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.
fago wrote: » This might interest you: https://www.lifeinnorway.net/buying-a-house-the-bidding-process/ Described to me previously by a colleague living there. Addresses alot of the problems we hit about transparency etc.
sanfranbest wrote: » Wow. would love the Norway system to be used in Ireland.
Shelga wrote: » But it is just rude to tell people the second they step over the threshold that you won't accept a penny under €15,000 over the price advertised.
Shelga wrote: » I understand hoping, and even being reasonably sure that the property you are selling will go for above the asking price. But it is just rude to tell people the second they step over the threshold that you won't accept a penny under €15,000 over the price advertised. People have to travel to get to viewings, and most have a strict price ceiling because there is literally only so much you can borrow. My time is just as important as yours. Trying to buy in Dublin is already insanely stressful and is having a terrible impact on many people's mental health. I am so sick of the rubbish spouted by estate agents, and the attitude of some vendors. Just be as transparent as possible with people. This is why I like the website auctioneera, although it doesn't have many properties I'd be interested in at the moment, the straightforwardness of it is very appealing.
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.
Donald Trump wrote: » Tell the EA that you love the place and that you'll give 320 for a quick sale. Then block their number and never contact them again. Sauce for the goose.
Assetbacked wrote: » I don't really see the FTB market price range too impacted in line with your post. However, a lot of high salaries and bonuses are likely to be affected which could have a sizeable impact on the more expensive houses which were already declining in price pre-covid. For example (someone correct if wrong), €160k salary cut by 20% as well as their 7% bonus usually paid and factored into mortgage borrowing allowance also cut means over 100k less which can be borrowed. That could reduce the price of a €1m house by 10%.
Claw Hammer wrote: » So what? The owner can look for what they like. Just because something is advertised at a price does not mean it is available at that price. it might sell for less or more. it is up to you to work out the value and the price you will pay. If you see something advertised at too low a price you can be sure that the idea is to get a bidding war going. it the price is too high it is your signal to wait in the long grass on a lowball offer.
Glory83 wrote: » I would agree with you although this is some kind of time wasting. But you, as a buyer, should have a rough idea about the value of the property you are viewing in terms of size, location and condition so that you can price it yourself regardless what the owner would be looking at getting.
brisan wrote: » It may not be in negative equity now,but what about in 12 months time ??
LJ12345 wrote: » The UK never lent to mortgage borrowers like Ireland did in the run up to that crash and consequently the UK market didn’t tank like Ireland
PommieBast wrote: » There was Northern Rock (aka Northern Wreck) which thought it would be a good idea to give people 125% mortgages..
LJ12345 wrote: » The Irish banks have a much better ‘weighted risk’ than the insane crash of 2008. The UK never lent to mortgage borrowers like Ireland did in the run up to that crash and consequently the UK market didn’t tank like Ireland, there’s a chance the Uk market might be hit more post Covid than Ireland.. Looking at the overly sensible lending criteria put in place in the last 6 years here banks won’t find themselves in the same trouble and be able to continue lending, the downward spiral will not continue, market will level and probably bounce back quickly as people get their 6 months worth of wage slips to go back to the banks with. I’m not saying there won’t be a few lucky ones who get a discount from a panicked seller but It’s different this time. Edit: on top of this we’re already seeing a bounce due to pent up demand and the market was much stronger at the start of 2020 (pre-covid lockdown) compared to 2019
LJ12345 wrote: » .. the downward spiral will not continue, market will level and probably bounce back quickly as people get their 6 months worth of wage slips to go back to the banks with. I’m not saying there won’t be a few lucky ones who get a discount from a panicked seller but It’s different this time. Edit: on top of this we’re already seeing a bounce due to pent up demand and the market was much stronger at the start of 2020 (pre-covid lockdown) compared to 2019
JamesMason wrote: » Do you actually believe that, regardless of the US, EU and Irish economies about to collapse and at high risk of further shutdowns, property prices here will not be affected? Pure delusion
TheSheriff wrote: » Funnily enough we were speaking with our mortgage adviser today to check-in and she was asking us if we had any friends looking for mortgages to pass on details....KBC bank. Thought it a bit strange considering they seem to be pulling approvals from others.
Dylan94 wrote: » They could have issued too many exemptions and are trying to get more people without an exemption in so they don't end up in trouble with the central bank
brisan wrote: » I have walked away a few time after multiple bids and told I would need to go higher I always refused I got a few phone calls later offering me the property at my last bid price. Never ever trust an EA if you are selling and even moreso if you are buying
Queasy Tadpole wrote: » What's the price range of the house if you don't mind? 21k over asking is crazy. Myself and the wife had ours up before the whole mess and took it down. Looking to get going soon now again.
Neamhshuntasach wrote: » Mid 500s.
GocRh wrote: » 4% over asking on a desirable property combined with pent up demand after a long lockdown seems reasonable. I'm on the market (buying) and have been closely monitoring agreed sales in a few areas (D5, D3, Dun Laoghaire), up until February 5 to 10% over asking was the norm for 2 bed apartments around 400k.
The_Conductor wrote: There is a cool 120 billion sitting on deposit in Irish financial institutions. Its not earning any interest (and in some cases, is actually loosing nominal value when fees are factored into the equation). People are looking for other places to drop their cash. There is still a constraint in the housing sector here- it might not be as tight as it once was- but it is still constrained.
awec wrote: But the governments since the last crash have been unable to deal with the demand for social housing. They were never going to take steps that would make that list even longer, especially not when the solution involves empowering banks to reclaim homes. Terrible politics.
JimmyVik wrote: "Back in my day we had no floor or paint or grass when we bought houses. People lived in them for years as we whipped them into shape. Nowadays people want everything on day. Notions."
TheSheriff wrote: Funnily enough we were speaking with our mortgage adviser today to check-in and she was asking us if we had any friends looking for mortgages to pass on details....KBC bank.
