Padre_Pio wrote: » Looking for opinions here. Went sale agreed on a house just before lockdown. No other bidders AFAIK, just me and the seller. They had a price in mind that was at the top of what I thought the property was worth, but we agreed anyways. 8 weeks later, things are looking bleak with respect to the economy and property. I asked the seller to wait until June before proceeding, just until things settle down but they refused. Gut tells me to pull out of sale, property will probably still be there in a few months anyways. What do people here think?
schmittel wrote: » I have been arguing that demand is coming down. Viewings down 100%.Good luck anyone selling to the pool of buyers which number zero.
schmittel wrote: » I was replying to a post arguing that supply was down because there were 400 less properties on myhome since last Friday. I presume you did not start the purchasing process since last Friday, and clearly neither did your sister.
eagle eye wrote: » You clearly said the pool of buyers was zero. I took issue with that because in my family there are two people buying. I went sale agreed in February and went through discussions two weeks ago and have decided to continue on with the purchase. My sister went sale agree on her house six weeks ago and it's expected to be completed next week. She viewed a house, it's empty, two weeks ago and went sale agreed last Friday. That's just my family. I also have an acquaintance who has went sale agreed in the last two weeks. So that's three people in a fairly small circle in the market and buying houses at the current time. Are you now backtracking and saying that you were wrong about there being zero buyers in the market?
pearcider wrote: » Go with your gut. We are heading for steep falls in property prices. At least back to 2012 inflation adjusted. Unemployment was 16% in 2012. We have already hit 16.5% and the central bank is predicting 25% in Q2. Madness to buy now.
Hubertj wrote: » so you are predicting about an 80% decline in prices? You pop in here every few days with some nuggets but this has to be the biggest LIE to date. Anyone coming in here to get advise on buying or selling property shouldn't be buying property in the first place.
pearcider wrote: » It’s about 35-40 percent decline once you adjust for inflation. That’s being optimistic unless you think the unemployment projections are significantly wide of the mark. As for people coming here to get advice, that’s kind of the point of the thread.
pearcider wrote: » As for people coming here to get advice, that’s kind of the point of the thread.
schmittel wrote: » Indeed, but I take it you saw the statement I was replying to?
Hubertj wrote: » People shouldn’t be taking advise from random punter on the internet. Worst of al people like you that spout a few numbers to make yourself sound credible. Waffling on about your bear crap to suit your own agenda. I don’t care what way the market goes but I’d be concerned someone might actually listen to you instead of taking professional advice.
mcbert wrote: » I always thought of this particular thread as more like pub banter than real advice...
schmittel wrote: I think the point I was trying to make went over your head, let it go, it is not important.
Zenify wrote: » I was going to write a post very similar to that about some of yours.
Padre_Pio wrote: » Went sale agreed on a house just before lockdown. No other bidders AFAIK, just me and the seller. They had a price in mind that was at the top of what I thought the property was worth, but we agreed anyways. 8 weeks later, things are looking bleak with respect to the economy and property. I asked the seller to wait until June before proceeding, just until things settle down but they refused.
JimmyVik wrote: Also while people might be completing sales they had already been almost complete, I doubt anything new will be starting at the moment.
eagle eye wrote: » So my sister and another person I know don't count? They both went sale agreed in the last two weeks.
pearcider wrote: It’s about 35-40 percent decline once you adjust for inflation. That’s being optimistic unless you think the unemployment projections are significantly wide of the mark. As for people coming here to get advice, that’s kind of the point of the thread.
eagle eye wrote: » When 60% of houses having been purchased by cash buyers over the last few years where are all these houses coming from to glut the market and cause panic sales?
Brussels Sprout wrote: » Will the average house really drop in value? A lot of sectors of the economy will likely weather this and the peopel who work in those areas purchasing power won't be affected:Pharma, BioPharma, BioMedical - largely unaffected IT - one of the most suited areas for working from home Public Sector - immune to losing jobs and a weak government is unlikely to cut salaries Doctors, Pharmacists, Solicitors - business as usual for a lot of them People working for small & medium companies look to be the most in trouble. What percentage of house buyers are made up by this sector? Will it be enough to cause prices to fall given how much pent up demand there is?
schmittel wrote: » FTBers drive the market and it would seem logical that this sectors purchasing power will be most affected. If the bulk of the areas you list are made up of trader uppers then without FTBers entering the market below them, they will have little upward impact on prices.
fliball123 wrote: » Just on a different topic I have been arguing supply side is coming down. Myhome is down 400 properties since last Friday. Good luck anyone buying the pool of properties out there was p1$$ poor to begin with and its getting smaller by the day
Brussels Sprout wrote: » Why would the sectors I mentioned not be FTBers? The public sector alone covers a huge section of society.
Padre_Pio wrote: » Fig 2.2 in this link is a breakdown of the top professions in Ireland: https://www.cso.ie/en/releasesandpublications/ep/p-cp11eoi/cp11eoi/ioscs/Retail and service workers is no.1. Other professions in the list are retail managers, cleaners, chefs and catering staff, carers, childcare workers. There will be far more people affected by Covid 19 restrictions that the engineers, pharmacists and IT workers you listed.
