Property market Mayo

ClaptonBay

Just reading a few different threads on the accommodation and property section and wondering about the market in Mayo. A lot have commented that have gone sale agreed in the past month they are now pulling out or lowering their offer due to the impact the covid 19 pandemic is going to have on our economy.

Interested to know from potential buyers are you still going to be active in the short term or wait it out to see what the effect will be on asking prices of houses?
and potential sellers, will you still put the house up for sale or hold off for another while?

Obviously the impact on jobs is going to be huge. I'm a potential buyer but will be holding off until i get assurances on my job.

UsBus

If I was sale agreed on a property now, I'd think twice before pulling out of it. Unlike 2008, there is a limited supply on the market. The whole property purchase process has become so difficult including the expense involved. If it's a home you were purchasing to live in for the next 5 - 10 years, I'm not sure I'd risk pulling out in the hope of getting it 50k cheaper in 12 months. Take into account the rent you will have to pay if you don't purchase.
Plus, i'd imagine in 2 - 3 months when the restrictions/uncertainty passes, there will be a surge in demand, people back in jobs, general optimism.

muddle84

UsBus wrote: »

If I was sale agreed on a property now, I'd think twice before pulling out of it. Unlike 2008, there is a limited supply on the market. The whole property purchase process has become so difficult including the expense involved. If it's a home you were purchasing to live in for the next 5 - 10 years, I'm not sure I'd risk pulling out in the hope of getting it 50k cheaper in 12 months. Take into account the rent you will have to pay if you don't purchase.
Plus, i'd imagine in 2 - 3 months when the restrictions/uncertainty passes, there will be a surge in demand, people back in jobs, general optimism.

You're not an estate agent by any chance?

UsBus

muddle84 wrote: »

You're not an estate agent by any chance?

It does read a bit like that I suppose lol..!!
I'm not, but I've had a fair few dealings with them in the past 10 years. Bought and sold a few times. The only thing i've found is that the property purchase process is becoming more complicated, more hurdles to get over, more requirements to meet for your bank. The house I bought last year took 7 months to complete, previous purchase fell through on me. I just think unless your job is in jeopardy, if you're close to getting the house you plan on living in at a reasonable price, it might be easier to get it over the line than waiting for a glut of properties to come available. If that happens, I can't imagine the banks handing out too many mortgages later this year or next.

ClaptonBay

UsBus wrote: »

If I was sale agreed on a property now, I'd think twice before pulling out of it. Unlike 2008, there is a limited supply on the market. The whole property purchase process has become so difficult including the expense involved. If it's a home you were purchasing to live in for the next 5 - 10 years, I'm not sure I'd risk pulling out in the hope of getting it 50k cheaper in 12 months. Take into account the rent you will have to pay if you don't purchase.
Plus, i'd imagine in 2 - 3 months when the restrictions/uncertainty passes, there will be a surge in demand, people back in jobs, general optimism.

I don't know if there will be a surge in demand, tourism sector is going to take a huge hit, some hotels might not even reopen again from speaking to one person who works in the area, not necessarily in Mayo. I don't see how this virus won't have a huge hit on jobs in Mayo, some smaller business will be afraid to borrow incase they feel they can't turn the situation around.

I feel a lot of houses are overpriced in the area I'm looking, very outdated and most need some sort of renovation work which will cost a fair bit on top of the purchase price. As a buyer im hopeful this will bring the asking prices down to more realistic levels, some have been dropping before this. I feel a lot have the house up for sale just to see what they can get but are not under pressure to sell, which is fair enough but frustrating from a buyer's perspective if they are interested. Will be interesting to see where the rent and buy market is at in 8-9 months time.

muddle84

I honestly think that we will be in a recession by the end of the year. This pandemic is going to cost alot of money and alot of people will lose there jobs! I believe that would result in the prices falling?

Die Hard 2019

muddle84 wrote: »

I honestly think that we will be in a recession by the end of the year. This pandemic is going to cost alot of money and alot of people will lose there jobs! I believe that would result in the prices falling?

We will be in recession on the 1st of July

Westernyelp

Die Hard 2019 wrote:

We will be in recession on the 1st of July

Yes. But probably out of it again on Jan 1st give or take. It's not like before. Let's hope that's a good thing.

nuac

Westernyelp wrote: »

Yes. But probably out of it again on Jan 1st give or take. It's not like before. Let's hope that's a good thing.

I hope you are right on such a speedy recovery, but I am doubtful

ethical

Proper management of the economy from Government and from EU will mean there is ample opportunity to make it a short recession.There is no way the people will let happen again what the BANKS got away with in the last recession.....because this time people will be out on the streets.

Of course there is a select group out there that do not want equality of any sort and now we are reaping the "fruits" of monetary profit and if World Governments had the balls they would suggest that all countries take a weeks holiday ,say ,every February.
Nature heals very quickly ,given a chance....but we must give it a chance.
What good is money today,right now ,where would / could you go if you had the Euromillions.....NOWHERE!