdotally it appears that cash buyers have disappeared and a lot of purchasers are now leveraged up to 90-92%.

tigershould

All anecdotal, but I think I've noticed more houses coming onto the market since the start of the year, more new development show houses on view, some 5-10% reductions (and a few strange rises).

I'd say the market is in transition.

I'm ready to buy due to changing family needs but the quality of houses just aren't there and some of the prices are still more than what I'm willing to pay.

Holsten

Not very well at the minute, prices are still just too high for what I'm looking for.

Anywhere in Dublin is where I'm looking and I don't see any drops happening soon.

TheDriver

I'm in real capital and stock is poor, prices level and things sale agreed before Christmas are now back on sale

ElizKenny

This time of year is always the best time to buy - if you can find the house you are looking for at this time.
Its always very slow.
Less people selling, less people buying, so if you can find something you want then less competition for it so lower price.
Come March/April the frenzy always starts up again.
I cant see prices rising as fast as they have been in the last couple of years, but i definitely dont see them not rising agian this year.
Hopefully the year on year will be down to 5% or so.

handlemaster

the devalued euro will soon come into play also .

ElizKenny

handlemaster wrote: »

the devalued euro will soon come into play also .

I already see that happening in my job (nothing to do with property). Investors from outside the Eurozone have more money to spend in the Eurozone.

johnp001

TheDriver wrote: »

I'm in real capital and stock is poor, prices level and things sale agreed before Christmas are now back on sale

Seeing re-advertisement of properties sale agreed last year in the Midlands too. Noticed several that went back up for sale in early January after being sale agreed last year. They have mostly been re-advertised at a lower price than previously also.

Sala

Ideally looking at D6w d14 areas. Very low and shoddy stock and very high asking prices.
Not much of a surge on myhome, in hoping a lot more decent properties come on this year

Edit- also noticed some stuff sale agreed last year is back

Jeremyr

In the areas i'm looking i also noticed that the majority went up around Feb-March last year, then they rose their price, then dropped the price and are now still for sale



Looks like alot of people believed the hype and put their property up for alot more than what they would realistically get for it



Any idea on when the new CB mortgage lending rules will come into play ?

gaius c

It's a bit early to say and god knows what wheeze baldy will come up with this time to prop up prices but there's a definite change in mood. The buyer panic of last year is well gone so we'll probably have a bit of a phoney war period until folks see for sure what way the wind is going.

helimachoptor

Been looking around seriously for only a 3/4 months.

Went to see a few oct/nov last year in the +500K bracket, all still on sale 1 had had a slight reduction in asking price down about 4% but EA says they wont accept lower than asking.

We are lucky, we have a lot of savings but also dont need to buy so are happy to wait.


Ideal scenario at this point for us would be to buy in Sept or so, additional savings will likely put us into a better LTV rate and hopefully by then the market finds out what its doing

Jeremyr

Anyone who pays over 400k for a 3 bed semi in South Dublin needs their head examined

Stench Blossoms

I've just started looking myself. Ideally I'd like to buy this time next year but just getting a feel for the market now.

I'm looking for a fixer upper.

MarkAnthony

Found the dream house, vendors solicitor has gone strangely quiet; will hear more over the next few days.

jay0109

Sala wrote: »

Ideally looking at D6w d14 areas. Very low and shoddy stock and very high asking prices.
Not much of a surge on myhome, in hoping a lot more decent properties come on this year

Will probably bump into you!

Not much stock out there at all. Was going to go view a few gaffs this weekend just gone, but the bed was too warm ...that shows my feelings towards the current state of prices/stock!

cpoh1

TheDriver wrote: »

I'm in real capital and stock is poor, prices level and things sale agreed before Christmas are now back on sale

Where are you looking TheDriver? Have family looking to buy and there is very little stock in well sought after areas and demand is still very high.

Sala

jay0109 wrote: »

Will probably bump into you!

Not much stock out there at all. Was going to go view a few gaffs this weekend just gone, but the bed was too warm ...that shows my feelings towards the current state of prices/stock!

I can't get the motivation up to see things that (a) priced 10-20% above what I can comfortably afford or (2) affordable for me, but s**t!! There's very little out there.

sparkthatbled

I'm just getting into it now, got a couple of questions maybe someone can answer:

Roughly what percentage of asking price is a good first offer? Are there downward trends I can use to support low offers?

I've also been watching property shows like Location Location Location and wondering if it's an acceptable move here to ask that a place be taken off the market when making an offer?

From what I've seen I'm in a decent position to make a cheeky offer because I'm not in a chain and can move quickly to close a deal.

Cheers in advance for any help!

ukoda

got a letter from DNG through the door this morning saying my house was in high demand and would i consider selling!

D_D

ukoda wrote: »

got a letter from DNG through the door this morning saying my house was in high demand and would i consider selling!

Got the same myself. Madness.

TheDriver

cpoh1 wrote: »

Where are you looking TheDriver? Have family looking to buy and there is very little stock in well sought after areas and demand is still very high.

In towns around Cork, not the city or suburbs.

Kaizersoze81

Not great in SCD. 3 bed semi-d houses from 350-400k all seem to have offers over the asking price, in one case 30k over asking.

jay0109

sparkthatbled wrote: »

I'm just getting into it now, got a couple of questions maybe someone can answer:

Roughly what percentage of asking price is a good first offer? Are there downward trends I can use to support low offers?

I've also been watching property shows like Location Location Location and wondering if it's an acceptable move here to ask that a place be taken off the market when making an offer?

From what I've seen I'm in a decent position to make a cheeky offer because I'm not in a chain and can move quickly to close a deal.

Cheers in advance for any help!

Where are you looking? I was going to try a cheeky bid after xmas until I read recently about the big #'s at viewings in the South Dublin area. Can't see it working now and may just make EA's think I'm a messer and could work against me on a house I really want to secure in future

Jeremyr

jay0109 wrote: »

Where are you looking? I was going to try a cheeky bid after xmas until I read recently about the big #'s at viewings in the South Dublin area. Can't see it working now and may just make EA's think I'm a messer and could work against me on a house I really want to secure in future

Looking around West Dublin


Dublin 15 or Lucan really


A friend of mine went to view a 3 bed end of terrace house last month in D15 it was going for 210k ( was up for sale for 8 months )



He originally put an offer in starting at 155k ended up getting the house for 165k




Now me and my friend know nothing about the market in South Dublin , but it goes to show that in some areas it's all hype going around and people are still willing to sell


The ball is in the buyers court in our situation ( Please God )

MarkAnthony

I'm not 100% sure but I don't think West Dublin has seen the competition that the rest of Dublin has. My brother-in-law has just gone sale agreed in D15 been looking for a while.

Best of luck OP, I reckon you can afford to give slightly lower bids in D15 direction there is plenty of choice. I would be careful of apartments out that direction though. There's a lot of stuff miles from anywhere like Ongar.

dubrov

ukoda wrote:

got a letter from DNG through the door this morning saying my house was in high demand and would i consider selling!

Is this not standard estate agent junk mail?

They spam you hoping if you do sell they'll get the business.

Property will always be in demand if the price is right

sparkthatbled

jay0109 wrote: »

Where are you looking? I was going to try a cheeky bid after xmas until I read recently about the big #'s at viewings in the South Dublin area. Can't see it working now and may just make EA's think I'm a messer and could work against me on a house I really want to secure in future

Looking all around dublin, but I'm not looking at the most desirable of places, to be honest, as it's only a starter and has to be cheap. Most of the places on my shortlist have been up at least 6-12 months. Some have had price drops in that time, most have stayed the same.

Millem

I found that the majority of asking prices in our areas in SCD seemed to be low on purpose. The bids on All the houses we viewed were over the asking price. One "granny house" in d6w (fortfield rd) went for €60k over we naively thought we might get it for the asking price! Loads and loads of cash buyers. We are sale agreed on a house that only recently came back onto the market. We paid over the asking price I am hoping and praying all goes well and it goes through

Bob24

Anyone looking at appartments?

I've been looking at 2-beds anywhere from the docklands to Dun Laghaire. Asking prices seem to be on the rise compared to a year ago, but it looks like to me their is quite a bit of stock and they are not going super quickly - and regularly below asking price. I am thinking this type of property is mostly attracting investors and there are now less of them.

Wondering if it is a good time to pull the trigger while there are quite many options to choose from (at some point there was almost), or if things might get better.

MarkAnthony

It's difficult with apartments. Certainly I wouldn't look at anything outside of D1/2/3/4 and some areas in D6/7/8. If it's for you to live in though there seems to be houses available a little further back in D7/8 that might be a better investment.

ukoda

dubrov wrote: »

Is this not standard estate agent junk mail?

They spam you hoping if you do sell they'll get the business.

Property will always be in demand if the price is right

Of course it's junk mail but it tells two things

1. That houses like mine are in high demand (they wouldn't be asking me to consider selling if they didn't think they could sell the house quickly)

2. They have people lined up to buy houses but that no one is selling and quality of available houses is low

In 7 years at the property I've never had such a letter before. So like I said, they aren't asking for a house to sell unless they think they can sell it

jarmstrong001

ukoda wrote: »

Of course it's junk mail but it tells two things

1. That houses like mine are in high demand (they wouldn't be asking me to consider selling if they didn't think they could sell the house quickly)

2. They have people lined up to buy houses but that no one is selling and quality of available houses is low

In 7 years at the property I've never had such a letter before. So like I said, they aren't asking for a house to sell unless they think they can sell it

I've received half a dozen of these in the house I am living in over the last couple of years. I don't think they indicate anything very much, except that there is more competition between EAs now and they are spending a few quid blanket leafleting areas in order to be the EA that gets the business in case anyone does want to sell.
The house wouldn't be expensive so not much commission for them in it and anything that has sold on the estate since I was living there was up for ages and sold well below asking so I don't think the EA has any specific expectations of having a queue of bidders competing for my particular house just because I got a flyer in the door! Its a very cheap form of advertising.

Bob24

MarkAnthony wrote: »

Certainly I wouldn't look at anything outside of D1/2/3/4 and some areas in D6/7/8.

What would be your reason for avoiding apartments in other areas?

I am looking for a place to live in but that would be easy enough to rent/sell if I need more space in a few years. My priority is to have something fairly new/comfortable in a nice area and decently connected to public transports.

I've seen fairly decent ones in Blackrock which are within short walking distance of the dart, the main streets, and the shopping centers there. Granted they are a bit overpriced, but then everything in the area is. There also seem to be pretty decent ones in Dundrum next to the Ballaly LUAS.

ukoda

jarmstrong001 wrote: »

I've received half a dozen of these in the house I am living in over the last couple of years. I don't think they indicate anything very much, except that there is more competition between EAs now and they are spending a few quid blanket leafleting areas in order to be the EA that gets the business in case anyone does want to sell.
The house wouldn't be expensive so not much commission for them in it and anything that has sold on the estate since I was living there was up for ages and sold well below asking so I don't think the EA has any specific expectations of having a queue of bidders competing for my particular house just because I got a flyer in the door! Its a very cheap form of advertising.

3 houses in the estate all sold for over the asking price in the last 6 months from checking the property register. It's no secret that family homes are in high demand in the area. It's more they are desperate for "stock" than desperate for business.

MarkAnthony

Ability to rent/sell.

There are some good ones in the areas mentioned but they always struck me as over priced. That said the obsession in the Irish middle-class of living in SCD is not likely to end soon.

It's different strokes for different folks I guess. I'd err on the side of a house in a less desirable area than an apartment in a more desirable one but that's just me. Of course, as indicated above my attitude changes when looking at apartments where they 'should be' in high density areas in the city centre.

gaius c

ukoda wrote: »

Of course it's junk mail but it tells two things

1. That houses like mine are in high demand (they wouldn't be asking me to consider selling if they didn't think they could sell the house quickly)

2. They have people lined up to buy houses but that no one is selling and quality of available houses is low

In 7 years at the property I've never had such a letter before. So like I said, they aren't asking for a house to sell unless they think they can sell it

An EA's job is to get property on their books and to prevent it going onto their competitor's books. We get mail like this every month or so from two local and competing EA's. It has little relevance to the actual health of the market. I can tell you this because one of the EA's that keeps putting these leaflets in the door is the letting agent for the house so they should know perfectly well it's not for sale.

Bob24

MarkAnthony wrote: »

Ability to rent/sell.

There are some good ones in the areas mentioned but they always struck me as over priced. That said the obsession in the Irish middle-class of living in SCD is not likely to end soon.

It's different strokes for different folks I guess. I'd err on the side of a house in a less desirable area than an apartment in a more desirable one but that's just me. Of course, as indicated above my attitude changes when looking at apartments where they 'should be' in high density areas in the city centre.

Yes exactly, while I realise it is not the most common attitude, for a given budget the comfort of the accommodation and the location are higher on my priority list than having a house. And even then the notion of comfort is not the same for everyone. I have grown up in apartments (in France where it is much more common for families and large apartments with decent storage are readily available) and couldn't care less about having a garden, but of course people with different backgrounds would think not having a garden is the end of the world.

But as you pointed out the question is to know if other people will be interested on the day I decide to rent/sell.

MarkAnthony

Aye, but an apartment in France is a proper european type partment not the crap we throw up, that said maybe it's different out in the 'burbs.

I think it's a tough call, in my mind that direction had the worse of all worlds when the downturn hit. Prices where badly hit and renting was slightly more difficult than city centre.

TBH I'm not the best authority for that side of Dublin. It doesn't grab me living there but as I say it does for many.

Best of luck with it Bob!

Mellowbird

Bob24 wrote: »

Yes exactly, while I realise it is not the most common attitude, for a given budget the comfort of the accommodation and the location are higher on my priority list than having a house.

I agree. That's why I chose a warm well built apartment than a house. A lot of the houses here are old and cold for the same budget. I've rented houses and been to my friend's houses and none are as warm as my relatively new apartment. Also maybe it's just me but as a female who lives alone, living in a house scares me more than an apartment! Perhaps it sounds irrational but it takes 2 locks/codes to kill me while in a house you can break in through just one door, or back garden, or the many windows etc. Also you can knock on my living room window while I'm watching TV by myself and say 'Hey baby, what you doing??' Scary!! Needless to say, I don't live on the ground floor of the apartment either!

Jeremyr

**** Update ****

I have a few friends that are house hunting aswell, one just put a bid in a 3 bed duplex that's going for 250k in Dublin 15

He has offered 190k and they're thinking about it, just goes to show that alot of the stuff going up is set at a price well above what the seller is willing to take


Keep the faith people

handlemaster

Jeremyr wrote: »

**** Update ****

I have a few friends that are house hunting aswell, one just put a bid in a 3 bed duplex that's going for 250k in Dublin 15

He has offered 190k and they're thinking about it, just goes to show that alot of the stuff going up is set at a price well above what the seller is willing to take


Keep the faith people

thinking about it and agreeing can be along ways apart. drop a line when its sale agreed ;-)

helimachoptor

at a couple of viewing during the week and one today

one during the week
625 reduced to 595, offer of 560, however one another viewing it requires a bit too much and the price is too high.

Executor sale, 395 up to 440, spacious, garden isnt that big but requires a lot of modernisation. Latest offer according to EA is 448

One today, 525 was reduced from 575 ( i think) nice house but use of an artic cabin to extend living area :eek: offer of 525 but EA expects to go above 530.

so still on the hunt and still saving as we go

Jeremyr

helimachoptor wrote: »

at a couple of viewing during the week and one today

one during the week
625 reduced to 595, offer of 560, however one another viewing it requires a bit too much and the price is too high.

Executor sale, 395 up to 440, spacious, garden isnt that big but requires a lot of modernisation. Latest offer according to EA is 448

One today, 525 was reduced from 575 ( i think) nice house but use of an artic cabin to extend living area :eek: offer of 525 but EA expects to go above 530.

so still on the hunt and still saving as we go

All in South Dublin i presume ?

helimachoptor

Jeremyr wrote: »

All in South Dublin i presume ?

sorry thought I had added that in, yes all SCD.

Cabinteely, Kilmacud, Brewery RD in that order.

MayBea

Still continuing the search..We enquired about one property which we liked, apparently 7(!) interesting parties are currently bidding on it

Kaizersoze81

MayBea wrote: »

Still continuing the search..We enquired about one property which we liked, apparently 7(!) interesting parties are currently bidding on it

What general area is this in?

helimachoptor

helimachoptor wrote: »

at a couple of viewing during the week and one today

one during the week
625 reduced to 595, offer of 560, however one another viewing it requires a bit too much and the price is too high.

Executor sale, 395 up to 440, spacious, garden isnt that big but requires a lot of modernisation. Latest offer according to EA is 448

One today, 525 was reduced from 575 ( i think) nice house but use of an artic cabin to extend living area :eek: offer of 525 but EA expects to go above 530.

so still on the hunt and still saving as we go

helimachoptor wrote: »

sorry thought I had added that in, yes all SCD.

Cabinteely, Kilmacud, Brewery RD in that order.

just on my search, all of these houses have bids on them, i wonder will those bids be withdrawn if the buyers dont have a letter of offer from the bank and will see see a subsequent price adjustment

Millem

helimachoptor wrote: »

just on my search, all of these houses have bids on them, i wonder will those bids be withdrawn if the buyers dont have a letter of offer from the bank and will see see a subsequent price adjustment

Kilmacud and brewery rd were on our areas too I viewed a house on Saturday with 35 people and I would safely say maybe 3 were not investors/cash buyers
We are sale agreed ourselves and have our letter of offer but prior to this our bank AIB said the approval was valid for 6 months regardless. After is expires we have to resubmit application and new rules apply

With the new rules we would need almost double our current required deposit.

helimachoptor

we have a good bit of savings, so the 20% isnt an issue.

The veiwings so far have been with families for the most part but interesting to see if anything happens with the sale prices or if the sales fall through.

We'll just keep on the hunt and keep saving anyway