Buying in Cork City

popsy09

Trying to buy a house in cork city or suburbs (I'm flexible enough on location) for 180k with 3 bedrooms + off street parking

Started looking at houses around 180 asking price but straight away offers where coming in at 182/185 etc

So I dropped down to looking at houses around 165 thinking I would have some scope and sure enough offers up to and over 180k in space of 2 weeks on market

So latest house was 150k and now with 4 bidders including me the offer is 179k and I expect it to go higher ..

Just starting to get a bit frustrated with the whole process now and was wondering will I just take a step back awile as I don't want to buy something I might later regret as I'm getting frustrated or is that a bad move as prices might go up and I would be in a worse situation

MarkAnthony

New CBI rules madness, can you hang off?

popsy09

Ya I can hang off but I don't want to at the same time in sick of renting and don't want prices to rise

MarkAnthony

popsy09 wrote: »

Ya I can hang off but I don't want to at the same time in sick of renting and don't want prices to rise

Well if you put any stock in what anyone is telling you ref the property market you're bonkers. That said I *think* the concensus is we're seeing a buble due to CBI rules. Have a look here on this forum, 10000 different opinions on what's going on.

tippgod

a mortgage adviser in cork city advised us to hold off till may/june. A lot of people with pre "new rules" letters from banks, that want to spend it now because when they go to re-apply , they will be offered less by the banks.

Very disheartening when you go to see a 200k house and as u walk in the door the auctioneer says " there's an offer in for 220k"

shenanagans

Like with everywhere else I think supply has a lot to do with why prices are rising along with new bank rules. Ask yourself if you think supply will improve over coming months. If not, buy now.

popsy09

I will just have to keep trying I suppose and see how it goes,I could wait until may/June but how many other people will be saying the same ?

MarkAnthony

popsy09 wrote: »

I will just have to keep trying I suppose and see how it goes,I could wait until may/June but how many other people will be saying the same ?

A fair few and supply could dry up as noted above. That said the FTB market may be much less contested because of the new CBI rules kicking in in earnest.

popsy09

I'll have to keep struggling away ,hopefully I'll come out the right side of one of these bidding wars eventually

mickman

MarkAnthony wrote: »

A fair few and supply could dry up as noted above. That said the FTB market may be much less contested because of the new CBI rules kicking in in earnest.

Cbi rules won't have much of an effect.

MarkAnthony

mickman wrote: »

Cbi rules won't have much of an effect.

What makes you think that. You have to back up statement made by consulting your ouija board with a veneer of of poorly thought out logic like everyone else or it just isn't cricket.

mickman

MarkAnthony wrote: »

What makes you think that. You have to back up statement made by consulting your ouija board with a veneer of of poorly thought out logic like everyone else or it just isn't cricket.

Most people have at least a 10% deposit already and lots have 20%. Auctioneer told me that

Those that don't will get gift / credit union loan etc to make up the shortfall

Prices will continue to rise until curbed by increased supply and interest rates will stay low indefinitely

BryanF

Cork city imo has a lack of supply. Prices in the lower end of the market have rocketed in the last 12 months, in some areas of st Luke's prices have doubled, and on the South side cash buyers Are messing with first time buyers chances. Property in need a huge amount of work is going well above the asking price. And In the rental market there is very little available, suggesting this trend won't stop anytime soon.

TheDriver

mickman wrote: »

Auctioneer told me that

That doesn't instil confidence in the statement.

mickman

TheDriver wrote: »

That doesn't instil confidence in the statement.

Why not ? I wasn't a potential customer to the auctioneer.

TheDriver

Most people wouldn't tell anything to the EA regarding finance, no matter how small. Saying I have 20% easily can be taken as more money to extract....
Plus they will tell the general public anything to give an impression of a boom

mickman

TheDriver wrote: »

Most people wouldn't tell anything to the EA regarding finance, no matter how small. Saying I have 20% easily can be taken as more money to extract....
Plus they will tell the general public anything to give an impression of a boom

Most people are nieve when buying a house and will answer any question the EA asks coa irish people view a house - fall in love with it and will do anything to buy it

popsy09

Have to agree with some of the statements above there is a definite lack of supply and people are panicking abit

While I was viewing a house recently I overheard a couple saying we just offer 10k over ask and he might sell straight away , its people like this that are driving up prices too

On a 150k house I was bidding on the offers went 145/147/148/150 pretty normal really the someone puts in a 165k then someone put in 173k thats 23k in 2 bids on a cheap house as such

I actually have the highest bid at moment on a property and its closing at the end of week so I am going to try my best to secure it before anymore madness