Queasy Tadpole wrote: » EXACTLY. I know what my property is worth. It's probably overvalued at the minute by maybe 10-15%. I'm not gonna sell less than what it's worth. I can hold out longer than a buyer can paying rent. Wishful thinking from people who think they're gonna get absolute bargains. The market is the way it is due to lack of quality supply in good locations and that's not gonna change for decades now in my view.
TheSheriff wrote: » But what you think your property is worth and the buyer thinks its worth are two completely different things. Its the latter which will determine the value of your home, not your own thoughts. One house in particular springs to mind when I read your post; it was a property in Coolmine ("Castleknock" as per the EA) up for sale at 450k; it was on the market around 6 months when we first viewed it (which is now nearly 6 months ago, so 12 months total). It was ok, nothing amazing. It had an offer of 380k on it from a bidder which the seller rejected. We offered 385k after viewing as the location somewhat suited, also rejected. One year later the property is still for sale. No other bids on it were made (as the EA rang us a month back asking were we interesting in revising our offer). A classic example of what the vendor "thinks" their house is worth - this is meaningless. Its the price someone who walks in the door is willing to pay which matters. That house may sell, it'll likely be lower than our bid now.
beauf wrote: Makes no sense. It was the peak of the market. If they haven't built on it by now, it was because it didn't make financial sense.
TheSheriff wrote: » A classic example of what the vendor "thinks" their house is worth - this is meaningless. Its the price someone who walks in the door is willing to pay which matters.
Graham wrote: » It takes buyers and sellers to establish a market. Somebody saying "I'm not willing to pay more than X" hasn't set a market value.
Maitguel wrote: I get that after the crash there were a lot of forced sales either bank or consensual sales of distressed borrowers and this was the reason why some many properties were sold for next to nothing but I just do t see that happen this time. If that does happen again like before it will not be FTBs benefiting from this but cash buyers scooping up these bargains.
Maitguel wrote: Beside Armageddon what do other people see as the reasons why owners will start to sell their properties at a discount?
cute geoge wrote: imo the big unknown is will all the big U.S. multinational company's stay put in this country .Trump will do his best to force them to return jobs back home .Looking back there was a big slump in house prices after 9/11 ,this was at the beginning of the celtic tiger and was short lived .
Empty_Space wrote: » Im conflicted, I want prices to plummet because it will my favour me as a buyer. But I know people who bought recently and would hate to see them suffer.
Queasy Tadpole wrote: » Frank and Sarah come in with an offer of €410k... John and Mary are not gonna budge unless they really need to which more than likely they do not. So no sale goes through. I'm in a position to wait for years if it's required without any detriment to myself or my financial position. Can the same be said for Frank and Sarah who are paying €1k+ in rent while trying to gather up a mortgage and move into their permanent home?
OwlsZat wrote: » John and Mary could have both lost jobs and are million miles from being able to pay a mortgage. 500k job losses predicted last i read. Some will sell to to avoid negative equity. Some will ride the storm stay put as you say, but certainly others won't. Once sentiment changes as it will with all the hopeless stock earnings announcements, it could become a narrow gate with lots trying to get out through it. Feer and greed. Emotions are everything. Stick or twist. How low could the market go?
Queasy Tadpole wrote: » Oh I understand completely and I'm not being delusional or anything. I have family who are both in construction and in the estate agent game. Yes most people overvalue their homes. I'm coming at it from a practical, logical and informed place. Yet it doesn't really matter does it? If John and Mary think their house is worth €500k and realistically it's work €400k on the judgement of a surveyor and multiple estate agents. Frank and Sarah come in with an offer of €410k... John and Mary are not gonna budge unless they really need to which more than likely they do not. So no sale goes through. I'm in a position to wait for years if it's required without any detriment to myself or my financial position. Can the same be said for Frank and Sarah who are paying €1k+ in rent while trying to gather up a mortgage and move into their permanent home?
awec wrote: » If John and Mary both lose their jobs why on earth would they sell their home? You think they're going to go from no income, to no income and no home?
OwlsZat wrote: » There will be plenty of recent buyers willing to sell out of a new investment if it's going to save them financially. Do you really think everyone is firming going to hold through a downturn? Seriously delusional.
Abbey127 wrote: » I dont think i will be bringing the price down on it that much people will have to pay or move on and someone else will take there place.
Abbey127 wrote: » Planning to build on my family land in kildare in a couple of months , will be cheaper now I think, also have an apartment in Dublin rented out I dont think i will be bringing the price down on it that much people will have to pay or move on and someone else will take there place.
awec wrote: They'd go into mortgage arrears but keep their house.
awec wrote: Go back 4,5,6 years in this forum, you will find endless people complaining about how people weren’t selling up when they couldn’t pay the mortgage. The immense difficulty banks have reclaiming property from non payers was a big factor in the issue of supply (and interest rates).
Reversal wrote: » Plenty of people looking to trade up will jump while prices are low. The gap in prices between their old and new house will be less. The idea than nobody will sell is a construct of the imagination to keep some people in denial. If you're in a position to ride this out and take the house off the market until prices return to where you want, if they will, then you didn't really want or need to sell in the first place. That's not representative of most sellers.
voluntary wrote: » Lads, apart from some occasional questions, few posts with new info or merit, this thread is moving in circles. Move back 50 or 100 pages, doesn't matter you find the same names repeating themselves over and over again like a broken record. And it's mostly like: "I'm right" "No, I'm right" "You're wrong" like a bunch crying babies
Mr_Muffin wrote: » I live in small town, so the choice of properties is always somewhat limited. The existing houses for sale are all well over-priced, in my opinion, which probably explains why they've been on the market for months/years. Is it possible that the current situation could cause properties to drop in price? During the financial crisis a decade ago I remember people buying up property for next to nothing, with the same houses now selling for 3 times the prices.
BillyBiggs wrote: » It will be very difficult for the self-employed to get a mortgage for the next few years. It’s a prime time for people in state funded jobs to get a property for a knockdown price. As others have said cash buyers will similarly be in a very strong position. It’s a strange time for banks, with many of them about to go through a very rocky few years. Lenders will be slow to give out mortgages in the next year or two, unless your job is bullet proof. Houses will have to be sold by those going bankrupt or unable to make their mortgage repayments.
BillyBiggs wrote: » If half of mortgage holders in Ireland take a break of 3-6 months on their mortgage all at once, will that have a negative impact on the banks?
