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

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    #572
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Maybe prices will drop but job losses will occur. And unlike the last recession, I have a feeling this will affect more areas. Even during the recession pubs and retail shops were opened.

    I would advise if it is a long term home and you can afford repayments with potentially one of you laid off, keep going. Myself and partner have been both temporarily laid off (and I would have said if another recession came along, we would have been okay with our jobs) so our house plans are on hold. So no good to us if house prices go down so I don’t want people to be stuck in same situation as us.

    This feels very different to other recessions. I feel last time you had a year or two warning that it was coming. This all feels like it hit within a month. And a pandemic is new to us in Ireland so we have no idea what the recovery will be like for something like this.


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    #573
    ittakestwo
    Registered Users Posts: 1,647 ✭✭✭ittakestwo


    <SNIP>


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    #574
    beggars_bush
    Registered Users Posts: 4,382 ✭✭✭beggars_bush


    Statutory Ape wrote: »
    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.

    You could rent after your sale goes through

    There will be loads of properties on the market and most normal landlords would prefer to have rent coming in than having a house empty


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    #575
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    beggars_bush wrote: »
    You could rent after your sale goes through

    There will be loads of properties on the market and most normal landlords would prefer to have rent coming in than having a house empty


    Normal landlords will do what is more convenient for them, some will rent out at current lower rents, while others will leave the property vacant until the rental market become competitive again. Renting is not hassle free, you dont do it unless there real profit


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    #576
    scarepanda
    Registered Users Posts: 3,450 ✭✭✭scarepanda


    For those that are planning on closing soon, have you any moving plan in place for if/when there's a lockdown?


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    #577
    El Gato De Negocios
    Registered Users Posts: 6,740 ✭✭✭El Gato De Negocios


    beggars_bush wrote: »
    You could rent after your sale goes through

    There will be loads of properties on the market and most normal landlords would prefer to have rent coming in than having a house empty

    The other issue we have is that we have a portable tracker that has to be availed of within 6 months of closing a sale. Renting is an idea but you are still talking not too far off doubling our current mortgage as well as potentially being locked into a 12 month lease.


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    #578
    davedub2015
    Registered Users Posts: 88 ✭✭davedub2015


    Sale agreed on a property for 450 in d12 no contracts signed but feel we should negotiate prices based on the economy any suggestions with this?
    Thanks


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    #579
    Deco99
    Registered Users Posts: 1,642 ✭✭✭Deco99


    davedub2015 wrote: »
    Sale agreed on a property for 450 in d12 no contracts signed but feel we should negotiate prices based on the economy any suggestions with this?
    Thanks

    Thoughts, certainly not advice so we are clear.

    First part, 450 is no small change so are the jobs secure enough to assume ye will be ok after this blows over?

    Second, negotiation is based on leverage. If someone else will pay 450 and seller knows this you have none.if seller can wait til uncertainty blows over they might wait even if it eventually does go down. The sweet spot is if they are keen to sell and you're the only show in town. But how do you know any of these variables


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    #580
    sun0shine
    Registered Users Posts: 2 ✭sun0shine


    Hi..

    I was in process of buying a new build house in commuter town ~360K range, loan offer in place but haven't signed contracts yet. Certainly market is going to tumble..
    Bargain on new build an option? or time to pull out?


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    #581
    Idbatterim
    Registered Users Posts: 17,849 ✭✭✭✭Idbatterim


    davedub2015 wrote: »
    Sale agreed on a property for 450 in d12 no contracts signed but feel we should negotiate prices based on the economy any suggestions with this?
    Thanks

    What’s 450 getting you in Dublin twelve ? Yeah look obviously try to get it cheap as possible. I won’t be surprised though if they only drop it a percent or two or even nothing at all...


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    #582
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    Deco99 wrote: »
    . .But how do you know any of these variables

    If you get Gazumped, or don't, you'll know.


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    #583
    Sweet.Science
    Registered Users Posts: 2,837 ✭✭✭Sweet.Science


    I assume banks might make allowances when this is all over. Like waive the 6 month payslips . Otherwise there will be a big crash


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    #584
    Gavin "shels"
    Registered Users Posts: 17,963 ✭✭✭✭Gavin "shels"


    Sweet.Science wrote: »
    I assume banks might make allowances when this is all over. Like waive the 6 month payslips . Otherwise there will be a big crash

    Waive 6 months payslips? :eek:


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    #585
    IndieRoar111
    Banned (with Prison Access) Posts: 52 ✭✭IndieRoar111


    Have to laugh at some still eager to buy. Like lemmings falling off a cliff


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    #586
    hottea2019
    Registered Users Posts: 25 ✭hottea2019


    Anyone has been successfully re-negotiated the price further down during this pandemic? Any tips?


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    #587
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    IndieRoar111 wrote: »
    Have to laugh at some still eager to buy. Like lemmings falling off a cliff

    You were still on the fence less than a week ago. :rolleyes:

    The advice you were told then that made up your mind still applies. if your ideal place comes up and you can afford it comfortably, it may not be bad decision. If you are stretching and its not your ideal house and location then wait.

    Since I bought mine there's been two recessions and one crash. In that time there been hardly any similar properties in the same area.
    I doubt I'd have had the same ability (liquidity) to buy in the same area after I did buy. I may moving this year or next, but in the same area. Supply is still scarce in the same area as it has been for decades.

    If you don't care about location and are looking at it as an investment. Then thats entirely different.


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    #588
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    IndieRoar111 wrote: »
    Have to laugh at some still eager to buy. Like lemmings falling off a cliff

    Give it about 3 months and watch the prices tumble. About 1/3 is going to come off the price before christmas!


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    #589
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    I wouldn't rule out completely the possibility to buy now, if anything it's a good time to negotiate.
    In the unfortunate event of helicopter money being distributed around, the Euro will lose a lot of its currency value, so people's savings will lose their value unless they get invested in property or stocks and share
    it's a vicious circle


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    #590
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    skooterblue2 wrote: »
    Give it about 3 months and watch the prices tumble. About 1/3 is going to come off the price before christmas!

    It will be interesting to see if you are right.

    https://www.daft.ie/report/ronan-lyons-2019q4-dafthouseprice


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    #591
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    beauf wrote: »
    It will be interesting to see if you are right.

    https://www.daft.ie/report/ronan-lyons-2019q4-dafthouseprice

    Btw the Daft Report for Q1 sales is due next Monday, very curious to see what they have to say about the current status of the market


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    #592
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    Mic 1972 wrote: »
    Btw the Daft Report for Q1 sales is due next Monday, very curious to see what they have to say about the current status of the market

    I think Q2 will be more interesting.
    IndieRoar111 wrote: »
    Have to laugh at some still eager to buy. Like lemmings falling off a cliff

    Not everybody's circumstances are equal. Some have been long planning to get to the stage they are at now.
    For example our situation we sold last august, living with family now with 1 child, its no easy task.
    We are sale agreed in the 300-325k region in Dublin with great schools on our door step, Dublin mainline bus stop 50m from our front door and mortgage payments in the region of 60% what we would pay in the equivalent rent. Also, 300k is still 30% less than the same property in the development were sold for at the peak 2009/2010. We were not financially ready to purchase at the bottom of the market in 2011/2012 like some lucky people who picked up properties at a steal. Such is life, not everybody is as lucky.

    Yes we are probably looking at negative equity for sometime if the crash is as bad as expected, but we need somewhere to live and we feel given the above circumstances, we are well without our own and the banks affordability criteria.


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    #593
    garhjw
    Closed Accounts Posts: 1,424 ✭✭✭garhjw


    Mic 1972 wrote: »
    Btw the Daft Report for Q1 sales is due next Monday, very curious to see what they have to say about the current status of the market

    I think they will say it is too early to say how significant the impact on the market will be. Too many unknowns at this time.


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    #594
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    Bargain_Hound wrote: »
    I think Q2 will be more interesting.

    People think they'll be getting property for free by then, and still able to borrow from the bank to buy these bargains...


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    #595
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    beauf wrote: »
    People think they'll be getting property for free by then, and still able to borrow from the bank to buy these bargains...

    You will if you are in a stable job.


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    #596
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    beauf wrote: »
    People think they'll be getting property for free by then, and still able to borrow from the bank to buy these bargains...


    People who depend on mortgage will see no changes to their buying power
    House prices are high when banks injects money into people's pockets to buy property
    Without money there will no demand


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    #597
    Jay Dee
    Registered Users Posts: 662 ✭✭✭Jay Dee


    skooterblue2 wrote: »
    You will if you are in a stable job.

    Like a Jockey !!


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    #598
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    skooterblue2 wrote: »
    You will if you are in a stable job.

    Didn't make difference the last time. Bank stopped lending period.


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    #599
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    Mic 1972 wrote: »
    People who depend on mortgage will see no changes to their buying power
    House prices are high when banks injects money into people's pockets to buy property
    Without money there will no demand

    I think you are deluding yourself. I know one guy who had a 40% of the house in cash, and a job of over 100k in a public sector and he struggled for a long time to get a mortgage the last crash. he also had a partner also in Public sector on good money. Didn't make any difference. Banks just weren't lending. Banks were stupid as well, they wouldn't let people sell until the property fell into negative equity. Then they sold at a huge loss, making people bankrupt. Then tried to get money off people, ended up writing it off.

    People are being selective thinking only parts of the chain that they need to fall will fall and the bits they don't want to fall won't.


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    #600
    IvoryTower
    Registered Users Posts: 3,825 ✭✭✭IvoryTower


    Plumbthedepths wrote: »
    I'm genuinely amazed that some are considering proceeding with a purchase despite so many unknowns.

    Some people can get a mortgage now based off the money they were earning before Corona, they may not have an income like that again for a long time so they may see it as best chance to own a home and will still be paying a lot less than rent.

    That would be my take anyway


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    #601
    fifth
    Registered Users Posts: 3,135 ✭✭✭fifth


    A planned development of 50 houses in my town now has been paused. Less than 10 houses started and the developers will not build anymore. I guess they're going to wait it out, keep supply low and prices high.

    I've booked one of the houses but I'm going to pull out. Am sure the EA will say there's other buyers waiting since the supply has been cut short - but it just feels crazy to spend 350K on a house now with all this uncertainty (not in dublin). I still need a house but maybe I'll just rent a little longer and watch.


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