Boots-on-the-ground buying, how are you finding it?

acri

I know there's the [url=https://www.boards.ie/discussion/2058047890/currently-buying-selling-a-house-how-is-it-going-read-mod-note-post-1/p1]other[/url] thread, but that seems to be largely people that have gone Sale Agreed or (as far as I can tell) have massive budgets.

I'm curious to know the experience of those still in the finding phase and how it's going. If nothing else, feel free to vent your frustrations.

Personally, I've been finding it a bloodbath. Looking in the D12/D8 areas, maybe also having a nose around Whitechurch or Tymon North. The odd Kingswood house. What people are prepared to pay for these properties is insane. 10% over asking is an absolute minimum, and on properties that need the works. Electrics, windows, floors, insulation, bathroom, kitchen, landscaping.

For example, put a bid in on a house on Mourne Road, asking €340,000. Current offer is €460,000. Another in Inchicore asking €295,000, currently at €361,000 and it needs a complete gutting.

I was curious to see how things would pan out in the new year and honestly, it looks worse. I read articles and opinions about a cooling or stagnating housing market, but that simply isn't my experience. Is it the same where you're looking, or are these locations just so hotly contested?

Anyway, rant over.

acri

*I guess Boards has changed over the years. Forgive the archaic URL attempt.

SharkMX

We decided in November to take a break from looking. Will start again in March. Had enough of it last year. Places going for so much above asking price every single time. Soul destroying.

Copme March new strategy. Ignore asking prices and just assume bidding starts at 20% over and start bidding at that level.

This is it

https://www.boards.ie/discussion/comment/121633362#Comment_121633362

That's a really bad strategy...

SharkMX

https://www.boards.ie/discussion/comment/121633405#Comment_121633405

Cant be worse that bidding and counter bidding and getting nowhere. Go in bid high and shake off everyone. Then in 5 years sitting in the place look back and say "wow, that ended up cheap"

RichardAnd

The adjective "murderous" comes to mind.

I bought my house in 2022, so I've been out of it for two years, but anecdotal stories from friends and family trying to buy something would suggest to me that things are just as they were a few years ago.

After the lockdowns and the money printing to fuel them, the amount of cash out there is eye-watering.

This is it

https://www.boards.ie/discussion/comment/121633418#Comment_121633418

We bought in April, we ended up about 5% over asking. Using your strategy we'd have paid an *extra* 50k.

I understand the frustration, and pushing other buyers out can work, but don't over do it either...

SharkMX

https://www.boards.ie/discussion/comment/121633464#Comment_121633464

I'll let you know id it works for us. I have a long list of bids that didnt work. A very long list.

My friend bid 20% over for his house and got the house with no other bidders after suffering the same bloodbath for his 2 years of looking that we are now suffering. He is happy. And he is now sitting in that house almost 3 years and thinking he got a bargain, plus he is not €70k lighter in rent either. He said it was worth it to him. :)

If when we started looking we had bid 20% over asking on any of the houses and got it, we would be better off than we are now.

copacetic

We are selling an apt currently and heard anecdotally that market was flattish for apts and hard to judge area to area especially in places without recent sales. However interest has been very very strong, we don’t know where it will end up as yet but it does appear that the new year, some confidence on interest rates or possibly just lack of enough supply has kept competition really high.

samo

About to put 3 bed semi on the market in Kildare and not sure what to expect as haven’t sold a house in 17+ years.

There is very little for sale (22 in large enough area) so hoping it’s relatively straight forward.

TripleL

We have been very cautious about what we're bidding on because we don't have the mental or emotional capacity for bloodbaths.

We bid on the house of our dreams (we genuinely felt this was the home we had been waiting to come up for years). We bid €55K over the asking price but they took a cash buyer's bid that was €25K over asking.

We're selling our own home so we can move out of Dublin and our estate agent told us that we'll likely have a cash buyer ourselves.

It's hard to keep going with the search, especially when everyone has been so disciplined when trying to get a mortgage only for the approval to expire when you've been searching for homes.

Iwantone

Can you imagine what it’s going to be like when the ECB starts cutting. Carnage.

acri

Sounds like we're all in the same boat regardless. Presently witnessing a lovely house in Inchicore jump to €50k above asking since 9am this morning. First viewing was Saturday. It's become apparent that plebs such as ourselves are unwelcome in this area.

On a potentially positive note, having chatted with a few EAs over the weekend, they're expecting a large amount of properties to hit the market in the coming weeks. Hopefully that'll a) give us more options, and b) take the pressure off the bidding wars for a property we're interested in.

On a potentially sinister note, one EA told me they don't accept bids on more than one property in their portfolio as it artificially drives up bidding prices. Is this common? Are they even allowed put these restrictions in place? Seemed unreasonable to me that they should have should control of our livelihoods, though I sort of get their reasoning.

SharkMX

Even though we were planning to stay out and have a break from looking until March, we have been told of a lovely 2 bed house that has come on the market and went to see it yesterday. The agent said only 2 other couple have seen it so far as it only came on the market Friday and both have bid asking price. I think we are going to try out the new strategy and go straight in at 20% over asking. Going to make the phone call today.

Looks like we can afford a bit more now because I got my bonus and a pay rise this month. My Dad is also now resting some money in my account so it looks better :) Main thing is to get a bid accepted first though.

bea468

I would think that it's a very good thing that the EA doesn't accept bids on multiple properties, because that's exactly what happens - you drive up the price for everyone. It's frustrating when there is so little on the market though.

Also just in relation to houses going massively over the asking price, especially in D8, there is a specific estate agent who sets their asking prices about 50-120k lower than what they want or know they can get for the properties. I've learned at this stage to ignore them and do my research on what similar properties have sold for in the area (where possible of course).

SharkMX

https://www.boards.ie/discussion/comment/121658350#Comment_121658350

Just off the phone with the EA. Another couple had bid about 5% over asking this morning already. We put in a bid 20% above asking with him. He is going to the vendor now. I assume what he really means is he is going through the underbidders and then the vendor :)

copacetic

https://www.boards.ie/discussion/comment/121658706#Comment_121658706

I think this isn’t a bad approach, I doubt they will come back straight away but after 5 days without a better offer they would likely accept imo, you are not waiting around for weeks/months for the house to get to that price anyway. They aren’t waiting around daily to see are the bids going up in 5k or 1k increments

SharkMX

https://www.boards.ie/discussion/comment/121658974#Comment_121658974

I told them it would be our one and only offer and i wanted to hear back today. Dont know if that will sway them but its a big move for us to offer that much and we might change our mind tonight anyway. No word yet anyway :)

copacetic

https://www.boards.ie/discussion/comment/121653723#Comment_121653723

That’s not sinister at all it’s honest and good practise. Two bids on two different properties at the same time are not bids, I’d assume the agent tells the one vendor they do accept the bid on that the buyer may have other bids on other properties also and may not be a serious bidder.

thebourke

https://www.boards.ie/discussion/2058331975/boots-on-the-ground-buying-how-are-you-finding-it

I live on Mourne road.Very central area and close to a few luas stops.Was that 2 or 3 bed house?

MentalMario

Outside Dublin, things may be slowing down though?

In Tipperary/Kilkenny, things seem to be going for at least 10% below asking in the past month, or two.

That was completely different 12 months ago.

acri

https://www.boards.ie/discussion/comment/121659001#Comment_121659001

It was a 3 bed.

https://www.boards.ie/discussion/comment/121658650#Comment_121658650

True. Though the frustration comes when there is already a limited supply/high competition in your price bracket, you then have to limit yourself further by choosing one property to pursue with that agent.

https://www.boards.ie/discussion/comment/121658706#Comment_121658706

Interested to see how this turns out. Considering doing the same on one we're looking at. Just go straight in with what we'd ultimately be willing to pay. No messin'.

herbalplants

https://www.boards.ie/discussion/comment/121658983#Comment_121658983

Did you get a call back in the end?

SharkMX

https://www.boards.ie/discussion/comment/121662553#Comment_121662553

No. We were looking at the phone all yesterday and nothing. We nearly phoned them but decided that would make us seem desperate.

listermint

https://www.boards.ie/discussion/2058331975/boots-on-the-ground-buying-how-are-you-finding-it

Tbh no one was getting a house on Mourne Road for 360, that's 3 years ago or more pricing.

I think prospective buyers need to get a stronger handle on what the price setting is for driving interest versus the sales in the area. Its extremely rare that you'll suddenly stumble on the bargain if the century . Setting realistic expectations will soften how you approach stuff way out of league and stuff within the league. It's better for the mind too.

gmisk

https://www.boards.ie/discussion/comment/121663445#Comment_121663445

I think the EA knows, if you are bidding 20 percent over asking price for a house just on the market?

SharkMX

https://www.boards.ie/discussion/comment/121663468#Comment_121663468

Valid point.

Former Former Former

https://www.boards.ie/discussion/comment/121633418#Comment_121633418

This is an OK strategy only if you're relatively sure this is a long-term home.

Unless you have a substantial deposit, you're putting yourself in negative equity on day 1 of home ownership.

This won't (really) matter if this is a lifelong home. If this is a starter home and you plan to trade up at some point, I would strongly advise you to reconsider.

SharkMX

https://www.boards.ie/discussion/comment/121662553#Comment_121662553

EA just called now and said he thought it was too late to call me yesterday when he heard back from the vendor. We are sale agreed pending me getting proof of funds to him today. Have to get on to my solicitor now to get proof of funds out to the EA today.

SharkMX

https://www.boards.ie/discussion/comment/121663632#Comment_121663632

It seems to be happening now. Fingers crossed it does. Either way it will be less money than we were paying in rent by a long way. And no more issues trying to find somewhere we can move back in together now instead of with our respective parents as we are now. Also has a garden and parking in the front drive. It suits us for now and gets us out of the rent trap. If we ever need to trade up we can worry about that then. I have a feeling this time next year we will be looking at prices around that house and thining we got a bargain at that point. It would have worked out that way the last few years anyway. For instance if we had of paid 20% over houses or apartments we were looking at last year it would probably be the same as they are going for this year. And we would have a year less rent and one year knocked off the mortgage at this point.

I really hope this doesnt fall through., Been a long time getting a bid accepted on anything.

eastie17

Congratulations. Hope it goes through all the way