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12-07-2020, 10:34   #1
Graham
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Irish Property Market 2020 Part 2

Continued from here:

https://www.boards.ie/vbulletin/show...p?t=2058041687
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12-07-2020, 10:56   #2
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Tell em to have patience and start low balling . The sooner sellers get used to this as the new normal the better it will be for everyone. The power dynamic has changed and sellers are to be price takers now. Estate agents would want to up the professionalism too. Too many Del Boy type characters who'll be out of the job unless they begin to start showing some transparency.
Ok, when you’ve actually bought somewhere, let us know how this strategy worked out.

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12-07-2020, 11:12   #3
Bass Reeves
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Ok, when you’ve actually bought somewhere, let us know how this strategy worked out.

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Low balling only eworks, if you are the only bidder, if vendors pricing is unrealistic and or the property has been on the market some time
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12-07-2020, 11:30   #4
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Low balling only eworks, if you are the only bidder, if vendors pricing is unrealistic and or the property has been on the market some time
And if the vendor needs to sell!
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12-07-2020, 11:56   #5
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Ok, when you’ve actually bought somewhere, let us know how this strategy worked out.

Thanks.
Yea it's truly a bizarre notion that sellers should start leaving money on the table and no longer sell for the best price they can get.
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12-07-2020, 11:56   #6
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Ok, when you’ve actually bought somewhere, let us know how this strategy worked out.

Thanks.
Will do ðŸ‘
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12-07-2020, 11:59   #7
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Anyone know why the market in Dublin seems so strong in some areas currently despite CoVid?

Two things have been mentioned supply shortage and people using their mortgage approval before it expires. But on the mortgage approval piece, aren't banks asking for letters to prove you haven't been affected which may moot this point?

Seems overall, it may not be a dead cat bounce and just will remain competitive due to supply.
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12-07-2020, 12:05   #8
Queenio
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Anyone know why the market in Dublin seems so strong in some areas currently despite CoVid?

Two things have been mentioned supply shortage and people using their mortgage approval before it expires. But on the mortgage approval piece, aren't banks asking for letters to prove you haven't been affected which may moot this point?

Seems overall, it may not be a dead cat bounce and just will remain competitive due to supply.
I suspect it's lack of supply and people not putting houses on the market atm for fear of getting a poor price. Im looking in a restricted south dublin area and not one house has been added in one of the more popular areas in the last two weeks apart from one house in very very poor condition for an executor sale. And I honestly think that one is completely over priced but it has had a very busy viewing within 48 hours
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12-07-2020, 12:31   #9
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And if the vendor needs to sell!
All vendors need to sell to a certain extent. You one or two of the other reasons to be in play as well. If there is more buyers than sellers vendors needing to sell is not an issue
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12-07-2020, 13:26   #10
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Yea it's truly a bizarre notion that sellers should start leaving money on the table and no longer sell for the best price they can get.

Is the property market a market that only ever rises.

The vast majority of houses in this country were purchased at a price well below current market prices?

With regards to property market, is it not possible for "profit taking" to occur as happens in all other asset markets?

I tried to get an answer to this from our estate agent poster who has gone but they dodged the question all the time
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12-07-2020, 14:30   #11
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Anyone know why the market in Dublin seems so strong in some areas currently despite CoVid?

Two things have been mentioned supply shortage and people using their mortgage approval before it expires. But on the mortgage approval piece, aren't banks asking for letters to prove you haven't been affected which may moot this point?

Seems overall, it may not be a dead cat bounce and just will remain competitive due to supply.
I think demand is about to collapse. The WFH/ relocation of workers is being looked at by multinationals. They are looking at the tax implications of this with the accounting and tax firms currently.

https://twitter.com/Independent_ie/s...387286528?s=19
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12-07-2020, 14:32   #12
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I think demand is about to collapse. The WFH/ relocation of workers is being looked at by multinationals. They are looking at the tax implications of this with the accounting and tax firms currently.

https://twitter.com/Independent_ie/s...387286528?s=19
Did you read and understand the article ? I don’t think you did .
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12-07-2020, 14:34   #13
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Is the property market a market that only ever rises.

The vast majority of houses in this country were purchased at a price well below current market prices?

With regards to property market, is it not possible for "profit taking" to occur as happens in all other asset markets?

I tried to get an answer to this from our estate agent poster who has gone but they dodged the question all the time
I bought in 2002 outside of Dublin. Taking into account inflation, I would be unlikely to get back what has been put in.

Profit taking hardly works if you are living in the asset. If it's an investment property, you might want to line up an alternative investment with equal or greater returns. Taking into account the CGT, I think you might be struggling.
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12-07-2020, 14:39   #14
awec
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Originally Posted by Villa05 View Post
Is the property market a market that only ever rises.

The vast majority of houses in this country were purchased at a price well below current market prices?

With regards to property market, is it not possible for "profit taking" to occur as happens in all other asset markets?

I tried to get an answer to this from our estate agent poster who has gone but they dodged the question all the time
If someone can sell their house for 100k profit, why on earth would they sell it for less profit than that? It is nonsensical. Sellers need to realise that they're price takers etc, they'll realise that when it's actually the reality, prices will drop when demand really drops and not a moment before it. The market doesn't change based on what's written in newspapers or posted on boards.ie, it changes based on what's really happening out there, and at the moment it seems by and large sellers are still succeeding in offloading their property without having to take big hits on price.

There appears to be frustration from some that the bargains they were expecting to see are not materialising as quickly as they thought. They will need to be patient.

Last edited by awec; 12-07-2020 at 14:43.
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12-07-2020, 14:42   #15
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I think demand is about to collapse. The WFH/ relocation of workers is being looked at by multinationals. They are looking at the tax implications of this with the accounting and tax firms currently.

https://twitter.com/Independent_ie/s...387286528?s=19
Reading between the lines, there is a good chance they will call them back if they will be slugged more tax, which they should be. This country offers a low corporate tax rate as there is a belief the employment generated is worth the discount. If the Multinationals stop holding up their end of the deal, even the Irish government might be stirred to do something.
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