Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

Bidding is currently at €385k, the market is absolutely mad out there.

I was showing my parents properties in Dublin and telling them what the current bids were or what they went sale agreed for and they genuinely shocked at the prices of them all.

As the previous poster said add 10-15% minimum on to the asking prices these days.

Some houses in Crumlin went up for around the 350k mark, all sale agreed at over 500k, it's ridiculous.

We've stopped even enquiring about houses near our budget as the asking is nowhere near what the final price is ever going to be.

The last daft.ie house report had buried within it that in the cities the asking price for 4bed/5bed detached was up over 20% in last year. Something exploded in that segment. Very evident in Cork City. Any large family sized home ready to move into has gone beserk since last year. Once it was clear rates had peaked, it seemed to just light a fire under the market when it had cooled a lot back end of 2022 and into first half of 2023.

Many of these type houses are being bought to rent out. At the moment with the government paying €800 to each ukrainian the price per bedroom in a rented property stands between €1000 and €1500, so a 5 bed house will rent between €5000 and €7000, a great per annum return of between €60000 and €84000 before tax but enough to pay off your mortgage in no time

Not particularly common in Ireland. Usually only when bidding has been really drawn out (500 and 1k increments will do that).

Theres no right answer. It’s guesswork and the conundrum you face is exactly what the seller is seeking to create.

Only advice id have is, if you really want the house, in 2 years you will barely remember what you paid for it and definitely won’t care than you could potentially have got it for a few k less. If you go low and miss out against a price you’d be happy to pay, you could regret that for a long time. All depends how badly you want it.

A house in estate i bought is 70k above asking in a week of listing and 85k above what i paid 4 months back ! Although it’s probably 40k extra based on condition. 4bed duplex

If you've a dialogue with the Estate Agent I'd just give them a call explaining that you're interested in the house as shown by your increased offers and ask them what the other bidders "best and final offer" is. If it's still within your budget then put in your final offer.

Let them know that you don't want to waste their time or the seller's time with the nonsensical endless €500 bids. I understand people saying just bid the max you can afford but realistically no one wants to overpay anymore than we already are doing in the current market.

We went sale agreed a couple of days ago, 45k over asking price it's been a very stressful couple of months so I understand your frustration with it. Best of luck with it all.

There has been a dozens and dozens of variations of this comment since 2020.
Yet the people who do buy find their neighbours is selling for €40k more a few months later.

It always seems like terrible value when you’re buying, but 9/10 you look back a year later and see it as a bargain. I went through it myself.

I think a crash is nearby.

Bid the amount where you wont be upset to find out the other crowd got it

What do you think will be the cause of a crash?

Demand for houses is still far greater than supply. Credit is still widely and easily available for those with decent income, if prices get to a point where people are unable to afford to borrow then this will result in a cooling off or slight decrease in prices but not a crash.

The one possibility for a crash is a global level recession affecting both jobs and credit availability but the US debt bubble is yet to burst to trigger that.