Price drops on Myhome

handlemaster

Just been looking at myhome.ie and used their price change option. Ive never used this before, there seems to be a lot of price drops, are there normally so many ?

http://www.myhome.ie/pricechanges

lima

Probably sellers with unrealistic expectations starting to be realistic

handlemaster

I was thinking that to LIMA. Better to ask lower then up the price because buyers might think there is somthing wrong with the place

Seamu$

Check out http://collapso.net/ as well OP, you can see if there have been multiple price changes on a property as well (click the number under the "History" heading). Covers Daft and Myhome.

Crusades

End of the selling "season".

Many investors and flippers are getting out now while the market is still buoyant. No guarantee that it will be as buyout again in the Spring 2015 selling season. Lots of small-time developers and private individuals planning to offload in the Spring.

Plus, there's a fair bit of political uncertainty on the horizon. Which is not good for investors. A protectionist US administration could spell disaster for Ireland, the aircraft carrier of choice for US multinationals. Also, the very real possibility of SF getting into power. Finally, there's the issue of Irish politicians facing re-election who are hiding behind poor accounting practices (i.e. "cooking the books"). You can only plámás the EU for so long. They're sick of the beal bocht, "do a deal" chalatans like Noonan going cap in hand. The Bertie "sure be jaysus" act doesn't work any more. Once the accounting systems are upgraded there will be a real-time feed of our fiscal situation.

handlemaster

Crusades wrote: »

End of the selling "season".

Many investors and flippers are getting out now while the market is still buoyant. No guarantee that it will be as buyout again in the Spring 2015 selling season. Lots of small-time developers and private individuals planning to offload in the Spring.

Plus, there's a fair bit of political uncertainty on the horizon. Which is not good for investors. A protectionist US administration could spell disaster for Ireland, the aircraft carrier of choice for US multinationals. Also, the very real possibility of SF getting into power. Finally, there's the issue of Irish politicians facing re-election who are hiding behind poor accounting practices (i.e. "cooking the books"). You can only plámás the EU for so long. They're sick of the beal bocht, "do a deal" chalatans like Noonan going cap in hand. The Bertie "sure be jaysus" act doesn't work any more. Once the accounting systems are upgraded there will be a real-time feed of our fiscal situation.

I think to there will be considered buying but with budget and new year out of the way prices will continue up. This uncertainty can also make people more comfortable with bricks and morter.

Crusades

handlemaster wrote: »

I think to there will be considered buying but with budget and new year out of the way princes yo continue up. This uncertainty can also make people more comfortable with bricks and morter.

Homes in nice areas can be stable investments. At the right price. If you don't mind part of your portfolio being illiquid and you're playing the long game, then I guess there's a little bit of opportunity still available (certainly nothing near the buying opportunities available in 2011). It's very hard to realise your illiquid asset in the event of a panic as it can take several weeks to do the paperwork.

Unlike the "boom years", homes are now subject to property taxes and CGT is quite high now.

Also, there's a huge amount of bureaucracy now when renting out a house. Tenants know the system and they can over-hold and there's SFA the landlord can do about it. Finally, cash-paying tenants are pretty much a thing of the past.

Weyhey

I noticed lots of price drops in my area over the summer, interesting to note that some of the ones I saw ended up selling above the original higher price.

Now we are back to silly season and prices have jumped again. EA testing out the water at higher prices. Maybe wanting investors in before the end of the CGT exemption or panicking owner occupiers. It will be interesting to see how many drops there will be over next few months.

cookiecakes

Our neighbours in Glasnevin put theirs up 2 weeks ago and had two saturday viewings. 3 people showed up the first week and 2 the second. We bought at the beginning of the year and Saturday viewings always had loads of people at them. We figure they've put it up too high and have priced themselves out of the market. I'm expecting a drop in the next couple of weeks! Just goes to show, just cos people are pricing themselves high, buyers are still being somewhat prudent.

D3PO

cookiecakes wrote: »

Our neighbours in Glasnevin put theirs up 2 weeks ago and had two saturday viewings. 3 people showed up the first week and 2 the second. We bought at the beginning of the year and Saturday viewings always had loads of people at them. We figure they've put it up too high and have priced themselves out of the market..

They have still had 5 viewings in 2 weeks so every chance they will achieve their asking price. Only takes 1 person to get it ....

custom_build

It really can't be over estimated how important the time of year is, the same slow period occurs in the residential sales sector EVERY year. With the average completion times being around 3 months, nobody wants to be thinking about finalising a sale over the christmas holidays or at the start of the year with kids and school.

L1011

CGT exemption is ending which will take some heat out.

handlemaster

The CGT was a good stimulant Alright. I wonder what the next incentive will be.

cookiecakes

D3PO wrote: »

They have still had 5 viewings in 2 weeks so every chance they will achieve their asking price. Only takes 1 person to get it ....

True. However, when they told us they were selling it, they said they were really hoping to get a bidding war going as they have just bought their new house and paid 50k over asking. I get the impression asking price just wouldn't be enough for them!

duckcfc

MYOB wrote: »

CGT exemption is ending which will take some heat out.

Is there now a CGT on sale of your own private residence?

gaius c

MYOB wrote: »

CGT exemption is ending which will take some heat out.

It was extended before and my feeling is that it will be extended "one last time" to try and keep this going for the run in to the election.

handlemaster

I didnt think it would but maybe your right. It could be tweeked to maybe 10yrs or something like that.

L1011

duckcfc wrote: »

Is there now a CGT on sale of your own private residence?

Nope, but for investors which are definitely some of the market currently (I suspect less than others on here seem to think, or else far more sales would be returning directly to the rental market)

gaius c wrote: »

It was extended before and my feeling is that it will be extended "one last time" to try and keep this going for the run in to the election.

It doesn't buy many votes for its potential costs - so if there is the risk of a quick 2015 election its not a great call; if they decide they're definitely going to April '16 it may help massage the next budgets figures by higher sales prices / stamp duty / general economic activity / better capital for banks.

The_Conductor

It is a valid observation- for whatever reason- there is an abnormally large number of properties having their asking prices reduced. Its nationally too- including the main markets.

Were sellers unreasonably exuberant in their expectations- and do they now have to readjust their expectations- or is there something more insidious at work?

Recent media reports have latched onto NAMA providing 20k dwellings in the Dublin area (which is factually inaccurate)- alongside the mortgage lenders being about to go on a repossession and sale binge. Perhaps people are simply grabbing what they can, while the going is good?

Crusades

The_Conductor wrote: »

It is a valid observation- for whatever reason- there is an abnormally large number of properties having their asking prices reduced. Its nationally too- including the main markets.

Were sellers unreasonably exuberant in their expectations- and do they now have to readjust their expectations- or is there something more insidious at work?

Recent media reports have latched onto NAMA providing 20k dwellings in the Dublin area (which is factually inaccurate)- alongside the mortgage lenders being about to go on a repossession and sale binge. Perhaps people are simply grabbing what they can, while the going is good?

Many speculators are gearing up to exit in the Spring "buying season". Maybe too many... I think things will be quiet until then. Word is getting around (Sinn Fein are beating the "wealth tax" drum) and with NAMA now offloading property, investors are worried that there's trouble down the line.

The time to enter the market was 2011/2012. I have a friend who bought a 3 bed + side garage in Walkinstown for 150k in 2012. The place has more than doubled in value. For those who bought at the right time, the ROI has been superb and well above even their wildest expectations.

Balmed Out

I look at collapso every Wednesday and Saturday for Cork and I think there's been a reduction in price drops in the last few months....

People talking about the seasonal nature of property im not sure if its quite the big deal as before. Outside of very busy markets like Dublin or Cork cities there should be plenty of daylight hours for all to view any property and personally id feel much happier about purchasing during the winter and seeing the house at the coldest, darkest and gloomiest time of year.

handlemaster

The indo has it that the CGT exemption is to be scrapped.

ForEffsSake

Balmed Out wrote: »

I look at collapso every Wednesday and Saturday for Cork and I think there's been a reduction in price drops in the last few months....

People talking about the seasonal nature of property im not sure if its quite the big deal as before. Outside of very busy markets like Dublin or Cork cities there should be plenty of daylight hours for all to view any property and personally id feel much happier about purchasing during the winter and seeing the house at the coldest, darkest and gloomiest time of year.

+1. When you really want a house and you've been looking in despair at the price race upwards. You won't care what time of year it is. Especially if you're renting in the same area you're looking, because you won't need to worry about the school year, work change etc.

L1011

People have a resistance to stating a move near Christmas which is one minor brake on the market. School years matter to those with kids and moving areas, so not everyone but it all adds up

Crusades

The time of year doesn't matter a damn to a professional investor.

However people in the mortgage market have different behaviours. Behaviours that can be manipulated.

handlemaster

Crusades wrote: »

The time of year doesn't matter a damn to a professional investor.

However people in the mortgage market have different behaviours. Behaviours that can be manipulated.

Could y ou explain the Last bit ?

The_Conductor

handlemaster wrote: »

Could y ou explain the Last bit ?

Perhaps he was looking at the marketing gimmicks from BOI and the likes- such as stamp duty paid @ 1% of the mortgage value for first time buyers etc?

Barely Hedged

gaius c wrote: »

It was extended before and my feeling is that it will be extended "one last time" to try and keep this going for the run in to the election.

What basis did you use to come up with that?

Price rises have been viewed and reported quite negatively by the media in recent months. Clearly a government would ignore this and keep it going for a year before a re-election???

A lot of feeling, no substance backed up by logical reasoning

Barely Hedged

handlemaster wrote: »

Just been looking at myhome.ie and used their price change option. Ive never used this before, there seems to be a lot of price drops, are there normally so many ?

http://www.myhome.ie/pricechanges

Its worth noting that estate agents are more likely to publish price drops that price increases so its a skewed population of numbers youre looking at

Barely Hedged

handlemaster wrote: »

Just been looking at myhome.ie and used their price change option. Ive never used this before, there seems to be a lot of price drops, are there normally so many ?

http://www.myhome.ie/pricechanges

Its worth noting that estate agents are more likely to publish price drops than price increases so its a skewed population of numbers youre looking at

gaius c

Barely Hedged wrote: »

What basis did you use to come up with that?

Price rises have been viewed and reported quite negatively by the media in recent months. Clearly a government would ignore this and keep it going for a year before a re-election???

A lot of feeling, no substance backed up by logical reasoning

Do you read your newspapers with polaroid lenses?
There's been huge amounts of crowing re property prices "recovering".

And Michael "We need to get property prices up another bit" Noonan has made no secret about what he's trying to do.