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Looking to move... WTF is going on with prices?

  • 05-08-2021 1:51pm
    #1
    Registered Users Posts: 2,306 ✭✭✭ positivenote


    We are looking to go from 3 bed semi-d to a 4 bed semi or detatched home, that wil be our 'forever' home. Looking at numerous properties...but one in particular that has been listed for 635 (5 bed detached) currently has an offer of 805K on it. Now I know prices are up at pre-2007 prices again, but thats almost an increase of 200k on asking price. Is this a common thrend people are experiencing or is the estate agent messing.


    Cheers



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Comments

  • Registered Users Posts: 134 ✭✭ Sue de Nimes


    Yes, things are insane at the moment



  • Registered Users Posts: 26,419 ✭✭✭✭ Creamy Goodness


    People have lots more money, people realising they don't need to live within 10-15 minutes of work, supply was already low and 9 months of not building in 2020 and 5 months± in 2021 hasn't helped.



  • Registered Users Posts: 2,306 ✭✭✭ positivenote


    So do we reckon stay were we are for a year or so until the market stabilizes a bit ? Or is the trend likely to remain like this for longer?

    thnx



  • Registered Users Posts: 5,715 ✭✭✭ SteM


    Doesn't surprise me at all. Everything is up in price at the moment. 5 bed is rare enough and gives great scope for working from home, so it's worth for a certain people depending on their circumstances. You've picked an awful time to trade up I'm afraid.



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  • Registered Users Posts: 2,933 ✭✭✭ PokeHerKing


    How long is a piece of string really. Nobody knows. You just need to weigh up all the peices of your own personal circumstances and try and make an educated decision. All a leap of faith though as are most big decisions in life.



  • Registered Users Posts: 7,842 ✭✭✭ riclad


    You should be looking at 3 or 4 bedhouses maybe 400k plus or buy a house with a large garden and build a 2 bed extension prices are going up

    In every city in Europe due to maybe people working from home so need more space home office room if you are paying 600k for a house I presume it's in rathmines eg a middle class area

    An extension could cost maybe 50k approx



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  • Registered Users Posts: 2,306 ✭✭✭ positivenote


    Yeah guys, we are looking at moving from a 3 bed semi with a value of approx 400k ... to a 4 bed semi/detached in dunboyne/castleknock or changing our lives a bit and heading out to malahide.

    Our current secondary schools situation and house orientation are pushing our move but childs going into 5th class so have year/year and a half to make move.



  • Registered Users Posts: 2,158 ✭✭✭ Grawns


    I'd pay serious attention to the school situation. If you're not in a feeder school by 6th class your child could end up in a new area with no friends and having to travel outside the immediate area to find a secondary school with availability. Very stressful. You should be able to find something in the Castleknock area for your budget and a secondary school with places. Malahide is heavily oversubscribed by all accounts.



  • Registered Users Posts: 1,988 ✭✭✭ FileNotFound


    In fairness if you mention the location we may have a better understanding of the situation.

    I am seeing houses near us going up advertised for far less than they would have sold for 2 yrs ago, they then go 100k+ up in bidding and sell for what seems to be the actual level in the area these days. (property price register is the most accurate on what things should cost - not the advertised sale price).

    The housing crisis was an issue pre pandemic but now we are really behind. Personally and just my opinion of course, but I see prices rising for the next 3 yrs as we had high targets that will have to somehow also make up the current loss from Covid.

    Anecdotal evidence is suggesting that prices outside Dublin are climbing more with people moving from cities, but this is having no impact with regards to reducing prices in the capital and surrounding regions.


    To get into a nice house (ready to move in) in an good area (schools amenities etc.) you are going to pay a big price for the foreseeable future.



  • Registered Users Posts: 1,988 ✭✭✭ FileNotFound


    Had to laugh at the post you respond to myself.

    600k in rathmines would be some deal. An extension for under 100k would be good right now.

    New Builds 4 bed in the arse of what they claim is Rathfarnham are going for close to the 600k mark, no front garden, fake grass back garden (no sun due to no space between houses), only 2 parking spots for life, no room to extend, not in the best catchment re schools, 1 bus route to town (only public transport option). You'll pay 850k in delghaney with a new council estate at the back wall.


    Prices are going mental for building works.



  • Registered Users Posts: 3,127 ✭✭✭ cruizer101


    Guessing this is the house https://www.daft.ie/for-sale/detached-house-49-larchfield-dunboyne-co-meath/3469961 , not many 5 beds for 635k on daft.

    I don't know the area well enough to judge but maybe the asking/list was much lower than it should have been.

    https://www.myhome.ie/residential/brochure/28-larchfield-dunboyne-co-meath-a86-de08/4478596 this went for 642 earlier in year so up to over 800k seems a big increase, 49 does have bigger garden and garage so far more potential but still seems like big jump.

    That said the market is a bit mad at the moment.



  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    I decided im out of the market for 2 or 3 years.

    Its just too hot, with not enough choice.



  • Registered Users Posts: 1,993 ✭✭✭ GooglePlus


    Same as myself and don't have a choice really.

    What we can currently afford in the Dublin commuter towns require too much work or are tiny new builds not worth the money they're up for.

    I fear buying something now and being landed with negative equity if things come down. Surely something will have to give?



  • Registered Users Posts: 34 irishhombre


    prices are crazy now, we are following david mcwilliams advice and staying away from property for a few years....rather rent for now and see what happens.



  • Registered Users Posts: 3,132 ✭✭✭ Padre_Pio


    In the same boat. The only value is in the most expensive houses.

    Cheaper houses are massively overpriced due to a number of factors (limited supply, more savings, ever-increasing rents, COVID babies, COVID divorces). Renovated houses already have potential profit factored in, so it's usually not worth the hassle.

    Land is not so overpriced, but still expensive. The issue is building materials are far more expensive.

    It's the second bubble in 15 years. Well done government.



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  • Registered Users Posts: 35 PSFarrell


    I would be of the belief that if you can afford it and its the right location then go for it. I don't have any confidence that supply will improve over the next 3 years to the point where a massive drop occurs in house prices. I bought in 2018 and paid 21% over the asking. I quickly learned that looking at things close to my maximum budget was a waste of time.



  • Registered Users Posts: 497 ✭✭ drogon.


    Honestly the way I see it - unless the rental market is fixed, House prices will not fall.

    I know couple of people that basically bought a house just cause they couldn't afford to rent. One of the guys, his missus even went back to work after 15 years so they could afford a mortgage and bought something at the start of the year outside Dublin. He was saying that he spent close to 60% of his salary on rent and has two kids, so sharing isn't an option. Also to add he was earning well about the average salary too..



  • Registered Users Posts: 9,455 ✭✭✭ mloc123


    50k wouldn't build you a fancy shed these days



  • Registered Users Posts: 53 ✭✭ dave29ken


    We started the year with the same idea, looking to trade up (in a location sense). We listed our house in March and closed the sale in June and with the buoyancy of the market we achieved a better than expected sale price. We focused on buying somewhere when we went sale agreed, and managed to win the bidding on a place that we were happy with. 2 months sale agreed and the vendor withdrew the property, citing they couldn't find/afford what they wished to move onto. We then looked at other similar houses in the same area and were outbid on everything, with the prices rising above what they were at in March/April to levels that are past our max budget.

    We are renting now as a result and while keeping an eye on the market and having AIP in place for the rest of the year, I don't expect much change in these circumstances until next year based on the continued rising prices as a result of aggressive bidding. Its not an ideal situation but feel that abstaining from this market is the natural thing to do for now. Hopefully there is some calming and correction next year. I don't believe its purely a supply issue- lots of people (investors, people on huge salaries, people with inheritance money and additional savings from covid) are pushing very hard on what's out there at the moment.

    The last 2 places we bid on, there were 2 or 3 parties to begin with, driving it up around 40k above the asking. Then a new bidder entered the fray in both cases and in both cases placed an offer 30k above the previous offer to completely kill of the competition. Obviously individuals involved have lots of money and little sense of value!



  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    Yet another friend put their house on the market in a total mess and had a buyer even before the sign went up.

    They didnt even have time to paint or fix up the little damp spots on the bathroom ceiling or even hide away all the toys all over the place.

    Called EA on Thursday saying they were thinking of selling could they get a valuation. EA was out and had it valued on Monday. EA then had 3 bidders in and out, about a week of the 3 of them bidding up to 10% over asking, sale agreed.

    You dont even have to tidy up a house now before it gets sold :)

    This market is crazy and best kept out of.



  • Registered Users Posts: 1,604 ✭✭✭ Amadan Dubh


    We've a budget of 400-650 (FTBs) but are also waiting 4-6 years (for a few reasons this time period is relevant) as, even if prices aren't much lower, at least the choice should be better as we have no interest in buying a place we weren't absolutely delighted with. Deposit will be bigger as well so the mortgage will be less.



  • Registered Users Posts: 68,333 ✭✭✭✭ seamus


    I think they're projecting 2024 before any semblance of normality returns to the market. If your plan is to upgrade to a bigger property within roughly the same area, then you're better off holding fire right now if you can.

    I'd only advise someone to sell up and move on if they stand to be in profit/mortgage-free after making their move; such as going from a small property in Dublin to a huge one in Leitrim at half the price.

    Even then, the good rural properties are seeing prices skyrocket.



  • Registered Users Posts: 21,596 ✭✭✭✭ ted1


    extensions are much more expensive. a 2 bed extension could easily set up back 200k+



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