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House prices on Daft

  • 19-01-2012 11:35pm
    #1
    missyver
    Registered Users Posts: 71 ✭✭


    Hi

    I am new into the housing market looking to buy a house.

    I'm not sure if there are many people looking to buy a house but I am very shocked over the price of houses advertised on daft.

    Some houses are 200,000 and that is just a shell of a house whereas you can walk in to another house fully furnished in same area for same price.

    There seems to be a big difference in house prices.

    If a house is 200,000 but I only think it's worth around 150,000/160,000, should I still view it or not? Basically will I be wasting my time - I doubt someone will take 50,000 less (or is it just that they are still asking for mad prices and expect people to offer a lot less)??


Comments

  • #2
    Rory1
    Registered Users Posts: 188 ✭✭Rory1


    missyver wrote: »
    If a house is 200,000 but I only think it's worth around 150,000/160,000, should I still view it or not? Basically will I be wasting my time - I doubt someone will take 50,000 less (or is it just that they are still asking for mad prices and expect people to offer a lot less)??

    No, not wasting time.


  • #3
    missyver
    Registered Users Posts: 71 ✭✭missyver


    Rory1 wrote: »
    No, not wasting time.

    do you think?

    Cause I didn't want to get my hopes up - like I could only afford 150,000 but everything for that price needs alot of work etc...

    There are some lovely houses for 200,000 but I didn't want to view it to get my hopes up thinking it was lovely and then put a bid in and they would probably laugh in my face if my bid was 150,000??


  • #4
    Faders
    Registered Users Posts: 23 ✭Faders


    It depends on the vendor. They may need to sell to pay back debts- ie it could be an investment propert, could be in receivership could be a deceased persons estate, or simply people just want to move elsewhere . I've recently bought a place. Look at everything u like. Obs don't go too high above ur budget. If u have a €150k budget I say look at everything up to say €230k.
    Chance ur arm, trust me the vendors are.
    Sit tight, u will get one at a good price. Ask friends and family, don't take Estate Agent's advise as gospel (they're in for a quick buck too and commission) and most of all... Good Luck!!


  • #5
    missyver
    Registered Users Posts: 71 ✭✭missyver


    Faders wrote: »
    It depends on the vendor. They may need to sell to pay back debts- ie it could be an investment propert, could be in receivership could be a deceased persons estate, or simply people just want to move elsewhere . I've recently bought a place. Look at everything u like. Obs don't go too high above ur budget. If u have a €150k budget I say look at everything up to say €230k.
    Chance ur arm, trust me the vendors are.
    Sit tight, u will get one at a good price. Ask friends and family, don't take Estate Agent's advise as gospel (they're in for a quick buck too and commission) and most of all... Good Luck!!

    Wow would you really look at houses up to 230K?

    I really thought 200K would be too much to look for! I would hate to view one that I really liked for 200K and asked 150,000 and wont get it - i didn't want to look like I was really taking the P!*s (if you know what I mean).

    But I suppose your right, depends on the circumstances - 150K is the top top top amount - ideally - this is probably WAY to low but ideally 120K but dont think i would have much hope getting much for that! So i guess 140K in my mind was the top amount!

    It's just all so confusing and a bit over-whelming!


  • #6
    Faders
    Registered Users Posts: 23 ✭Faders


    I know I've been there and was looking in earnest before I got my place for 18 months. You are not wasting anyone's time, it's good for the vendor too to see interest as they say a house is only worth what someone will pay for it.
    Be careful not to rush into anything. Don't go above your budget under any circumstances. My mortgage and various bills have gone up in the last 24 months do I have less money each month than when I originally set out. Be mindful of that too.
    If u see a house and an offer isn't accepted, yeah it's dissapointing but you soon realise it wasn't meant to be....


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  • #7
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    missyver wrote: »
    ... If a house is 200,000 but I only think it's worth around 150,000/160,000, should I still view it or not? ...

    You probably should view it.

    If you study enough advertisements, you will see fairly similar houses (including similar location) at quite different asking prices. That might not reflect differences in the houses: the difference could be in the seller's expectations, where one might be realistic about where the market is, and the other thinks that it is still 2008.

    I know the numbers on a handful of house sales in 2011. Every one was sold below asking price. At one extreme, I saw a house achieve more than 95% of the asking price, and the other extreme among the cases I know was a sale at 70% of asking price.

    I can understand your anxiety. You are trying to take on a big commitment in an uncertain market. Remember this: house prices are unlikely to go up in the short term, so time is your friend, not your enemy. Go at a gentle pace, and if anybody tries to push you into a quick decision, take that as a sign that he or she is actually in a weak bargaining position.


  • #8
    missyver
    Registered Users Posts: 71 ✭✭missyver


    P. Breathnach wrote: »
    You probably should view it.

    If you study enough advertisements, you will see fairly similar houses (including similar location) at quite different asking prices. That might not reflect differences in the houses: the difference could be in the seller's expectations, where one might be realistic about where the market is, and the other thinks that it is still 2008.

    I know the numbers on a handful of house sales in 2011. Every one was sold below asking price. At one extreme, I saw a house achieve more than 95% of the asking price, and the other extreme among the cases I know was a sale at 70% of asking price.

    I can understand your anxiety. You are trying to take on a big commitment in an uncertain market. Remember this: house prices are unlikely to go up in the short term, so time is your friend, not your enemy. Go at a gentle pace, and if anybody tries to push you into a quick decision, take that as a sign that he or she is actually in a weak bargaining position.


    WOW!! 70% less than the asking price!! That's just mental isn't it!!

    Thanks so much for all your advice. I think I will look at the houses for 200K so and see how I get on - thanks everyone :)


  • #9
    jpaulb
    Closed Accounts Posts: 10 ✭jpaulb


    People may want a certain price for there house but in the present market wanting and getting is 2 different things. I would look at a number of houses in the area you want to live in to see what is available.
    When looking at house it pays to see beyond doggy decor. I would do a budget to take into account the expenses you will have with a house - mortgage payments if they go up, house insurance, household tax, esb, phone, heating and the general maintance costs.
    When you find a house get a full survey done before buying it so you are aware of any problems - ie structural, plumbing or electrical. If you know there is a problem it can prevent you buying the wrong house or paying to much.
    If you know it is going to cost x amount to fix you can use this to your advantage. I would not be in any rush to buy a house at the moment as prices will fall further.


  • #10
    The_Honeybadger
    Registered Users Posts: 4,153 ✭✭✭The_Honeybadger


    missyver wrote: »
    WOW!! 70% less than the asking price!! That's just mental isn't it!!

    Thanks so much for all your advice. I think I will look at the houses for 200K so and see how I get on - thanks everyone :)
    70% of asking price, not less than asking price. Look at anywhere that suits you and if you deem the price to be too much then what have you lost? AFAIK we have a proper sales register coming this year which may help put paid to alot of vendors asking for boom time prices, it will be easy for prospective buyers to print out recent sales in the area and present it to sellers. The property market is in a strange place with lack of credit and many hopeful sellers faced with huge losses if they sell at todays prices. I recently moved out of a house and the LL mentioned he may put the place up for sale. When he said what he'd be putting it up for I nearly laughed in his face, six months with no viewing may well dampen his bullish view. There will be many vendors in this position who may be more realistic at this stage. Best of luck whatever you do :).


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