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Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

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    #542
    Idbatterim
    Registered Users Posts: 17,849 ✭✭✭✭Idbatterim


    Mic 1972 wrote: »
    Honestly i wouldn't go ahead.
    The agency is correct about houses being pull off the market, but a lot of houses will also appear in a while

    where do you expect a lot of houses to appear?


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    #543
    Idbatterim
    Registered Users Posts: 17,849 ✭✭✭✭Idbatterim


    coolshannagh28 wrote: »
    Get contracts signed ASAP !

    I'd agree with this, light a match under the solicitors ass and whoever else!


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    #544
    coolshannagh28
    Registered Users Posts: 1,476 ✭✭✭coolshannagh28


    Donald Trump wrote: »
    Lending is also one of the ways banks lose their money

    Lending is a dangerous leveraged game hence "bank bailout" being such a common phrase .


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    #545
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    Idbatterim wrote: »
    where do you expect a lot of houses to appear?


    I can see him being right. A lot of the people that are uncertain at the moment, or who feel a little shakey, will eventually normalise and move on.


    I'd say in 3 months things will return to normal. Anyone sitting on a house waiting to sell will get fed up. Unless your house is something special, any decreases in price will affect all properties anyway, so if you're moving somewhere or the likes, it's as long as it is short.




    Only issue I see is for people who have already moved into a new property and have a previous property for sale - if the prices of property fall, they may look more at renting it out as, with every % drop in property prices, renting becomes more profitable, relative to the property prices.


    (I can't see a system where rents collapse overnight).


    Of course, those still stuck renting, will be then fighting it out for the properties available, which will inflate the prices back up and we'll just end up back where we are at the moment, in my opinion.


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    #546
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    Deleted User wrote: »
    I can see him being right. A lot of the people that are uncertain at the moment, or who feel a little shakey, will eventually normalise and move on.

    I'd say in 3 months things will return to normal. Anyone sitting on a house waiting to sell will get fed up. Unless your house is something special, any decreases in price will affect all properties anyway, so if you're moving somewhere or the likes, it's as long as it is short.

    Only issue I see is for people who have already moved into a new property and have a previous property for sale - if the prices of property fall, they may look more at renting it out as, with every % drop in property prices, renting becomes more profitable, relative to the property prices.

    (I can't see a system where rents collapse overnight).

    Of course, those still stuck renting, will be then fighting it out for the properties available, which will inflate the prices back up and we'll just end up back where we are at the moment, in my opinion.


    That's my view too. Renting is already showing sings of collapse. My lodger is moving to an BnB tomorrow, apparently it's cheaper than renting a room. Rent is a major driver for property investors, without renting appeal demand for houses will decrease.

    Also if Italy is any indication of what is going to happen, a lot of elderly unfortunately won't survive. Today 700 more people died in Italy, mostly elderly. That's a lot of properties going to be empty that will be used by family or will be sold. It's a scary dynamic but it's happening right now


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    #547
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    Italy has about 200 deaths a day unfortunately. We have had 3 so far which is brilliant to keep it that low.

    If we can keep it under 10 for the 2/3 weeks we should be out of the worst of it.


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    #548
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    beauf wrote: »
    One of the reasons Italy was hit so hard was they have lots of generations living in the same property, and often closely packed in apartments.

    That's no longer as common as it used to be in Ireland. We also have higher use of houses and one off housing.


    That's very cliche', you probably got that from Italian movies
    North Italy is very European and most of all very wealthy. Milan in particular is the opposite to what you describe
    Unfortunately the virus spreads the same way in every country, Dublin has plenty of crammed apartments and house sharing, we are no different


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    #549
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    Pheonix10 wrote: »
    Italy has about 200 deaths a day unfortunately. We have had 3 so far which is brilliant to keep it that low.

    If we can keep it under 10 for the 2/3 weeks we should be out of the worst of it.


    How so? Italy had 3 cases and no deaths for weeks before the outbreak. We didn't even manage to keep the numbers low for 1 week. We are not even in lock down, people keep going out, visiting friends and family. The rest of Europe is walking into a major outbreak, what makes you think we are different here?


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    #550
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    Mic 1972 wrote: »
    How so? Italy had 3 cases and no deaths for weeks before the outbreak. We didn't even manage to keep the numbers low for 1 week. We are not even in lock down, people keep going out, visiting friends and family. The rest of Europe is walking into a major outbreak, what makes you think we are different here?

    Don't think they had 3 cases for weeks? We've kept the number of deaths low for a last few weeks. Cases are still rising but if we can keep things like this, we may be past the peak in a few weeks.


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    #551
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    Pheonix10 wrote: »
    Don't think they had 3 cases for weeks? We've kept the number of deaths low for a last few weeks. Cases are still rising but if we can keep things like this, we may be past the peak in a few weeks.


    The virus is spreading exponentially, there is no evidence that we are going to reach a peak and then go back to normal unless a cure/vaccine is developed. All we can do is stop the spread through very strict lock down measures like in China


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    #552
    makeandcreate
    Registered Users Posts: 451 ✭✭makeandcreate


    beauf wrote: »
    Apple has reopened their Chinese stores and manufacturing is starting back up. Maybe that's financial confidence play I don't know.

    Also they hope to have a test to check if someone with no symptoms has had it already. That will be useful.

    An easy and cheap corroborative test that shows someone is immune would be hugely beneficial as we currently do not know how many of the last 2 months cold and cough victims where Covid-19.


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    #553
    DaveyDave
    Registered Users Posts: 6,212 ✭✭✭DaveyDave


    Solicitor contacted us earlier in the week asking if we wanted to pull out of buying the house. We're both in stable jobs so we're happy to proceed. They're going to do what they can to speed things along however there will surely be some delay with people working from home.

    Was in on Wednesday to have the floors measured, most of the snag list from the previous week has been completed. Floor company emailed to say no plans on taking a break for when we're ready and IKEA still delivering. It may not be smooth sailing between now and finally sitting down with my first coffee in the new house, but so far nothing out of the ordinary.


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    #554
    patnor1011
    Registered Users Posts: 2,996 ✭✭✭patnor1011


    We are trying to buy for well over a year. In light of what is happening right now and what will happen soon we stopped looking. A lot of economists are convinced that we are in for a recession many times worse than one which happened in 30's.


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    #555
    nhoj88
    Registered Users Posts: 40 ✭nhoj88


    patnor1011 wrote: »
    We are trying to buy for well over a year. In light of what is happening right now and what will happen soon we stopped looking. A lot of economists are convinced that we are in for a recession many times worse than one which happened in 30's.

    Could you post some links too this please?


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    #556
    king size mars bar
    Registered Users Posts: 822 ✭✭✭king size mars bar


    Selling at the moment, had a buyer and then last Thursday came the phone call, buyer pulling out due job security because of coved 19. Estate agent said not much point putting house back at the minute. Gutted but what can we do.


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    #557
    riddles
    Registered Users Posts: 1,052 ✭✭✭riddles


    The banks are inundated with 3 month mortgage breaks at the moment. This will have an impact on lending I’m sure.


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    #558
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    I signed contracts Friday 13th ( unlucky for some) and am still very happy to proceed as price is very reasonable and we aren't talking an 800 grand semi in dublin that has a 250k downside. I need a house for myself and it is NOT an investment. If I was buying for investment I would pull out likely as the demand / supply issues are unknown, rent is unknown etc. Again this depends on price or is it a 200 grand one bed in the city or a 450 grand two bed ,rate of leverage and term of loan and my ability to service the loan rather than rent servicing it.

    Whilst most people think their house is an investment it is in reality not its a house to live in if you sell them you no longer have a roof over your head. So if you can afford the payments comfortably and have long term financing in place then crack on, any price differentials will be smoothed over the 20-25 year of the mortgage term.


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    #559
    Bobeagleburger
    Registered Users Posts: 45,303 ✭✭✭✭Bobeagleburger


    House prices should drop with the number of people that will lose their jobs. The bubble has burst.

    Anyone that hasn't yet signed. I'd be renegotiating price or sitting tight.


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    #560
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    6 wrote: »
    House prices should drop with the number of people that will lose their jobs. The bubble has burst.

    Not necesarily. Price is determined by supply and demand. Whilst job loss does play on demand side, the supply side will reduce at the same rate likely as owners delay sales until the crisis is over. This is clearly the case as the same guy who advised me not to sign and renegotiate a 50k reduction also told me an apartment he is selling next month is now on hold as he will withdraw it so it's all nonsense.
    Needless to say I signed and disregarded his advice. In reality you would need to wait for around a year to see how it plays out.

    Being honest there could be clouds on horizon as layoffs mean some won't be rehired so this could affect confidence / long term supply and demand. But short term it's good


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    #561
    Bobeagleburger
    Registered Users Posts: 45,303 ✭✭✭✭Bobeagleburger


    lomb wrote: »
    Not necesarily. Price is determined by supply and demand. Whilst job loss does play on demand side, the supply side will reduce at the same rate likely as owners delay sales until the crisis is over. This is clearly the case as the same guy who advised me not to sign and renegotiate a 50k reduction also told me an apartment he is selling next month is now on hold as he will withdraw it so it's all nonsense.

    Demand will fall through the roof. As will prices.


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    #562
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    6 wrote: »
    Demand will fall through the roof. As will prices.

    And I'm very happy if prices fall as I want to buy a buy to let as well so needed to take advantage of 90per cent financing on first time buyer. I can't do that without owning a family home and I'm not going to delay it for two years if something I like and afford and bank will lend on comes up.

    Also remember central bank guidelines are very conservative and have held prices down artificially by restricting borrowing. I've no doubt a 300 grand semi in D22 would be 400k with borrowing like before or what it is in countries like the UK or US


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    #563
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    king size mars bar wrote: »
    Selling at the moment, had a buyer and then last Thursday came the phone call, buyer pulling out due job security because of coved 19. Estate agent said not much point putting house back at the minute. Gutted but what can we do.

    You might be gutted but that's exactly what I'm talking about by withdrawing sale until your expectations are fulfilled or might be fulfilled you have equalised the demand supply side equation meaning no reductions for the moment.


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    #564
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    riddles wrote: »
    The banks are inundated with 3 month mortgage breaks at the moment. This will have an impact on lending I’m sure.

    This isn’t lost revenue, it’s deferred revenue. Mortgage holders will just be paying it on the remainder of their term.


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    #565
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    Mic 1972 wrote: »

    Also if Italy is any indication of what is going to happen, a lot of elderly unfortunately won't survive. Today 700 more people died in Italy, mostly elderly. That's a lot of properties going to be empty that will be used by family or will be sold. It's a scary dynamic but it's happening right now

    The thing to do is see if Corona spreads in D4/6 and if it does should be able to pick up a Ranelagh Red brick for 400k!


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    #566
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    Bargain_Hound wrote: »
    This isn’t lost revenue, it’s deferred revenue. Mortgage holders will just be paying it on the remainder of their term.

    Exactly, banks have loads of money in current accounts that have no yield. Or they can borrow in the markets at zero or at negative rates. They are sitting pretty unless the loans go bad long term.


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    #567
    milhous
    Registered Users Posts: 415 ✭✭milhous


    lomb wrote: »
    Not necesarily. Price is determined by supply and demand. Whilst job loss does play on demand side, the supply side will reduce at the same rate likely as owners delay sales until the crisis is over. This is clearly the case as the same guy who advised me not to sign and renegotiate a 50k reduction also told me an apartment he is selling next month is now on hold as he will withdraw it so it's all nonsense.
    Needless to say I signed and disregarded his advice. In reality you would need to wait for around a year to see how it plays out.

    Being honest there could be clouds on horizon as layoffs mean some won't be rehired so this could affect confidence / long term supply and demand. But short term it's good

    Setting a reminder in my phone for this time next year. See how this pans out for you.


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    #568
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    <SNIP>


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    #569
    riddles
    Registered Users Posts: 1,052 ✭✭✭riddles


    Bargain_Hound wrote: »
    This isn’t lost revenue, it’s deferred revenue. Mortgage holders will just be paying it on the remainder of their term.
    If they are able too?


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    #570
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    folks, thread is for "currently buying/selling a house". Please keep that it mind.


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    #571
    El Gato De Negocios
    Registered Users Posts: 6,746 ✭✭✭El Gato De Negocios


    We have decided we are going to wait for the next number of months before buying. My wife is in a senior marketing role in the hospitality industry and their budget for the year has literally been slashed to nil. She is with the company 7 years however there is a very real concern that she may be forced to take a pay cut or reduced hours. Problem is we have gone sale agreed on where are living now and will most likely have to pull out (if the buyer doesn't do so of their own volition), I hate the thought of letting the buyers down but I dont think we will have any choice.


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