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22-01-2020, 20:55   #1
Senature
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Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

I'm currently house hunting in the greater Dublin area, and finding that houses are either being snapped up pretty quickly, or left on the market for months and months. Supply seems quite low, and prices seem high compared to listings on the property price register over the past two years.

I've had an offer rejected as too low, yet that property has been on the market for 3 months and received no other offers. The sellers have made no attempt to negotiate, the indication from the EA is that only the asking price will do.
Although I really like the house, as someone who bought in the previous boom and got accordingly burned, I am extremely reluctant to offer an amount for a house that clearly nobody else is prepared to pay. All indications, even from those who usually talk the market up, is that at best prices will increase by very low amounts over the next few years.

Anyone else trying to buy or sell at the moment? How are you finding it?

Mod Note

Folks, general chat about the property market over here please: https://www.boards.ie/vbulletin/show...p?t=2058041687

This thread is for CURRENTLY Buying/Selling

Last edited by Graham; 03-04-2020 at 19:55.
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22-01-2020, 22:05   #2
Envelope436
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I'm trying to buy in Dublin. Nightmare. Some places are in bits and need complete reno. Some are priced v high and I'm being told the vendor is prepared to leave on the market for the months to get the asking price. They won't budge. Very few new properties seem to be coming on and I'm all over daft and myhome.ie every day. Went sale agreed on a property back in Sept and no sign of the vendor moving so have to walk away.

Home owners seem to have really high expectations of property prices. And while some stay on for months, anything half decent getting snapped up over asking. At my wits end.
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22-01-2020, 22:07   #3
Envelope436
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I was also burnt during the crash. Bought at the top of the market. Lost a fortune.
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22-01-2020, 22:25   #4
Dolbhad
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Same here. Second hand market is poor and mostly houses with a lot of work. Have gone under asking on a few properties - not cheeky under but more what the property is worth IMO. One property I was told they expected 20k over asking. It was already 25k overpriced at asking. 6 months later they have had no further offers but sellers won’t budge.

I know a few auctioneers through work who have said it is a lot more of sellers going I want my house listed for x amount and seem to have a figure in their heads and it’s hard to reason with. The constant news of lack of houses seems to be fuelling this train of thought.

However new builds are going to get more expensive over new regs now so is unfair on both directions.
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23-01-2020, 00:32   #5
beauf
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I've seen houses on the market for well over a year (mostly north of 600k) and others sold within 2~4 months. Might be the difference between desirable properties with realistic prices. Not sure exactly.
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23-01-2020, 09:42   #6
Woshy
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Similar position here. Currently looking in South County Dublin and there's very little on the market, and anything that is has been on for a few months at too high a price and the owners are unwilling to take anything below asking.

E.g. there's a house nearby that we would be very happy to purchase, although it needs a bit of work. It went on sale in September at 575k. Owners not willing to take less than that. A house on the same street (a few doors down) that needed less work went on the market two months before that for 530k, a much more sensible price and went sale agreed very quickly. We are mortgage approved and ready to go and would happily give the owners 530-540k for the house but they are not budging and will not negotiate.

The same happened on another property located nearby in the last 2 weeks. The owners are insisting on getting asking price when it is really just too high to begin with, and also declining to negotiate. Again the house is about 30k overpriced compared to similar in the area.

The EAs are saying they are putting the offers to the vendors and they are refusing but I wonder how much of it is the EA telling them they can get asking price, a price they told them in the first place.

I should note we sold our house in November and got 25k under the asking and we were very happy with that. The EA just had the asking price too high and we went along with it to see what would happen but we were open to offers. It seems lots of vendors hear a price from the EA, plan they will get that much and refuse to budge, even if it is realistic.

Last edited by Woshy; 23-01-2020 at 09:46.
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23-01-2020, 10:25   #7
JustMe,K
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There is one agent I know of expects a minimum of 10% over asking for every property they list.

I guess no one really understands the position of the vendor and its possible that some of them need to obtain a certain number for the sale to be worthwhile for them, and the estate agents inflating the prices may be the main reason the property got listed. Of course, the vendors position is not the purchasers concern, but I know of 2 people that this is certainly the case for. Some houses are never really for sale either.
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23-01-2020, 10:25   #8
NearlyForty
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We’re trying to buy in West Cork at the mo and all we’re coming across are houses that are either up for over a year and not selling due to various factors that aren’t generally appealing to prospective buyers and where they are right beside wind turbine farms and sellers are looking for too much and won’t budge on price (very strange scenario) or the better houses are snapped up really quickly through bidding wars going way over the asking price (and generally over our budget)... I’m at my wits end
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23-01-2020, 10:33   #9
ebayissues
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Withdrew an offer on property. Good location but overpriced by 40k. Initially offered 20k over the asking..but on a third inspection, my gut said no.

Back to square one
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23-01-2020, 11:02   #10
Senature
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Interesting to hear that sellers refusing to budge on seemingly inflated asking prices is happening around the country. Weird when there is a buyer ready to go and all the indicators are that they will be unlikely to get a significantly higher price even in the next few years.

I was house hunting around 2009-2010, but never ended up buying. Every brochure I was handed had numerous stickers over the asking price as it had been reduced several times, but just never quite enough at the right time to secure a sale. This is not quite the same, but I can see similarities in the mindset of some current sellers.
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23-01-2020, 11:08   #11
Sweet.Science
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Quote:
Originally Posted by JustMe,K View Post
There is one agent I know of expects a minimum of 10% over asking for every property they list.

I guess no one really understands the position of the vendor and its possible that some of them need to obtain a certain number for the sale to be worthwhile for them, and the estate agents inflating the prices may be the main reason the property got listed. Of course, the vendors position is not the purchasers concern, but I know of 2 people that this is certainly the case for. Some houses are never really for sale either.


Why is this ?
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23-01-2020, 11:28   #12
JustMe,K
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Quote:
Originally Posted by Sweet.Science View Post
[/B]

Why is this ?
Any number of reasons - some people want a real market valuation for inheritance reasons, couple splitting up and one person wanting to sell with the other going along with it but having no intention of actually allowing a sale to go through easily are two off the top of my head.
A family member tried to buy a house a few years ago that turned out to be marketed for sale simply to get an increase in the price a developer was offering for the land the house was on (so it was never really for sale as a residential offering). I guess there are people testing the water as well.
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23-01-2020, 11:38   #13
Cuddlesworth
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Quote:
Originally Posted by Sweet.Science View Post
[/B]

Why is this ?
Some of the ones I have seen.

Owners do a deal with the bank, they put the house up as part of a repo deal but no intention of selling. You might find the estate agent knows this or copped it at some point. Bank doesn't follow up for years.

House is the product of divorce or a split between owners. Goes up but the person living there doesn't want to sell, so keeps denying the sale, rejecting bids or making things difficult overall.

Owners have just decided they will only accept price x because the estate agent said it during a valuation. House goes up, no interest, estate agent releases the price was off, owners refuse to accept reality.

House goes up for sale, owner wants to move. Heads out to the market themselves, sees what they can get for their money(usually downsizing), realizes there is nothing there for them, house eventually goes back off the market.
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23-01-2020, 15:41   #14
fago
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As someone who has sold and almost bought in last 12 months, it's a question of how motivated the seller and vendor are to meet in the middle/above/below.

In selling our house we priced it fairly. Our first offer was 5% below but we took it as it freed the equity we needed for the next one.

When buying it depends. Experiences of 2nd hand market:
- House 1: very popular area, lots of interest goes for 10% above, way above the market value post 150K in renovations.
- House 2: Landlord has a price in mind, happy enough to sell at that but won't reduce as they can easily rent it out to 6 x tenants without the sunken cost of renovation. House stays on market and sells for asking after a while.
- House 3-N: fixer upper with lots to do comes on market, offer near asking accepted, month passes, purchaser discovers renovation will cost that much, back on market. Repeat
- Executor sale, unusual house/less popular location, needs full refit. Vendor has inflated view of value, ends up sale agreed at 15% below
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23-01-2020, 17:37   #15
Dav010
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Never underestimate how much value people can put on their family home, particularly one which is debt free. I suspect most of those who price high and refuse to negotiate are in no rush to sell because they have no financial reason to take a lower offer. Which is fair enough, they can afford to wait for the right offer.

I recently sold a very nice 4 bed which had been let for 15 years. It was priced at the amount paid for a house in the same estate recently, and sold pretty quickly.
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