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

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    #5342
    awec
    Administrators Posts: 53,358 Admin ✭✭✭✭✭awec


    decreds wrote: »
    Houses are being built as we speak, the longer this lockdown goes on the more supply there will be at the end of it as there will be a combination of new builds and people who were scared to advertise their property due to the virus will flood the market with 2nd hand property.

    This is completely false.
    errlloyd wrote: »
    Most housing projects are deemed essential by the government and are ongoing.

    This is also false.



    The only housing projects that are allowed are social housing and there was a provision that private housing due for completion by the end of Jan 2021 could be finished out. Everything else has stopped since Christmas. Ongoing construction has stopped, commencements have stopped.


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    #5343
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    Smouse156 wrote: »
    Not factoring in extra/non-mortgage costs was the biggest regret of first time buyers in the US over the last decade.

    Supply is low right now (March 2021) therefore I must shackle myself to an unaffordable 30/35 year mortgage/liability rather than wait a few months.

    As a first timer buyer myself I’m happy to wait a short while (1-2 years) rather than make a terrible mistake that will last 30-35 years. At least after covid, I will have a clearer picture.

    Where are you getting unaffordable from? The limit is still 3.5 times salary. The rules haven't changed, just the prices. Prices weren't falling before Covid, zero guarantee they will after. Hopefully they'll at least stop going up at ludicrous rates in insane bidding wars. You might not get as good as property as a year ago, but your financial obligations will be no different.


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    #5344
    cnocbui
    Registered Users Posts: 19,674 ✭✭✭✭cnocbui


    blowin3 wrote: »
    I was on here a week or two regarding selling our home and moving abroad. We were dealing with an national EA who makes promise after promise all we want is to put the house on the market. So its sellers also being discommoded by EA who basically dont care or dont give a ....!

    You could list it yourself in parallel and if you scored a sale you wouldn't have to pay a commission.


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    #5345
    awec
    Administrators Posts: 53,358 Admin ✭✭✭✭✭awec


    Smouse156 wrote: »
    Not factoring in extra/non-mortgage costs was the biggest regret of first time buyers in the US over the last decade.

    Supply is low right now (March 2021) therefore I must shackle myself to an unaffordable 30/35 year mortgage/liability rather than wait a few months.

    As a first timer buyer myself I’m happy to wait a short while (1-2 years) rather than make a terrible mistake that will last 30-35 years. At least after covid, I will have a clearer picture.

    You know, we had people making these exact same posts this time last year.

    "I can't believe people are buying now, you are stupid, just wait a year and you'll get a bargain, it is impossible for anything other than a collapse in prices to occur".

    And guess what, here we are.

    Funnily enough you can go back to this forum around 2011/2012 time and find the exact same sentiment. You'll find posters proclaiming that the next huge crash is just around the corner constantly from then until now.

    Buying comes with risk. Waiting comes with risk. If you're in a position where you can wait and you want to wait, good for you. Others aren't. For the rest, find something you like, where you want to live for a long time, that you can afford, buy it and move on with your life.


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    #5346
    decreds
    Banned (with Prison Access) Posts: 144 ✭✭decreds


    awec wrote: »
    This is completely false.



    This is also false.



    The only housing projects that are allowed are social housing and there was a provision that private housing due for completion by the end of Jan 2021 could be finished out. Everything else has stopped since Christmas. Ongoing construction has stopped, commencements have stopped.


    Complete and utter hogwash. Plenty of childhood friends who work in construction are still working and i can actually see builders working on apartments across the road from me right now.


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    #5347
    decreds
    Banned (with Prison Access) Posts: 144 ✭✭decreds


    cnocbui wrote: »
    How many houses have you bought? I'm on my third. I never obsessed about what the market might or might not do, just bought when I had the means and life ambitions dictated.


    Just the one, in the last recession and sold last year. The same patterns are emerging akin to the behavior seen in 2007/2008. People panic buying, it will end in tears for many who are highly leveraged and impatient.


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    #5348
    awec
    Administrators Posts: 53,358 Admin ✭✭✭✭✭awec


    decreds wrote: »
    Complete and utter hogwash. Plenty of childhood friends who work in construction are still working and i can actually see builders working on apartments across the road from me right now.

    Ah, the old anecdotes. I know a friend who is a builder who is working, my wife's cousin's neighbour saw a builder in lidl wearing his hardhat etc etc etc.

    The facts are as I wrote them. It is why the CIF is in lobbying overdrive trying to get the ban lifted ASAP. They are sending letters about how closing sites is damaging Ireland's reputation, and talking about how closing sites is forcing construction workers into other employment that's more covid risky etc etc.


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    #5349
    SheepShep
    Registered Users Posts: 17 ✭SheepShep


    Sale agreed since late July. After much excitement, disappointment, excitement, anger and now excitement again we are finally expected to close next week. However, the valuation is now out of date and the bank have requested another take place. My understanding from reading this thread is that valuations aren't happening at the moment? Has anybody had their property valued or re-valued recently since Christmas?


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    #5350
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    This is turning into the property market thread again


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    #5351
    Teacher2020
    Registered Users Posts: 150 ✭✭Teacher2020


    SheepShep wrote: »
    Sale agreed since late July. After much excitement, disappointment, excitement, anger and now excitement again we are finally expected to close next week. However, the valuation is now out of date and the bank have requested another take place. My understanding from reading this thread is that valuations aren't happening at the moment? Has anybody had their property valued or re-valued recently since Christmas?

    Same has happened to us. We are with AIB - apparently all they do is a drive by to ensure house is still standing so no issues with COVID etc. They said once it is valued once properly there is no need to go inside. Auctioneer completed ours last week without even entering the property.


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    #5352
    B Rabbit
    Registered Users Posts: 227 ✭✭B Rabbit


    SheepShep wrote: »
    Sale agreed since late July. After much excitement, disappointment, excitement, anger and now excitement again we are finally expected to close next week. However, the valuation is now out of date and the bank have requested another take place. My understanding from reading this thread is that valuations aren't happening at the moment? Has anybody had their property valued or re-valued recently since Christmas?

    Yes, valued since xmas.


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    #5353
    Cosle
    Registered Users Posts: 37 ✭Cosle


    SheepShep wrote: »
    Sale agreed since late July. After much excitement, disappointment, excitement, anger and now excitement again we are finally expected to close next week. However, the valuation is now out of date and the bank have requested another take place. My understanding from reading this thread is that valuations aren't happening at the moment? Has anybody had their property valued or re-valued recently since Christmas?

    I also got a first time valuation done in Dublin last month.


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    #5354
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    decreds wrote: »
    Houses are being built as we speak, the longer this lockdown goes on the more supply there will be at the end of it as there will be a combination of new builds and people who were scared to advertise their property due to the virus will flood the market with 2nd hand property.

    Problem is the same parameters that you outline with supply exists for demand, the demand has been swelling and a lot of people cannot view a property at the moment and I dont think many will buy without seeing a property.


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    #5355
    decreds
    Banned (with Prison Access) Posts: 144 ✭✭decreds


    awec wrote: »
    Ah, the old anecdotes. I know a friend who is a builder who is working, my wife's cousin's neighbour saw a builder in lidl wearing his hardhat etc etc etc.

    The facts are as I wrote them. It is why the CIF is in lobbying overdrive trying to get the ban lifted ASAP. They are sending letters about how closing sites is damaging Ireland's reputation, and talking about how closing sites is forcing construction workers into other employment that's more covid risky etc etc.


    I think anecdotes are apt in this case considering we are under lockdown and checking in with friends typically brings up the conversation of work, which, they mention they are in fact still working so who am i to question their motives.


    The facts are not as you so eloquently wrote them, if you actually took a break from this and went out for a walk around Dublin for some fresh air, you would evidently see that construction is still underway on a lot of projects.


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    #5356
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    decreds wrote: »
    I think anecdotes are apt in this case considering we are under lockdown and checking in with friends typically brings up the conversation of work, which, they mention they are in fact still working so who am i to question their motives.


    The facts are not as you so eloquently wrote them, if you actually took a break from this and went out for a walk around Dublin for some fresh air, you would evidently see that construction is still underway on a lot of projects.

    I work for one of the largest building materials providers in the country, if sites were as widely open as you say, business wouldn't be massively down and it is. Of course there's some bending the rules, not where it makes a difference - house building en masse.


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    #5357
    decreds
    Banned (with Prison Access) Posts: 144 ✭✭decreds


    givyjoe wrote: »
    I work for one of the largest building materials providers in the country, if sites were as widely open as you say, business wouldn't be massively down and it is. Of course there's some bending the rules, not where it makes a difference - house building en masse.


    Where did i say they were widely open? I merely stated they were still building during lockdown but not a mass capacity.


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    #5358
    decreds
    Banned (with Prison Access) Posts: 144 ✭✭decreds


    Went for an afternoon jog, passed two building sites in South Dublin with men working on them. Must be seeing things, as some pompous mod on boards stated there is no building going on as "facts".


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    #5359
    SheepShep
    Registered Users Posts: 17 ✭SheepShep


    GrumPy wrote: »
    We still have no power. (Or heat). Gas Networks Ireland were v. quick to come out and switch gas back on (house empty for 12+ months). However, experience with ESB has been awful. Qualifed electrician certified notification on Tuesday 23rd.
    But as of 11:00 today, they 'still haven't received it, and COVID is slowing everything down'.
    At this rate, we will never officially move in! Extremely frustrating.
    But we've managed to achieve quite alot without power. Appliances delivered, vinyl floor put down, 3 rooms painted, some plumbing work, grass cut, new custom fit side gate installed, chimney cleaned, roof tiles replaced, furniture assembled, attic cleared (was disaster up there), lights installed and a bunch of other minor bits and pieces. (Admittedly, alot of this was outsourced!) Without taking any time off work, at all. Knackered!

    Wow! That is a lot you've got done though. Congratulations! And hopefully not too much longer before you get to move in.


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    #5360
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    Smouse156 wrote: »
    The people bidding crazy way over asking prices and last years prices will be rightly screwed when supply normalises and they’re instantly in negative equity, coupled with a future of higher interest rates and likely higher property taxes to pay for all the covid stimulus. Something to bear in mind if looking to buy. Renting seems better at the moment at least until supply normalises

    These are all "ifs".... People have been telling me not to buy on this forum for years.

    It's a fascinating mentality, I was sucked into myself at one stage.

    It's always the same, the crash is just "months" away, the bargains are coming en masse, credit will flow and yet houses will be rock bottom. 'it sure feels like 2008"

    My advice to anyone is just get on with your life.


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    #5361
    dubrov
    Registered Users Posts: 3,546 ✭✭✭dubrov


    decreds wrote:
    People don't tend to think long term and how much of an impact borrowing huge amounts and paying well over the odds for a property can financially handicap you for the rest of your life.

    Apart from a few years in the last 30, not buying could have financially handicapped many people


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    #5362
    DubLad69
    Registered Users Posts: 477 ✭✭DubLad69


    dubrov wrote: »
    Apart from a few years in the last 30, not buying could have financially handicapped many people

    I am buying now. I accept that there is a significant chance that the prices will temporarily fall, and I could get a better deal. Equally though, the prices could continue to rise and I might not be able to afford the area I want.

    I know that I can afford it now and will be able to continue to afford the mortgage going forward. I think people should buy when it's a good time for them, not waiting around for a lul in prices.

    The main risk for me is that if I want to upsize in the future it would be harder in negative equity.


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    #5363
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    TheSheriff wrote: »
    My advice to anyone is just get on with your life.

    +1

    and for all the waffle that's exactly what most people do, certainly for their first home.

    It's very easy to discuss theoretically timing the market but in reality most peoples well though intentions go out the window when real life takes over.


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    #5364
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    DubLad69 wrote: »
    I am buying now. I accept that there is a significant chance that the prices will temporarily fall, and I could get a better deal. Equally though, the prices could continue to rise and I might not be able to afford the area I want.

    I know that I can afford it now and will be able to continue to afford the mortgage going forward. I think people should buy when it's a good time for them, not waiting around for a lul in prices.

    The main risk for me is that if I want to upsize in the future it would be harder in negative equity.

    Pretty much in the same boat, I can just about afford what I want at the minute, I am not going to sit around second guessing myself while I could be enjoying a new house.


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    #5365
    ionapaul
    Registered Users Posts: 5,293 ✭✭✭ionapaul


    ionapaul wrote: »
    We put our 3-bed house in South Dublin up for sale late last week; our EA uses one of the platforms where you can bid online (obviously the way of the future). First bid at asking price was made within a few hours, already there are more than half a dozen active bidders, many with multiple bids so far!

    Actually scares me a lot as we need to buy on the other side of the equation and there's so little on the ground. The big question I need to consider with my better half is if we get an offer that we just can't say no to (have a specific amount in my mind), do we try to push that sale through ASAP and rent for a few months before we find our own place? How much of a risk that prices continue to rise? I can't see it after more homes come to the market but who knows...

    Two weeks after our house went up, I think we might be getting towards the end of the bidding, about a dozen bidders in total - I could see us going sale agreed over the next week or two and then facilitating viewing/survey after a deposit is paid. Our solicitor is primed and ready to prepare a contract.

    There's so little out there to aim for in terms of where can target after going sale agreed and being in a position to put in bids. Really don't want to move into a rental for too long, but it might come to that.


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    #5366
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    ionapaul wrote: »
    Two weeks after our house went up, I think we might be getting towards the end of the bidding, about a dozen bidders in total - I could see us going sale agreed over the next week or two and then facilitating viewing/survey after a deposit is paid. Our solicitor is primed and ready to prepare a contract.

    There's so little out there to aim for in terms of where can target after going sale agreed and being in a position to put in bids. Really don't want to move into a rental for too long, but it might come to that.

    Did you get what you wanted for you sale or did you get over?


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    #5367
    Teacher2020
    Registered Users Posts: 150 ✭✭Teacher2020


    Any idea how long it takes between mortgage draw down and getting keys?
    Mortgage got go ahead to be drawn down today. All contracts signed and exchanged.
    Solicitor says she is still not in a position to give us a date - won't even give me a ballpark to aim for.


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    #5368
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    ionapaul wrote: »
    Two weeks after our house went up, I think we might be getting towards the end of the bidding, about a dozen bidders in total - I could see us going sale agreed over the next week or two and then facilitating viewing/survey after a deposit is paid. Our solicitor is primed and ready to prepare a contract.

    There's so little out there to aim for in terms of where can target after going sale agreed and being in a position to put in bids. Really don't want to move into a rental for too long, but it might come to that.

    Not one viewing that I've been offered/attended recently has been after sending a deposit. No one in reality is doing this, it's really not practical in any case (to the letter of the current guidelines anyway).You can insist on it, but you may very well end up back to square one.


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    #5369
    ionapaul
    Registered Users Posts: 5,293 ✭✭✭ionapaul


    fliball123 wrote: »
    Did you get what you wanted for you sale or did you get over?

    Over, we are pleasantly surprised by the current number, but totally realise that as people trading up, we'll just be giving this away on the other side of the equation!

    There have been about a dozen bidders in total.
    givyjoe wrote: »
    Not one viewing that I've been offered/attended recently has been after sending a deposit. No one in reality is doing this, it's really not practical in any case (to the letter of the current guidelines anyway).You can insist on it, but you may very well end up back to square one.

    What do you mean, I'm a little confused? That the top bidders will pull out when viewings are not made available pre-deposit, or that even after putting down a deposit, they won't be interested in viewing? The former I presume?

    EDIT: Ah, or do you mean that people will not want to be forced into a survey? :) Sorry, that's my fault if it reads like that; I just meant that once a final bid is accepted, we will then facilitate the buyers if they want to sent around a surveyer, obviously we'd expect them to just view first off to see if they still like the place in person!


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    #5370
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    decreds wrote: »
    Went for an afternoon jog, passed two building sites in South Dublin with men working on them. Must be seeing things, as some pompous mod on boards stated there is no building going on as "facts".


    a big estate is being built outside of Blancharstown at the moment, but it's counsel houses, so not sure if they are allowed to be open.
    Still it makes no sense that counsel houses can be build, while residential can't


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    #5371
    cnocbui
    Registered Users Posts: 19,674 ✭✭✭✭cnocbui


    Mic 1972 wrote: »
    a big estate is being built outside of Blancharstown at the moment, but it's counsel houses, so not sure if they are allowed to be open.
    Still it makes no sense that counsel houses can be build, while residential can't

    But I thought they were forcing private developments to include bits reserved for forced integration of socials, surely they wouldn't be hypocrites and have socials only developments?


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