cd76 wrote: » It is different to 2008 .. a lot worse! The shortage will evaporate. Already lots of Googlers/Linkedin/Facebook types who were renting are gone, never to return. Airbnb is gone for at least 2 years thus flooding the market with rentals. Comparing prices to 2006/08 is irrelevant. We are facing mass unemployment akin to the 80s. Likely that there will be an exodus of youth and highly qualified people thus dampning demand. Great for you if you want to proceed. Having sold and bought multiple times my strong advice to anybody in a position to pull out of a Sale Agreed (on a purchase) is to do so. Go ahead on your sale if the buyer is happy and then rent for a year and then pounce. The EAs are stressed and getting desperate.. even in the past 48 I have got multiple calls from EAs looking for me to bid on some houses I viewed 3 months ago. It'll be a great opportunity in a years time to buy.
TheSheriff wrote: » Serious question here, as I am in secure employment and not proceeding, despite numerous EAs following up the past few days. Why would I commit to say for example a mortgage of 1600 + a month now for 35 years, when I could wait a few months and get maybe the same mortgage for 1400+ or less. (example assumes I am a FTB) I know the variables are all unknown, the length of time this will go on, the potential downside, the potential rebound after the downside. I just don't get this basic fact of telling people proceed when people are on the fence about buying now. If you are on the fence, presumably you are in a position to wait it out ( as assuming if you needed a place to live you wouldn't be on the fence), so why would you jump now, at the biggest time of uncertainty in our economy?
Pheonix10 wrote: » A lot worse, no it's not. Not with regard to the property market. You obviously have vested interest and are trying to push no one to buy, helping to push prices down.
awec wrote: » Complete nonsense.
cd76 wrote: » Yes, I am very vested. I am a property investor. Are you an EA by any chance ? I have seen multiple cycles here and in the UK. This is one of the biggest. As I said go ahead if you /others want. It's crashing and the calls are there to prove it. Best of luck. Buyer opportunity in Spring 2021.
cd76 wrote: » Already lots of Googlers/Linkedin/Facebook types who were renting are gone, never to return.
cd76 wrote: » Respect your view, but they are the facts. Best of luck.
[Deleted User] wrote: » Very doomsday outlook. The areas that are struggling now, will bounce back, without doubt. Pubs, hotels, travel, etc. will be the first to have a resounding bounce back. People are sitting at home scratching their holes, but they still have money coming in, and nowhere to spend it. Many are still being paid by employers, some are getting €350 off the dole. People will be crying out for holidays, nights out and a meal with the family. Retail in general will come back okay from this, in my view. The Government are already after introducing great measures to tackle exactly the issues you outline above. House prices will not drop. They'll just remain the same as they are at the moment, as people will look at this as a 'temporary' issue, and many will presume the market will pick up right back where it started. That may not actually be the case, but you could be a long time waiting to prices to come down. Rents in the meantime are unlikely to drop much at all, so for every month you pay rent, you'd have likely been better off buying the house you wanted along the way. I think of the big issues with people and property from the 'bubble', was that everyone was hellbent on 'trading up' and working their way up the property ladder. So they got stuck with houses and apartments they would never have wanted to stay in. Instead, this time around, most people are still looking just to buy their lifelong home, and as a result, things like negative equity won't mean as much this time around as people won't be actively looking to sell as much. No I'm not saying Covid19 won't have any lasting impact. But It won't be the end of the world predictions that many are making it out to be, in my opinion.
Deleted User wrote: » Very doomsday outlook. The areas that are struggling now, will bounce back, without doubt. Pubs, hotels, travel, etc. will be the first to have a resounding bounce back. People are sitting at home scratching their holes, but they still have money coming in, and nowhere to spend it. Many are still being paid by employers, some are getting €350 off the dole. People will be crying out for holidays, nights out and a meal with the family. Retail in general will come back okay from this, in my view. The Government are already after introducing great measures to tackle exactly the issues you outline above. House prices will not drop. They'll just remain the same as they are at the moment, as people will look at this as a 'temporary' issue, and many will presume the market will pick up right back where it started. That may not actually be the case, but you could be a long time waiting to prices to come down. Rents in the meantime are unlikely to drop much at all, so for every month you pay rent, you'd have likely been better off buying the house you wanted along the way. I think of the big issues with people and property from the 'bubble', was that everyone was hellbent on 'trading up' and working their way up the property ladder. So they got stuck with houses and apartments they would never have wanted to stay in. Instead, this time around, most people are still looking just to buy their lifelong home, and as a result, things like negative equity won't mean as much this time around as people won't be actively looking to sell as much. No I'm not saying Covid19 won't have any lasting impact. But It won't be the end of the world predictions that many are making it out to be, in my opinion.
Logan Roy wrote: I'm actually amazed how many economists there are on Boards. Is there somewhere I can go to read their work in depth or do they only post on here?
pearcider wrote: » Four types of people bullish on property in here. Property investors eager to ensure their investments keep going up or at least don’t fall. Estate agents and builders whose wages depend on property market. Landlords eager to ensure continued steady rental stream. Recent buyers hoping to find confirmation that they didn’t buy at the peak.
pearcider wrote: » Four types of people bullish on property in here. Property investors eager to ensure their investments keep going up or at least don’t fall. Estate agents and builders whose wages depend on property market. Landlords eager to ensure continued steady rental stream. Recent buyers hoping to find confirmation that they didn’t buy at the peak. Fact is property prices have pretty much doubled in 8 years. So unless you believe wages have doubled in 8 years too you are mad to buy now.
cnocbui wrote: » Outside of Dublin prices were just getting back to where they should be, which is a market value at least equal to the cost of buying the land and building a house on it.
But it also predicts that the quality of the institutions’ assets will weaken more than it had expected and revenue will be challenged due to reduced levels of business and charges arising from bad loans. Fitch also assesses that a permanent rise in unemployment and distress in the SME sector, leading small firms to require overdrafts and credit facilities, leaves the two big Irish banks more vulnerable.
Villa05 wrote: » So ye are both correct A There is demand for housing B if the housing is too expensive then that demand is not met and deemed unaffordable Market in Dublin had stalled for sometime prior to Corona virus If supply was less than affordable demand. Prices would have continued to rise in that period A recession would impact affordable demand and prices would need to fall to meet that demand to achieve a sale
GreeBo wrote: » What if you wait and then can't find s house you want until fixing prices prices leave you paying 1800 a month? How do you think prices recovered from the last crash?
voluntary wrote: » Fitch downgraded AIB and BOI with such a comment
GDP contraction also highly likely in Ireland, before recovering in 2021
also noted that the EU has approved compensation via state aid for losses arising from the Covid-19 crisis and therefore this could lead to the financial impact on the banks being reduced
they should be reasonably isolated from the risk of higher wholesale funding costs
Julissa Bitter Jeep wrote: » Anyone who was considering selling or is currently on the market selling, will likely now not sell unless forced to. Just like buyers, they can wait a year or five for things to come back.
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