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Coronavirus - house buyer

  • 30-04-2020 5:46am
    #1
    ladystardust
    Registered Users, Registered Users 2 Posts: 132 ✭✭


    Hi all,
    just looking for a bit of advice. I had been in the final processes of purchasing my first home when all this happened. Long story short, the bank refused to draw down the mortgage as my income has been temporarily reduced. I lost the house I was going to buy after years of saving. I know it seems silly in a time like this to be worried about that kind of thing but I still really need to sort somewhere permanent to live.

    I have some money from my grandads will and I'm looking to buy small place with cash now. I know its mainly conjecture at this point but do you think It would be unrealistic to expect some fall in house prices?


Comments

  • #2
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,998 ✭✭✭✭Peregrinus


    The main impact, in the short term, will be not so much a drop in house prices as a a drop in house sales - as in, fewer houses will be offered for sale, and many of those offered will not sell.

    Which means, if you're looking to buy a house with cash, you'll find a smaller selection on offer. Depending on how particular you are about what you want to buy, you might have to be in the market for a while before the house you want comes along.

    Will prices drop? I would guess yes, a bit, because the house sales that do go through will be sales by people who are highly motivated to sell, and some of them will be willing to drop prices in order to get a sale. This will bring average prices down.


  • #3
    Lex Luthor
    Registered Users, Registered Users 2 Posts: 11,220 ✭✭✭✭Lex Luthor


    I would expect a drop in house prices in probably 12-18 months
    If it was me I would wait, bargains will be had


  • #4
    ladystardust
    Registered Users, Registered Users 2 Posts: 132 ✭✭ladystardust


    Lex Luthor wrote: »
    I would expect a drop in house prices in probably 12-18 months
    If it was me I would wait, bargains will be had
    Unfortunately not in a position to do that. Complicated but I basically have to move on this in the next few months. But thank you so much for your input.


  • #5
    positron
    Registered Users, Registered Users 2 Posts: 6,430 ✭✭✭positron


    Not an expert and of course individual situations dicates our decisions, but houses are signiifcant purchases - spending literally hundreds of thousands, and often once or twice in a life time activity. If you agree that there's going to be a price drop in X months, I would consider renting for a while to be a good strategy.


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