Property Market 2015

Kinet1c

gaius c wrote: »

My "favourite" EA on the southside is quietly deleting ads and reposting with 3-4% asking price drops to try and hide the drops. Won't work because they are still too high other EA's are pricing much smarter and getting the traffic.

That won't really work with sites like collapso out there.

gaius c

Kinet1c wrote: »

That won't really work with sites like collapso out there.

If the ad is deleted and a new ad put up, collapso can't pick it up.

Balmed Out

Kinet1c wrote: »

That won't really work with sites like collapso out there.

It does if you change the address and someones not been keeping a close eye. Easy to do in rural areas.

Kinet1c

gaius c wrote: »

If the ad is deleted and a new ad put up, collapso can't pick it up.

Hmm, interesting. So it tracks ad posting as opposed to addresses. Our field of search is quite narrow so we'd recognise any funny business but as Balmet Out states, it could go unnoticed in rural areas. :mad:

Cuddlesworth

Kinet1c wrote: »

Hmm, interesting. So it tracks ad posting as opposed to addresses. Our field of search is quite narrow so we'd recognise any funny business but as Balmet Out states, it could go unnoticed in rural areas. :mad:

Many ad's don't have house numbers listed.

Balmed Out

When they come up on the property price register they will often have yet another address. They can be down by actual address, general area, townland, parish, name of actual house or often a general landmark like a lake, hill beach etc.

seamus

Deleted User wrote: »

Compared to last spring/summer, the winds have definitely changed.

Even compared to four weeks ago, the winds have changed.

Mid-Jan, went to a viewing of a €440k house in need of work, ~25 people at it, the place was mobbed.

This Saturday just gone, saw two properties under €400k not far from the above one, both in good nick, practically nothing needing to be done, and only 5/6 people at both.

It could just be a matter that people are uncertain and are shying away from viewing properties until they actually know what they can afford.

Woshy

We bought our house in October and the house directly opposite us has been for sale since before then. They want 45k more than we paid for our house. There is a house 5 doors down from it as well that also sold for 45K less about 5 months ago.

In my opinion, the house is definitely overpriced - it is bigger than ours as an extension has been done downstairs and better presented in some ways but not 45k worth. It has a much lower energy rating than ours too.

They had an open home about 2 weeks ago and there was quite a few young couples in looking at it (yes, I was having a good nose out the window!), more than I thought they would get given the price. It is still not sale agreed though but there was certainly no shortage of people viewing.

I just don't see them selling it at that price though so I will be interested to see what happens. It seems some sellers are just not willing to move. I keep expecting a price drop to appear in my alerts as the house has been on the market for at least 5 months but nothing doing so far.

handlemaster

Deleted User wrote: »

Not surprised by this as I'm looking in this general area, including commuter towns around Lucan.

Went a few viewings in the past 10 days, including two open viewings. A smallish house in need of work <400k had a reasonable number of people nosing around but none were pestering the agent as is often the case if the house is in good nick and well priced. (I think this one was in rough condition and over-priced compared to this time last year).

Two nicer houses >400k had much less interest. One has no offers despite a 30k price drop and the other has an offer 45k below asking which is being considered. This end of the market seems very quiet - the cash is gone and people are seeing less mania closer to Dublin, making it less attractive to seek 'value' in the commuter belt.

Compared to last spring/summer, the winds have definitely changed.

The indo had a piece today saying prices down by 7% in west lucan whereever that is. Interesting times for the market.

gaius c

Viewed a house on Saturday. It's nice but a little small. Went up a couple of weeks ago. Missus rang about a second viewing this weekend coming and was told "Last viewing is tomorrow evening. Bids are currently at 9% over asking. Sale will be agreed before the weekend"

Impressive work for the EA and it shows the benefits of going in with a nominally low asking to attract interest.

helimachoptor

bid made, 23% below asking, EA didnt shoot it down immediately but we'll see when he speaks to the vendor

Ohoh! Keep us posted

handlemaster

helimachoptor wrote: »

bid made, 23% below asking, EA didnt shoot it down immediately but we'll see when he speaks to the vendor

maybe he had a good belly laugh later on... :pac:

helimachoptor

will do guys.

This house has been on the market for a while and price has fluctuated by 200K over the last 5 years, it definitely needs some work aswell, some cosmetic and some infrastructure

flintash

handlemaster wrote:

maybe he had a good belly laugh later on... 

surely he did. by the look its the highest offer house has received.
on serious note, its hard to say without knowing location but you' d had sold plot in Mars if you wanted in all those five years. there is something wrong with the house at least too greedy vendor.

helimachoptor

fussy and non realistic vendor,, this is the 3rd ea to try and sell the house

gaius c

helimachoptor wrote: »

fussy and non realistic vendor,, this is the 3rd ea to try and sell the house

Are you wasting your time bidding with them then?

We saw a house before xmas. Asking was 335k. EA mumbled about a bid at 350k but after some interrogation, he admitted that the person behind that bid bought a different house off him*. Previous bids at 330k also had other properties lined up so all bids were gone.

The interesting thing is that the vendor had the asking and tried to squeeze for another 5k. That greed cost them the sale because the change in the market this spring has seen the asking price eventually drop 6k. There's a lot of messing in the current market. This sort of thing is still endemic and there's a lot of houses out there where the asking is only a starting point and there's a higher reserve price that the bidder has in mind. We've come across this already ourselves.

*Sharp practice allowing a buyer to bid on two different houses on your books. Wouldn't be too happy if I was the vendor in that case.

seamus

gaius c wrote: »

there's a lot of houses out there where the asking is only a starting point and there's a higher reserve price that the bidder has in mind.

Or asking is a target price rather than an aspirational one as it should be.

Barely Hedged

gaius c wrote: »

The interesting thing is that the vendor had the asking and tried to squeeze for another 5k. That greed cost them the sale because the change in the market this spring has seen the asking price eventually drop 6k. There's a lot of messing in the current market.

For most people who are selling houses its the first one theyve ever sold or is one of the biggest financial transactions they'll make in their lifetime. 99.95% of these people are not investment professionals and when presented with such large numbers is it any surprise that they think to themselves, maybe ill try and squeeze a little more? That vendor probably monitised that 5k in his head and thought - 5k could be a free holiday out of this if i just push for it.

People are also very attached to their property and can heighten their expectations.

Given this, there will always be messing in any property market. Historically, now and forever more, there will always be this going on.

gaius c wrote: »

This sort of thing is still endemic and there's a lot of houses out there where the asking is only a starting point and there's a higher reserve price that the bidder has in mind. We've come across this already ourselves.

There are often things going on behind the scenes and too many different scenarios to list here. Any person who has at failed with at least one property bid will know that if your bid meets or exceeds the asking price, it by no means implies the seller will accept it. Even if its sale agreed. An estate agent allowing a person to bid on two properties is just utilising his previous experiences

P. Breathnach

gaius c wrote: »

...
*Sharp practice allowing a buyer to bid on two different houses on your books. Wouldn't be too happy if I was the vendor in that case.

What's wrong with it? Vendors are quite happy to entertain bids from more than one prospective purchaser.

I'd be quite happy to tell an EA that I'd be prepared to pay €X for a particular property or €Y for a different one (provided I meant it); then see which vendor cracks.

seamus

P. Breathnach wrote: »

What's wrong with it? Vendors are quite happy to entertain bids from more than one prospective purchaser.

I'd be quite happy to tell an EA that I'd be prepared to pay €X for a particular property or €Y for a different one (provided I meant it); then see which vendor cracks.

What if both vendors accept your offer?

The EA works for the vendor, not the buyer, by allowing a buyer to bid on two properties they are not representing the best interests of those two vendors.

Barely Hedged

seamus wrote: »

What if both vendors accept your offer?

The EA works for the vendor, not the buyer, by allowing a buyer to bid on two properties they are not representing the best interests of those two vendors.

I read a statistic before, cant find the link, that >>> 50% of sale agreeds dont complete.

Theyre playing the numbers game

helimachoptor

gaius c wrote: »

Are you wasting your time bidding with them then?

Perhaps, the EA came back this morning to say the vendor is reviewing the bid so not an outright now. We are prepared to go to 80% of asking but no more.

We'll see how it goes..

gaius c

P. Breathnach wrote: »

What's wrong with it? Vendors are quite happy to entertain bids from more than one prospective purchaser.

I'd be quite happy to tell an EA that I'd be prepared to pay €X for a particular property or €Y for a different one (provided I meant it); then see which vendor cracks.

Because you're telling vendor A that you have a bid of a certain amount but if the same buyer goes with the property from vendor B, the bid on property A is now gone and the sale falls through with added delay and a possibly lower selling price. EA gets his commission but the vendor has not been represented properly by somebody supposed to get the best price for them.

Any reputable EA (oxymoron I know) would not allow a single buyer to bid on multiple properties on their books.

P. Breathnach

seamus wrote: »

What if both vendors accept your offer?

Easy; proceed with one.

The EA works for the vendor, not the buyer, by allowing a buyer to bid on two properties they are not representing the best interests of those two vendors.

The EA works for both vendors in this hypothetical scenario. How could the EA justify to one vendor a decision not to pass on an offer for consideration?

handlemaster

As far as prices going i know a three bed in Dublin 15 on at 120 k current offer 170k . Prices are still rising.

Kinet1c

handlemaster wrote: »

As far as prices going i know a three bed in Dublin 15 on at 120 k current offer 170k . Prices are still rising.

Lower end of the scale and potential first time buyers with lower deposit limits.

Do you think a lot of bids out there will be withdrawn due to the immediate implementation of the new rules?

handlemaster

Kinet1c wrote: »

Lower end of the scale and potential first time buyers with lower deposit limits.

Do you think a lot of bids out there will be withdrawn due to the immediate implementation of the new rules?

I wouldnt think so. I think people have more money for deposit s than you imagine. Its been 7 years of people saving . Sure you will have people playing the poor mouth that will always be the same.

handlemaster

Had a look at daft earlier. I'm familiar with Dublin 15 so , I like to have a look at prices there. I think they have jumped a bit. Examples below

http://www.daft.ie/sales/12-the-green-mulhuddart-dublin/1028405/

http://www.daft.ie/sales/10-willow-wood-view-clonsilla-dublin/1028404/

http://www.daft.ie/sales/84-the-way-hunters-run-clonee-huntstown-dublin/1028339/

http://www.daft.ie/sales/41-willow-wood-grove-clonsilla-dublin/1028250/


Last year these would have been alot less. I remember willow wood been around 240k in 2005. So it shows where the market it going. will be interesting to see what they sell at. I think as I said before prices in the lower end will increase to the 220k mark for your standard three bed.

gaius c

handlemaster wrote: »

As far as prices going i know a three bed in Dublin 15 on at 120 k current offer 170k . Prices are still rising.

For any area in Dublin, 120k asking is very low. I'm sure the pricing was deliberately set at that low level to drum up interest.