schmittel wrote: » This is very interesting, as anecdotally we are told landlords leaving the market in droves. There is a decent chance these are cash rich investors which lends weight to the inflation hedging theory. Watch this space!
PropQueries wrote: » Not a usual source for news on the property market, but a bit of a distraction all the same. Irish Mirror: "The most unwanted Irish homes that have been on the market for up to 13 years" Link to Irish Mirror Article here: https://www.irishmirror.ie/lifestyle/homes-and-property/most-unwanted-irish-homes-been-22623772
Dave3030 wrote: » Luckily, we dont have kids-i can only imagine the stress! Looking at rentals it is crazy how little there is-and were not even fussy-a studio apt in the country would do us for a few months. Very little on Daft. Worst case we can move in with the in-laws for a few months. Will worry about that when we get to it. I think its def better to get sale done and dusted asap. BTW-had a discussion with an agent yesterday when viewing a house-he said there was about a 2 month madness period in Jun/July and that it is settling down again. He said he never seen anything like it-and this man was in his 60's. In his opinion there is only one way that prices are going and that is down. Now im not sure why he was sharing that information with me as a potential buyer-possibly because the house i was viewing was already at asking, and they were happy with the price, and im sure he could tell i was not really interested at the asking price. But also he just seemed like a guy who was jaded by it all, possibly soon to retire and wanted to impart a bit of friendly advice to a young fella! Who know-hopefully though if the madness period is tapering off- there might be some value on the horizon for you soon.
Dave3030 wrote: » Hi All Been dropping in on this thread periodically over last few months. Interesting comments-im currently right in the middle of selling/buying so i thought id throw my situation out there, what im hearing and seeing, might be of help or of interest to some of you. (il hold back some of the specifics if you dont mind!)
They all said that on the back of covid people have basically lost the run of themselves and are trying to cash in their mortgage approval before a second wave/potential job loss or wage cut.
Interestingly-a lot of the bidders are investors.
Its hard to be sure where it will go-and im debating whether waiting is a good idea, but then if i ask myself-'will my current property would go for the same, or more next year?' i def would not take that risk-so i guess i answered my own question!
schmittel wrote: » Surely it will suit those people who are in secure employment and can comfortably afford to take on a mortgage? i.e the banks will lend less, because there are less people in employment, but they will continue to lend affordable mortgages to people with secure incomes.
Smiley11 wrote: » We're in the thick of it & I agree that the market at the moment is pretty manic. We sold before Christmas & we're happy with that because we're free to buy but it has its downside as we have small kids & are going between our parents houses. We're bidding on a house at the moment & will most likely walk away shortly because there are other bidders & nobody is giving up! Its nuts. I'm reluctant to go back to square one but we're not going to over pay when things are so uncertain. I don't personally see prices plummeting & think if they do drop any significant amount that it will take a couple of years to materialise. Who knows? Its a great advantage not being in a chain but it seems there are plenty in our position & with big budgets. Strange times we're living in
neutral guy wrote: » In couple words the more we spend for bread the less we have for property because our wages will not growing with same speed as inflation.For that reason property prices will fall because not many people will have money..For that reason we will have deflation. If we look at inflation/deflation curves during the recessions we will see that the more billions was printed the bigger deflation we had ! With every last recession we had bigger deflation and bigger property prices fall . The ECB printed billions in last 10 years did not moved inflation forward. Why ? Because money was printed for banks not for people In this recession we will have even bigger deflation but only if government will not give money for free as they did during Covid As far we see now the government cut people access to free money what mean we will have deflation again The wage subsidy cut,same as other options to get free money. Every bussines which takes free loans has serious bancruptcy risk because money has to be returned !
Dave3030 wrote: » Hi All Been dropping in on this thread periodically over last few months. Interesting comments-im currently right in the middle of selling/buying so i thought id throw my situation out there, what im hearing and seeing, might be of help or of interest to some of you. (il hold back some of the specifics if you dont mind!) Im selling an apt, in a much sought after location in one of the (non-dublin) cities. Since late last year i had been thinking of selling early this year as I felt the market was leveling off, however Covid hit and put the brakes on. I was worried we were going to see a big drop in prices on the back of this-but it seems the opposite-in the short term anyways. As soon as the restrictions were lifted I got a few agents in to value it-I had an idea of what i thought it was worth pre-covid-based on watching similar properties the previous 6 months, but really I wasnt sure what they were going to suggest. They all came back at least 10-15% more than what i had imagined-some even suggesting 25%. They all said that on the back of covid people have basically lost the run of themselves and are trying to cash in their mortgage approval before a second wave/potential job loss or wage cut. Seemed like madness to me. I went with a price around 15% above what i had initially thought-as i felt some of the higher estimates were just looking to hook me and werent realistic. Here we are 3 weeks later-were almost at asking but with many more viewings booked for the coming week-not sure where it will end up. Interestingly-a lot of the bidders are investors. The plan then is to buy a 3/4bed house a little further from the city, so on the flip side-i have had a look at a few houses but i feel are just way overpriced, (again based on keeping an eye in this are for the last 6-12months) but i guess this is not surprising. From talking to agents they seem to be largely meeting the asking prices. I see the arguments for prices to fall and to stay the same-certainly supply at the minute seems slow, and a lot of valid points. However what I am seeing in the thick of it is there is bit of madness going on right now. Hopefully, il be a beneficiary of that-il prob hold off and rent in the short term, and hope to get more bang for my buck early next year. Its hard to be sure where it will go-and im debating whether waiting is a good idea, but then if i ask myself-'will my current property would go for the same, or more next year?' i def would not take that risk-so i guess i answered my own question! Interested to hear from anyone else in the middle of it?
Dave3030 wrote: » Hi All They all said that on the back of covid people have basically lost the run of themselves and are trying to cash in their mortgage approval before a second wave/potential job loss or wage cut. Seemed like madness to me. I went with a price around 15% above what i had initially thought-as i felt some of the higher estimates were just looking to hook me and werent realistic. Here we are 3 weeks later-were almost at asking but with many more viewings booked for the coming week-not sure where it will end up. Interestingly-a lot of the bidders are investors. The plan then is to buy a 3/4bed house a little further from the city, so on the flip side-i have had a look at a few houses but i feel are just way overpriced, (again based on keeping an eye in this are for the last 6-12months) but i guess this is not surprising. From talking to agents they seem to be largely meeting the asking prices. I see the arguments for prices to fall and to stay the same-certainly supply at the minute seems slow, and a lot of valid points. However what I am seeing in the thick of it is there is bit of madness going on right now. Hopefully, il be a beneficiary of that-il prob hold off and rent in the short term, and hope to get more bang for my buck early next year. Its hard to be sure where it will go-and im debating whether waiting is a good idea, but then if i ask myself-'will my current property would go for the same, or more next year?' i def would not take that risk-so i guess i answered my own question! Interested to hear from anyone else in the middle of it?
schmittel wrote: » BP selling central London offices to move to WFH hybrid: BP is an energy multinational. Anybody who thinks WFH is only suited to tech firms is shortsighted. I cannot see how Dublin is going to escape a similiar a shift in policy.
The coronavirus pandemic has led many businesses to rethink how they use their office space, with BP (BP) the latest to draw up plans to sell its headquarters. The oil giant, which employs 6,500 staff in its London and Surrey-based offices, plans to lease the building back from the new owner for up to two years until moving out permanently, according to reports in the Sunday Times. The report noted that BP chief Bernard Looney has previously said the FTSE 100 company will move to a more “hybrid work style,” balancing home and office working.
neutral guy wrote: » Guys,I tell you how this things call It is Corruption The NAMA takes site from developer AnD NAMA sell the site to another developer Because site price from 1 million from previous developer go to 5 million to NAMA Prices of houses built on this land go from 200K to 500K Nama ( government ) says to builder No problem Bro,we will help you with First time Buyer program ! And lobby do them job People buy houses with government First time buyer support Government pay the bills on borrowing market by money from NAMA Guys,do you still believe that miracles happen ? Do you know how many builders will go on doll if this miracles will not happen ?
neutral guy wrote: » As I said before We have homeless problem at 450K price We dont have homeless problems at 150K price The problem is price not supply The problem is buyer not supplier
fliball123 wrote: » Ok so we dont have a housing problem or a homeless one? The problem is no one wants to live or very few want to live outside of the big cities so I will rephrase Ireland has a severe lack of decent supply in its higher density areas.
neutral guy wrote: » Ireland does not have lack of supply. Ireland has problem lack off supply at right Price ! Only things we hear is lack of supply at 400K price We dont hear about lack of supply at 100K price That is the moment of truth ! Please stop measure Ireland by property price in Dublin ! When in Dublin will lack of supply of 3 beds house at 150K in County Louth this will be lack of supply At the moment I dont see lack of supply at 150K in Dublin !
fliball123 wrote: » And yet people need somewhere to live what are their choices and remember the choices are limited due to a severe lack of supply Pay the price for the house pay the rent for a house stay with mam and dad
neutral guy wrote: » The point is not who try save what.The point is that some people telling us stories about supply and demand,savings and how much people spend.They does not care about what is going on and were we go.But things what happening now is far way not good for property market at all .
neutral guy wrote: » Well,at the moment we have young bussines /startup family with good bit of money saved before Covid. The guy tells his woman Love,we have 2 choices The first one save our bussiness and lose our savings for our house Or lose the savings for the house and try save our bussiness I am pretty sure today many busines families has this choice What would you choose ?
Springy Turf wrote: » Seems like a lose lose situation there!
