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

Logan Roy · 23-03-2020 8:57pm

IvoryTower wrote: »

Some people can get a mortgage now based off the money they were earning before Corona, they may not have an income like that again for a long time so they may see it as best chance to own a home and will still be paying a lot less than rent.

That would be my take anyway

We're selling our house and buying a new one right now. The house we are buying will do us for 10 years + and the cost to trade up is only 50k. We really need the extra space and are borrowing well under the central bank limits. Mortgage repayment is only 12% of net take home pay too.

Hopefully making the right decision!

23-03-2020 9:36pm

beauf wrote: »

Didn't make difference the last time. Bank stopped lending period.

That's not true. I bought a house in the last recession, actually before the central bank restrictions came in & I got a lot more than 3.5 my salary.
Public sector worker.

milhous · 23-03-2020 9:42pm

Logan Roy wrote: »

We're selling our house and buying a new one right now. The house we are buying will do us for 10 years + and the cost to trade up is only 50k. We really need the extra space and are borrowing well under the central bank limits. Mortgage repayment is only 12% of net take home pay too.

Hopefully making the right decision!

I'd make sure the house your selling goes through first! If it was me, personally I'd make sure your sale goes through, then rent for a year..

Logan Roy · 23-03-2020 9:54pm

milhous wrote: »

I'd make sure the house your selling goes through first! If it was me, personally I'd make sure your sale goes through, then rent for a year..

Contracts due to be signed tomorrow, purchasers really been putting a push on it as well so hopefully all will go to plan

Plumbthedepths · 23-03-2020 9:56pm

bubblypop wrote: »

That's not true. I bought a house in the last recession, actually before the central bank restrictions came in & I got a lot more than 3.5 my salary.
Public sector worker.

Banks look upon PS workers as a sure bet. The private sector is treated differently.
My son is a Guard two years in, I'm shocked how much the bank approved him for. No need even for his partners income to be assessed.

DaveyDave · 23-03-2020 10:13pm

IndieRoar111 wrote: »

Have to laugh at some still eager to buy. Like lemmings falling off a cliff

It's not like everyone is suddenly laid off. Plenty of people still working full time as normal, good savings in the bank etc. Not ideal circumstances and things will likely get worse for some but for a lot of people very little will change.

awec · 23-03-2020 10:13pm

bubblypop wrote: »

That's not true. I bought a house in the last recession, actually before the central bank restrictions came in & I got a lot more than 3.5 my salary.
Public sector worker.

That is why.

Job security like nothing else.

23-03-2020 10:19pm

awec wrote: »

That is why.

Job security like nothing else.

Yep, thankfully!
But the poster I was replying to seemed to think that everyone had issues getting mortgages in the last recession. They obviously didn't. Some will always get mortgages.

redved · 23-03-2020 10:23pm

Have our house for sale and new house lined up. Went sale agreed on our own mid Feb. Buyer pulled out today, had a sinking feeling about the whole thing once the covid 19 thing really broke here. Back to square one it seems.

VW 1 · 24-03-2020 1:42am

Pulled out of bidding on a house today that we really liked, and will likely take our house off market, even though we have an offer of asking price. Don't see prices going up in the next 3-6 months and don't see any house sales going through til this is all over. As morbid as it sounds, who knows just how much stock will come online after the next 3-6 months.

24-03-2020 7:49am

VW 1 wrote: »

Pulled out of bidding on a house today that we really liked, and will likely take our house off market, even though we have an offer of asking price. Don't see prices going up in the next 3-6 months and don't see any house sales going through til this is all over. As morbid as it sounds, who knows just how much stock will come online after the next 3-6 months.

Would you not consider selling yours and renting? It’s unlikely you will get the price someone has bid now for yours again anytime soon. But you might buy at a lower price because of what is happening.

VW 1 · 24-03-2020 9:00am

Dav010 wrote: »

Would you not consider selling yours and renting? It’s unlikely you will get the price someone has bid now for yours again anytime soon. But you might buy at a lower price because of what is happening.

Not on the cards, we like the area we are in and want to stay here, and don't want the hassle of moving to rent and moving again to buy. With one child and a dog, and another child on the way, it seems like a lot of work moving twice, putting stuff in storage etc, as well as finding somewhere to rent with the dog.

24-03-2020 12:24pm

Sale Agreed about 3 weeks ago, buyer pulled out yesterday due to work instability. I'm not in a huge rush to sell so will wait all this out and see where it leads.

CoBo55 · 24-03-2020 12:44pm

Selling atm, cash buyer.. Spoke to them last week he didn't sound as enthusiastic as he was getting it for a good price and was impatient to get contract signed... Not a sound since, I fear the worst unfortunately.

combat14 · 24-03-2020 12:58pm

House prices in Ireland could fall by as much as 20pc if the current economic upheaval caused by the spread of the coronavirus continues.

This is according to a report from Davy Stockbrokers, which suggests the financial markets have priced in a decline of 15-20pc in the value of homes.

Meanwhile, land values for house building purposes could fall by up to 50pc.

https://m.independent.ie/business/pe...-39071128.html

fliball123 · 24-03-2020 1:04pm

combat14 wrote: »

House prices in Ireland could fall by as much as 20pc if the current economic upheaval caused by the spread of the coronavirus continues.

This is according to a report from Davy Stockbrokers, which suggests the financial markets have priced in a decline of 15-20pc in the value of homes.

Meanwhile, land values for house building purposes could fall by up to 50pc.

https://m.independent.ie/business/pe...-39071128.html

Can you do the link again a page not found error

cython · 24-03-2020 5:06pm

fliball123 wrote: »

Can you do the link again a page not found error

Think this is the correct link: https://www.independent.ie/business/personal-finance/house-prices-could-fall-by-up-to-20pc-amid-coronavirus-uncertainty-report-39071128.html

ittakestwo · 24-03-2020 5:15pm

It seems a lot if buyers are nervous and pulling out of sales. But alot of sellers are deciding to hold off putting it back straight back on the market, and will wait till this shock settles down.

EA's will be the losers here as very few sales will go through for the next few months.

IvoryTower · 24-03-2020 5:51pm

Just curious, unless they plan on holding onto it until the next recovery then why not sell asap? Surely if house prices are going to tank the sooner you get rid the better?

Greentree_uk · 24-03-2020 5:57pm

Can houses even be bought and sold during this period? is house buying/moving an essential service?

TheSheriff · 24-03-2020 6:21pm

ittakestwo wrote: »

It seems a lot if buyers are nervous and pulling out of sales. But alot of sellers are deciding to hold off putting it back straight back on the market, and will wait till this shock settles down.

EA's will be the losers here as very few sales will go through for the next few months.

You absolutely love, love, love to see it !

beauf · 24-03-2020 6:39pm

IvoryTower wrote: »

Just curious, unless they plan on holding onto it until the next recovery then why not sell asap? Surely if house prices are going to tank the sooner you get rid the better?

Unless a sale was already in progress I don't see how people will be able to meet and view properties.

ittakestwo · 24-03-2020 6:43pm

IvoryTower wrote: »

Just curious, unless they plan on holding onto it until the next recovery then why not sell asap? Surely if house prices are going to tank the sooner you get rid the better?

The average person tends to be risk adverse. The buyer does not want to overpay and the seller does not want cut the price more than they have to.

All we know is that prices have/will fall becuase of Corona. We all agree on that I think. But by how much? 10%? 20%? 30%? a buyer might not want to to go ahead even with a 10% reduction on prices before Corona hit as they feel the impact should have taken more than 10% off. A seller might think 20% is to much for something that some are saying will be temporary. It will lead to a stalemate between buyers and sellers for months. But eventually a market will form as some people will be desperate to sell and buy.

awec · 24-03-2020 6:53pm

ittakestwo wrote: »

The average person tends to be risk adverse. The buyer does not want to overpay and the seller does not want cut the price more than they have to.

All we know is that prices have/will fall becuase of Corona. We all agree on that I think. But by how much? 10%? 20%? 30%? a buyer might not want to to go ahead even with a 10% reduction on prices before Corona hit as they feel the impact should have taken more than 10% off. A seller might think 20% is to much for something that some are saying will be temporary. It will lead to a stalemate between buyers and sellers for months. But eventually a market will form as some people will be desperate to sell and buy.

And on a non-financial footing, this is going to be a very stressful and difficult time to buy, and most sellers are also buyers.

Would you want to be going through the stress of moving house with the way things are right now? Who knows what the banks will be like for lending. What about EAs? Are you going to want to go do viewings? Are you going to want to let random people into your home to view it?

Until the lockdowns / restrictions on this virus ease up and we can get some shred of normality back to our day-to-day lives I think the majority of owner-occupiers would rather just stay put and see it out.

TheSheriff · 24-03-2020 7:00pm

awec wrote: »

And on a non-financial footing, this is going to be a very stressful and difficult time to buy, and most sellers are also buyers.

Would you want to be going through the stress of moving house with the way things are right now? Who knows what the banks will be like for lending. What about EAs? Are you going to want to go do viewings? Are you going to want to let random people into your home to view it?

Until the lockdowns / restrictions on this virus ease up and we can get some shred of normality back to our day-to-day lives I think the majority of owner-occupiers would rather just stay put and see it out.

Not our experience to date; we are buying (not selling) and have found we are being hounded daily by EAs we had bids in with for several properties; "my vendor is eager to progress", "my client can close in x weeks". One emailed yesterday saying their client is reducing the price of the property by 15k - would we be interested at this price point.

Another EA emailed today, 4 properties coming on stream next week they would love to show us privately.

We actually have far more responses/invites to viewings etc. since this all kicked off. We could be busier than ever with it.

Its amazing really how quickly market sentiment can change.

Logan Roy · 24-03-2020 8:53pm

Greentree_uk wrote: »

Can houses even be bought and sold during this period? is house buying/moving an essential service?

Solicitors are working from home, as are most of the bank staff. That's our experience and we're a few weeks from closing. Moving home and have no kids so not too much to organize. Have a deposit on a new house that will undoubtedly be delayed for a few months.

guyfawkes5 · 24-03-2020 8:56pm

awec wrote: »

Who knows what the banks will be like for lending.

I'm intending to apply for a LTI exemption with BoI, and was told today they are not entertaining requests for ememptions for at least a few days while their underwriters get their bearings. It's not a massive signal but it does show they are thinking at the moment.

dar_cool · 24-03-2020 9:13pm

We are selling and buying at the minute outside of Dublin. We signed contracts Monday and hope to close Friday week. Not sure if there will be any delays with this. Reason we are ploughing on is that we are selling our current home for 80k more than we paid for it a few years ago and feel like we are getting a good deal on the new house. Both houses are rural, on land and houses don't come up for sale too often around here

JamesMason · 24-03-2020 11:45pm

TheSheriff wrote: »

Not our experience to date; we are buying (not selling) and have found we are being hounded daily by EAs we had bids in with for several properties; "my vendor is eager to progress", "my client can close in x weeks". One emailed yesterday saying their client is reducing the price of the property by 15k - would we be interested at this price point.

Another EA emailed today, 4 properties coming on stream next week they would love to show us privately.

We actually have far more responses/invites to viewings etc. since this all kicked off. We could be busier than ever with it.

Its amazing really how quickly market sentiment can change.

Yes. Confidence can fall off a cliff. Like a roadrunner movie.

Greentree_uk · 24-03-2020 11:48pm

Logan Roy wrote: »

Solicitors are working from home, as are most of the bank staff. That's our experience and we're a few weeks from closing. Moving home and have no kids so not too much to organize. Have a deposit on a new house that will undoubtedly be delayed for a few months.

More thinking about county councils and planners, land registry etc. And then finally actually moving - movers or van rentals will they be open/working

mcbert · 24-03-2020 11:58pm

Greentree_uk wrote: »

More thinking about county councils and planners, land registry etc. And then finally actually moving - movers or van rentals will they be open/working

Just emailed a guy about doing a pre-purchase survey - doesnt seem to be a problem yet.

Queasy Tadpole · 25-03-2020 12:42am

Thought I'd just ask here. I'm looking to buy at the moment. Lets say my budget is €500k... this is what I have it set on daft... should I set it higher to €550k and try throw in some cheeky bids?

mcbert · 25-03-2020 12:47am

Queasy Tadpole wrote: »

Thought I'd just ask here. I'm looking to buy at the moment. Lets say my budget is €500k... this is what I have it set on daft... should I set it higher to €550k and try throw in some cheeky bids?

Yes. Have just done same.

minty81 · 25-03-2020 12:51am

Would like to get some thoughts on my situation folks...
I'm a FTB and went sale agreed on a property on outskirts of Dublin just prior to the coronavirus hitting us. Had viewed dozens of properties but this one ticked all the boxes for me and i felt i had done a good deal at the time.
Now this crisis has thrown me. No contract signed yet so still have time to pull the plug. If i do and stall for a few months could I secure a much better deal on another place down the line?
But its a property that I loved and workwise my income is secure. And i plan on it being for the longterm, not just a property to flip in a couple of years.
Thoughts?

ittakestwo · 25-03-2020 1:25am

Queasy Tadpole wrote: »

Thought I'd just ask here. I'm looking to buy at the moment. Lets say my budget is €500k... this is what I have it set on daft... should I set it higher to €550k and try throw in some cheeky bids?

Definitely, nothing to lose. A bid within 10% of asking will be taken seriously in this market.

ittakestwo · 25-03-2020 1:38am

minty81 wrote: »

Would like to get some thoughts on my situation folks...
I'm a FTB and went sale agreed on a property on outskirts of Dublin just prior to the coronavirus hitting us. Had viewed dozens of properties but this one ticked all the boxes for me and i felt i had done a good deal at the time.
Now this crisis has thrown me. No contract signed yet so still have time to pull the plug. If i do and stall for a few months could I secure a much better deal on another place down the line?
But its a property that I loved and workwise my income is secure. And i plan on it being for the longterm, not just a property to flip in a couple of years.
Thoughts?

IMO if you went sale agreed before Corona you should now be looking for about 10% of that price.

The EA is expecting a call from you saying you're pulling out or want to renegotiate a price.

You're also in an advantageous position of being a buyer in a secure employment. Some of your competitors might not be so fortunate and be dropping out of the market in the next few months putting you in a relatively better position.

LuckyLloyd · 25-03-2020 8:29am

minty81 wrote: »

Would like to get some thoughts on my situation folks...
I'm a FTB and went sale agreed on a property on outskirts of Dublin just prior to the coronavirus hitting us. Had viewed dozens of properties but this one ticked all the boxes for me and i felt i had done a good deal at the time.
Now this crisis has thrown me. No contract signed yet so still have time to pull the plug. If i do and stall for a few months could I secure a much better deal on another place down the line?
But its a property that I loved and workwise my income is secure. And i plan on it being for the longterm, not just a property to flip in a couple of years.
Thoughts?

Get at least a 10% reduction off the agreed price (though ask for 15% initially) or walk away. With your income secure you’ll get a better deal in the coming months.

Shellzer123 · 25-03-2020 7:41pm

Any Update on this and what Council are you with? Im the exact same. I contacted the Council last week to see if they would still take the applications in and they said they can be posted and we could have a telephone call but waiting to get that telephone call still.. Any help on this would be great.. Thanks

guyfawkes5 · 25-03-2020 8:18pm

minty81 wrote: »

Would like to get some thoughts on my situation folks...
I'm a FTB and went sale agreed on a property on outskirts of Dublin just prior to the coronavirus hitting us. Had viewed dozens of properties but this one ticked all the boxes for me and i felt i had done a good deal at the time.
Now this crisis has thrown me. No contract signed yet so still have time to pull the plug. If i do and stall for a few months could I secure a much better deal on another place down the line?
But its a property that I loved and workwise my income is secure. And i plan on it being for the longterm, not just a property to flip in a couple of years.
Thoughts?

It's probably worth at least asking. Even stalling the process is probably a signal to the seller.

The liklihood of success depends on how long before the Coronavirus measures you made the bid, and if you were the only bidder.

As long as you approach it in a reasonable manner (i.e. don't threaten, make ultimatums, or suggest extremely large discounts that would suggest you would pull out unless they give you most of what you want), I would think the question is entirely fair and nearly expected.

dowhatyoulove · 25-03-2020 8:45pm

We signed contracts and our vendors signed 3 weeks ago - just waiting for snag list to be complete this week and drawdown/complete to occur I guess. Bit nervous about it all now - we signed before any of these things occurred so we are locked in.

It’s nerve wracking to hear so many people guess the economic fallout - ourselves included. But the matter is we would be paying significantly less to a mortgage than rent and then there is the less than secure rental conditions atm. I’d just do what’s right for you/your family

Sheeps · 25-03-2020 8:46pm

dowhatyoulove wrote: »

We signed contracts and our vendors signed 3 weeks ago - just waiting for snag list to be complete this week and drawdown/complete to occur I guess. Bit nervous about it all now - we signed before any of these things occurred so we are locked in.

It’s nerve wracking to hear so many people guess the economic fallout - ourselves included. But the matter is we would be paying significantly less to a mortgage than rent and then there is the less than secure rental conditions atm. I’d just do what’s right for you/your family

You've nothing to worry about, unless you were planning to sell the house you've purchased in the next couple of years.

guyfawkes5 · 25-03-2020 10:56pm

dowhatyoulove wrote: »

We signed contracts and our vendors signed 3 weeks ago - just waiting for snag list to be complete this week and drawdown/complete to occur I guess. Bit nervous about it all now - we signed before any of these things occurred so we are locked in.

It’s nerve wracking to hear so many people guess the economic fallout - ourselves included. But the matter is we would be paying significantly less to a mortgage than rent and then there is the less than secure rental conditions atm. I’d just do what’s right for you/your family

If your career is stable and you're not planning to sell within five years then you have very little to worry about. Recessions do not automatically mean massive structural house price falls even though 2008 might have drilled that into us - they will float back to this ballpark eventually, even though there will be variance area to area.

It's all very nerve wracking right now, but in three months it'll seem a lot more manageable.

tusk · 26-03-2020 12:49am

Our buyer's buyer pulled out so we're going back on the market when all this blows over. No viewings or anything for the time being, but they're being lined up for when things get somewhat back to normal

guyfawkes5 · 26-03-2020 12:52am

tusk wrote: »

Our buyer's buyer pulled out so we're going back on the market when all this blows over. No viewings or anything for the time being, but they're being lined up for when things get somewhat back to normal

It will be interesting if you post your experiences here!

It's hard to predict what your experience will be - the number of buyers will definitely be thinned out and there might be certain expectations of drops for those that are left, but the amount of properties for sale will definitely be lower too, especially in the immediate aftermath.

DaveyDave · 26-03-2020 1:14am

Solicitor and sales coordinator emailed today. We received the completion notice, the help to buy has been claimed and the mortgage was drawn down today.

I'm doing the final inspection tomorrow, once the money has reached their account in the next 3-5 working days and the solicitor is happy it sounds like we could potentially get the keys by the end of next week, wasn't expecting anything for at least 2-3 weeks.

Exciting, but I hope we have enough time to arrange floors and furniture!

Donald Trump · 26-03-2020 1:23am

DaveyDave wrote: »

Solicitor and sales coordinator emailed today. We received the completion notice, the help to buy has been claimed and the mortgage was drawn down today.

I'm doing the final inspection tomorrow, once the money has reached their account in the next 3-5 working days and the solicitor is happy it sounds like we could potentially get the keys by the end of next week, wasn't expecting anything for at least 2-3 weeks.

Exciting, but I hope we have enough time to arrange floors and furniture!

I'd have to imagine that they made sure to expedite everything through in order to lessen the chance of the cash not being handed over.

Best of luck!

Monumental · 26-03-2020 1:34am

Seller here ,deposit paid by buyer Asking price reduced by 10,000 Survey being done tomorrow Fingers crossed !

ittakestwo · 26-03-2020 1:37am

Monumental wrote: »

Seller here ,deposit paid by buyer Asking price reduced by 10,000 Survey being done tomorrow Fingers crossed !

Good luck...btw was the reduction agreed before or after Corona hit?

Monumental · 26-03-2020 2:13am

ittakestwo wrote: »

Good luck...btw was the reduction agreed before or after Corona hit?

After

teddy_irish · 26-03-2020 7:47am

You should watch this carefully : https://www.youtube.com/watch?v=0yZ5mjbB11I
Best Documentary of the Housing Market Crash (of 2020?) | Inside the Meltdown | Behind the Big Short

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

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