sanfranbest wrote: » Why do Estate Agents have such a bad reputation? I have viewed many properties in Dublin over the years and my experience with EA’s has not been great. I absolutely hate low ball asking prices, I viewed a house last year listed for 399k, when I made an offer for 399k the EA said the seller would not accept anything less that 415k, the EA said there was no other offers on the property, I made an offer at 415k, then the next day the EA said he had received an offer of 420k. I backed out and the listing stayed on Daft for a few months. There needs to be some kind of transparency in the bidding process, I always feel the other bidders could be friends of the seller pushing up the price. There should be some kind of rule or law that you must show proof of mortgage approval or proof of funds for cash buyers in order for the EA to accept bids. Some new websites are showing current bids, not sure how they accept bids, and do they vet the bidders? The whole process of estate agent’s business, from viewing to purchasing is horrendous. Estate agents do not realize that every person they meet at a viewing might some day be a seller and if they treat them right and respectfully, they might use the EA to sell their property. I maybe selling a property in the next few years and I would not use any of the estate agents I have met.
Shelga wrote: » Just back from another viewing of a 2 bed apartment, advertised at €275k. The first thing the estate agent said to me was "the owner is actually looking for at least €290k"- why waste my time then? Advertise it at the price you want for it. Stop playing these stupid games.
Springy Turf wrote: » OK, say you have a situation where you put a property up that you want at least 300k for. You get a relatively small amount of interest, and eventually a single bid comes in at 270k. At this point, when your house was tested on the market, it turned out that the max offer you could get is 270k. If you are committed to selling (i.e. you want to trade up), this is now the best you can do - however you have ruled out people who are at the 270k price level from the start. If you list at 270k from the start, firstly you might get an earlier bid at 270k, and secondly you might get more interested parties to start a bidding competition. Obviously you don't want to go too low, but from what I have seen, an asking of 10% under the final sale value wouldn't be unusual.
guyfawkes5 wrote: » This is something that screams out for legislation. It's a practice based in deception that collectively wastes the time of a lot of people in the hope of benefit for one person (the seller). This is usually the perfect usecase for a law. It happened to me too and the attitude of the EA was infuriating. She told people the stated price was purposefully false and you might have just wasted most of your evening so breezily, just like she was telling you the square footage or aspect or something.
Queasy Tadpole wrote: » Too right. I am a seller and have a price I will not sell below and that is was it will be set at. Anything above that is a plus.
Springy Turf wrote: » If the house is not in negative equity, from the point of view of a banks balance sheet, does that matter?
brisan wrote: » ........ Will they just walk away and surrender their deposit............ ..
brisan wrote: » ........ What does the landlord do then
OwlsZat wrote: » REITs where they have bought land and got planning will continue those projects to recoup costs. Will they look for planning on new sites and continue to build build-to-rent apartments? I doubt they will, more likely they will start selling apartments in the face of holiday and long term rental market weakness. The central bank report linked a few pages back spelt out how we are more exposed than 90% of the EU countries to the impending commercial property collapse. David McW was sounding the alarm on this long ago when "smart money" was leaving the market and commercial rents were 3X that of Barcelona. We love boom-bust economics in Ireland.
OwlsZat wrote: » If we stop our construction industry and add that to the list of desimated industries you get construction, retail, food, tourism, commercial property and farming. That's a bleak future, one that doesn't bear thinking about really.
brisan wrote: » i am afraid the facts do not agreehttps://www.myhome.ie/pricechanges/dublin What is happening now is people who had mortgage approval are buying now at any price before their approval runs out and their circumstances change in regard to them getting mortgage approval again
Neamhshuntasach wrote: » I've read this thread here and there over the last few months as we had been previously sale agreed but it fell through when our buyers business was affected by Covid. Our previous sale agreed price was 8k over asking. We recently put the house back up at the same price. And we just went sale agreed on friday at 21k over asking. With 7 bidders emailing in offers on the day we had set for final offers. And it's a cash buyer to boot. We've been looking at houses at the same time although we not rushed as we've somewhere else to live. We've noticed properties that were previously sale agreed back up at the same price. But this time, the bids on them are higher than pre covid. And even the limited number of new 2nd hand homes to the market where we're looking all have offers over asking. Not a sniff of any reductions in the prices we were accustomed to looking at back in January and February. Not sure when people are expecting reductions to happen. But our experiences so far have been increases and the opposite to some of the comments here about prices falling. Not sure what's going on. We'll probably wait till after summer and look to buy a house as cash buyers ourselves. Hoping some of the predictions of prices dropping are true. But no sign of it for us so far.
brisan wrote: » Are they covered for a 20-30% rise in unemployment and people unable to pay their mortgages ???
TheSheriff wrote: » You say that now as a buyer, but will instantly have the opposite view when you are a home owner.
LJ12345 wrote: » Don’t forget the fundamentals are different to the GFC in 2008, banks haven’t been lending 110% mortgages and are covered for a 10-20% drop in prices, builders haven’t been building like they were before, they’re selling in phases before building the next phase, lessons were learnt. This is an unprecedented time but I don’t believe we’re anywhere near the same position we found ourselves in 2008.
IsErik wrote: » This right here, i don't understand how the crash deniers cannot fathom how bad this recession is going to be. It will make GFC 08 look like a picnic, all sectors are impacted this time at a much more elevated level.
Top Dog wrote: » I'm following that thread too, and to be fair - the market hasn't recovered yet because it has yet to drop significantly. Yeah, sales were paused for a few months, but we've yet to see any significant drop in asking prices.
brisan wrote: » She is not alone Central Bank saying the biggest recession since the foundation of the state Bank of England forecasting biggest recession in 300 years Fed saying biggest recession since the 1920s Then there is Brexit No one knows how it will play out and a vaccine will be a game changer
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