Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Demand in property market

Options
  • 28-04-2009 3:15pm
    #1
    aidan13
    Registered Users Posts: 102 ✭✭


    Im looking to buy a house at the moment but it seems like any good ones are sold, it appears that there is demand back again. Has anybody noticed this or is it just me?


Comments

  • Options
    #2
    silverside
    Registered Users Posts: 1,372 ✭✭✭silverside


    http://daftwatch.thepropertypin.com/ indicates that the number of houses for sale on daft is steady at about 70,000 for the past few months...


  • Options
    #3
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    aidan13 wrote: »
    Im looking to buy a house at the moment but it seems like any good ones are sold, it appears that there is demand back again. Has anybody noticed this or is it just me?
    You don't happen to write for the Irish Times Property Supplement, do you? I'd love to know where this demand is coming from, if it exists.

    You're right that there a significant number of 'dud' properties on the market which have been there for some time. E.g. properties that are poorly-located, have structural issues, are over-looked by apartments blocks, facing onto a busy thoroughfare etc. Also many vendors have been putting "better" properties out to rent on the basis that the market will recover in the near future, although often these seem to appear back on the market when the owners realise that the rental market is saturated.

    But I'd imagine you might find something from among the 70k properties currently advertised for sale on Daft, not counting all the other vacant properties that don't appear there.


  • Options
    #4
    TheCityManager
    Registered Users Posts: 186 ✭✭TheCityManager


    To be fair though, I'm beginning to see a fair few 'sale agreeds' around my way...and some of these are newish to the market.....and not all that cheap...


  • Options
    #5
    bladespin
    Registered Users Posts: 7,347 ✭✭✭bladespin


    TheCityManager wrote: »
    To be fair though, I'm beginning to see a fair few 'sale agreeds' around my way...and some of these are newish to the market.....and not all that cheap...


    That's an old agent tactic, especially handy if the property has been on the market a little too long.


  • Options
    #6
    aidan13
    Registered Users Posts: 102 ✭✭aidan13


    I can tell you that I've called 5 EA today about houses and they've all sold.


  • Advertisement
  • Options
    #7
    Rayan
    Closed Accounts Posts: 50 ✭✭Rayan


    Well

    Whether house prices are rising or falling, there will always be certain areas in demand. Where are you looking exactly?


  • Options
    #8
    Mugatu
    Closed Accounts Posts: 58 ✭✭Mugatu


    bladespin wrote: »
    That's an old agent tactic, especially handy if the property has been on the market a little too long.

    What tactic is that? To get the house sold? :rolleyes:


  • Options
    #9
    aidan13
    Registered Users Posts: 102 ✭✭aidan13


    Naas


  • Options
    #10
    Rayan
    Closed Accounts Posts: 50 ✭✭Rayan


    Mugatu wrote: »
    What tactic is that? To get the house sold? :rolleyes:

    To simulate interest I'd imagine.


  • Options
    #11
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    aidan13 wrote: »
    Im looking to buy a house at the moment but it seems like any good ones are sold, it appears that there is demand back again. Has anybody noticed this or is it just me?

    Did you not just buy a house in Naas?

    http://boards.ie/vbulletin/showthread.php?p=59458937#post59458937


  • Advertisement
  • Options
    #12
    gar_29
    Closed Accounts Posts: 174 ✭✭gar_29


    well, i'm house-hunting, and some of the stuff i was looking at sold within days of coming onto the market. if the price is right, properties are selling very quickly.


  • Options
    #13
    mathie
    Registered Users Posts: 5,102 ✭✭✭mathie


    gar_29 wrote: »
    well, i'm house-hunting, and some of the stuff i was looking at sold within days of coming onto the market. if the price is right, properties are selling very quickly.

    The one house I looked at recently (Malahide) had allegedly gone after 1 day.
    In fairness it was on for roughly 40% less than the average for the estate so might not be indicative.


  • Options
    #14
    El Stuntman
    Closed Accounts Posts: 4,720 ✭✭✭El Stuntman


    gar_29 wrote: »
    well, i'm house-hunting, and some of the stuff i was looking at sold within days of coming onto the market. if the price is right, properties are selling very quickly.

    wow, fundamental economic truth still holds. whodathunkit? ;)

    the other side of that equation is (and this applies to 95%+ of all properties on the market) "if the price is still pitched at demented la-la bubble-land levels, the property is not shifting at all but the buyers refuse to drop as they won't sell for 'less than it's worth'"


  • Options
    #15
    gar_29
    Closed Accounts Posts: 174 ✭✭gar_29


    El Stuntman wrote: »
    wow, fundamental economic truth still holds. whodathunkit? ;)

    the other side of that equation is (and this applies to 95%+ of all properties on the market) "if the price is still pitched at demented la-la bubble-land levels, the property is not shifting at all but the buyers refuse to drop as they won't sell for 'less than it's worth'"

    ha ha, i guess it sounded different in my head! :D

    i guess i meant exactly what you said. if the seller wants summer 2008 prices, forget it. if the seller is happy to talk, they it'll sell in a jiffy.

    one place i looked at lowered the priced by 30%, then had 5 people bidding to get it, it ended up going for over the new, lower asking price.


  • Options
    #16
    oceanclub
    Registered Users Posts: 3,411 ✭✭✭oceanclub


    aidan13 wrote: »
    Im looking to buy a house at the moment but it seems like any good ones are sold, it appears that there is demand back again. Has anybody noticed this or is it just me?

    Yeah, you're right. Of the 73,000 houses for sale on daft.ie right now, none of them could be good, so all the good ones must have been bought.

    But if that's the case, shouldn't the demand now be zero?

    But I bow to your superior intellect.

    P.


  • Options
    #17
    oceanclub
    Registered Users Posts: 3,411 ✭✭✭oceanclub


    gar_29 wrote: »
    one place i looked at lowered the priced by 30%, then had 5 people bidding to get it, it ended up going for over the new, lower asking price.

    Great to know there are still people who'll be expecting a bailout in a few years.

    P.


  • Options
    #18
    gar_29
    Closed Accounts Posts: 174 ✭✭gar_29


    oceanclub wrote: »
    Great to know there are still people who'll be expecting a bailout in a few years.

    P.

    i'm expecting no such thing, i'll stand on my own two feet thanks!!!!! :)

    and your answers smack of smartalec-ness. by all means, share an opinion, but there's no need to let it descend into a slanging match.

    houses were overpriced, and i think everyone will agree on that, but it doesn't follow that all houses still are. it's a different matter if it's a small apartment in the midlands or a redbrick in d4. what i've seen is that quality houses in good areas are selling quickly. iffy houses in not so good areas are sticking around.


  • Options
    #19
    who_ru
    Registered Users Posts: 2,033 ✭✭✭who_ru


    gar_29 wrote: »
    what i've seen is that quality houses in good areas are selling quickly.


    I very much doubt that assertion. what exactly have you seen?


  • Options
    #20
    gar_29
    Closed Accounts Posts: 174 ✭✭gar_29


    who_ru wrote: »
    I very much doubt that assertion. what exactly have you seen?

    one example; a house off leeson park went on the market two weeks ago for 985k. there was one public viewing on the first saturday, it sold on the monday.


  • Options
    #21
    mrgaa1
    Closed Accounts Posts: 759 ✭✭✭mrgaa1


    There most certainly has been more interest recently and I think this has got a lot to do with the fact that as people are checking their finances they are noticing that monthly rent does not make a return and is more than likely their largest outgoing. Therefore if they could get a house their payments monthly would be less as in majority of cases the monthly mortgage payment is less than the rent. Also those who want to buy are looking - they are typically a young couple (married or otherwise) with a young child or two who want to get on the market.
    The only thing is its just been interest - not a lot of sales. But interest is better than no interest which was in existence for 6-9months.


  • Advertisement
  • Options
    #22
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    mrgaa1 wrote: »
    There most certainly has been more interest recently and I think this has got a lot to do with the fact that as people are checking their finances they are noticing that monthly rent does not make a return and is more than likely their largest outgoing. Therefore if they could get a house their payments monthly would be less as in majority of cases the monthly mortgage payment is less than the rent.
    Firstly the return that monthly rent makes is a roof over your head. That's the service you pay for.

    Secondly saying that a "majority" of properties are cheaper to buy than rent is a serious exaggeration. Take a look at family homes in urban areas - the kind of homes that your hypothetical couple with one or two kids might actually want to live in.

    Finally the people you describe would be very foolish to make a rent/buy decision based on current interest rates, when they're at an all-time low.


  • Options
    #23
    inforfun
    Moderators, Social & Fun Moderators Posts: 20,862 Mod ✭✭✭✭inforfun


    bladespin wrote: »
    That's an old agent tactic, especially handy if the property has been on the market a little too long.

    I am willing to believe this indeed.
    House in my arrea has been for sale for over a year. For all i know the price is ridiculous. The place needs huge upgrading and all it has in its favour is 300 m2 of back garden.

    In that year i have seen 3x times the sign "Sale Agreed" for it to disapear a few weeks later. Now it is "sale Agreed" again, yet, the place is still advertised on myhome.ie


  • Options
    #24
    Glenbhoy
    Registered Users Posts: 1,853 ✭✭✭Glenbhoy


    mrgaa1 wrote: »
    There most certainly has been more interest recently and I think this has got a lot to do with the fact that as people are checking their finances they are noticing that monthly rent does not make a return and is more than likely their largest outgoing. Therefore if they could get a house their payments monthly would be less as in majority of cases the monthly mortgage payment is less than the rent. Also those who want to buy are looking - they are typically a young couple (married or otherwise) with a young child or two who want to get on the market.
    The only thing is its just been interest - not a lot of sales. But interest is better than no interest which was in existence for 6-9months.

    There may be some more interest than last year, but for that to translate into actual sales will require banks to provide mortgages at levels that sellers will accept - that is not happening.
    Banks are drawing out the whole process and for the first time in years are reviewing potential borrowers credit histories and incomes with fine tooth combs, the only instances where banks are happy to lend are where it's to provide finance for a purchase which happens to be a property being sold by one of their problem developers - this makes perfect sense because whilst they are still owed the same amount, they have managed to take the liability from the developer (which they will never be paid) and transfer it to a couple of FTB's who will do their utmost to try and repay the debt (in sharp contrast to the developer).
    In addition it is not possible to state that rents are lower than mortgage repayments, there are so many variables there that to do so is a nonsense statement. Many developers have being doing same recently, but their comparisons have been questionable to say the least.


  • Options
    #25
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    I think there is a little bit more interest at the moment. These are the naive people who think there are great bargains out there. When I try to point out that they are 'bargains' compared to the obscene peak prices, they look at my blankley. When I tell them we have years of pain ahead of us and they will saves 10's or 100's of thousands if they wait until 12 or 24 months, they say no one can predict the future.

    So yeah, there is some interest out there. Unfortunately.


  • Options
    #26
    who_ru
    Registered Users Posts: 2,033 ✭✭✭who_ru


    http://www.rte.ie/news/2009/0429/economy.html


    i think reality will have some impact on the property market here.


  • Options
    #27
    TheCityManager
    Registered Users Posts: 186 ✭✭TheCityManager


    AARRRGH wrote: »
    I think there is a little bit more interest at the moment. These are the naive people who think there are great bargains out there. When I try to point out that they are 'bargains' compared to the obscene peak prices, they look at my blankley. When I tell them we have years of pain ahead of us and they will saves 10's or 100's of thousands if they wait until 12 or 24 months, they say no one can predict the future.

    So yeah, there is some interest out there. Unfortunately.

    Agreed 100% ... Great value compared to 1-2 years ago but how will it compare up to prices in 1-2 years more time???
    who_ru wrote: »
    http://www.rte.ie/news/2009/0429/economy.html


    i think reality will have some impact on the property market here.

    Have my elderly mum's house on market at mo...went up for sale yesterday..there was a viewer this morning already...

    EA says that although there is extra interest viewings and sales recently, it will only take one announcement or budget or whatever to plunge the whole propert market even further off the edge....

    Stay tuned................


Advertisement