Property Market 2020

eagle eye

Is there any good places to go read projections for house prices over the next couple of months.
I had a sale agreed, I'm the purchaser, and we were making the payment for the property next week. I just got a letter from my solicitor telling me the current owners want to postpone the sale for 8 weeks due to covid-19. My solicitor asked me to advise him if we wish to continue. It appears that written between the lines is him telling me that I have the opportunity to pull out and I should take it.
All advice welcome but I'd like links to good places to read up on projections please.

Nika Bolokov

eagle eye wrote: »

Is there any good places to go read projections for house prices over the next couple of months.
I had a sale agreed, I'm the purchaser, and we were making the payment for the property next week. I just got a letter from my solicitor telling me the current owners want to postpone the sale for 8 weeks due to covid-19. My solicitor asked me to advise him if we wish to continue. It appears that written between the lines is him telling me that I have the opportunity to pull out and I should take it.
All advice welcome but I'd like links to good places to read up on projections please.

It depends if it's your dream home then no if you only plan living there for 5 or 6 years then run

Nika Bolokov

If you have bought a new build in the last 6 / 12 months.

Welcome to 2007 , your in massive negative equity and your stuck there for 10 years at least.

eagle eye

Nika Bolokov wrote:

It depends if it's your dream home then no if you only plan living there for 5 or 6 years then run

We really like the property but we don't want to be paying out huge money now and finding ourselves in a situation where the property is worth a lot less in six months time. We'd prefer to be on a healthier financial position.
We are in a good financial position, we aren't going to be buried with a big mortgage if we do go ahead.
There are other nice houses that we've looked at in the same area which will be available when this is all over.

Browney7

eagle eye wrote: »

Is there any good places to go read projections for house prices over the next couple of months.
I had a sale agreed, I'm the purchaser, and we were making the payment for the property next week. I just got a letter from my solicitor telling me the current owners want to postpone the sale for 8 weeks due to covid-19. My solicitor asked me to advise him if we wish to continue. It appears that written between the lines is him telling me that I have the opportunity to pull out and I should take it.
All advice welcome but I'd like links to good places to read up on projections please.

Is the seller part of a chain? I'm not sure why the seller would want to postpone in this Pandemic except for them wanting to purchase somewhere else and their own situation has changed?

I can't see what you have to lose by saying you're walking away given that they're sitting on the fence.

Hubertj

Nika Bolokov wrote: »

If you have bought a new build in the last 6 / 12 months.

Welcome to 2007 , your in massive negative equity and your stuck there for 10 years at least.

thats a fairly bleak prediction to start off the weekend!

eagle eye

Browney7 wrote:

Is the seller part of a chain? I'm not sure why the seller would want to postpone in this Pandemic except for them wanting to purchase somewhere else and their own situation has changed?
I can't see what you have to lose by saying you're walking away given that they're sitting on the fence.

They are in their 70's, I believe their plan is to downsize. I don't know their situation but probably a situation where they were going to stay with one of their children while they look for their new home and that's not feasible now.
They are saying they want to postpone the sale for eight weeks.

The_Conductor

Hubertj wrote: »

thats a fairly bleak prediction to start off the weekend!

Markets move- and over time it'll move again. Negative equity only really matters if you're planning to sell. If you're only looking for accommodation short to medium term- you probably shouldn't be buying anyway- and if your intention is your accommodation is going to last longer term- well, you have the utility value of the property- regardless of what happens to its absolute value.

TheSheriff

eagle eye wrote: »

They are in their 70's, I believe their plan is to downsize. I don't know their situation but probably a situation where they were going to stay with one of their children while they look for their new home and that's not feasible now.
They are saying they want to postpone the sale for eight weeks.

Personally, I'd be looking for a discount if you agreed to this. Ask for a few k off the price to play ball. Nothing to lose.

Hubertj

The_Conductor wrote: »

Markets move- and over time it'll move again. Negative equity only really matters if you're planning to sell. If you're only looking for accommodation short to medium term- you probably shouldn't be buying anyway- and if your intention is your accommodation is going to last longer term- well, you have the utility value of the property- regardless of what happens to its absolute value.

obviously.... it was the 10 year bit that i thought was way over the top!

8-10

TheSheriff wrote: »

Personally, I'd be looking for a discount if you agreed to this. Ask for a few k off the price to play ball. Nothing to lose.

Yep, essentially 8 week rent

PommieBast

JP100 wrote: »

It's not particularly hard to set up a proper desk to work at home.

It is when there is not the physical space for one. Your psychological points are all fair though.

Assetbacked wrote: »

It has made me realise that I would do a commute maybe three times per week if I could WFH the other two days, which would enable us to live outside of Dublin.

Best WFH story I heard from when I used to work at Intel was someone who WFH'd two days a week, and the other three days used the company air shuttle to commute between (if I remember correctly) San Jose and Jones Farm

Browney7

8-10 wrote: »

Yep, essentially 8 week rent

Yeah they're getting a free option on the property if eagle eye agrees. They may get a pre Covid price for their own place and potentially get a lower price on the downsize property they are eyeing up.

JP100

Cyrus wrote: »

how do you know they are as productive as ever? i know for a fact that several people in my team arent as productive as ever and their managers are strugging to cover their workload as well as their own.

We have been set up to work from home for a few years and i do it on occasion when it suits me, but despite i prefer to be in the office, and my team do too (in majority). So its not just infastructure.

It may suit you, but that doesnt mean it suits everyone. I have also seen email complaints from our commercial people who feel now that they are WFH they are expected to be available 24/7. And i have had a lot more call at 7.30/8pm than i would normally.

A bit of a silly question. I know in the same way that the people I mentioned are productive as ever in the same way that you know people who are not productive. In terms of your particular scenario, such people are clearly not suitable for WFH buy nobody said it's a one size fits all approach and companies will cut their cloth accordingly.

As for me, it doesn't suit me at all as I work in a job whereby it is not possible to WFH but I can the see the way this is going and the writing on the wall. This pandemic has very much fast forwarded the whole concept of WFH and WFH is going to become an ever increasing pattern of work life both here and globally.

PommieBast

JP100 wrote: »

..but I can the see the way this is going and the writing on the wall. This pandemic has very much fast forwarded the whole concept of WFH and WFH is going to become an ever increasing pattern of work life both here and globally.

Certainly the winds will blow that direction. The make-or-break point is whether it is implemented as an employee perk or a cost-saving exercise.

JP100

PommieBast wrote: »

Certainly the winds will blow that direction. The make-or-break point is whether it is implemented as an employee perk or a cost-saving exercise.

I think some employees will very much see it as a perk. Take for instance somebody currently renting in Dublin but who wants to buy a house in Meath (obviously a huge commuter belt). The option of working in a Dublin office just three days a week becomes an awful lot more appealing commute than it currently is for a lot of people.

James 007

How the hell is this house worth 650K, it wont appeal to a family. Its only worth Id say 350K at most.

https://www.daft.ie/dublin/houses-for-sale/drumcondra/1-whitworth-place-drumcondra-dublin-2375336/

James 007

James 007 wrote: »

How the hell is this house worth 650K, it wont appeal to a family. Its only worth Id say 350K at most.

https://www.daft.ie/dublin/houses-for-sale/drumcondra/1-whitworth-place-drumcondra-dublin-2375336/

Location location location.

Idbatterim

James 007 wrote: »

How the hell is this house worth 650K, it wont appeal to a family. Its only worth Id say 350K at most.

https://www.daft.ie/dublin/houses-for-sale/drumcondra/1-whitworth-place-drumcondra-dublin-2375336/

What ? That's still in the realms of sane, have you not seen the two dublin 14 properties that have been discussed,?

Cyrus

JP100 wrote: »

A bit of a silly question. I know in the same way that the people I mentioned are productive as ever in the same way that you know people who are not productive. In terms of your particular scenario, such people are clearly not suitable for WFH buy nobody said it's a one size fits all approach and companies will cut their cloth accordingly.

As for me, it doesn't suit me at all as I work in a job whereby it is not possible to WFH but I can the see the way this is going and the writing on the wall. This pandemic has very much fast forwarded the whole concept of WFH and WFH is going to become an ever increasing pattern of work life both here and globally.

I know because they work for managers that report to me, you are talking about a company you don’t work for its not quite the same thing now is it

PommieBast

James 007 wrote: »

How the hell is this house worth 650K, it wont appeal to a family. Its only worth Id say 350K at most.

Maybe €400k or so but yes €650k is over the top. Guessing they had a lot of work done to it and just tacked that onto the asking price.

Hubertj

James 007 wrote: »

How the hell is this house worth 650K, it wont appeal to a family. Its only worth Id say 350K at most.

https://www.daft.ie/dublin/houses-for-sale/drumcondra/1-whitworth-place-drumcondra-dublin-2375336/

There’s no garden?

cunnifferous

James 007 wrote: »

How the hell is this house worth 650K, it wont appeal to a family. Its only worth Id say 350K at most.

https://www.daft.ie/dublin/houses-for-sale/drumcondra/1-whitworth-place-drumcondra-dublin-2375336/

I raise you one 2 bed tiny bungalow for near 600k in greystones

https://touch.daft.ie/for-sale/bungalow-10-burnaby-manor-greystones-co-wicklow/1504675

JP100

Cyrus wrote: »

I know because they work for managers that report to me, you are talking about a company you don’t work for its not quite the same thing now is it

It is when the company I mentioned is one I up until very recently worked for, still have business dealings with and have quite number of good close friends working there. Now, take your nice bit of presumption there off with you and bring it for a nice long walk.

TheSheriff

cunnifferous wrote: »

I raise you one 2 bed tiny bungalow for near 600k in greystones

https://touch.daft.ie/for-sale/bungalow-10-burnaby-manor-greystones-co-wicklow/1504675

Ah FFS!!

That's outrageous.

masculinist

Nika Bolokov wrote: »

If you have bought a new build in the last 6 / 12 months.

Welcome to 2007 , your in massive negative equity and your stuck there for 10 years at least.

What about buying in the next 6 months ?

Cyrus

JP100 wrote: »

It is when the company I mentioned is one I up until very recently worked for, still have business dealings with and have quite number of good close friends working there. Now, take your nice bit of presumption there off with you and bring it for a nice long walk.

I said you don’t work there ,And you have just confirmed it. My presumption was entirely correct.

Roberto_gas

skooterblue2 wrote: »

Same as last time there was a recession, Cash buyers buy it for €600 k, or less. A distant relative was IT contracting for IBM just before the last recession. He was made unemployed, sold his house immediately. Everyone laughing at him that he would never be able to afford to get back in to Dublin 4 again.
He rented an ordinary house, played golf every day for 2 years and did his MBA part time. Then he got back in with the Bank IT contracting on a bigger salary and has a bigger house than before in D4 at a cheaper price.

How is he doing this time around 😎😎?

ebayissues

My team has been WFH for the past 2 months, 90% do not like it because we are working longer. I'd say average hours has been 60+ a week.



It could be due to a variety of factors - not has productive as we use to be - 2 screens, pc vs laptop with remote log in, cov19 situation meaning some have nothing better to do than work. If you asked me 3 months ago, I'd tell you i'd like to WFH but not in this circumstance. Atleast at work, I could leavthe stress at work but WFH I carry the stress with me.


I'll still like to WFH though.

Hubertj

cunnifferous wrote: »

I raise you one 2 bed tiny bungalow for near 600k in greystones

https://touch.daft.ie/for-sale/bungalow-10-burnaby-manor-greystones-co-wicklow/1504675

That is outrageous. Greystones is nice and all but i thought 600k would get a nice house with garden etc down there.