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

gaming_needs90

Don't know if anyone else has noticed this but supply has definitely popped upwards in the last two weeks. Its like sellers waited until Mid may and now they are all coming at once onto Daft.

Padre_Pio

https://www.boards.ie/discussion/comment/122177988#Comment_122177988

Maybe families looking to move while the children are off for the summer?

Fitz*

https://www.boards.ie/discussion/comment/122177988#Comment_122177988

I'm not sure of your what locations you're looking in, but I have noticed that myself.

theboringfox

Houses look better in the summer weather. This should start to be the build up of supply then will collapse from September on again. Good to hear its improving

Quiet Achiever

https://www.boards.ie/discussion/comment/122178798#Comment_122178798

Exactly.

We held off for that reason, because our garden is spectac if i say so myself.

Unfortunately our neighbours are not.

So we need to draw attention to the back of the house!

Rezident

https://www.boards.ie/discussion/comment/122123243#Comment_122123243

Yes it is worth more than normal now, as in a chain right now of course it is easy to sell but it is very difficult to buy. There is still such little supply and the little there is is moving really fast. The last place I looked at was sold before I had even got a bid in.

herbalplants

https://www.boards.ie/discussion/comment/122177988#Comment_122177988

Noticed this myself.

It could be they are all jumping up on the higher price wagon at once.

Hontou

https://www.boards.ie/discussion/comment/122177988#Comment_122177988

Yeah. I noticed it in Galway. In fact, 2 houses that were on the market in late Autumn have come back on the market in the same condition around 100,000 more each! I don't think they sold as not on the PPR. Looks like the owners pulled them off the market and are now looking for a higher price.

herbalplants

https://www.boards.ie/discussion/comment/122179320#Comment_122179320

Countrywide madness here in Dublin too. Adding 100k to the same houses. Not sure how they figured out everyone can pay more.

extra-ordinary_

Can anyone tell me the usual timeline for sequence of events after my offer is accepted by vendor. Do I have to lodge a deposit within a day or two to secure the property, or does it take weeks? I'm currently looking at a property that ticked all the right boxes but as the price has crept up I've been looking at it more and more critically, and realistically the property definitely needs an engineer's report. Along with this, one of the boxes that is no longer ticked is it being cheap, which is also contributing to my cooling off, along with it being in an area not I'm crazy about.

Eims5769

https://www.boards.ie/discussion/comment/122177988#Comment_122177988

I haven't noticed this yet but am really hoping more start to come on stream in areas I'm looking. I've been outbid on two house this week. One by a cash buyer and one by a higher bidder. Haven't seen a single place of interest appear in the last two/three weeks. It's really getting disheartening.

mykrodot

its always been the case. Every EA will tell you that. Houses sell better in Spring/Summer as they look better, brighter weather, longer days, gardens look better, kids off school so moving house easier. Almost any house I bought was in the Summer (I bought 5 )

HoppingTom

Ive been outbid on three separate properties in a month and half. Bids above asking price by 80-100k+ on 900k properties. Feels like these people are going sale agreed at all cost to then renegotiate, is this common practice here? I've bought and sold in the US but the system here appears very flawed.

SharkMX

https://www.boards.ie/discussion/comment/122200220#Comment_122200220

We had the same problem. Just went straight in at our highest price on the last one on day one and it got accepted. We decided that it would slow be bid up by 20% anyway and we would drag everyone else up bidding slowly and then lose out again.

We went straight in with what we thought the price would eventually be bid up to hoping to scare everyone off on day one and maybe the vendor would bite at such a high amount over asking straight away. We bid and said we wanted sale agreed tomorrow or we were going with another property. It worked.

gaming_needs90

https://www.boards.ie/discussion/comment/122200220#Comment_122200220

Yep, don't worry this is happening all over the country I think. I don't know about the renegotiate part but certainly the mad bidding wars.

To be honest in terms of the system I don't see a perfect alternative, they all have large downsides. We simply need more supply. One change I would like to see is to ban listing houses for less than the estate agent actually thinks they are worth.

Fitz*

Last 2 houses I've been bidding on, on the lower scale (360k) have gone for 120k and 70k over asking.

HoppingTom

Insane time. When do properties actually appear on the property register after been purchased contracts signed?

FledNanders

https://www.boards.ie/discussion/comment/122200738#Comment_122200738

Don't Scotland operate a single bid system?

As in each person who wants to bid gets one chance, and the highest bidder wins.

Seems much more sensible than what we have here which just creates prolonged stress and mania

HoppingTom

The scottish system seems superior. Totally aware it's likely the best of a bad bunch. Add that and make bids legally binding.

danoriordan1402

Went through the Scottish system as a buyer and a seller, its a blind bidding type of scenario - property goes up for offers over a figure , and the general guide is 25% over , depending on who wants it more. All bids are sealed and submitted to the sellers solicitor and opened up on the agreed day.

Was great fun sitting in the solicitors office opening the offers to be fair :)

herbalplants

https://www.boards.ie/discussion/comment/122202347#Comment_122202347

Expect months at least 6 months!

There was a property I watched with interest that was sold and property price register reflected at least one year later!!

thinkabouit

How in the name of god are people going to be paying back some of these mortgages!!

herbalplants

https://www.boards.ie/discussion/comment/122203328#Comment_122203328

Yes and don't forget you are looking at 250k mortgage!!

There is a lot of people big mortgages in 600-800k range. Put that in your calculator!

herbalplants

https://www.boards.ie/discussion/comment/122203328#Comment_122203328

Also remember you must be employable all those 35 years and no drop in income, no health issues in all those 35 years etcccc

thinkabouit

While other’s who sit on their arse all their lives get it for next to nothing!!

Fitz*

https://www.boards.ie/discussion/comment/122203370#Comment_122203370

And have 150k in savings before hand. And then childcare costs on top of it.

Quiet Achiever

Have you tried inheriting money? Or ask Papa for a gift?

SharkMX

https://www.boards.ie/discussion/comment/122203328#Comment_122203328

That is cheaper than renting :)

My Dad explained this to me years ago but only in the last month have I really understood it.

He said when you buy your house it will feel very expensive. But 10, 20 years down the line your mortgage will seem cheap. If you keep renting your rent will rise with inflation over the years. Your mortgage will reduce with inflation. When you are retired paying zero or a small mortgage on your house trumps being retired and renting. And as your salary increases then you can pay lumps off of it if you choose. The hard part is starting it off in the first place.

So we recently bought ours on a 35 year mortgage. Then about 3 months later we both got raises totaling about 15% of our combined income. Ive been told bonuses are back this year too, so in the Summer im expecting another 10%. This is all money we didnt think we would have. After tax we should be over €15k better off this year than last year.

So now we suddenly have options. We have to decide do we overpay the mortgage or spend that money. We will probably use most of it to overpay. Maybe get the 35 year mortgage down to about 32 years after just one year. Or we could have our monthly payments reduced.

We are counting on that happening most years from now on too, or we will be changing jobs to better paying ones. Probably be a few lean years in there along the way too, but overall we are expecting the mortgage to get easier as time goes by. And then childcare will probably be another mortgage or two at some point :) But the main thing is to knock out the mortgage early by as much as possible.

Padre_Pio

https://www.boards.ie/discussion/comment/122204888#Comment_122204888

I got the same talk and it does make sense.

Either way it's a lot of money, and better to pay it off earlier.

My 5 year fixed ends in 3 years and I plan to pay a 50k lump sum and get the house revalued, and hope the LTV is under 60% so I can access a better rate. I managed to sneak in before the first rate rise and the repayments on the new rates scare the bejeezus out of me.

Royale with Cheese

https://www.boards.ie/discussion/comment/122179392#Comment_122179392

When places go sale agreed and fall through they tend to come back on the market at the sale agreed price, not the original asking price. However I was sale agreed on a place in late 2023 at 45k over asking and got absolutely dicked around by the seller, think I posted about it on here. It's just gone back up now with an asking price of 30k over what we had agreed to pay for it, and the sale falling though was 100% the sellers fault and a complete waste of my time and money. They will get that price too, at an absolute minimum I would say. I hate to see people rewarded for that kind of behaviour, arseholes.