Property Market 2019

Deleted User wrote: »

I was chatting with an estate agent about selling my house i bought over a year ago, he told me the market has not moved at all and i would be lucky if i got 240 on a house i paid 235 for last year. This house is based in a decent area of cork and right next to the link. Definitely a slowdown, i was getting it valued as i have decided to move out to the country

I find this crazy... how did you make the decision to spend €235,000 on a house that you weren't sure you'd want to live in... to sell after a year seems to be poor descision making... BTW, if you get 240k for it thats a 2% gain... thats okay for a years investment... what were you expecting?

Bluefoam wrote: »

I find this crazy... how did you make the decision to spend €235,000 on a house that you weren't sure you'd want to live in... to sell after a year seems to be poor descision making... BTW, if you get 240k for it thats a 2% gain... thats okay for a years investment... what were you expecting?

Probably no profit when you take into account solicitors fees, moving costs etc

Mickiemcfist wrote: »

5k gain on a house purchase is a loss, half of it would have gone on stamp duty & more than the rest on solicitor fees between the two transactions.

However - circumstances change, he could have a job offer from abroad or many other unpredictable events.. No need to be so judgy.

I'm not being judgemental... just shocked

BTW, he stated clearly that he had decided do move to a more rural location... I'm sure everyone experiences various circumnstances... but...

aloooof wrote: »

OP never said he tried did this trying to make a profit from the outset. His circumstances have changed. Sometimes life gets in the way of best laid plans.

I didn't raise the question of profit... I was only responding to another poster.

BTW. I am aware that life can get in the way, however, property purchase is a massive investment and for many requires years of planning and there are some very tough questions that need to be answered in order to complete the purchase. Even considering life changing events, a year is a very swift reaction time...

Mickiemcfist wrote: »

Well the OP has just lived for a year effectively rent free, the cost will be time & effort, so while it might be a bit of a pain, it's not exactly the worst outcome.

But his original complaint was that the property only made a 5k gain after a year...

Mickiemcfist wrote: »

Well the OP has just lived for a year effectively rent free, the cost will be time & effort, so while it might be a bit of a pain, it's not exactly the worst outcome.

They had to pay their mortgage, money of the capital they get back but fair bit would have been interest, especially in first year.
Definitely cheaper than renting equivalent property but not free.

cherryghost wrote: »

Only in the settled Clondalkin area. The increases aren't as dramatic as other areas but it's still a bit of a shock. I took my eye off the ball on prices once I got mine and settled down.



I can see where that's coming from. Rent is very high, expensive crap house would probably yield a lower mortgage than absurdly high rent costs, and also some housing security for the future.

Prices peeked out earlier this year, a lot of people around Cherrywood and Ashwood/Alpine trying to get out before Clonburris commences. Prices seem to have stabilised a little in the last few weeks in the area after maxing out in January/February from what I can see. I bought in 2012, selling now, massive amount of equity thankfully but staying Clondalkin, just moving. Some parts are excellent and great value but when you see houses in the rougher parts with asking prices in 250k price bracket, you know there is something wrong.

Personally we went sale agreed after 8 weeks, not a huge amount of interest, we had a set asking price and a couple offered and we accepted straight away.

Bid 45k under on a property that went up the same time as ours, offer rejected but willing to negotiate. Got it for 35k less than asking which was a win in my book seeing as I would have went more if there was another bidder involved. There is value in the market but asking prices in certain areas are a target and some people are just mental with their expectations.

Another property we viewed with an asking price of 420, no offers, threw an offer a down (410) and EA came back saying no but 480 would get it off the market. Nice house and probably worth 420-430 but when vendors think 420 is a reasonable asking price but want 480 to take it off the market

5500 wrote: »

Te closer you go to the village there the prices skyrocket, eg st brigids seems to sell around the 420k mark, 2 mins away in newlands and your up to 470/480 for old houses needing about 100k to bring them up to date. If it's anything detached or with a bigger garden ect you can expect it to easily break 500k down there, I thought it was the opposite around there with good value being hard to find

If you look at the property price register, a lot of these prices aren't selling at the asking price. 2 of those house in Brigids up for 10 months, viewed both, needed about 80k worth of woek done, 340 or so would be a good price. I know one price dropped last week to 380 and the other is still 410(in worse condition). One of the neighbours told me another one on that road was sold before going to the market for 360. The one on the road went for 375 I think, needed a little less work but still about 60k.

There was two modern houses in Brigids that went sale agreed at 450 and 438 but not on PPR yet.

One for Laurel Park, Castle and a few houses in monastery have all been up for months with no movement. Anything on the new road or newlands is pricey but massive amounts of space in the houses and gardens.

theballz wrote: »

Hi All,

I hope you don’t mind picking your brains, would really appreciate any guidance/opinion you can give here.

3 months I sale agreed my dream home. It wasn’t cheap and I’ve stretched my limit in terms of mortgage etc. the process to close has been very difficult, stressful and deflating. I have a closing date agreed in early sept but it looks to becoming increasingly unlikely.

In short, I am nervous. It’s my dream home but the spark has slightly died. My main concern is the market, it’s obviously unpredictable in terms of how it will go but one thing is for certain is Brexit. Is it unanimously accepted that Brexit (leave or not) will have some sort of effect on the Irish property market?

If so, what kind of affect should we anticipate? Are houses guaranteed to fall in Brexit?

All help, comments, thoughts much appreciated

Ballz

No one knows what will happen with brexit, but we each still need a roof over our heads.

Once its not a short term home, I'd still go for it.

Buying a house is one of the most stressful things you do in your life. Its normal to have some second thoughts, but if its really your dream home and if you can really afford it, then don't let your own doubts sabotage you.

theballz wrote: »

Hi All,

I hope you don’t mind picking your brains, would really appreciate any guidance/opinion you can give here.

3 months I sale agreed my dream home. It wasn’t cheap and I’ve stretched my limit in terms of mortgage etc. the process to close has been very difficult, stressful and deflating. I have a closing date agreed in early sept but it looks to becoming increasingly unlikely.

In short, I am nervous. It’s my dream home but the spark has slightly died. My main concern is the market, it’s obviously unpredictable in terms of how it will go but one thing is for certain is Brexit. Is it unanimously accepted that Brexit (leave or not) will have some sort of effect on the Irish property market?

If so, what kind of affect should we anticipate? Are houses guaranteed to fall in Brexit?

All help, comments, thoughts much appreciated

Ballz

If you pull out, will the next purchase be easier? Probably not...

Deleted User wrote: »

Bluefoam wrote: »

I find this crazy... how did you make the decision to spend €235,000 on a house that you weren't sure you'd want to live in... to sell after a year seems to be poor descision making... BTW, if you get 240k for it thats a 2% gain... thats okay for a years investment... what were you expecting?

Fair few replies here so let me clarify.

I bought the house just over a year ago with good intentions. I have had neighbours who constantly slam doors and seem to have a social schedule out of norm, not music but coming and going and slamming the doors so loud it wakes me. Its not all there fault, the house is not well soundproofed, i have weighed up the cost of soundproofing, how much i need to spend on the kitchen, bathroom etc. and have decided it just isnt worth it with the racket from next door. Life is too short to put up with it and i have said it a few times to them and who knows they could be there for years or else another family worse could move in. Its a rental and maybe the landlord might sell but i doubt it.

I am looking at buying a detached somewhere, i dont want to have to get used to sleeping with ear plugs. Its a year of frustration and as i said life is too short.

You might say 5k is a lot in a year, houses are getting 245 at the moment so i hope just break even.

Hope this clears up the 'crazy and poor decision making' comment. its a decent location so the decision was not crazy, i did not realise the poor quality of the houses and the neighbours i would be stuck with. So i need 6.5% to break even

I am even thinking about approaching the council to save on the estate agent fees

I hope it works out, not a pleasant situation to be in. Best with the move.

terrydel wrote: »

theballz wrote: »

Hi All,

I hope you don’t mind picking your brains, would really appreciate any guidance/opinion you can give here.

3 months I sale agreed my dream home. It wasn’t cheap and I’ve stretched my limit in terms of mortgage etc. the process to close has been very difficult, stressful and deflating. I have a closing date agreed in early sept but it looks to becoming increasingly unlikely.

In short, I am nervous. It’s my dream home but the spark has slightly died. My main concern is the market, it’s obviously unpredictable in terms of how it will go but one thing is for certain is Brexit. Is it unanimously accepted that Brexit (leave or not) will have some sort of effect on the Irish property market?

If so, what kind of affect should we anticipate? Are houses guaranteed to fall in Brexit?

All help, comments, thoughts much appreciated

Ballz

The waitibg and whole process of buying a house here in Ireland will certainly do that to you, I'm sure many feel that initial spark go over the course of completing the purchase. It's a very trying process. But if you are buying it as a long term home, you need to look past that. Something obviously made you feel that way in the first place, and I doubt those reasons have changed. What's doing it is the fact that we all know that in general the market has peaked and is probably on a downward curve in a lot of areas. But if it's a home for life that shouldnt matter. The problem with this country is we are conditioned into seeing property as an asset to profit from, and not the secure roof over your head it should be. It's a horrible attitude that has destroyed this country in so many ways. Push this mindset aside, buy the house, live your life.

Can't... It's my pension, my equity, my protection for the future... I need it when I'm old and preferably it should hold monetary value to make my old age more comfortable.

spectre wrote: »

A lot of folks here effectively saying that the price doesn't matter as long as you're planning on living there in the long term....

IMO this is total nonsense - you've made a mistake if you pay too much for any asset, be it a house, car or whatever. The fact that you're paying for this mistake spread out over 30 years is irrelevant. Like it or not, buying a house is an investment.

'Within reason' should be the unsaid and fairly obvious caveat.
What is 'too much' and how do you know you've paid 'too much'?
If you somehow figure out that the 'too much' is 5K and you believe the OP made a mistake fair enough. Call it a mistake but then weigh up the alternatives and other variables at play. Eg, not getting the asset at all, having to wait and visit more places, time renting etc etc
Then consider the market at the time. Rising market, falling market etc etc..that 5k overpaid at the time could be 15k below market value 9 or 12months time.
You cannot view buying property to live in as your primary residence in the same way as other investments within reason. But if you want to can say to people they are all making mistakes, fair enough, that's what you think but you will most likely never buy if you are afraid that it is a mistake.

Deleted User wrote: »

I am even thinking about approaching the council to save on the estate agent fees

Do this before putting it up for sale, google your local authority housing dept and call or email them, They usually give you a decision pretty quickly if they are interested or not.