Give up and wait a year??

morrigan2014

I'm sure I'm not in the same boat here. So we've been looking for a house (3/4bed semi detached) for some time now with no success. We've been outbid on every house we've hoped to buy and are getting seriously fed up of going to house viewings with 40 people outside. The asking price nowadays seems to be almost irrelvant as anything we've bid on has gone over by the asking price by at least 20%. We are looking in Dublin West/Kildare North area. The RTE show that was on the other night seemed to have fuelled panic buying even more so as I rang about a house that hadn't even viewed yet today and the estate agent said there was already an offer on it. I actually believe the estate agents as well! Scary or what!

So we are thinking of hanging up the boots and waiting for that shower of &^**s aka the Irish government to start building more houses and maybe then the market will calm down a bit. However the risk with this is that prices will be even higher than now especially with banks and new government initiatives offering out more credit. I know it's impossible to predict the market situation in a year or two and what may happen though.

Any thoughts??

Mr.McLovin

April'14 Michael Noonan - 'We need to get property prices up another bit'

gives you an idea where he wants prices to be next year...

Lombardo86

I am in a similar situation - been looking but to no avail. No success and being pipped by x thousand for each house as i have a figure in my mind per house we see and dont go above it (Trying to not get emotionally attached was the best advice i have received - when it is actually mine, ill get attached)

The most frustrating part is that i dont know what to do o- Hangin on let's save another years worth of savings, but for what? Chances are the houses will have gone up by that amount this time next year. Bringing me full circle and thinking i should buy now - at least it will be a year off the payments if i get it now.

But this is what's causing all the panic too - cant win

Theboinkmaster

I'm not sure - alot of people in the same boat, including myself.

We're holding off as doesn't suit us right now but also i think it's entirely possible dublin prices will decline in a year or too, as it's currently a cash bubble perhaps.

Once you're left with normal amount of cash buyers (whatever that is in normal operating market) and the rest (mojority) are left with trying to borrow from the banks, prices should reduce. But by how much is anyone's guess and there's the supply issue also...

But i do know the current situation is pure madness - €0.5m for a 3 bed semi D in SCD with a G ber rating.....

If prices don't decrease and market gets more sensible think I'd rather leave the country for a better quality of life.

mickman

Lombardo86 wrote: »

I am in a similar situation - been looking but to no avail. No success and being pipped by x thousand for each house as i have a figure in my mind per house we see and dont go above it (Trying to not get emotionally attached was the best advice i have received - when it is actually mine, ill get attached)

The most frustrating part is that i dont know what to do o- Hangin on let's save another years worth of savings, but for what? Chances are the houses will have gone up by that amount this time next year. Bringing me full circle and thinking i should buy now - at least it will be a year off the payments if i get it now.

But this is what's causing all the panic too - cant win

what usually happens when something is being talked about over and over and over again in the news ?

Yes, it ends in tears

PBPumpkin

Also looking in North Kildare area and we are totally frustrated at this stage.

Seems it was an error of judgement to be "sensible" during the last boom and not go ahead and buy at those outrageous prices as not many are losing homes due to arrears/non payment of mortgage.

I understand the softly softly approach to a degree towards families who overstretched themselves and don't want to see increases in homelessness etc.

What I don't understand is why more buy to lets in arrears are not repossessed - it seems the rules don't apply in these cases - it has more to do with the banks not wanting the hassle of managing these repossessions or not wanting to crystalise the losses on their balance sheets.

lima

I got mortgage approval in Sept 2012, I wanted to buy a Dublin City Centre 2br apt for under e220k. I do a lot of traveling for work so don't get the chance to do many viewings so I've been relaxed about it but eventually I got reapproved in Jan 2014 and went to a few viewings. It's not even worth it! I looked at one 2br place in Dublin for e290k and turns out it went for e360k! When I was there, there was a farmer type old man with a Kerry accent putting on a bit for e300k right at the start of viewings!

Seems astonishing that reasonably clued-in people like myself and others I hear of are refusing to pay over the odd's for (usually) low-quality housing in Dublin yet some other people are - Who the hell is buying these low quality properties at over-heated prices? Is investment yield really that good? Is it really worth e200k extra to say you live in 'South County Dublin'?

I feel it is the two-wage family 'holders-off' form the boom who now have circa. e200k saved up who see that even if they end up in Negative Equity the government will never take their property away from them. They are also probably those types who feel a property is a status symbol, and who dedicate all of their income and savings to an asset that they will just give away when they die.

Even at the bottom of the bust I didn't think prices were worth it for the quality of property in Ireland. For a while I felt that I should just suck it up and buy somewhere merely for the capital gain, but I now don't even see the bother about getting worked up every Saturday morning to pay for something deep down I don't want to pay for, even if it means selling it on to some sucker for a higher price in a few years time!

Anyway, I calculated my rent is about the same as interest I would pay on a mortgage, so that keeps me going, My savings are up to six figures and climbing so I have more capital than if I lock it into the Irish economy. Luckily I have a good landlord too so if more people like me waited and chilled a bit then perhaps this boom will fizzle out a bit!

PBPumpkin

We are renting ourselves and have a very fair landlord who unfortunately has told us he is selling up in the next few months.

So our decision is either buy somewhere quick if we can find something suitable or else find somewhere else to rent at a much higher cost to what we are currently paying.