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

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    #6362
    Kerry25x
    Registered Users Posts: 554 ✭✭✭Kerry25x


    Deleted User wrote: »
    I wonder are people offering money and going sale agreed just so they can secure the property, and then try to drag things out to wait until they're off the govt. subsidies..?

    Who's to say that they're on government subsidies though? Of people i know in my friends group who are house hunting now none are on it.


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    #6363
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    Kerry25x wrote: »
    Who's to say that they're on government subsidies though? Of people i know in my friends group who are house hunting now none are on it.


    Fair point.


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    #6364
    Royale with Cheese
    Registered Users Posts: 9,014 ✭✭✭Royale with Cheese


    Deleted User wrote: »
    Here's what boggles me - Bank of Ireland told me that they wouldn't drawdown if you, or your company, are on a govt. subsidy (PUP, EWSS, etc) so what I'm genuinely curious of is, are people bidding the bollocks off properties, and now these people are gonna stumble and collapse right before the finish line when the bank say 'lol no' to them at drawdown stage?

    I wonder are people offering money and going sale agreed just so they can secure the property, and then try to drag things out to wait until they're off the govt. subsidies..?

    The top two bidders on my place currently are cash bidders, seems to be plenty of money out there.


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    #6365
    Reins
    Registered Users Posts: 111 ✭✭Reins


    Royale with Cheese wrote: »
    The top two bidders on my place currently are cash bidders, seems to be plenty of money out there.

    The council competing against the vulture fund..


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    #6366
    Brock Turnpike
    Registered Users Posts: 3,744 ✭✭✭Brock Turnpike


    Busi_Girl08 wrote: »
    When do you guys think things will calm down enough to stop people going straight in on bidding at or above asking? It's the panic opening bids of 5k+ over that starting these frenzies.

    Honestly I cannot get my head around why people are so determined to go in at asking price straight off the bat. Surely there isn't anyone out there looking to buy a house at the moment that isn't aware that prices are ****ing nuts? And it's the people who are bidding at asking price and above that just keep driving the price higher and higher.


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    #6367
    blowin3
    Registered Users Posts: 477 ✭✭blowin3


    I have commented on this thread regarding selling a property. Heres what happened me. Property is in a large rural town and in good order. I bought it about 5 years ago and replumbed and wired the property that I bought for 74k . I put it on sale on a Thursday for 165k and it was sold the following Wednesday for 200k. I could have left the bidding go on but the buyer was in a strong position to buy so happy with what I got . The buyer never had a viewing but obviously survey was done contracts signed and complaition the end of the month. Happy days.


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    #6368
    Emma2019
    Registered Users Posts: 414 ✭✭Emma2019


    Brock Turnpike wrote: »
    Honestly I cannot get my head around why people are so determined to go in at asking price straight off the bat. Surely there isn't anyone out there looking to buy a house at the moment that isn't aware that prices are ****ing nuts? And it's the people who are bidding at asking price and above that just keep driving the price higher and higher.

    I dont know why you think where the bidding starts has any indication of where its going to end up. If theres 7 people bidding on a property, who all have large savings, its going to go a good bit over regardless of where it starts. Above asking bidding is just saving time if anything.


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    #6369
    Brock Turnpike
    Registered Users Posts: 3,744 ✭✭✭Brock Turnpike


    Emma2019 wrote: »
    I dont know why you think where the bidding starts has any indication of where its going to end up. If theres 7 people bidding on a property, who all have large savings, its going to go a good bit over regardless of where it starts. Above asking bidding is just saving time if anything.

    I mean it's quite simple why I think that. The houses are hugely overpriced. Everyone can see this. Why they would look at a house and then bid the asking price as the starting point? Thus making that the lowest possible price is going to go for, it's just ridiculous. A huge part of why the houses are so overpriced is because people keep paying over the asking price thereby driving the price of similar houses up.

    Estate agents are only too happy to keep putting prices up and will do so for as long as people are stupid enough to continue paying massively over the odds.


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    #6370
    Emma2019
    Registered Users Posts: 414 ✭✭Emma2019


    But people are going to spend what they can afford for a house. Household savings are through the roof so obviously house prices rise. The prices are that high because people have that money to spend.

    The houses in the area and condition I'm looking in are going for between 370 and 400. Some asking prices are 330 some are 350 for equivalent houses. Regardless of whether I bid under or asking or over, the bidding is going to end somewhere between 370 and 400.


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    #6371
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    Brock Turnpike wrote: »
    I mean it's quite simple why I think that. The houses are hugely overpriced. Everyone can see this. Why they would look at a house and then bid the asking price as the starting point? Thus making that the lowest possible price is going to go for, it's just ridiculous. A huge part of why the houses are so overpriced is because people keep paying over the asking price thereby driving the price of similar houses up.

    Estate agents are only too happy to keep putting prices up and will do so for as long as people are stupid enough to continue paying massively over the odds.
    What do you suggest these stupid people do? A year ago we have people on this thread confidently state there was a crash coming, prices would drop etc. It hasn't happened. This is literally supply and demand 101. If the properties weren't worth the prices, people wouldn't be willing to pay them.


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    #6372
    Nika Bolokov
    Registered Users Posts: 651 ✭✭✭Nika Bolokov


    I think in some cases people are being outbid and say things are overpriced as they cant afford them when in reality what were probably seeing is the impact of the first generation of Irish people to inherit large lump sums on a very large scale leading to an increasing case of haves and have nots.


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    #6373
    Jmc25
    Registered Users Posts: 298 ✭✭Jmc25


    I had hoped that these prices were being driven by a few overenthusiastic buyers bidding on very few available properties in January. The longer it goes on though, the clearer it becomes that that's not the case. There are apparently a lot of buyers in the pipeline who are willing to pay these prices. Therefore, this is just what things are worth now.

    I think we're looking at 15 to 20 per cent price jumps between stuff that went sale agreed at the end of last year and stuff that's going sale agreed now. It'll probably take the official stats a few months to report that increase but that seems to be where we're at.

    I was planning to buy this year but won't be now. 15 to 20 per cent price swings either way in the space of 2/3 months is not the sign of a functioning market and it seems to be a bad time to buy for me. But that's just me, evidently a huge amount of people disagree/have no alternative.


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    #6374
    Dodge
    Registered Users Posts: 10,174 ✭✭✭✭Dodge


    It’s unreal that some here are still trying to definitively argue that x house is worth y amount

    No house has any intrinsic value. None.

    The house is worth what someone is willing to pay. It’s that simple. That you are not willing to pay that amount is immaterial


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    #6375
    whatever76
    Registered Users Posts: 1,008 ✭✭✭whatever76


    Nika Bolokov wrote: »
    I think in some cases people are being outbid and say things are overpriced as they cant afford them when in reality what were probably seeing is the impact of the first generation of Irish people to inherit large lump sums on a very large scale leading to an increasing case of haves and have nots.

    Very good point !


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    #6376
    [Deleted User]
    Posts: 18,749 ✭✭✭✭ [Deleted User]


    Dodge wrote: »
    It’s unreal that some here are still trying to definitively argue that x house is worth y amount

    No house has any intrinsic value. None.

    The house is worth what someone is willing to pay. It’s that simple. That you are not willing to pay that amount is immaterial

    Agreed
    And next year when people are willing to pay less, then it will be worth less then it is now.


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    #6377
    awec
    Administrators Posts: 53,438 Admin ✭✭✭✭✭awec


    Brock Turnpike wrote: »
    Honestly I cannot get my head around why people are so determined to go in at asking price straight off the bat. Surely there isn't anyone out there looking to buy a house at the moment that isn't aware that prices are ****ing nuts? And it's the people who are bidding at asking price and above that just keep driving the price higher and higher.

    Where bidding starts is of no real consequence. Where it ends is what matters.

    If a house is going to sell for 500k it's going to sell for 500k. The only difference between the first bid being 100k and the first bid being 400k is a lot of everyone's time being wasted with bids that are never going to win.

    The idea that if everyone just started the bidding lower, houses would sell for less is very naive.

    I honestly think people on here put way too much thought into bidding strategies. Look at the house, figure what you're willing to pay. The best thing for you is to either win the bidding fast, or lose the bidding fast. Being strung along for a long time to lose is the worst outcome. Forget about bidding strategies, once it goes past what you are willing to pay just walk away. If you get it for any price under what you're willing to pay then enjoy. If you lose, you couldn't afford it.


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    #6378
    soc
    Registered Users Posts: 488 ✭✭soc


    We were sale agreed on a house since Feb. Seller gazumped us in the end; so sale fell through on account of the seller and not us. I'd never thought a seller could gazump....only associated it with other buyers.

    Seller's response when we didn't agree to him changing what we were buying was "there are other buyers out there." We were less than week away from signing contracts.

    Property put back on the market with asking price €30k higher than it was when first listed in Feb...and with less land. Booking deposit was promptly returned to us.

    Wasted time, money (solicitors fee, surveyors and valuations) on the scumbag, and caused tremendous disappointment to our children, as we were so close to the finish line.

    So buyers beware!


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    #6379
    Reins
    Registered Users Posts: 111 ✭✭Reins


    soc wrote: »
    We were sale agreed on a house since Feb. Seller gazumped us in the end; so sale fell through on account of the seller and not us. I'd never thought a seller could gazump....only associated it with other buyers.

    Seller's response when we didn't agree to him changing what we were buying was "there are other buyers out there." We were less than week away from signing contracts.

    Property put back on the market with asking price €30k higher than it was when first listed in Feb...and with less land. Booking deposit was promptly returned to us.

    Wasted time, money (solicitors fee, surveyors and valuations) on the scumbag, and caused tremendous disappointment to our children, as we were so close to the finish line.

    So buyers beware!

    That's very tough. Sorry to hear that.


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    #6380
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    soc wrote: »
    Seller gazumped us in the end


    Have heard of that elsewhere, too. Seems sellers are getting a bit greedy. Perhaps understandable, but a horrible thing to do.


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    #6381
    JimmyVik
    Registered Users Posts: 5,368 ✭✭✭JimmyVik


    Deleted User wrote: »
    Have heard of that elsewhere, too. Seems sellers are getting a bit greedy. Perhaps understandable, but a horrible thing to do.


    I have heard a few stories now about buyers going back with lists of jobs and demands for money off after getting a survey and the buyer just ignores them and goes straight to the next bidder again.
    These people thought they were sale agreed and only find out later that they are not anymore and the house is back on the market.
    I guess the days of using your survey to negotiate a lower price are gone and it backfires now.


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    #6382
    Bubonic
    Registered Users Posts: 310 ✭✭Bubonic


    I know how from the stories here and from my own experience how frustrating this all is, but many people including myself, are both a buyer and a seller at the moment.

    As a buyer I put down a deposit pre-pandemic, or at least as it was just getting here. As a seller I am just putting my house on the market now.
    This could fall through very easily at any time. I know the seller has other buyers interested.

    I see people complain about houses going over the asking but from what I can see the houses are listed to do that. The estate agent advised us to put the house up at about 20k less than what we expect to get. This is to not scare people off. So they of course want to achieve a higher figure, they get their percentage, and get to report that they got over asking for the seller.

    But from my seller perspective, I don't see it as greed if someone wants to pay more. I am trading up with a growing family, so my mortgage will be bigger once this is done. An additional 20k on the sale price could be €100 less per month depending on interest rate.

    If it's any consolation, I think every house purchase will feel a little like you might be making a huge mistake. I first bought a house in 2001 and I really felt I had made a terrible mistake. This was in the days of 9% stamp duty as well!!! I remember sitting awake on the side of the bed thinking I had bought at the peak of a bubble. Little was I to know that the house would double in value by 2005, fall back almost to the original price in 2010 and then double again now. If you smoothed out all the madness over 21 years the value of the house has grown by 2.8% a year.


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    #6383
    ec18
    Registered Users Posts: 2,702 ✭✭✭ec18


    JimmyVik wrote: »
    I have heard a few stories now about buyers going back with lists of jobs and demands for money off after getting a survey and the buyer just ignores them and goes straight to the next bidder again.
    These people thought they were sale agreed and only find out later that they are not anymore and the house is back on the market.
    I guess the days of using your survey to negotiate a lower price are gone and it backfires now.

    Surely that only every applied to serious issues found on the survey? LIke people were hardly going back saying I want 2k off because I have to replace the carpets?


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    #6384
    Busi_Girl08
    Registered Users Posts: 17,770 ✭✭✭✭Busi_Girl08


    ec18 wrote: »
    Surely that only every applied to serious issues found on the survey? LIke people were hardly going back saying I want 2k off because I have to replace the carpets?

    It's pretty crap that the market is so volatile that chancing your arm by going back to the seller on the off chance they'll be nice and give you a few grand off because there's a damaged gate or the boiler will need to be replaced or anything else after a survey, can cost you the whole sale.


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    #6385
    ec18
    Registered Users Posts: 2,702 ✭✭✭ec18


    Busi_Girl08 wrote: »
    It's pretty crap that the market is so volatile that chancing your arm by going back to the seller on the off chance they'll be nice and give you a few grand off because there's a damaged gate or the boiler will need to be replaced or anything else after a survey, can cost you the whole sale.

    On the bolded part you need to be prepared for consequences.

    If it's not a deal breaker for you, why bother risking the sale for the sake of a few grand?

    Why would someone who's selling you something be nice and give you a few grand out of their pocket?


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    #6386
    engagethecore
    Registered Users Posts: 5 ✭engagethecore


    Dodge wrote: »
    It’s unreal that some here are still trying to definitively argue that x house is worth y amount

    No house has any intrinsic value. None.

    The house is worth what someone is willing to pay. It’s that simple. That you are not willing to pay that amount is immaterial

    Nail on head , there's no intrinsic value to a house bar the bricks and mortar everything else is a construct so whatever people are willing to pay is the 'fair value'. Obviously you can have similar houses in the area going for similar prices etc but trying to say houses are over or unervalued is just nonsense.


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    #6387
    JimmyVik
    Registered Users Posts: 5,368 ✭✭✭JimmyVik


    engagethecore wrote: »
    Nail on head , there's no intrinsic value to a house bar the bricks and mortar everything else is a construct so whatever people are willing to pay is the 'fair value'. Obviously you can have similar houses in the area going for similar prices etc but trying to say houses are over or unervalued is just nonsense.


    Normally I would say it will shake out once the excess cash has been hoovered up in a year or two.
    But REITs and councils will never run out of cash and thats who buyers are competing with, and not only first time buyers either.


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    #6388
    Jmc25
    Registered Users Posts: 298 ✭✭Jmc25


    ec18 wrote: »
    Surely that only every applied to serious issues found on the survey? LIke people were hardly going back saying I want 2k off because I have to replace the carpets?

    I had buyers look for money off over a few trivial issues. I don't know why I was as reasonable as I was in hindsight but I said I'd fix the issues myself. Cost 60 euro plus a few hours of my own time in total, the buyers had looked for a 1k discount. Won't go into the issues but I'd lived with them for a number of years. The kind of "oh I must have a look at that if I get a few hours on Sunday" kind of issues.


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    #6389
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    I'm currently in a bidding war where the EA hasn't even checked if i have funds. The same probably applies to all other bidders.
    We are basically inflating a price that none of us maybe able to afford in the end.
    It's a complete waste of time for a seller


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    #6390
    Claw Hammer
    Registered Users Posts: 6,163 ✭✭✭Claw Hammer


    soc wrote: »

    Wasted time, money (solicitors fee, surveyors and valuations) on the scumbag, and caused tremendous disappointment to our children, as we were so close to the finish line.

    So buyers beware!

    You hadn't even signed a contract and you were close to the finishing line?


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    #6391
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Mic 1972 wrote: »
    I'm currently in a bidding war where the EA hasn't even checked if i have funds. The same probably applies to all other bidders.
    We are basically inflating a price that none of us maybe able to afford in the end.
    It's a complete waste of time for a seller

    No time for EA’s doing this. The last few months has turned my opinion towards the media/general view of EA’s as chancers. Charlatans. Seller probably thinking even if these buyers don’t have the cash I’ll stick it up for the last offer again.


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