Will my house sell in this current market?

miju

ASTA20 wrote:

conclusion we've come to is that 288000-290000 is as low as we can go

if thats as low as you can go then you in all seriousness you may not sell your house. projected falls for the year if current figures are drawn out is around the 8-9% mark given what you paid for it you may well be better off taking a slightly less profit than no profit at all if it doesnt sell at the current price and houses around you drop more widening the gap so to speak.

worth bearing in mind. genuine best of luck with the sale

iguana

I've just been talking to some friends who are planning to sell their house. They too would like to sell for as much money as possible, however they accept that they won't get what they would have a year ago. They know this is a falling market and in order to sell they need to be realistic about what they will get. They know that if they aren't realistic they won't sell and that prices may drop further. And where they live is one of the most desirable parts of the country.

They have plans with what they will do with the profit from the house. And if they don't make as much as they'd need to bring these plans to fruition it will be hard for them. But it will be harder in a years time if they are forced to sell for even less.

Of course you have plans for what you will do with the €68k you believed was in your house. Anybody would, I have plans for what I'm going to do in the future that are tied to housing markets and it will be hard to let them go if events don't come out in my favour. But if they don't I have to accept that and make a new plan. You need to sit down and decide what your priorities are. Selling and emigrating without the €68k you are hoping for. Or staying where you are in the hope that prices will rise and you can move with your original plan a year or two from now and taking the risk that prices won't slide further. It's hard, but sometimes that's just the way life is.:(

In my opinion if there are a number of similar houses not selling on your estate then they are priced too high and to sell you need to go lower, or have an amazing usp and in this climate that means double size garden or an extra bedroom. I don't think a garden wall will cut it. Sorry.

Mind Hunter 85

i totally get what people are saying but at this stage i still have hopes. At this early stage nobody can predict what will happen with the sale of my house they can cast predictions and i will let you know in a few months time if they were correct .
im in a bad situation and need healthcare that i can't get here .but it doesnt matter because at the end of the day i need a buyer and if theres not one out there thats that,i'll get by and so will everyone else in my situation .
must wait to see how things go .

patrickolee

Oh dear, now I really really wish you the best of luck with the sale. Could you get a small loan out to make up any shortfall if there is one?

Victor

ASTA20 wrote:

just i simply cant understand why people are angry for me wanting a profit

Not angry, disappointed at what appears to be naïvity.

No matter how much work you've put in, the market will make the deciding.

JupiterKid

I've two friends who are trying to sell - one to buy a bigger house and the other to emigrate. Both are having big problems selling - one of the houses has been on the market for four months now and only one or two viewers. Both are now becoming realistic in that the market has turned in the buyer's favour and have reduced their asking prices. But still no sales on the horizon.

One of my friends has now got quite despondent but the reality is that she has a nice 4 bed semi in a good Dublin location and doesn't need to move for want of house size. I've managed to convince her that the boom is well and truly over and there is really little prospect of house prices rising at any stage in the meduim term. There are 15 houses for sale in her development and she's right to think that lots of for sale signs causes buyers to be as choosy as they want.

This is the new reality. House prices are in a downward trajectory. Sellers will have to accept this if they want to achieve a quick sale.

Duckjob

OP, perhaps you're feeling the frustration from people due to the unwillingness of sellers in general to accept the reality that the market has turned in favour of the buyer.

Nobody grudges you making a profit, but for your own sake you need be realistic about the current state of the market. Nobody is "entitled" to 150K profit over 5yrs on a property. The lucky ones got it because they were in the right place at the right time. Good luck to them.

Unfortunately, the recent property boom has conditioned people into thinking of property as cash instead of as a stock. The fact that the paper value of property means nothing until you bank the cash may yet prove a very painful lesson for many sellers.

As others have pointed out, the asking price of other houses locally means nothing unless they are selling at that price. Your house is worth what buyers in the current market are willing to pay for it, nothing more.

Best of luck with it. I hope it works out for you.

DublinDilbert

ASTA20 wrote:

The house is in Knockbrack Downs .

Hi There,

My sister lives in Knockbrack Downs, the houses are quite nice, and right beside the M1, ideal for anyone who has to commute.. Now for the bad part, they were trying to sell for most of last year (11 months) as they wanted to move, but couldn't sell... i think they had it on the market for €300K, probably would of accepted €295K, but still couldn't sell it... there seemed to be quite a few houses for sale around the square...

Even though the house hadn't sold after 11 months the EA was telling them not to drop their asking price ect... they eventually just took it off the market and are happy to stay there for the time being...

Mind Hunter 85

oh god this is so terrible, its now true my house is obviously unsellable regardless of whatever price i put i wont get a buyer can i ask did they even have any lower price range offers?

Lainey

its not unsellable, its just a fact that the prices have dropped, nothing anyone can do about it.. best advice for anyone (according to my auctioneer)is to sell at lower price to generate interest or just hold in tight in the hope things might change..

DublinDilbert

ASTA20 wrote:

oh god this is so terrible, its now true my house is obviously unsellable regardless of whatever price i put i wont get a buyer can i ask did they even have any lower price range offers?

I think they had 1 offer of €280K, which they didn't accept...

iguana

ASTA20 wrote:

oh god this is so terrible, its now true my house is obviously unsellable regardless of whatever price i put i wont get a buyer can i ask did they even have any lower price range offers?

Your house isn't unsellable, it just needs you to work out it's current market price. If you want to sell I'd suggest somewhere between €5-15 lower than the lowest price similar house.

Victor

iguana wrote:

Your house isn't unsellable, it just needs you to work out it's current market price. If you want to sell I'd suggest somewhere between €5-15 lower than the lowest price similar house.

But that'll only buy you lunch!

iguana

Victor wrote:

But that'll only buy you lunch!

€5-15k

whizzbang

Is there anything Asta20 can do add an incentive for the EA to promote their house? Could you offer them a €1,000 bonus for a sale within 3 months or anything like that?

miju

to the OP again bear in mind when pricing your house that according the ESRI today that prices are expected to at least fall a further 3% this year so dont try and chase the market down in the hope of banking profit.

The_Conductor

ASTA20 wrote:

oh god this is so terrible, its now true my house is obviously unsellable regardless of whatever price i put i wont get a buyer can i ask did they even have any lower price range offers?

Its no unsellable. You just have to accept that the climate has changed considerably and moderate your expectations. You have said there are similar properties on offer for 280k- that means if you want someone to be interested in your house you have to beat the other houses in the area.

As a total aside- there is very little point in investing more time or money in doing up your house with the assumption that a FTB or someone else will see nicely painted walls and internal decor and be willing to pay for them. Its highly unlikely that you would cover the outlay in an increased sale price.

While it is highly unfortunate that you feel that you need to a particular profit out of the house- you are going to have to be brutally honest with yourself and accept that either you sell the house for a lower price than the 280k, or accept that you will have to hold onto it longterm, and what that entails for you.

Your house is not unsellable by any means, it may not be saleable at the price you have advised you are expecting though.

conor_mc

smccarrick wrote:

As a total aside- there is very little point in investing more time or money in doing up your house with the assumption that a FTB or someone else will see nicely painted walls and internal decor and be willing to pay for them. Its highly unlikely that you would cover the outlay in an increased sale price.

You're correct in that you'll probably little if any return on your investment, however it will help sell the house without doubt.

I'd think of it as an expense (in the same vein as EA/solicitor fees, maybe even more important than EA fee's!) rather than an investment. In today's market, presenting the house well could be the difference between getting a sale or not getting a sale. I wouldn't advocate replacing kitchens or bathrooms or anything like that, but new curtains/bed-clothes, a lick of paint, de-cluttering, maybe a couple of hundred quid to replace an old/worn carpet, a tidy garden - that sort of thing.

Curtain and bed-clothes can move with you anyway, so it's not a total waste of money.

jackal

ASTA20 wrote:

oh god this is so terrible, its now true my house is obviously unsellable regardless of whatever price i put i wont get a buyer can i ask did they even have any lower price range offers?

Chill, it will sell at the price the market thinks its worth. Unfortunately the ERSI thinks its worth 3% less this year. In reality, seeing as property was seeing gains of 10% (or more) last year, that actually means its worth close to 13% less than what you and sellers in general would have expected it it to be worth now.

Sellers have yet to adjust their prices to this new reality. Firstly they have trouble dropping the anticipated 10% growth (which never materialised) out of the asking price, and then they have to reduce it a further few percent to make the house affordable again - keep in mind buyer affordability has been severerely compromised for FTBs who might be interested in properties such as your own.

A lot of people are just as surprised as you, hence nothing is shifting. There are plenty of buyers out there who dont really care about investment, growth, etc. They want a place to live, and they cannot afford them at the moment. A house like yours should be attractive to an FTB who has it in mind to maybe stay there a while and have kids and stuff. Its a much better prospect than a small apartment or something.

If you can sell now and accept at least 13% less than what you are asking then try it and see who bites - an offer is not binding. If you cannot accept it then plan on staying there for a medium to long time until the market cycles round again to an upward trajectory. Considering how long and how high the upward part of this boom has gone, it could be a considerable time before that situation arises.

fishfoodie

A quick search of 'Knockbrack Downs' in daft, reveals 9 properties. 1 of which is 'Sale Agreed', for what thats worth ! The rest aren't moving.

The Agreed price was 270k, while the units not moving are all 280k-300k

The market sets the value, & of course given that the last sale was at 270k & everyone knows the market is falling, I'd say any buyer would be a fool to pay more than 260k

It's economics 101 !

daveirl

This post has been deleted.

Mind Hunter 85

Today we went to the Estate agents.
they have 2 properties currently in my estate both are slow to sell however both have offers of 270000 and 275000 respectively which the owners are refusing to accept[this is the owner/ buyer standoff that was predicted long ago eventually more than likely one seller will back down or come off the market.
i have decided what will be ,will be ,anyway it wasnt my money to begin with if i get on offer for 280k i'll sell .if not we'll forget about selling .as i said we are happy with this house we don't need bigger space etc ,
but i do need to be abroad and i feel like this has somewhat dented my plans. and put my life in a mess ,healthcare will just have to wait. its not a terminal ilness on somethin .
but that could affect serverely me for my entire life if i dont get something done.
nevermind enough of my moaning . i would love to be in the position to offer this house to someone for a lower price but i cant .

we'll see, i'll let you's know if it sells. somehow i doubt it due to the market

whizzbang

Is there any other way you could get the treatment you need? I hear you can go to other European countries and get treated there for free? Hopefully there is another way you can get what you need. Best of luck!

iguana

ASTA20 wrote:

but that could affect serverely me for my entire life if i dont get something done.

I have problems with my back which affect my life, at times very severly. If I could have that fixed for a cost of 10k I'd find the money. If the only way to fix it was to accept 270k for my house instead of 280k and borrow or save the remaining 10k I'd do it like a shot. You can't put a value on your health.

ASTA20

ASTA20 wrote:

but that could affect serverely me for my entire life if i dont get something done.
nevermind enough of my moaning .

Thats right dont be complaining, like the above post - you cant put a price on your health. I wouldnt have any sympathy for you if you put money before a lifelong health problem. 15k over your lifespan is just not worth it.

Do we have a messer here? Are you genuine? This could now be called into question.

patrickolee

Ah to be fair, we don't know what the nature of the health problem is. It could be anything ranging from laser eye correction to breast reduction/augmentation to stomach staple to heart transplant.... who knows. We can't judge the choice. What's important is that the OP is happy/can live with the medical problem when given the choice of losing 10-15 thousand. Her choice, can't judge her for it, when we don't know all the circumstances.

she said it would affect her "severely"

Mind Hunter 85

hI ALL
just a quick update , we sold the house sale closed last monday we got 285000 for it fully furnished .we sold privately so it cost us 610euros for a premuim ad on daft ,the second viewer was the buyer ,now owner of the house .
just to say selling can be done in this market and privately too. while i was selling prices dropped around me but we got close enough to what we wanted anyway .we got to know the people during the sale ,it was a very personal expeience to sell this way and we've been at the house since collecting letters and we know their very happy in it.

final word maybe it was a case of right place right time i don't know, but sellers remember you only need one buyer. And buyers buy in the price range you can afford and find the house you like in that range .

thats all thanks everyone for your opinions .

Do-more

Delighted to hear that it worked out for you and hope all goes well for you in the future.

dts

Just read this thread today and the end has put a big smile on my face. We are trying to sell our houe at the moment to move on to a bigger property and half way through your thread I was ready to give up. What a great ending for you:D