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.
The Belly wrote: » In 2011 getting a mortgage was not easy there were only 13,000. It doesn't show how many applicants were turned down but i assume the numbers were high. As lending had all but dryed up. Cash investors, Vulture funds and the local authoritys bought up a lot of the apartments and starter houses in prime locations I think it was around half of all resedential property sold between 2009-2013 according to UCD report. When prices did start to move and rents increase the CB brought in the new rules which, althought the banks agreed some form of cap should be introduced they felt the 3.5 was overkill given the direction the market was going. MABS had concerns too and they were right. Debt advisory agency Mabs expressed concern that “ the rising cost of rent and the consequential limits on what renters can save towards a deposit, may mean that renters with a solid income who could afford a mortgage will not be able to save the full deposit of 20per cent in a reasonable period of time” I dont think it was a refusal to buy. I think by the time a lot of people were in a position to buy due to the above activty and rules introduced it started to go beyond peoples means.
Bass Reeves wrote: » ...... ....... a 250k house just outside Limerick city. ...... if they decide to travel in 2-3years time rental value of house will be 1.5k/ month
Bass Reeves wrote: » So 12+ months plus ago when prices were 10%+lower they could not buy buy going into what some here are posting as a hard recession they expect that they will be unaffected and will buy there forever home. A young couples mid twenties near us were intending to travel this and next year. However they cannot do that now and think it will be two years+ before they get a chance again. They joint earning are about 60k/year. They looked at different options and asked there parents and friends. One set of parents were wait because of possible recession. However the other parents advice was to buy now. Both have steady income and can access 220k mortgage, they have 20k in savings and parents are giving balance to allow them to buy a 250k house just outside Limerick city. The parent who's advicewas to buy(and other set of parents came around to this as well). They can access a mortgage now, one works in the medical are and there job is secure, Second is a mechanic . If there is a downturn and he list his job they might be unable to access a loan for 3-5 years. In the meantime renting will cost 10-12k/ year if they want s place to themselves. The repayments will be less than 1k/ month, if they decide to travel in 2-3years time rental value of house will be 1.5k/ month
Bass Reeves wrote: » A young couples mid twenties near us were intending to travel this and next year. However they cannot do that now and think it will be two years+ before they get a chance again. They joint earning are about 60k/year. They looked at different options and asked there parents and friends. One set of parents were wait because of possible recession. However the other parents advice was to buy now. Both have steady income and can access 220k mortgage, they have 20k in savings and parents are giving balance to allow them to buy a 250k house just outside Limerick city. The parent who's advicewas to buy(and other set of parents came around to this as well). They can access a mortgage now, one works in the medical are and there job is secure, Second is a mechanic . If there is a downturn and he list his job they might be unable to access a loan for 3-5 years. In the meantime renting will cost 10-12k/ year if they want s place to themselves. The repayments will be less than 1k/ month, if they decide to travel in 2-3years time rental value of house will be 1.5k/ month
Augeo wrote: » Fair play for knowing what rent will cost in 2 to 3 years time in these times
MattS1 wrote: » Most properties I'm looking at are going 8-10pc over asking and lots of competition.
neutral guy wrote: » This could be only temporary inertia effect.Who said this trend gonna continue forever ? The PAs in 2007 said property will never losing price,what happened after ?
MattS1 wrote: » What do you mean by interia effect?
neutral guy wrote: » Inertia effect is the mortgages approved before Covid.That what exactly drive property market at the moment.
Bass Reeves wrote: » That was there parents assessment lads are predicting a 20%-drop. Even if they rent at 2/3 of that they cover mortgage repayments so that would allow them to travel if they do decide.
smurgen wrote: » Time for buyers with approval and or cash to start playing hardball. Try push for real value and make estate agents earn their money. Anyone renting can try renegotiating downwards also or resist increases.
Canyon86 wrote: » Hi all I am looking for peoples experiences I was interested in a property recently I had two bids rejected by vendor, waiting a week each time To hear the bad news back from them, I was informed that I was the only bid in at the moment I checked daft last night and the property is now sale agreed Should I have been given a call by the EA to inform of a new bid ? Perhaps not.. 3 days between my second failed bid and sale agreed I was preparing to go higher again but looks like I moved too slow Cheers
cnocbui wrote: » Someone in the currently buying selling thread did as you suggested: Hardball turned into hard-luck. Maybe it will work next time, or the one after that.
schmittel wrote: » In fairness, he offered only 15k under the asking, - doesn't sound like hardball to me, in those circumstances I would expect a call from the EA just to be kept up to date. Indeed if I was a seller, I would expect the EA to contact every person who had made an offer now matter how far off the asking to give them a chance to reconsider before I went sale agreed.
smurgen wrote: » Meh. Worth multiple attempts in my opinion.
hi! wrote: » Deciding to put buying a house off until the market becomes more certain. Keeping an eye on daft etc for the time being but are relaxing our search. Have AIP, both steady jobs 80k+ combined, deposit saved, full HTB, both still living at home. Don’t see the point in buying an overpriced house (new build 3 bed semis starting at 380k in our area & anything reasonably priced needs a lot of work). I’d imagine there are others in the same position as us.
bdmc5 wrote: » I’m sure there plenty of people holding off for now on buying but on the flip side people want to get on with their lives and have a place to call their own so I can understand why a lot people are pressing on too. Where I live in cork new 3 beds are the same price as your area and they are sold in last few weeks . Brother is in the market and it’s very competitive and no Covid discounts are being entertained by sellers so they are finding very stressful and frustrating.
enricoh wrote: » My brother put his house up for sale just before covid- a one off outside a commuter town around 550k. Took it down saying this year would be a write off and will try again next year for probably 50-100k less Estate agent told him to put it back up and has serious punters for it, I saw a few viewing it this week. I wouldn't have believed it only I saw them myself. He'll probably get 600k for it now! Paddy doesn't do rational thinking!
smurgen wrote: » Tell em to have patience and start low balling . The sooner sellers get used to this as the new normal the better it will be for everyone. The power dynamic has changed and sellers are to be price takers now. Estate agents would want to up the professionalism too. Too many Del Boy type characters who'll be out of the job unless they begin to start showing some transparency.
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