awec wrote: » Yes. It is often said on here that Ireland's housing market (buying, not renting) is crazy, yet the stats suggest that we are in line with Europe. We also know that the current market is still significantly below 2008 levels. So, putting the supply issues to the side (a big issue to put aside, I agree), would it be a really bad read to think that the market here is actually not as crazy as has been made out?
awec wrote: » Interesting piece: https://www.rte.ie/news/business/2021/0408/1208596-european-house-prices/ Irish house prices have risen in line with the EU average since 2010, but rental increases are vastly higher.
Ush1 wrote: » Yeah not sure it's worth that but lovely house now in fairness.
DataDude wrote: » I'm not sure comparing current prices with 2008 levels is the best way of determining if prices are too high or low though? I know every country had a property bubble, but I feel like our one was particularly mental? I can't remember exact figures but saw some mental stats on LTI levels in that year in Ireland. Looking at percentage growth rates from one period to the next and comparing countries assumes we all started from the same point. And even with our other counterparts, just cause we are in line with them, maybe they are just as unaffordable as we are. It's an interesting comparison but don't think it should be a case of saying "sure it's awful elsewhere too so it's grand". We should aspire to be better. To my mind, the only way to determine if property is affordable/sustainable is to compare it to household incomes (theoretically net, but since lending is based on gross, use that). Particularly in Dublin (and probably Cork/Galway), the data seems pretty clear to me that house prices in those areas cannot be supported by the income of the people in those areas, and is therefore above it's fundamental value. Don't think it's crazy. 2012 prices today would clearly be ridiculous. Maybe somewhere in the region of 10-15% below current levels would appear sustainable in the long term.
Timing belt wrote: » Still no signs of meaningful inflation in Ireland's CPI.https://www.cso.ie/en/releasesandpublications/er/cpi/consumerpriceindexmarch2021/ The CPI is equal to what it was a year ago and if you take into account the vat rate moving from 21% to 23% in March it would indicate that Year on Year we are still seeing deflation in the CPI while asset prices continue to rise.
amacca wrote: Does it take raw materials for building into account ...anecdotally at least steel, timber etc have risen
SheroP wrote: » Not sure if posting in the correct forum, but what are peoples views on selling a property privately, ie no estate agent involved?? Are there any pitfalls??
woejus wrote: » You might miss out on a pool of buyers, but in this market, unlikely. You'll get a few tyre kickers wanting to see what hand soap you use etc. You might not be able to suss out a timewaster as well as an EA can; specify any offer must close in x days, take a deposit via your solicitor if possible. Stick a big sign outside your gaff and see what happens. List it on all the free-to-list sites you find. Use a disposable phone, not your own one
SheroP wrote: » woejus wrote: » You might miss out on a pool of buyers, but in this market, unlikely. You'll get a few tyre kickers wanting to see what hand soap you use etc. You might not be able to suss out a timewaster as well as an EA can; specify any offer must close in x days, take a deposit via your solicitor if possible. Stick a big sign outside your gaff and see what happens. List it on all the free-to-list sites you find. Use a disposable phone, not your own one Thank you for your input I have a buyer who approached me I suggested a price and they snapped at it Now hope to proceed between solicitors Hope that I’m doing the right thing ?
johnnyskeleton wrote: » If you're happy, and they're happy, what's the problem?
Balluba wrote: » Angela Keegan director Myhome.ie says that she expects transaction prices to be lower than asking prices and she also seems to suggest that supply is not as low as some say. I’m left wondering just what the truth is.
Balluba wrote: » It beggars belief if people are buying houses before they even set foot in them.
awec wrote: » They aren't. Big difference between going sale agreed and actually closing the sale.
RichardAnd wrote: » I ask myself this question too. IT could be investment firms, but then again, some people do have a hell of a lot of cash in savings. Two people on 70k+ would put away a lot of savings, and they would qualify for a large mortgage to boot.
RichardAnd wrote: » This is true, but this is not a healthy way to transact business. If I were to make an offer on a home and have it accepted, then I would consider myself ethically obliged to purchase that property. Equally, if I accepted an offer from a buyer, then I would consider myself bound to sell the property to him. To me, this "go sale agreed to view" cheapens the very concept of the sale-agreed status. In addition to the driving up of prices due to people's bidding on properties simply to view them, this is why the current process at work both worries and disgusts me.
JimmyVik wrote: » Sometimes it can be out of your control though. If the banks turns around and refuses to give you the loan then you really cant do anything about it no matter how guilty you feel.
awec wrote: » The whole point of sale agreed is a halfway house between being for sale and actually sold. It's the time when someone indicates they do want to buy, but the i's need dotted and the t's crossed before they can legally commit to it. It's a very necessary stage of the process as it provides some protection for both the buyer and seller to ensure everything is ok. For example, imagine you were selling your house and buying another one, but your purchase falls through as you find the house you wanted to buy is structurally unsound or something. You are hardly going to go through with your sale and leave yourself with no home. I think, in these times, physically seeing the property and finding that it was not as advertised is a perfectly legitimate reason for backing out and is not at all ethically questionable.
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