awec wrote: » It was the ESRI (Economic Social Research Institute). It wasn't an opinion piece. It produces independent research. It is not in the business of trying to make people feel better or alleviate fears. The gist of the article was basically that the coronavirus is going to hit the economy and certainly dent economic growth significantly. If the lockdowns persist beyond July, we are potentially looking at negative growth / economic contraction. If we are past the worst of it by then, the the economy could show positive growth (obviously less than was previously forecast) or zero growth this year. Of course, they could be totally wrong. Anyone who pretends to have certainty on the economy is a bluffer. Article is on the front page of the print edition of the IT. Didn't look for it online.
Mic 1972 wrote: » Depends on how you measure wealth Milan is much wealthier than Dublin on a number of levels for example. Better quality life, better food, better hospitals, better quality of both old and new houses Cheaper accommodations
enricoh wrote: » Talking to a mate of mine in Hong Kong and he said the whole thing is history over there now. Everything back to normal, apart from his serviced apartment is half price at the mo due to lack of tourists + businesses flying in staff. He's not a waffler
Mad_maxx wrote: » Is that why hardly any young Italians remain in the country due to the place having been more or less in recession for three decades?
SteelyDanJalapeno wrote: » We've found a place we love and have gone sale agreed at 10% over asking price, however Engineer puts the house value a little higher than that, but that's besides the point. We're both in relatively protected private employment, unless the MNCs collapse, mortgage will be about 15% of our take home, and cheaper than our current rent. This is a house for at least 10-15 years, would you drive on, or stall/withdraw?
ittakestwo wrote: » An Engineer would not value a house? When did you go sale agreed? You dont want to buy at a price that you could get cheaper in a few months. What has happened in the last few weeks was unforeseen and will probably take prices down in the coming months. I would try and negotiate at least a 5% reduction in the asking. If I was a vendor and had gone sale agreed anytime before 2 weeks ago and the buyer said they wanted 5% off I would probably give in rather than put it back on the market now. However if they asked for a 10% I think I would probably put it back on the market.
SteelyDanJalapeno wrote: This is a house for at least 10-15 years, would you drive on, or stall/withdraw?
SteelyDanJalapeno wrote: We're both in relatively protected private employment, unless the MNCs collapse, mortgage will be about 15% of our take home, and cheaper than our current rent.
OEP wrote: » You must live on a sh*t side of Dublin then
Knex. wrote: » It's very hard not to imagine house prices falling. I don't know what the bottom is, but I think if you're sale agreed you can definitely go back and open dialogue again around the price with respect to the current climate. If both parties want to move ahead, purely in terms of buying and selling, a deal can be done. 5% is potentially the minimum I'd be looking to get off the price.
combat14 wrote: » Would offer 20-25% less than asking price at moment if even able to safely view houses. Economists talking about US potentially entering recession. It's a whole new world.
randoplh134 wrote: » Anyone buying property now needs their head examined. The same property will be worth 25-35% less within the next 18 months, fact.
Idbatterim wrote: » not a fact, but plausible. This offering 20-25% less is also bull****, its as if any of us or the seller has a crystal ball and could tell prices would drop by 40% in a year, so take the hand off for the 20-25% drop now :rolleyes: What this will do I reckon, is slow everything down to a near halt, whats the incentive to buy now? unless you yourself are selling in a similar area and downsizing, upsizing etc. worst case scenario for buyers, prices only drop marginally, best case for a buyer (assuming they will be in a position to buy if the **** really hits the fan ) they drop a good chunk. There is an old saying "be wary of catching a falling knife"...
optogirl wrote: » But we're still renting and paying a fortune for the pleasure
Idbatterim wrote: » I actually entered a bit about this and took it out. If you are being done on rent, it does change things. If you are living at home or paying way below market rent, its a bit different... If you are closing, I would make sure its at least a medium term property! I would also try renegotiate, say you want more off. In the case of most sellers now, assuming I wasnt in a chain etc. I would probably snap the hand off any one, who was offering a few percent below what I would have accepted a few weeks, differnet planet now. They are still getting near full asking AND can avoid a massive amount of head ache and just bank the cash!
optogirl wrote: » I intend to be carried out of the house we eventually buy in a box so definitely long term!
voluntary wrote: » If you have doubts then push it back by 2-3 weeks and take your time to decide. We may have a clearer view on what's happening in the world at that time.
Idbatterim wrote: » not a fact, but plausible. This offering 20-25% less is also bull****, its as if any of us or the seller has a crystal ball and could tell prices would drop by 40% in a year, so take the hand off for the 20-25% drop now :rolleyes: What this will do I reckon, is slow everything down to a near halt, whats the incentive to buy now? unless you yourself are selling in a similar area and downsizing, upsizing etc. worst case scenario for buyers, prices only drop marginally, best case for a buyer (assuming they will be in a position to buy if the **** really hits the fan ) they drop a good chunk. There is an old saying "be wary of catching a falling knife"... human by their nature tend to over do things, all going good, go mental like there is no tomorrow, the good times will never end, and the same on the down swing. Which is why things tend to over shoot and then under shoot... very few will be lucky enough to get right in at the bottom, because there is a lot of chance to it, its only obvious that it was the "bottom" months after the event, but would you buy now at the top? because that is what this is, the peak and prices were already starting to drop, before this corona "bomb" went off!
