cnocbui wrote: » I'm in my 3rd house. So far, I have not sold a house at below cost, quite the opposite. So if you were to put your house on the market, would you accept less than X if that's what the market said it was worth, or would you take it off the market?
brisan wrote: » They obviously set the asking price low ( compared to what they think the house is worth not what it actually is worth ) in the hope of starting a bidding war When the bidding war did not happen they pulled out as they never received their perceived value of the house The same people will then more than likely underbid on a property they are interested in buying Some People have a weird attachment to their property and it’s perceived value
Hubertj wrote: » I think the estate agent has to take some responsibility in these situations. They likely advised the owner to set the price at X to attract bids. Then it will sell for X + Y. This sets the owners expectation of the value. When Y doesn’t happen the owner thinks their property is not getting what its worth...
fliball123 wrote: » I think when a house is being sold and your looking at the price it will sell for I think the main 6 factors in play would be What the seller wants for it - If they don't like the price they don't have to sell What the buyer will pay for it - If they don't like the price they don't have to buy The scarcity of property or properties that rival what is being sold - Property at the moment (quality in good areas) seems to be getting scarcer by the day. The quality of the property vs rival properties - If there are 20 properties beside you all for sale you may have to battle them by dropping your price to make more attractive to buy How many people will be competing to buy this property - Well with the amount of mortgage approvals and the supply of new houses draining away I reckon there will be a lot of competition. Access to lending - billions being flooded into the bank at 0% do we think banks wont lend this on and make 3/4% Every property will find its price point through the above 6 IMO
brisan wrote: » EAs have a load of tricks they use It’s a game to them and unless you know the rules they play by you are at a disadvantage An EA does not want to get an extra 20 k on a house for the extra commission He wants it so he can tell other clients “ look at the prices we get compared to the EA down the road “ That way he gets more business He does not care if you personally get 20k or not He has you hooked it’s the next fish he is after
fliball123 wrote: » Well it isnt disingenuous as it a comparison on year on year. Mortgage approvals in Sept 2020 are up 27% on Sept 2019 . I use this date as its the last date that there are figures for. Where did you get the Drawdown volumes from?
Browney7 wrote: » There are quarterly drawdown reports on the BPFI site. Its a comparison of a discrete time period 12 months apart with a whole market step change in that period. If someone came on here quoting June figures YOY and claiming "look, demand has collapsed, no one wants houses" they would get equally short shrift. To give another impact of Covid on stats and why they sometimes need to be taken with large mountains of salt, you could legitimately state, "the birth rate in Scotland collapsed in March and April 2020" as only 80 babies had their births registered in Scotland in March and April because the registration office pretty much closed. Statistics need to be very much interrogated at present.
Marius34 wrote: » True, but at the same time, recent mortgage approvals shows that large fall in the mortgage demands/approvals was short lived. As likely number of transactions/drawdowns.
brisan wrote: » As can be seen on other threads there is a long way to go between AIP and drawdown
fliball123 wrote: » Is there a metric for actual mortgage draw downs this year it would probably be the biggest and most accurate measure of demand
Marius34 wrote: » http://www.bpfi.ie/wp-content/uploads/2020/10/BPFI-Mortgage-Drawdowns-time-series-Q3-2020.xls
Marius34 wrote: » Sure, it may be 2021 Q1/Q2 before transactions/drawdowns returns closer to pre-crisis levels, although 2020 Q4 is returning not far from the levels.
brisan wrote: » Q1 2019 AND 2020 much the same Q2 AND Q3 for this year well down 10,157 AND 11,194 last year 6,622 and 8,220 for this year Q4 last year was 12,259 this year it's 8220 up till the date the report was issued which I cannot see
antiskeptic wrote: » I wonder what proportion of the difference is the result of buyers holding off and what proportion of the difference is the the result of buyers being told to feck off by their bank, their circumstances having being altered by Covid. Presumably if their circumstances stay altered they won't be buying anytime soon. What was it, 350k people on PUP (out of a workforce of 2.2 mil (2.4 mil total - 200k unemployed). Nearly 1/6 of the workforce). I wonder would banks be taking a dimmer view on employment types more vulnerable to recession. Like, if I was planning on lending money I'd be taking that view. The dizzy prospect of 3% on free money notwithstanding.
antiskeptic wrote: » Whats last quarter 2018? Anecdotally, Brexit put a dampener on 2nd half of 2019 - if true then 2020 is even worse.
antiskeptic wrote: » I wonder what proportion of the difference is the result of buyers holding off and what proportion of the difference is the the result of buyers being told to feck off by their bank, their circumstances having being altered by Covid.
brisan wrote: » People on here were saying that people on PUP were mainly on low wages to start with And I quote "Those people will never be buying a property so they do not affect the property market " You could not make it up
antiskeptic wrote: » This wasn't the same poster who was talking about all the inward immigration raising demand for housing, by any chance? As if inward immigrants consist largely of high net worth individuals. As if the demand for roofs o'er heads meant a damn thing to the banks who lend money. Surely their only interested in loaning to immigrants who can repay the loan. l I don't imagine the influx of migrants from Romania, Poland, etc., the ones manning our low wage jobs by the 1000's are quite mortgage material. Then again: if they come you will build it. And can then rent it to them. The only trouble, judging by the 50 Phillipinos who appear to occupy a 3 bed close to me, is that you ought not be calculating your housing need based on rental occupancy of 2.64 heads per household.
poker--addict wrote: » Good point.
brisan wrote: » I /we had a 3 bed one bathroom house in Donaghmede rented out to foreign nationals I called in one day to find a double bed in each of the main bedrooms,2 bunks in the boxroom and a double bed in the front room 8 people ,one bathroom and a small kitchen -dining room to live in Soon got rid of the bed downstairs Apart from that great tenants
fliball123 wrote: » Have you any stats on the breakdown of inward migration?? I simply put you back in your box when you suggested that people would be leaving Ireland for work after Covid as if it were the 80s again. I simply showed you proof that in the 2 years coming up to Covid 2018 and 2019 we had 69/70k people more people coming in than leaving as guess what there seems to be jobs here or at least there was up until Covid and regardless of if they can get a mortgage or not they still need to live somewhere
