Wexford property market - is it dead/flat at moment?

martco

I'm trying to sell a probate house at moment in Ramsgrange area.

It's 12y/o in excellent cond. 3 bed 1800sq ft modern bungalow with full length semi-converted attic (t&g floored & proper regs. stairwell), a detached garage (plumbed & own fuseboard) on a well kept acre. unusually it also has proper fibre to the door gigabit broadband.

so I would have thought a lovely well sorted family home with great potential for later very easy expansion & also remote worker possibilities.

but we've had just one serious bite in last 6 months...and it's on at a price that's still significantly short of what it cost 12 years ago.

I know it's different factors compared to Dublin for example but it's more the lack of interest that's perplexing me. scanning the usual websites I see the same houses all the time sitting...so I'm wondering if the market itself is dead & has been for a while.

am I correct?

Fol20

Doesn’t matter what it cost 12 years ago. How does it stack up against other properties in the area

handlemaster

Location location location & price.. which one is off ?

The_Conductor

martco wrote: »

I'm trying to sell a probate house at moment in Ramsgrange area.

There is a remarkable amount of property on the market in the Ramsgrange/Gorey at the moment. Most first-time-buyers won't consider your property at all- as they cannot claim the first time buyers grant on it- as its secondhand. Doesn't matter how lovely it is- 80% of purchasers in the area are not going to consider it- unless you factor their 20k 'grant' into the equation.

martco wrote: »

It's 12y/o in excellent cond. 3 bed 1800sq ft modern bungalow with full length semi-converted attic (t&g floored & proper regs. stairwell), a detached garage (plumbed & own fuseboard) on a well kept acre. unusually it also has proper fibre to the door gigabit broadband.

A property first bought 12 years ago- ignoring all other factors- is currently 18-20% below the price it was bought for. This isn't speculation- its cold hard data compiled by the CSO (have a look at the graph 1st Jan 2005 todate[/URL])

Also- fibre to the door is becoming a normal rather than an exceptional feature. Once upon a time it would be a selling point. Now- its expected by prospective buyers. Lack of decent broadband would utterly and totally torpedo it in the minds of many people- but provision of Gb BB- is expected- rather than being a key selling feature.

martco wrote: »

so I would have thought a lovely well sorted family home with great potential for later very easy expansion & also remote worker possibilities.

Yes. However, people have options that they didn't have even 18 months ago. You're late to the party.

martco wrote: »

but we've had just one serious bite in last 6 months...and it's on at a price that's still significantly short of what it cost 12 years ago.

Aka- you've priced it wrong. 1) Price should be circa 20% lower than it was 12 years ago and 2) drop it by another 20k to interest first time buyers- and you should have interest.

martco wrote: »

I know it's different factors compared to Dublin for example but it's more the lack of interest that's perplexing me. scanning the usual websites I see the same houses all the time sitting...so I'm wondering if the market itself is dead & has been for a while.

am I correct?

Its a combination of a vast increase in supply- alongside the first time buyers grant, totally unreasonable/unrealistic expectations on the part of sellers- and other factors such as a lack of features distinguishing you from other properties at your location and pricepoint. Even Ramsgrange has 12 properties- most of which could easily be yours- advertised online at the moment (Daft has 8 of them.........) You are not standing out from the competition- and you are not seen as an attractive proposition by the majority of prospective buyers out there (from the little information you've imparted thus far).

The property market *has* slowed- but it doesn't mean property isn't selling- just that you have to try harder and you have to be viewed as an attractive option for prospective purchasers. You seem to be blind as to what has happened pricewise in the sector- and the fact that you're looking at what the house cost 12 years ago as some sort of a yardstick is a glaring signpost that you are overpriced. What property cost 12 years ago doesn't matter a ratsarse. You need to be competitive against people's alternate options in the area- and you need to try to attract prospective purchasers who you aren't considering- esp. first time buyers.

Yes- its nice that it has fibre to the door- however, its hardly a major selling point- lack of decent broadband would relegate you to the back of any prospective purchaser's property list. The availability of it- simply keeps you in the running.

If I was in the market to buy a house in the area- your property would definitely be in the running from my perspective- providing you priced it right (sadly, I'm not buying or selling at the moment).

redarmyblues

handlemaster wrote: »

Location location location & price.. which one is off ?

.
Price. The OP would have been better to pitch low than high.

martco

thanks everyone for the replies so far, very helpful.

- the house was purchased for circa €320...I'm not prepared to get into exact info on boards but we've priced circa 100k under that number. not expecting peak pricing but that's still good bit under what you've sensibly suggested there

- I would have said it stacks up very well against the others out there, its walk in & smartly presented

- unfort I had no control over when I went to sell the house, just to restate its a probate scenario..noting the comment about being late to the party... 'tis ok we have gsoh

redarmyblues

It might just be bad luck according to other posters there is a few for sale in the area so that could be a statistical aberration or maybe not. House sales are relatively rare events compared to leases. You might live in 5 or more rentals in a 10 year period and then buy once for the rest of your life. A landlord can be reasonably certain about what kind of rent and tenant he will get for a 2 bed in an urban area and how long that process will take.

He might be less certain about letting a 3 bed one off in a rural area because there is less of those properties advertised on Daft especially if it her first time to let. So a sale is harder to predict with the agent basing his price on the last similar sale in the area, you are not in 'nobody knows anything' territory but you are closer to it.

DubCount

in many rural areas, the property market is hard to predict, as there are simply not enough transactions to establish a clear market price. The property Price Register shows just 7 transactions in 2019 for Ramsgrange and there is clearly a big variation in the types of property sold within those transactions with prices ranging 70k to 500k. There simply is not enough transactions to establish what expected market value should be. It could be 220k, or it could be 260k or 160k.

Buyers could be looking for properties closer to Wexford, or with more land, or less land, or .... With such few buyers and sellers, your choices are to drop the price and see if that generates demand, or wait for a buyer who see the same value as you do (which you probably cant do). The value of anything is what someone is prepared to pay, not what its worth.

Ask your estate agent why he/she thinks the property is not getting interest. Consider changing estate agent. Have an honest review of what is for sale in co. Wexford, and compare against your property. What are they priced at, and how are they advertised.

redarmyblues

Another issue in Ireland is the glacial speed of transactions in Stockholm it takes 3 weeks from listing to conclusion and no lawyer involved.