Property Market 2020

dontparkhere

Deleted User wrote: »

People want to own their own home so when it comes to retirement they will have a roof over their head. And not have to fork out money on rent. That is especially true if you want to take early retirement.

The article claims that investing in shares would have historically returned a better yield. How it is calculated or if it takes CGT ect into account I don't know Shares in a pension fund would grow tax free and be easier liquidated.

q85dw7osi4lebg

dontparkhere wrote: »

The article claims that investing in shares would have historically returned a better yield. How it is calculated or if it takes CGT ect into account I don't know Shares in a pension fund would grow tax free and be easier liquidated.

What shares is the question.

If you drop a million in the s&p 5 years before retirement and 4 years before the next crisis, game over.

padjocollins

house prices in southern Germany have gone up hugely in the last 20 or more years. A lot of old retired people who are renting and used to pay affordable rent are resorting to collecting cans out of bins. Thought i'd only see it with alcoholics or drug addicts. I hear people on the radio to Matt Cooper spouting the same crap about Germany and renting. It's true that the renting culture is embedded here but anyone who has money will buy their own place for long term security. It makes sense.

riclad

in the long run its cheaper to own your own home,
otherwise you,ll be at the mercy of landlords and rising rents .
Fianna fail are thinking of giving tax breaks worth 20-30k to first time buyers ,
this makes no sense ,it ,ll just push up the price of new house,s in citys
and places where there is high demand for house,s or new apartments .

Zenify

riclad wrote: »

in the long run its cheaper to own your own home,
otherwise you,ll be at the mercy of landlords and rising rents .
Fianna fail are thinking of giving tax breaks worth 20-30k to first time buyers ,
this makes no sense ,it ,ll just push up the price of new house,s in citys
and places where there is high demand for house,s or new apartments .

Link?

I couldn't find anything

dontparkhere

Julissa Bitter Jeep wrote: »

What shares is the question.

If you drop a million in the s&p 5 years before retirement and 4 years before the next crisis, game over.

I would imagine it is based off investing over your life time as if you were paying a mortgage.
It is an idealistic article about a different way of structuring the housing market. It would be hard see the sense in it in ireland currently with exorbitant rents.

Greyian

Zenify wrote: »

Link?

I couldn't find anything

I'd assume this is what he is talking about, so not exactly what he said.

TheSheriff

We've viewed a house twice now, first viewed it back in May of last year. At that viewing we were told house has been on the market five months, asking price is ~430k.

We thought about it and came to the conclusion the house needed significant work. Looking at other properties in the area which were turn key and had sold for 420-440k, we made an offer on the property of 390k, so 40k under asking.

Our offer was rejected, citing it was too low and we invited to make another offer. We stated our offer was still on the table should the vendor reconsider....fast forward to Friday evening, there was an open viewing which we decided we would go to as we were looking at another house in the area. Bigger crowd at it this time, in we go and are having a good look around.

There is the same estate agent, smiling, greeting people and blatantly lying to them. On several occasions he told people there were no offers on the property, for another he told them the house was put on the market in November of 2019, when we had viewed it at least five months before.

These F***ers are the scourge of my life at the moment ! I left suitably angry, but held my tongue as we'll likely need to see this guy again.

what_traffic

TheSheriff wrote: »

We thought about it and came to the conclusion the house needed significant work. Looking at other properties in the area which were turn key and had sold for 420-440k, we made an offer on the property of 390k, so 40k under asking.
.
..
...
These F***ers are the scourge of my life at the moment ! I left suitably angry, but held my tongue as we'll likely need to see this guy again.

I presume that you are still interested enough that you went to visit again 7 months later?
Rather than get angry could just throw in a lower offer that the 390k you originally had on the table?

TheSheriff

what_traffic wrote: »

I presume that you are still interested enough that you went to visit again 7 months later?
Rather than get angry could just throw in a lower offer that the 390k you originally had on the table?

We could, and we have thought about doing just that, but we are not in a massive rush to throw money at something nobody else has bid on.

The house is overpriced, why would we bid against ourselves?

q85dw7osi4lebg

Zenify wrote: »

Link?

I couldn't find anything

Today's Irish times

OwlsZat

TheSheriff wrote: »

We've viewed a house twice now, first viewed it back in May of last year. At that viewing we were told house has been on the market five months, asking price is ~430k.

We thought about it and came to the conclusion the house needed significant work. Looking at other properties in the area which were turn key and had sold for 420-440k, we made an offer on the property of 390k, so 40k under asking.

Our offer was rejected, citing it was too low and we invited to make another offer. We stated our offer was still on the table should the vendor reconsider....fast forward to Friday evening, there was an open viewing which we decided we would go to as we were looking at another house in the area. Bigger crowd at it this time, in we go and are having a good look around.

There is the same estate agent, smiling, greeting people and blatantly lying to them. On several occasions he told people there were no offers on the property, for another he told them the house was put on the market in November of 2019, when we had viewed it at least five months before.

These F***ers are the scourge of my life at the moment ! I left suitably angry, but held my tongue as we'll likely need to see this guy again.

Property sales are an area screaming out for regulation. It serves nobody. The biggest purchase of your life and wrought with deception.

I was at a viewing on Saturday, the agent told a guy there that it was new to the market, only the 2nd viewing. Not true, that particular agent has the property for approx 4 months. A different agent had it on previously.
She then told him about the next house the was showing, same story, not long on the market. Lie again! They have had it for approx 6 months & it was on with a different agent before that.
So, I told him the truth

Dwarf.Shortage

Julissa Bitter Jeep wrote: »

What shares is the question.

If you drop a million in the s&p 5 years before retirement and 4 years before the next crisis, game over.

If you drop a million into the S&P 5 years before your retirement your financial advisor should be beaten to death with a pillowcase full of snooker balls and displayed in the lobby of the Central Bank as a warning to the others.

q85dw7osi4lebg

I find the majority of people who complain about estate agents have generally been outbid or don't own a home.

Have generally only heard positives from people who have sold with them, some great experiences myself too.

Maybe it's a geographic thing.

Julissa Bitter Jeep

Julissa Bitter Jeep wrote: »

I find the majority of people who complain about estate agents have generally been outbid or don't own a home.

Have generally only heard positives from people who have sold with them, some great experiences myself too.

Maybe it's a geographic thing.

I wouldn't think so, I have bought & sold property with estate agents. Didn't have any issues with those particular ones.
But like I said, blatant lying yesterday at viewings.

More of an individual thing, I would think.

q85dw7osi4lebg

bubblypop wrote: »

I wouldn't think so, I have bought & sold property with estate agents. Didn't have any issues with those particular ones.
But like I said, blatant lying yesterday at viewings.

More of an individual thing, I would think.

I'm not saying all, just the majority. (IMO).

Agreed they shouldn't lie. The important aspects are well regulated however. All offers recorded, including when they were made and when they were put to vendors.

PSRA can investigate this any time they want. Likewise if a bidder has a problem with an agent or believes they are acting in an illegal manner you can go to them about it.

Most agents don't fancy a fine of thousands or a few months in jail I'd say.

TheSheriff

Julissa Bitter Jeep wrote: »

I'm not saying all, just the majority. (IMO).

Agreed they shouldn't lie. The important aspects are well regulated however. All offers recorded, including when they were made and when they were put to vendors.

PSRA can investigate this any time they want. Likewise if a bidder has a problem with an agent or believes they are acting in an illegal manner you can go to them about it.

Most agents don't fancy a fine of thousands or a few months in jail I'd say.

Based on my experience over the weekend, they do not abide by what you've described above, not this particular EA anyway... Blatant lies.

Yes, I am biased as I am looking for a house and the EA is trying to get the best price possible for the vendor, but you would hope a simple question of "How long is this property on the market for?" would get a straight answer...... Which was not what we observed Friday.

q85dw7osi4lebg

TheSheriff wrote: »

Based on my experience over the weekend, they do not abide by what you've described above, not this particular EA anyway... Blatant lies.

Yes, I am biased as I am looking for a house and the EA is trying to get the best price possible for the vendor, but you would hope a simple question of "How long is this property on the market for?" would get a straight answer...... Which was not what we observed Friday.

Not sticking up for the agent but there's probably a 50% chance they don't know (if they work for a medium - large firm with multiple sales agents).

If that's not the situation then yes blatant lying (not sure how that would benefit them in any way, also not sure why people would ask that question when they already know the answer )

TheSheriff

Julissa Bitter Jeep wrote: »

Not sticking up for the agent but there's probably a 50% chance they don't know (if they work for a medium - large firm with multiple sales agents).

If that's not the situation then yes blatant lying (not sure how that would benefit them in any way, also not sure why people would ask that question when they already know the answer )

Or a 100% chance they did it was the same agent who had the house on Friday which showed us it over 7 months ago.

Re the bit about already knowing, we weren't the ones asking, it was other potential buyers were asking how long was it on for and getting lied to.

Anyway - going off topic now. Take home message , don't trust a single word which comes out of an EAs mouth.

Mad_maxx

TheSheriff wrote: »

Or a 100% chance they did it was the same agent who had the house on Friday which showed us it over 7 months ago.

Re the bit about already knowing, we weren't the ones asking, it was other potential buyers were asking how long was it on for and getting lied to.

Anyway - going off topic now. Take home message , don't trust a single word which comes out of an EAs mouth.

You're bid doesn't last forever, is it seven months since you made the bid?

q85dw7osi4lebg

TheSheriff wrote: »

Or a 100% chance they did it was the same agent who had the house on Friday which showed us it over 7 months ago.

Re the bit about already knowing, we weren't the ones asking, it was other potential buyers were asking how long was it on for and getting lied to.

Anyway - going off topic now. Take home message , don't trust a single word which comes out of an EAs mouth.

I'd trust an agent over a professional viewer top be honest!

darlett

TheSheriff wrote: »

We could, and we have thought about doing just that, but we are not in a massive rush to throw money at something nobody else has bid on.

The house is overpriced, why would we bid against ourselves?

Not wanting to undermine your cautious approach... but can you believe that nobody else has bid on the property when (presumably) your source of information the auctioneer is basically telling viewers that you also never bid on it? Maybe there is a slew of offers they consider low-balls that they are disregarding as offers as it's not what they want or are considering acceptable.

lawred2

Julissa Bitter Jeep wrote: »

I find the majority of people who complain about estate agents have generally been outbid or don't own a home.

Have generally only heard positives from people who have sold with them, some great experiences myself too.

Maybe it's a geographic thing.

Do you really mean "Maybe it's a Dublin thing!"

Sounds like something my old man would say

JohnnyChimpo

TheSheriff wrote: »

There is the same estate agent, smiling, greeting people and blatantly lying to them. On several occasions he told people there were no offers on the property, for another he told them the house was put on the market in November of 2019, when we had viewed it at least five months before.

Just wanted to add that I had the literal exact same experience maybe 6 months ago, we offered 25k under the asking (which was more than fair for a property in a pretty ropey area). It was actually a different EA filling in at the second viewing, so she happily told me there were no bids yet, not knowing I was the previous bidder. I called her out on it and she stammered a bit about "ah yknow yourself the bid was under asking we can't tell people" and was extremely edgy until I made it fairly clear that I had no interest in making a big deal out of it. You'd be very naive to believe a single word out of an EAs mouth imho.

I got texts about the property for a few months, dont think it made asking and we got a better deal elsewhere, but there you have it.

Wompa1

Got a survey report back on the house we are Sale Agreed on. Our solicitor has advised us to walk away from the sale due to two compliance issues.

When I first spoke to a mortgage advisor last year she warned me that Galway County is a minefield. Particularly for houses built before 2013. (Which is most of them)

When people built outside the city and had plenty of land to work with, they were more inclined to say feck the planning permission halfway through the build and change where the septic tank is or the style of the front of the house or something etc.

So back to square one and the other house we were interested in is off the market. Ironically, part of the reason we didn't opt for that one first was because they said they had just put in a larger septic tank and I asked if they had planning for that and the EA brushed it off.

Oh well, I'm glad we got the survey and we're not stuck with a house that can't be sold in future if something happened that required us to sell.

alwald

My observations so far are that a lot of properties advertised last year are reappearing in Daft now with either a similar price or slightly higher.
Estate agents seem to think that mortgage exceptions will make a difference or the fact that Brexit is more or less settled will help in selling overpriced properties.

This is perhaps not the best time of the year to buy.

Woshy

alwald wrote: »

This is perhaps not the best time of the year to buy.

I hope that's the case. We have the option to buy the house we're living in (it's family owned) but we said we'd give it 6 months before making a decision to see what is coming on the market and if it's worth moving to get more space. At the moment there is very little on the market and any of the houses that would be suitable are not priced well and have been on the market for months and months.

We're in a good position to buy financially, but we want to be sensible about it too and I'm hoping more houses will come on the market soon.

trigger26

Just walked away from a sale agreed due to a compliance issue also, vendor said they would personally guarantee that issue would be remedied and vendor wouldn't agree to a legal agreement to sort, bloody nonsense.

EA told me that vendor felt they were giving away house as it is so they must think they can get more spring time, bloody frustrating this house business...

Dwarf.Shortage

FG are proposing changing HTB to 10% capped at €30,000, Varadkar on Matt Cooper as we speak.