fliball123 wrote: » no but at least you know what your going to be paying for the next x amount of years of your life and at a certain point in time you no longer pay the mortgage as it has been paid and the house is yours.
smurgen wrote: » Rents have fallen significantly. Waiting has gotten cheaper. What's the moving on with your life part about?does life begin when you get a big mortgage?
Pelezico wrote: » Interesting that the number of sale agreed properties continues to grow. Many of these will come back to the market as mortgage approval lapses or is simply overturned by banks.
GreeBo wrote: » "just wait/ing" has been the mantra for many posters, yet I dont believe any of them have given guidelines for when one should stop waiting and actually make a purchase. Its an excellent wait to avoid negative equity but its not a great method of moving on with your life.
fliball123 wrote: » You hope as we all know what your opinion is based on
Pelezico wrote: » The CSO numbers would not provide an impetus to buy. Plenty of time to wait and see. Just bide your time and there will be plenty to pick from.
Marius34 wrote: » Like any price index there are various formulas behind it, adjustments, weighting, smoothing, etc. If you would take just simply average or median, you would get a very big price monthly fluctuation, that would not present the actual situation on the property market. If other than CSO organization would try to create another property price index, we would get a different price index changes for the same dataset, maybe less than 1% in difference from CSO, but I'm confident it would be well over 0.1%. I don't want to go in to the math behind it, as it would be very very long discussion. But here maybe something to read for the start:https://en.wikipedia.org/wiki/Price_indexhttps://en.wikipedia.org/wiki/House_price_index I have create sometime ago my own simple formula on the same dataset, which is not as good as CSO, and doesn't have smoothing, so the less number of properties the bigger fluctuation visible:https://datastudio.google.com/s/rk-PSHr2Qx4
alias no.9 wrote: » The data doesn't represent like for like houses and doesn't purport to. Its an aggregate for what has sold in areas / regions in a given time period, not an estimate of the value of the overall housing stock in the region. The average they report is the actual average for the time period, not an estimate. The change in the average from one year to another is the actual change in the average, not an estimate. There is no margin of error in the reported figures.
Marius34 wrote: » Because there is no way to identify exact properties with exact conditions what was sold previously. There are various ways to calculate the price, there are no perfect formula for this, the more you work on this, the more you analyse individual properties, the more precise you can get, but you would not identify price change on 0.1% precision whole market level. In addition i see how smooth is their graph, and I can tell quite confident, they are using some kind of moving average calculation. For example price average of the latest 6 month, or 50% weight of current month & another 50% of previous 3 months. Many different ways, I don't know their method, but there are no magic formula, and they are not checking condition of every property.
schmittel wrote: » Agreed, hence why I said "if you're buying now" - if you're nervous about this years comp you're probably not buying now. And if you were previously considering buying in that bracket chances are you are not currently renting a damp bedsit. i.e waiting is not a big deal, you're probably already living in a pretty nice house.
Cyrus wrote: » I don’t think that’s the necessarily the case plenty of executives whose pay is 50 percent discretionary will be nervous about this years comp
schmittel wrote: » But these buyers are holding stronger hands than those buying in housing estates. i.e if you're buying now in the €2m+ bracket you're less likely to be as sensitive to job security/credit supply concerns. .
JJJackal wrote: » I consistently make the point that waiting is sensible if you believe there will be a meaningful drop ie >5%.Its worth noting that a 5% drop across the board does not mean that the house that you want in the area that you like will drop at all. This will be an average - so some proprieties where you get a couple of motivated buyers could rise. The greater the % drop obviously the less likely this is to happen e.g. if drop was 50%, no house no matter how nice the location will rise in value
alias no.9 wrote: » Why would there be a margin of error? It's a complete dataset, not a sample.
fliball123 wrote: » Yeah probably a senseable approach but as I have said constantly everyone will be in a different situation with regards to finance, kids, work, renting, living at home and maybe the waiting and the lockdown has shifted perspective as well. I would never advise anyone to buy or sell , just do what you think is best for you and yours
schmittel wrote: » No, I can only recall a couple of posters saying under some circumstances prices might rise. My sense is the thread is divided into people who think prices won't fall meaningfully eg sub 2%, those who think there will be a fall but it will not be significant (these guys seem to range up to 10%), and those who think they'll fall greater than 10% (though haven't seen anyone say 50%). My reply to Greebo on the just wait/don't wait thing was because to me that irrespective of exact size of any fall, the waiting thing seems to sum up the differences between attitudes of posters. eg plenty such as myself who think given everything that is going on it would be sensible to wait a year or so to which way the wind is blowing. That is certainly what I would do if I was about to buy a cookie cutter family home in Dublin suburbs. and there are equally plenty who respond don't wait, better off to buy now while you can, cheaper than renting, better off jobless homeowner etc Early on in the discussion there was plenty of advice saying don't wait, buy now, prices will always rise in the long term.
fliball123 wrote: » There has not been many of them on here Schmittel the advise on here has mainly been to wait as prices are going to drop anywhere from 2% to 50%. Has anyone on here actually said prices will rise?
schmittel wrote: » Possibly because they are taking the opposite view of all the bulls who end their posts with "don't wait, buy now!"
schmittel wrote: » When you say you see new players coming in, do you mean you have heard of new entrants to the market?
GreeBo wrote: » Why is it that all the doomsayers end their posts with "just wait!"?
Marius34 wrote: » Residential property prices rise by 0.1% in the year to June In Dublin, residential property prices saw a decline of 0.7% in the year to June. Residential property prices in Ireland excluding Dublin were 0.9% higher in the year to June. If this doesn't tell about price stability, nothing will tell... Even for CSO i believe it is well expected up to +/-1% margin of error, as it is impossible to get precise calculation on property price.
fliball123 wrote: » Yeah you could be onto something it all depends on the banks approach, what I do see are new players coming in hopefully increasing competition and driving down interest rates and I see that some lenders have started upping their game for example I have heard KBC are going to start giving cash back for every new mortgage. But you may well be right but if people are within the 3.5 wage limit and 20/80 or (10/90 for FTB) limits there will be an uproar if they don't lend.
schmittel wrote: » I suspect you're right that the demand for credit will increase once covid subsidy ends. Given the circumstances, I don't think the supply of credit will be up to meet the demand.
fliball123 wrote: » I am not disagreeing with you I think there will be more property available for the Autumn , I am simply pointing out 2 things 1: that demand will be up again due to people coming off covid subsidy and 2: that the number of properties available has fallen and unlike yourself I didn't start making up stuff like property prices have dropped when they have not
