SozBbz wrote: » What is the point of such an arbitrary figure? Surely its all relative to a persons means, need and local factors in the area they want to live in.
The_Conductor wrote: » This will depend entirely on someone's unique set of circumstances. You may consider a mortgage repayment of >1000 a month to be unsustainable long term- however, if that person is currently paying twice that in rent (which wouldn't be unusual in Dublin)- it may represent a significant improvement in their current financial well being. Yes- a thousand a month (or more) sounds like a lot of money- however, its not a blanket statement that can be applied across the board.
Canyon86 wrote: » Im currently in the market to buy, (not a cash buyer), but mortgage approved in principle till July, In a relatively stable job I have been looking at properties the last few weeks but I am unsure to hold off a while to see if prices fall or what to do? Any advice? hope everybody is staying sane amongst the madness Canyon
nhoj88 wrote: » Are you buying or selling? "I called my EA last week and put my sale on pause. There's no harm in waiting a month or two to see how things lie." Sounds like a seller "In fairness I haven't told the solicitor, since that side takes months anyways, but I plan on renegociating if the property market turns." Sounds like a buyer
Graham wrote: » Nobody has any idea what property prices will be like in a month, never mind 12 months. Nobody has any idea what finance will be available over the same period.
randoplh134 wrote: » Unfortunately we can't go that granular
IndieRoar111 wrote: » Hi Boardsies, Long time lurker, first time poster here. Please advise me on our current situation it would be much appreciated. We have gone sale agreed on a 3 bed house in Dublin for 345k, the asking price was 360k. We are now having 2nd thoughts with all that is going on as we may get a property dirt cheap if we wait. Here is our current situation below to help advise us. Current situation: Age: Both of us are 31 2 kids Currently renting a 2 bed house @ 1500pm Combined income: 100k Job security: My job is not safe but my husbands is, his job is 75k per year. Potential future situation: House price: 345k Deposit: 160k Mortgage per month 720e ( 10 year fixed ) The house is in an ideal locations and has all the extras we desire if we would buy a house that didn't have them, it is literally in walk in condition and will likely be living there for at least 20-25 years. The impeding recession is putting us off as we may nearly purchase a place with cash if we wait ( we can easily save 2500e per month whilst renting ) . If we go for it now we will both move in with my parents until the sale is complete which would allow us to save an additional 10k. Any advice is much appreciated as we are stressing out. Thank you
pearcider wrote: » Eh yeah we do. Property will be down hugely since it was a massive credit bubble that inflated it in the first place. That bubble has now popped. Trump just announced QE for the people like I said he would on the 2019 thread back in October. The virus was just the spark. The entire credit system is about to burn to the ground. Stay in cash.
voluntary wrote: » Considering the crisis, your large deposit and the fact that you currently live in a 2 bed house. Save yourself the stress and pick some modern 2-bed apartment for max 250k and be mortgage free in 5 years time. Then upgrade if you still need and want to.
IndieRoar111 wrote: » We were thinking that, i should have mentioned we are planning to have 1 more kid in 2-3 years so we will need the 3 bed.
SozBbz wrote: » Eh, no we don't. We know how much houses cost to build, so I wouldnt call it a bubble. There is still a supply shortage, and any downturn is going to lead to a contraction in new homes coming on stream. Don't even start to say you saw the Coronavirus coming. All the chaos we're currently seeing is directly attributable to public health measures. The are 2 exceptions; - Saudi/Russian pissing contest - Stock market had been upward only for a very long time, and that was never going to last forever Everything else is temporary. I have no doubt that not all businesses will survive this, its an enormous stress, but most will. Govts and Banks are stepping in to ensure there will still be an economy once this has passed. Irish people are probably going to be bursting to take a holiday and go out to eat and drink after prolonged confinement.
pearcider wrote: » It has nothing to with the virus. The system was unsustainable due to the insane growth of credit and it would always end like this. Helicopter money as Milton Friedman called it. This insanity is not new and entirely predictable. John Law did it to France 300 years ago. The stock market bubble is collapsing. The more illiquid but just as overvalued property market is not far behind.
awec wrote: » Don't even know where to begin with this. What absolute rubbish.
pearcider wrote: » What a childish reply. As I said in previous posts, world financial system began meltdown in October 2019 read up on the repo crisis. 2008 was a warning that the rampant speculation and debt accumulation was leading to a highly unstable financial system. Unfortunately nothing was learned from Lehman and all the fraud that preceded it. And now the system is near collapse again and there is no saving it. The virus was the straw that broke the camels back.
awec wrote: » The only reason the markets are down now, or that there are job losses now, is because of coronavirus. Absolutely everything that's happening right now is a result of the current global pandemic. Unfortunately, on here we have a few folks who've watched a few youtube videos or seen a few facebook posts and think they're market experts or economists, and are now trying to contort reality so they can claim that they accurately predicted the current state of play.
cunnifferous wrote: » Have been looking to buy for last two years with a decent deposit saved. I was worried about continually rising prices but the last crash was still too fresh in my mind to pull the trigger on what seemed to be vastly overpriced properties. I'm not expecting a bargain at 2012 prices but at the same time I do hope some rationality is restored to prices. 5 years of double digit growth are just not sustainable or desirable and if/when prices do fall back I hope they reach a point of incremental rather than exponential growth again.
awec wrote: » The only reason the markets are down now, or that there are job losses now, is because of coronavirus. Absolutely everything that's happening right now is a result of the current global pandemic.
