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Looking to move... WTF is going on with prices?

positivenote

We are looking to go from 3 bed semi-d to a 4 bed semi or detatched home, that wil be our 'forever' home. Looking at numerous properties...but one in particular that has been listed for 635 (5 bed detached) currently has an offer of 805K on it. Now I know prices are up at pre-2007 prices again, but thats almost an increase of 200k on asking price. Is this a common thrend people are experiencing or is the estate agent messing.

Cheers

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seamus

I think they're projecting 2024 before any semblance of normality returns to the market. If your plan is to upgrade to a bigger property within roughly the same area, then you're better off holding fire right now if you can.

I'd only advise someone to sell up and move on if they stand to be in profit/mortgage-free after making their move; such as going from a small property in Dublin to a huge one in Leitrim at half the price.

Even then, the good rural properties are seeing prices skyrocket.

Amadan Dubh

https://www.boards.ie/discussion/comment/117732855#Comment_117732855

We've a budget of 400-650 (FTBs) but are also waiting 4-6 years (for a few reasons this time period is relevant) as, even if prices aren't much lower, at least the choice should be better as we have no interest in buying a place we weren't absolutely delighted with. Deposit will be bigger as well so the mortgage will be less.

JimmyVik

Yet another friend put their house on the market in a total mess and had a buyer even before the sign went up.

They didnt even have time to paint or fix up the little damp spots on the bathroom ceiling or even hide away all the toys all over the place.

Called EA on Thursday saying they were thinking of selling could they get a valuation. EA was out and had it valued on Monday. EA then had 3 bidders in and out, about a week of the 3 of them bidding up to 10% over asking, sale agreed.

You dont even have to tidy up a house now before it gets sold :)

This market is crazy and best kept out of.

dave29ken

We started the year with the same idea, looking to trade up (in a location sense). We listed our house in March and closed the sale in June and with the buoyancy of the market we achieved a better than expected sale price. We focused on buying somewhere when we went sale agreed, and managed to win the bidding on a place that we were happy with. 2 months sale agreed and the vendor withdrew the property, citing they couldn't find/afford what they wished to move onto. We then looked at other similar houses in the same area and were outbid on everything, with the prices rising above what they were at in March/April to levels that are past our max budget.

We are renting now as a result and while keeping an eye on the market and having AIP in place for the rest of the year, I don't expect much change in these circumstances until next year based on the continued rising prices as a result of aggressive bidding. Its not an ideal situation but feel that abstaining from this market is the natural thing to do for now. Hopefully there is some calming and correction next year. I don't believe its purely a supply issue- lots of people (investors, people on huge salaries, people with inheritance money and additional savings from covid) are pushing very hard on what's out there at the moment.

The last 2 places we bid on, there were 2 or 3 parties to begin with, driving it up around 40k above the asking. Then a new bidder entered the fray in both cases and in both cases placed an offer 30k above the previous offer to completely kill of the competition. Obviously individuals involved have lots of money and little sense of value!

mloc123

https://www.boards.ie/discussion/comment/117710316#Comment_117710316

50k wouldn't build you a fancy shed these days

drogon.

Honestly the way I see it - unless the rental market is fixed, House prices will not fall.

I know couple of people that basically bought a house just cause they couldn't afford to rent. One of the guys, his missus even went back to work after 15 years so they could afford a mortgage and bought something at the start of the year outside Dublin. He was saying that he spent close to 60% of his salary on rent and has two kids, so sharing isn't an option. Also to add he was earning well about the average salary too..

PSFarrell

I would be of the belief that if you can afford it and its the right location then go for it. I don't have any confidence that supply will improve over the next 3 years to the point where a massive drop occurs in house prices. I bought in 2018 and paid 21% over the asking. I quickly learned that looking at things close to my maximum budget was a waste of time.

[Deleted User]

https://www.boards.ie/discussion/comment/117732855#Comment_117732855

I do think that McWilliams is one of the more astute and pragmatic economists out there. But many of us don’t have the time to sit it out for “a few years”, especially if in our 40s and facing a mortgage term that shortens every year. If someone can afford it, and they are looking at a long term home, waiting for a few years is not without its own risk in terms of missing the boat

Padre_Pio

https://www.boards.ie/discussion/comment/117732831#Comment_117732831

In the same boat. The only value is in the most expensive houses.

Cheaper houses are massively overpriced due to a number of factors (limited supply, more savings, ever-increasing rents, COVID babies, COVID divorces). Renovated houses already have potential profit factored in, so it's usually not worth the hassle.

Land is not so overpriced, but still expensive. The issue is building materials are far more expensive.

It's the second bubble in 15 years. Well done government.

irishhombre

prices are crazy now, we are following david mcwilliams advice and staying away from property for a few years....rather rent for now and see what happens.

GooglePlus

https://www.boards.ie/discussion/comment/117732767#Comment_117732767

Same as myself and don't have a choice really.

What we can currently afford in the Dublin commuter towns require too much work or are tiny new builds not worth the money they're up for.

I fear buying something now and being landed with negative equity if things come down. Surely something will have to give?

JimmyVik

I decided im out of the market for 2 or 3 years.

Its just too hot, with not enough choice.

cruizer101

Guessing this is the house https://www.daft.ie/for-sale/detached-house-49-larchfield-dunboyne-co-meath/3469961 , not many 5 beds for 635k on daft.

I don't know the area well enough to judge but maybe the asking/list was much lower than it should have been.

https://www.myhome.ie/residential/brochure/28-larchfield-dunboyne-co-meath-a86-de08/4478596 this went for 642 earlier in year so up to over 800k seems a big increase, 49 does have bigger garden and garage so far more potential but still seems like big jump.

That said the market is a bit mad at the moment.

FileNotFound

https://www.boards.ie/discussion/comment/117710462#Comment_117710462

Had to laugh at the post you respond to myself.

600k in rathmines would be some deal. An extension for under 100k would be good right now.

New Builds 4 bed in the arse of what they claim is Rathfarnham are going for close to the 600k mark, no front garden, fake grass back garden (no sun due to no space between houses), only 2 parking spots for life, no room to extend, not in the best catchment re schools, 1 bus route to town (only public transport option). You'll pay 850k in delghaney with a new council estate at the back wall.

Prices are going mental for building works.

FileNotFound

In fairness if you mention the location we may have a better understanding of the situation.

I am seeing houses near us going up advertised for far less than they would have sold for 2 yrs ago, they then go 100k+ up in bidding and sell for what seems to be the actual level in the area these days. (property price register is the most accurate on what things should cost - not the advertised sale price).

The housing crisis was an issue pre pandemic but now we are really behind. Personally and just my opinion of course, but I see prices rising for the next 3 yrs as we had high targets that will have to somehow also make up the current loss from Covid.

Anecdotal evidence is suggesting that prices outside Dublin are climbing more with people moving from cities, but this is having no impact with regards to reducing prices in the capital and surrounding regions.

To get into a nice house (ready to move in) in an good area (schools amenities etc.) you are going to pay a big price for the foreseeable future.

Grawns

https://www.boards.ie/discussion/comment/117710420#Comment_117710420

I'd pay serious attention to the school situation. If you're not in a feeder school by 6th class your child could end up in a new area with no friends and having to travel outside the immediate area to find a secondary school with availability. Very stressful. You should be able to find something in the Castleknock area for your budget and a secondary school with places. Malahide is heavily oversubscribed by all accounts.

wersal gummage

https://www.boards.ie/discussion/comment/117710316#Comment_117710316

A 4 bed semi or detached home in Rathmines would be more like 1.5 million than 600k..

A large extension on a house for 50k?

positivenote

Yeah guys, we are looking at moving from a 3 bed semi with a value of approx 400k ... to a 4 bed semi/detached in dunboyne/castleknock or changing our lives a bit and heading out to malahide.

Our current secondary schools situation and house orientation are pushing our move but childs going into 5th class so have year/year and a half to make move.

Creamy Goodness

no way you're getting a reasonable extension done for 50k, not with the cost of materials effectively being 50% dearer today than this time last year.

It might get you a nice garden shed to put an office in, with some money left over for furnishings but not something that'll add value to the house

PokeHerKing

https://www.boards.ie/discussion/comment/117710316#Comment_117710316

The few people I know currently looking to put on modest enough extensions are being quoted nearly double that for them.

riclad

You should be looking at 3 or 4 bedhouses maybe 400k plus or buy a house with a large garden and build a 2 bed extension prices are going up

In every city in Europe due to maybe people working from home so need more space home office room if you are paying 600k for a house I presume it's in rathmines eg a middle class area

An extension could cost maybe 50k approx

PokeHerKing

https://www.boards.ie/discussion/comment/117710233#Comment_117710233

How long is a piece of string really. Nobody knows. You just need to weigh up all the peices of your own personal circumstances and try and make an educated decision. All a leap of faith though as are most big decisions in life.

Creamy Goodness

https://www.boards.ie/discussion/comment/117710233#Comment_117710233

Anyone that can answer this will either be lying or you should be asking them for the euromillions numbers instead.

SteM

https://www.boards.ie/discussion/2058202484/looking-to-move-wtf-is-going-on-with-prices

Doesn't surprise me at all. Everything is up in price at the moment. 5 bed is rare enough and gives great scope for working from home, so it's worth for a certain people depending on their circumstances. You've picked an awful time to trade up I'm afraid.

JohnnyChimpo

you will find almost equal support for either side of that debate, both on these boards and in the wider world. To put it mildly, there are too many novel factors at play for anyone to be able to read that crystal ball for you

positivenote

So do we reckon stay were we are for a year or so until the market stabilizes a bit ? Or is the trend likely to remain like this for longer?

thnx

Creamy Goodness

People have lots more money, people realising they don't need to live within 10-15 minutes of work, supply was already low and 9 months of not building in 2020 and 5 months± in 2021 hasn't helped.

Sue de Nimes

Yes, things are insane at the moment