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

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Comments

  • Registered Users Posts: 334 ✭✭Senature


    The examples househunters are giving here are mostly the opposite though. Sellers who are looking for as much or more for their house than another similar house, which was bigger / in better condition / already renovated etc and refusing to lower their expectations despite receiving no offers at the value they believe it to be worth.


  • Registered Users Posts: 152 ✭✭JamesMason


    Woshy wrote: »
    I'm looking at houses that when compared to other houses nearby have things like:

    a substantially lower BER
    only one bathroom (i.e. no downstairs toilet)
    a separate dining room and quite a small kitchen (when other houses have already been converted)
    a north facing garden

    and they're looking for 30k- 40k more than other houses. It just doesn't make sense. When we were selling our house I was aware what houses near me were selling for or going on the market for and would have been aware of a price difference like that. Again, I think some of it is people who think well my house is lovely so people will want to pay more for it when really, it's not set up for what a lot of buyers are looking for.

    I have no issue with doing up a house over time but if work needs to be done it should be reflected in the price.
    Greed. It's that simple.


  • Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    JamesMason wrote: »
    Greed. It's that simple.

    They might be stubborn, even stupid. But I don't see how its greed.

    There's a couple in my area on sale for about 2yrs. Others at the same price have been gone in a month or two.


  • Registered Users Posts: 19 Anamdearcadh


    caff wrote: »
    I gave up on anything that looked like it was ready to move into. Bought a place with peeling wallpaper and non functioning gas boiler. Spent about 30k on renovations but didn't have to deal with a bidding war or any messing about.

    Same here. Hoping to get the keys next week. I've joined boards hoping to glean as much advice as possible from the forums as renovations are very much needed but excited to have my own place!


  • Registered Users Posts: 13,745 ✭✭✭✭Dav010


    JamesMason wrote: »
    Greed. It's that simple.

    Selling your house is the biggest transaction most will have during their lifetime. Getting as much as the market will bare is not greed, it is good business. If it is too high, the house will sit there unsold, but if it does sell in 6 months, 12 months, 2 years later, the seller may think it was worth the wait.


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  • Closed Accounts Posts: 18,958 ✭✭✭✭Shefwedfan


    Someone buying a house and the person selling is greedy

    Same person selling and everyone is too tight

    Are people saying if they where selling their house now they would accept bids under market value just out of the goodness of their heart?


  • Registered Users Posts: 334 ✭✭Senature


    Shefwedfan wrote: »
    Are people saying if they where selling their house now they would accept bids under market value just out of the goodness of their heart?

    I don't understand why this point is now being continually repeated in this thread. I don't think any posters have suggested that sellers should sell for less than market value for any reason.


  • Registered Users Posts: 3,287 ✭✭✭givyjoe


    Senature wrote: »
    I don't understand why this point is now being continually repeated in this thread. I don't think any posters have suggested that sellers should sell for less than market value for any reason.

    Precisely. The point being made is that they are holding out for a value which the property isn't worth, hence no one over an extended period has met their estimate.


  • Closed Accounts Posts: 18,958 ✭✭✭✭Shefwedfan


    givyjoe wrote: »
    Precisely. The point being made is that they are holding out for a value which the property isn't worth, hence no one over an extended period has met their estimate.

    A house is only worth what someone will pay for it

    If the market was flooded with houses which where overpriced and nobody was going to buy them the automatically the prices would come down

    The market isn’t so that would suggest someone is willing to pay for it, calling the seller greedy is pointless because if shoe was on other foot then you would hold out for best price


  • Registered Users Posts: 446 ✭✭ebayissues


    There is greed involved.


    If a house is reasonbly priced, a seller would be able to sell/liquidate the house reltively quick..a week to a month.


    How does one gauage the value of a house.. we see what other prices houses sold in that area...compare the size.... estimates of work that has to be done.


    Though there is premium one houses where location is good, if the house is in turnkey conditon. However I have seen houses that needs to be gtted be priced at an astronomical rate.


    A house priced well will shift quickly....


    Houses on the market for over 3months or so are either not being priced correctly or owners really don't want to sell.


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  • Registered Users Posts: 334 ✭✭Senature


    Shefwedfan wrote: »
    A house is only worth what someone will pay for it

    If the market was flooded with houses which where overpriced and nobody was going to buy them the automatically the prices would come down

    The market isn’t so that would suggest someone is willing to pay for it, calling the seller greedy is pointless because if shoe was on other foot then you would hold out for best price

    Mostly we were discussing sellers whose houses are on the market for months on end and are obviously not being offered the price they want as the houses are not selling. For example, there is one in the area I am looking in that is on the market since August. This suggests nobody is willing to pay that price for that house, whether the seller "holds out" or not. That is the point.

    Have you read the thread? I think only one poster called it greed. Others offered other reasons such as the houses not really being for sale etc. You seem to be making a point that posters believe sellers are greedy if they won't accept low offers, I don't think anyone has said that. In fact, your first point, that a house is only worth what someone will pay for it is he one being made by pretty much everyone posting...


  • Registered Users Posts: 13,745 ✭✭✭✭Dav010


    ebayissues wrote: »
    There is greed involved.


    If a house is reasonbly priced, a seller would be able to sell/liquidate the house reltively quick..a week to a month.


    How does one gauage the value of a house.. we see what other prices houses sold in that area...compare the size.... estimates of work that has to be done.


    Though there is premium one houses where location is good, if the house is in turnkey conditon. However I have seen houses that needs to be gtted be priced at an astronomical rate.


    A house priced well will shift quickly....


    Houses on the market for over 3months or so are either not being priced correctly or owners really don't want to sell.

    To an extent, you are correct. Sellers are selfish, we all want the most we can get when selling property. But selling needn’t be a quick process, and many don’t need to shift quickly at a price which suits a buyer. Property transactions are hypothetical, an observer such as yourself may be critical of sellers asking too much, yet when your time comes to sell, altruism is less of a concern.


  • Registered Users Posts: 3,287 ✭✭✭givyjoe


    Shefwedfan wrote: »
    A house is only worth what someone will pay for it

    If the market was flooded with houses which where overpriced and nobody was going to buy them the automatically the prices would come down

    The market isn’t so that would suggest someone is willing to pay for it, calling the seller greedy is pointless because if shoe was on other foot then you would hold out for best price
    Did you read any of my post? If the house isn't selling and being continually relisted, then the house in question clearly isn't priced at the market value. Not rocket science.

    One poster mentioned greed. Most others have just given examples of unreasonably priced non selling houses.


  • Registered Users Posts: 13,745 ✭✭✭✭Dav010


    givyjoe wrote: »
    Did you read any of my post? If the house isn't selling and being continually relisted, then the house in question clearly isn't priced at the market value. Not rocket science.

    One poster mentioned greed. Most others have just given examples unreasonably priced non selling houses.

    Whether you like it or not, the owners of those properties are willing to wait until the right offer comes. It may never come, but that is their choice, unless it is outlandishly priced, odds are they have a reasonably good chance of eventually selling.


  • Registered Users Posts: 3,287 ✭✭✭givyjoe


    Dav010 wrote: »
    Whether you like it or not, the owners of those properties are willing to wait until the right offer comes. It may never come, but that is their choice, unless it is outlandishly priced, odds are they have a reasonably good chance of eventually selling.

    Whether you like it or not, if the no one is willing to meet the sellers asking price, then it isn't worth the asking price. Jesus wept, it's not complicated.


  • Registered Users Posts: 13,745 ✭✭✭✭Dav010


    givyjoe wrote: »
    Whether you like it or not, if the no one is willing to meet the sellers asking price, then it isn't worth the asking price. Jesus wept, it's not complicated.

    That’s the way it goes with property sales. Some sellers have no time limit and are willing to wait.


  • Registered Users Posts: 3,287 ✭✭✭givyjoe


    Dav010 wrote: »
    That’s the way it goes with property sales. Some sellers have no time limit and are willing to wait.

    By willing to wait, do you mean until prices rise and eventually their house is actually worth what they are willing to accept? Again, if no one is meeting the price, then it isn't worth the price they want AT THAT TIME.


  • Registered Users Posts: 13,745 ✭✭✭✭Dav010


    givyjoe wrote: »
    By willing to wait, do you mean until prices rise and eventually their house is actually worth what they are willing to accept? Again, if no one is meeting the price, then it isn't worth the price they want AT THAT TIME.

    Pretty much, the last three words are the most pertinent, for some sellers who aren’t under pressure to sell, there is no “at that time”, they can wait indefinitely.


  • Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    ebayissues wrote: »
    There is greed involved.


    If a house is reasonbly priced, a seller would be able to sell/liquidate the house reltively quick..a week to a month.


    How does one gauage the value of a house.. we see what other prices houses sold in that area...compare the size.... estimates of work that has to be done.


    Though there is premium one houses where location is good, if the house is in turnkey conditon. However I have seen houses that needs to be gtted be priced at an astronomical rate.


    A house priced well will shift quickly....


    Houses on the market for over 3months or so are either not being priced correctly or owners really don't want to sell.


    If they get the price or close to it eventually its just good business.

    If you sell it fast it's too low. The average is something like 7 months.


  • Registered Users Posts: 3,287 ✭✭✭givyjoe


    Dav010 wrote: »
    Pretty much, the last three words are the most pertinent, for some sellers who aren’t under pressure to sell, there is no “at that time”, they can wait indefinitely.

    And prey tell.. what are they waiting for...?! The price that their property isn't worth NOW! NOW being the most pertinent word.


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  • Registered Users Posts: 13,745 ✭✭✭✭Dav010


    givyjoe wrote: »
    And prey tell.. what are they waiting for...?! The price that their property and isn't worth NOW! NOW being the most pertinent word.

    NOW NOW, might be important to you, that does not mean it is important to the seller.


  • Registered Users Posts: 3,287 ✭✭✭givyjoe


    Dav010 wrote: »
    NOW NOW, might be important to you, that does not mean it is important to the seller.

    Jesus Christ.. please for the love of God, can you tell you us in your own words how you determine what the value of a house, or any asset is?


  • Registered Users Posts: 334 ✭✭Senature


    I would really only be familiar with house sales and purchases in the greater Dublin area, so this may not apply in other parts of Ireland. However, houses that have been on the market for an extended period of time are viewed with suspicion by prospective buyers. There is an assumption that there must be something wrong with it if it hasn't sold yet, so buyers avoid bidding on it and look at / bid on other properties instead. Or if they do decide to bid on that house, they probably won't be willing to bid as much. Leaving your house languishing on the market waiting for the "right" offer can be extremely risky imo. It may be a seller's prerogative to do so, but it can really cost them in the long run.


  • Closed Accounts Posts: 18,958 ✭✭✭✭Shefwedfan


    Senature wrote: »
    I would really only be familiar with house sales and purchases in the greater Dublin area, so this may not apply in other parts of Ireland. However, houses that have been on the market for an extended period of time are viewed with suspicion by prospective buyers. There is an assumption that there must be something wrong with it if it hasn't sold yet, so buyers avoid bidding on it and look at / bid on other properties instead. Or if they do decide to bid on that house, they probably won't be willing to bid as much. Leaving your house languishing on the market waiting for the "right" offer can be extremely risky imo. It may be a seller's prerogative to do so, but it can really cost them in the long run.


    None of this is true.

    You dont need to have you house sold in X months or you are suddenly into the "too long on market bracket". House at a certain clip will sell quicker because First Time buyers etc will snap them up. Higher value houses will stay on market longer because it is a smaller market buying these houses.

    When I bought my most recent house I wasn't looking at how long it was on market to see if I should or shouldn't bid on it.

    Any decent buyer should be getting a survey done etc so I don't see why they would be suspicious.

    P.S I live in Dublin area


  • Registered Users Posts: 334 ✭✭Senature


    Just found this article from a year ago. Confirmation of a lot of what has been discussed in this thread.

    https://www.irishtimes.com/news/ireland/irish-news/excessive-price-expectations-biggest-block-to-house-sales-report-says-1.3775106

    Home-owners’ “excessive and unrealistic expectations” about the price their properties are worth will be the biggest block to closing sales this year, according to a report published this morning.

    Research from the Society of Chartered Surveyors Ireland (SCSI) says that overly-optimistic expectations is the primary reason why properties are now failing to sell.

    Indeed, unrealistic prices are now a bigger problem to closing deals than any difficulties buyers have in obtaining mortgages or sellers have in finding other homes to live in.


  • Registered Users Posts: 13,745 ✭✭✭✭Dav010


    givyjoe wrote: »
    Jesus Christ.. please for the love of God, can you tell you us in your own words how you determine what the value of a house, or any asset is?

    There is no need to get so emotional about this. There is no set value on a property. Different people put different values on different properties. One buyer may be willing to pay more for a property due to needs, location, family etc than another. I might place more value on a house than you might because I want it. It is all down to perspective and timing. You can’t force someone to sell at the price you want them to.

    The value of an asset is the highest price someone is willing to pay, and accepted. Whenever that may be.


  • Posts: 18,749 ✭✭✭✭[Deleted User]


    I saw 2 houses, same estate, same agent. Back facing different directions, one house was completely renovated, ready to move in, asking 430k
    The other had slightly bigger kitchen extension, but needed complete renovation, at least 60-80k I would think, asking 435k
    Agent said the vendors want the asking or very close to it, won't drop the price.
    The ready to go house went sale agreed in weeks, the 2nd one is still on, 6 months later.


  • Registered Users Posts: 781 ✭✭✭Dolbhad


    Looked at a house around June. We liked it but asking was 25k over what’s its worth as there was a dodgy extension that needs to be fixed. We put in the offer of 25k under asking. Was told seller expects more than asking. Is still listed as up for sale still at same price. Still no offers as I’ve checked but seller is willing to wait it out but house is empty and a mortgage on it.

    I’ll admit this year I’ve seen some really cheeky prices ie a three bed semi going for same price as a 4 bed semi in same estate. And whereas 4 bed semi is rightly price and I expect it to go quickly, the 3 bed will be sitting there.


  • Registered Users Posts: 3,287 ✭✭✭givyjoe


    Dav010 wrote: »
    There is no need to get so emotional about this. There is no set value on a property. Different people put different values on different properties. One buyer may be willing to pay more for a property due to needs, location, family etc than another. I might place more value on a house than you might because I want it. It is all down to perspective and timing. You can’t force someone to sell at the price you want them to.

    The value of an asset is the highest price someone is willing to pay, and accepted. Whenever that may be.

    And if no one is willing to pay the price the seller wants, what does that tell you? It's fairly simple.


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  • Registered Users Posts: 13,745 ✭✭✭✭Dav010


    givyjoe wrote: »
    And if no one is willing to pay the price the seller wants, what does that tell you? It's fairly simple.

    The seller won’t sell?


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