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Been waiting for prices to fall further..going to buy now..am I mad?

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    #122
    TheCityManager
    Registered Users Posts: 186 ✭✭TheCityManager


    I still havent pulled out of this ............ yet :rolleyes:


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    #123
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    ntlbell wrote: »
    what sort of utter nonsense is this?

    Everyone in tallaght is a heroin addict?

    cop on to yourself.

    I'm questioning the assertion that one could buy a house for €100k in Tallaght, suggesting that there must be something seriously wrong with the property.


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    #124
    TheCityManager
    Registered Users Posts: 186 ✭✭TheCityManager


    Gurgle wrote: »
    I'm questioning the assertion that one could buy a house for €100k in Tallaght, suggesting that there must be something seriously wrong with the property.


    House for sale in Tallaght for less than 100k

    :)


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    #125
    spockety
    Moderators, Education Moderators Posts: 5,468 Mod ✭✭✭✭spockety


    bobbiw wrote: »
    I dont think some people get it, for prices to fall en masse and fall further to the levels that people expect the economic climate must get worse.

    I love this scare mongering, I've seen it on loads of forums now.

    "Careful now, careful what you wish for, for Ireland to have a historically normal property market again it means we will have gone back to using flint to start fires and living in caves".

    Jesus, gimme a freakin break.


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    #126
    tesslab
    Registered Users Posts: 146 ✭✭tesslab


    the market will continue to drop. Just sold a 3 bed house for 90k under asking price as estate agents are advising sellers to take what they can before it gets worse.
    Am also noticing a lot of places advertised to let are houses that ppl cant sell. And theres a huge price difference on rental prices in the last year. Fingers crossed it keeps droppin i need to move!!! :p


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    #127
    aidan13
    Registered Users Posts: 102 ✭✭aidan13


    Call me unpopular for writing this but I think now would be a good time to buy this house for many reasons.
    When buying a house you need to find a home, something that you and your GF would be happy in. Its not an investment its a home. If you think its a nice house then so does somebody else. Houses have started to sell in the market recently. The last thing you want is for somebody else to come in and buy this home while your still sitting on the fence. If you think you could live here comfortably for the next 10yrs then its a good option.

    The next thing is interest rates. They are due to fall by another 1/2% in May. If this happens people with secure jobs should look at fixing their mortgage for 5yrs. Ok Ireland may stay in recession for another couple of years but once Europe starts doing well the ECB will start uping rates again and you don't want to get caught with your pants down.

    With the price of money so low and if your confident you've found a home go for it. Its not an investment that your looking for a quick return on. Go for it.


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    #128
    EKRIUQ
    Registered Users Posts: 4,386 ✭✭✭EKRIUQ


    According to property Bee that proprty went for sale on 11th Feb 2008 at €299,000 then went to €199,000 and now €99,000


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    #129
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    Gurgle wrote: »
    I'm questioning the assertion that one could buy a house for €100k in Tallaght, suggesting that there must be something seriously wrong with the property.

    What have junkies got to do with a problem with the property?


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    #130
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    EKRIUQ wrote: »
    According to property Bee that proprty went for sale on 11th Feb 2008 at €299,000 then went to €199,000 and now €99,000

    the junkie that bought it at 299k must of wrecked the place :rolleyes:


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    #131
    TheCityManager
    Registered Users Posts: 186 ✭✭TheCityManager


    EKRIUQ wrote: »
    According to property Bee that proprty went for sale on 11th Feb 2008 at €299,000 then went to €199,000 and now €99,000

    Yeah...but would you want it even if it fell to 99cent? :rolleyes:

    aidan13 wrote: »
    Call me unpopular for writing this but I think now would be a good time to buy this house for many reasons.
    When buying a house you need to find a home, something that you and your GF would be happy in. Its not an investment its a home. If you think its a nice house then so does somebody else. Houses have started to sell in the market recently. The last thing you want is for somebody else to come in and buy this home while your still sitting on the fence. If you think you could live here comfortably for the next 10yrs then its a good option.

    The next thing is interest rates. They are due to fall by another 1/2% in May. If this happens people with secure jobs should look at fixing their mortgage for 5yrs. Ok Ireland may stay in recession for another couple of years but once Europe starts doing well the ECB will start uping rates again and you don't want to get caught with your pants down.

    With the price of money so low and if your confident you've found a home go for it. Its not an investment that your looking for a quick return on. Go for it.

    Tis a valid point you make but it's just a standard house..only plus is that we're already in it...

    yes we would be there for many mnay years so yes prices may well rise again over that time but...........by waiting 6-12 months more I get to save possibly 50k (incl rent paid out...) and i still get a similiar house to live in for many years..............................with 50k in my pocket :o
    ONLY downside is that herself will not be impressed with continuing to rent for 6-12 months more.....will tell her over weekend :(


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    #132
    tesslab
    Registered Users Posts: 146 ✭✭tesslab


    tell her ya'll get her somethin nice outta that 50K:D:p


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    #133
    aidan13
    Registered Users Posts: 102 ✭✭aidan13


    Ok, lets do the maths. Lets say in the next 12months house prices go down by 20%. That does not mean that your house will go down by that much.

    If that house in Tallaght fell from 299K to 99K then thats a 66% reduction.

    That means that in order for houses to fall on average by 20% that some may not be falling if ones are taking a 66% reduction to get an average of 20%.

    It is quite unlikely that houses will fall by a further 20%. Maybe 10% and that doesn't mean that yours will fall by that.

    Everybody is still looking at property as investments. Those days are gone. We now buy to live. Once you find something your happy with it'll pay off.


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    #134
    Duckjob
    Registered Users Posts: 2,859 ✭✭✭Duckjob


    aidan13 wrote: »
    Everybody is still looking at property as investments. Those days are gone. We now buy to live. Once you find something your happy with it'll pay off.

    I don't think people here are thinking of property in terms of investment at all.

    More they're thinking about not paying grossly over the odds for something they could likely get in 12 months for a much more reasonable amount and enjoy a better, less financially stressed quality of life for the next 30 yrs.


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    #135
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    Duckjob wrote: »
    I don't think people here are thinking of property in terms of investment at all.

    More they're thinking about not paying grossly over the odds for something they could likely get in 12 months for a much more reasonable amount and enjoy a better, less financially stressed quality of life for the next 30 yrs.

    15-20yrs hopefully.


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    #136
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    ntlbell wrote: »
    What have junkies got to do with a problem with the property?

    http://www.askaboutmoney.com/showthread.php?t=106983
    :D


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    #137
    spockety
    Moderators, Education Moderators Posts: 5,468 Mod ✭✭✭✭spockety


    aidan13 wrote: »
    Call me unpopular for writing this but I think now would be a good time to buy this house for many reasons.
    When buying a house you need to find a home, something that you and your GF would be happy in. Its not an investment its a home. If you think its a nice house then so does somebody else. Houses have started to sell in the market recently. The last thing you want is for somebody else to come in and buy this home while your still sitting on the fence. If you think you could live here comfortably for the next 10yrs then its a good option.

    The next thing is interest rates. They are due to fall by another 1/2% in May. If this happens people with secure jobs should look at fixing their mortgage for 5yrs. Ok Ireland may stay in recession for another couple of years but once Europe starts doing well the ECB will start uping rates again and you don't want to get caught with your pants down.

    With the price of money so low and if your confident you've found a home go for it. Its not an investment that your looking for a quick return on. Go for it.

    The only issue with that is that you are assuming that there is only one 'perfect home' for every buyer. There is not, the market is flooded and you will always find your 'perfect home' if and when you shop around, no matter when you do it, be it now, next year, or in 5 years.

    You are also taking a short term view of interest rates. Fixing for five years is all well and good if you're on a 5 year mortgage, but most mortgages are 25/30/35 years...


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    #138
    cls
    Closed Accounts Posts: 92 ✭✭cls


    I'm no expert but here's my viewpoint. I think the difference here is the OP, or his wife, want this house. Is the landlord going to let you sit there renting it until prices bottom out and then accept an offer from you? Maybe, but I certainly wouldn't. If he is seriously putting it on the market then by the sounds of it he's going to need to do some work on it. How much is that work going to cost? Take that off the price, and then take some more off the price to account for a falling market. Spend the money you save doing up the house the way you like it. To me, this is a great position you are in. You get the house you want (or your wife wants :)) and you get to gut it and fit it the way you want. Prices are falling everywhere. Unless you're in it for the money I really fail to see what the significance of that is.


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    #139
    Duckjob
    Registered Users Posts: 2,859 ✭✭✭Duckjob


    cls wrote: »
    Prices are falling everywhere. Unless you're in it for the money I really fail to see what the significance of that is.

    How about if you're in it for the quality of life for the remainder of your adult years?


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    #140
    cls
    Closed Accounts Posts: 92 ✭✭cls


    Duckjob wrote: »
    How about if you're in it for the quality of life for the remainder of your adult years?
    Quality of life as in what exactly? As in its not a nice house or its not a nice area? Then don't buy it. I think the OP has already decided its the area they want to live in and more to the point its the house they want to live in. Yes quality of life is important, obviously. But I suspect you're talking about money. Again, if you can't comfortably afford it then don't buy it. I would have thought that was obvious too?

    I would love to be in the OPs position. To have the house you love and have been renting and to be in a position to knock the price down to suit your needs and to be able to gut it out and fit it the way you want it. Isn't that what its all about? Isn't that why prices are dropping, so that people can do exactly that? If not then what is it exactly that people want?


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    #141
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    Gurgle wrote: »
    http://www.askaboutmoney.com/showthread.php?t=106983
    :D

    ?

    I still don't see your point?


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    #142
    TheCityManager
    Registered Users Posts: 186 ✭✭TheCityManager


    cls wrote: »
    Quality of life as in what exactly? As in its not a nice house or its not a nice area? Then don't buy it. I think the OP has already decided its the area they want to live in and more to the point its the house they want to live in. Yes quality of life is important, obviously. But I suspect you're talking about money. Again, if you can't comfortably afford it then don't buy it. I would have thought that was obvious too?

    I would love to be in the OPs position. To have the house you love and have been renting and to be in a position to knock the price down to suit your needs and to be able to gut it out and fit it the way you want it. Isn't that what its all about? Isn't that why prices are dropping, so that people can do exactly that? If not then what is it exactly that people want?

    This is exactly the reason we were / are interested in house..yes we can afford it..quite easily...but it will / would kill me if / when I see similiar houses going for 50k less next year...that 50k could be very important in the future..we have three children between us..thats three children that we'll probably have to pay college fees for and help through life...


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    #143
    Duckjob
    Registered Users Posts: 2,859 ✭✭✭Duckjob


    TheCityManager wrote: »
    This is exactly the reason we were / are interested in house..yes we can afford it..quite easily...but it will / would kill me if / when I see similiar houses going for 50k less next year...that 50k could be very important in the future..we have three children between us..thats three children that we'll probably have to pay college fees for and help through life...

    Thanks OP, you've just summed up my argument perfectly.

    I'll never be able to understand the argument that 50K doesn't matter.


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    #144
    TheCityManager
    Registered Users Posts: 186 ✭✭TheCityManager


    Duckjob wrote: »
    Thanks OP, you've just summed up my argument perfectly.

    I'll never be able to understand the argument that 50K doesn't matter.

    Of course 50k matters...as I said three kids...gf could loose job...my pay could be further cut...ill health could intervene etc etc...50k is 50k...

    Only thing is another year of limbo, another year of not owning our own place that we can get stuck into doing up (that we both are immensely looking forward to..), another year of waiting and watching prices and property...we're not that young anymore (both early 40s..) so kinda need to 'settle'....but I do think 50k is worth some more 'pain'..


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    #145
    banshee_bones
    Closed Accounts Posts: 13,160 ✭✭✭✭banshee_bones


    TBH I really dont think your landlord will turf out good reliable tenants (as you and your family seem to be) in May.
    However see if he may drop his price a bit further in May. Even then try and get him to lease you for just one more year.
    Like most other posters said hold out for as long as possible.
    After all 50K is 50K..... and like you i would be so througholy sickened if i saw a huge dip in prices straight after i had forked out over the odds for a house that still needs work!


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    #146
    cls
    Closed Accounts Posts: 92 ✭✭cls


    TheCityManager wrote: »
    This is exactly the reason we were / are interested in house..yes we can afford it..quite easily...but it will / would kill me if / when I see similiar houses going for 50k less next year...that 50k could be very important in the future..we have three children between us..thats three children that we'll probably have to pay college fees for and help through life...
    Well thats fair enough so. The money matters so you should be thinking in money terms in which case its probably better to wait and hope for a similar house latter on. But really its the same old argument. The smart thing to do when prices are going up is to buy quickly and the smart thing to do when prices are declining is to hold off. People got stung on the way up and people will get stung on the way down. I don't understand why people should only buy when prices are increasing. To me the best time is to buy when prices are declining because it is a buyers market and you are in control. There are thousands of people in apartments and houses that they only now realise they hate and are stuck in indefinitely. In a buyers market that doesn't happen. you get the home you want, in the area you want, at a price you can afford. Waiting for it to bottom out is the best situation. The opposite situation is selling when things have peaked. But you're not going to find anyone who can predict the peak or the trough. In fact if you look at the peak the smart people got out when things were good, i.e they didn't gamble and hold off for the peak because by that time its already too late.


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    #147
    cls
    Closed Accounts Posts: 92 ✭✭cls


    I like to compare the housing market to the 2nd hand car market. Houses at the moment are like Ford Focus's. There's a wide range of prices all of different quality. And you'll always get a cheaper one if you hold off. But at the end of the day you're either in 2 categories. You could be a first time buyer who is sick of using public transport and really needs a car. Or you already have a car and need to upgrade, the longer you hold off the less you'll get at trade in so waiting makes no sense.

    If money matters you can wait a year. Get the same car for a cheaper price and hence have a smaller loan or shorter period. The car will be worth less as soon as you drive it out of the forecourt, but at least you're driving it and not just looking at it out of the bus window.


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    #148
    TheCityManager
    Registered Users Posts: 186 ✭✭TheCityManager


    Hmmmm..all the responses (thanks all....) caused me to look at this again...

    Case 1 - buy now...
    House 280k + 70k to totally renovate incl attic room (three kids..) = total 350k
    no hassle, settled down, kids happy, gf happy, house exactly to our desired mod.....but moi left watching prices as ever lol

    Case 2 - wait a year..
    Lets say current asking price of a reasonable modded house in estate is 380k, so assume 350k sale price...
    Assume it drops 40k in a year..thats down to 310k, add about 35k to mod to our desire (incl attic room) .. thats 345k...plus 10k in rent above mortgage for year.. thats a total of 355k

    So waiting a year is dearer, causes lots of hassle and inconvenience and I'm all confused again ..............Ahhhhhhhhhhhhhhhhhhh :confused:


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    #149
    Duckjob
    Registered Users Posts: 2,859 ✭✭✭Duckjob


    cls wrote: »
    The car will be worth less as soon as you drive it out of the forecourt, but at least you're driving it and not just looking at it out of the bus window.


    That sounds supiciously like: "you've paid over the odds, but at least you're on that ladder and no longer one of the plebs spending dead money paying other peoples mortgages".

    What a load of cock...That's the kind of thinking that got us into the mess we're in right now.


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    #150
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    TheCityManager wrote: »
    Hmmmm..all the responses (thanks all....) caused me to look at this again...

    Case 1 - buy now...
    House 280k + 70k to totally renovate incl attic room (three kids..) = total 350k
    no hassle, settled down, kids happy, gf happy, house exactly to our desired mod.....but moi left watching prices as ever lol

    Case 2 - wait a year..
    Lets say current asking price of a reasonable modded house in estate is 380k, so assume 350k sale price...
    Assume it drops 40k in a year..thats down to 310k, add about 35k to mod to our desire (incl attic room) .. thats 345k...plus 10k in rent above mortgage for year.. thats a total of 355k

    So waiting a year is dearer, causes lots of hassle and inconvenience and I'm all confused again ..............Ahhhhhhhhhhhhhhhhhhh :confused:

    jesus christ.

    if you have the money in the bank

    can afford it then just buy now and get on with your life.

    this thread is killing me.


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    #151
    TheCityManager
    Registered Users Posts: 186 ✭✭TheCityManager


    ntlbell wrote: »
    jesus christ.


    this thread is killing me.

    Dont read it then :pac::pac:;)

    Only kidding....


    Mods Feel free to kill this at any stage :rolleyes:


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