Property Market 2015

Paulw

stevedublin wrote: »

or the story is completely made up.

Mod Note: Keep it constructive, please.

farrerg

stevedublin wrote: »

so how would H2 bonuses affect current house prices?

My point was that either things are getting quiet, or that asking price expectations may be becoming a bit more realistic for some overpriced properties, because I've never had this kind of follow up from an estate agent.

Maybe its just a slow down for the summer, or maybe the new central bank rules are having a more dramatic impact on this particular segment of the market, less people with a 20% deposit plus the 50k min required to get it in order.

Warper

Does anyone have any experience of buying from an auction and why are the prices way cheaper than a normal sale? Saw a few places that state not to exceed the reserve of 100k for example. So can the price exceed this or who actually gets the property if there are say 3 people at the auction willing to pay this amount? Is it worth buying off these auctions? Thanks

Atlantic Dawn

Warper wrote: »

Does anyone have any experience of buying from an auction and why are the prices way cheaper than a normal sale? Saw a few places that state not to exceed the reserve of 100k for example. So can the price exceed this or who actually gets the property if there are say 3 people at the auction willing to pay this amount? Is it worth buying off these auctions? Thanks

You may not get the chance to view the property before you bid, there's usually viewing a few weeks before the auction but you would have to possibly have a few houses in mind to check them all. If reserve is €100k that's the minimum it will sell for, first bid of €100k gets it, any bidder going over that would then be next in line.

Warper

Atlantic Dawn wrote: »

You may not get the chance to view the property before you bid, there's usually viewing a few weeks before the auction but you would have to possibly have a few houses in mind to check them all. If reserve is €100k that's the minimum it will sell for, first bid of €100k gets it, any bidder going over that would then be next in line.

Thanks. Is it generally worth taking the chance that these properties are better value than officially listed properties and how easy per se is it to purchase these properties regards cash/mortgage etc.?

NinjaTruncs

Atlantic Dawn wrote: »

You may not get the chance to view the property before you bid, there's usually viewing a few weeks before the auction but you would have to possibly have a few houses in mind to check them all. If reserve is €100k that's the minimum it will sell for, first bid of €100k gets it any bidder going over that would then be next in line.

Err not at any auction I've ever witness. If the reserve is 100K it won't sell for less than that but could sell a lot higher depending on interest.

The_Conductor

NinjaTruncs wrote: »

Err not at any auction I've ever witness. If the reserve is 100K it won't sell for less than that but could sell a lot higher depending on interest.

Big time.
Its a minimum reserve.
Aka-it will not sell for less than that.
In an Irish context- Allsops have popularised a whole new concept- 'Minimum bid not to exceed blah.......' Aka- the minimum bid is less than 150k (or however much- but we're not going to tell you how much'.

Its a ploy to try to get people to bid up to or over a price which may be well above the minimum price- as people will not know in advance whether their offer will be successful or not below the price.

In any auction I have seen- once the reserve has been met the property will sell. It could sell for over twice the reserve- if a few people are interested in a particular property- its not unheard of.

The first person to meet or top the reserve at the auction- is simply that- the first bidder to meet or top the reserve- it means nothing. They most certainly do not get the property.

There are lots of other auction types- the latest ones- as evidenced at the likes of Hawkridge and Rokeby- are sealed best offers to the auctioneer- made blindly in ignorance of what the reserve is- and if you top the reserve- property is offered to the highest bidder downwards (until all the property has been placed), subject to a max normally of 10 working days to hand over the 10% deposit- before its offered to the next lower offer........

Given the permutations on display at the moment- it would appear that auctioneers and estate agents are studying other markets and deploying whatever they can find to try and extend the life support the market is displaying..........

We're entering the summer quiet period- so we can expect a break- I guess people will sit down and lick their wounds- and prepare for the first week in September at this stage. A few optimistic (or even opportunistic) estate agents- will probably try to use the next few weeks to steal a march on their competitors- however, cognisant of the summer period- there might be some low ball tidbits on the market over the next few weeks- to whet buyers attention- with estate agents cognisant that what might seem like a discounted price now- might be an inflated price, come September........

Even watching this as a relative outsider (aka I'm not buying or selling property)- is a little like watching a train racing towards a light- you have no idea what the light in the distance is- however- you cannot but help think there is going to be imminent carnage.........

Rew

If your not a cash buyer you will need to have done a lot of leg work with your bank to buy at auction.

gaius c

Warper wrote: »

Thanks. Is it generally worth taking the chance that these properties are better value than officially listed properties and how easy per se is it to purchase these properties regards cash/mortgage etc.?

Buyer beware.
There's usually a reason they are being flogged at auction instead of the open market.

gaius c

farrerg wrote: »

Got a call from an EA about a house I enquired about, never viewed, to let me know they had an offer of 275k, asking is 370k, seemed to be suggesting 300k would buy it. Never had that happen before, bonuses for H2 must not be looking great

EA's are becoming noticeably "nicer". Big overhang of unsold stock from the first half of this year and the buyers are very cagey right now.

The smarter ones were getting worried in the second half of last year.

Rew

gaius c wrote: »

EA's are becoming noticeably "nicer". Big overhang of unsold stock from the first half of this year and the buyers are very cagey right now.

The smarter ones were getting worried in the second half of last year.

I can't get an EA on the phone to make an offer for the last week unbelievable that any so called professional can operate that way.

Rowley Birkin QC

Any thoughts on this? http://www.daft.ie/11071791

Overvalued/undervalued?

gaius c

Rowley Birkin QC wrote: »

Any thoughts on this? http://www.daft.ie/11071791

Overvalued/undervalued?

€480 per sq foot and you'd need to be renting it at €2100 per month to get gross 8% yield.

Rowley Birkin QC

Current offer is €348k :eek:

Desmonddoyle

Rowley Birkin QC wrote: »

Current offer is €348k :eek:

That is pretty amazing for a 60sq m house with no room to expand. That area is legendary with delivery men - almost impossible to navigate in and out with a motor vehicle, although this looks like its not too far from Jones Road. You could throw your cat into Croke Park from there, so there would be serious access issues on match and concert days as well.

If I was the seller I would quickly and courteously snap the hand of whoever made that offer and push it through as quickly as humanly possible.

Interested in a house which is for sale by 'sealed bids'. Bit of a nightmare as I'm 99% sure the other bidder is bidding on a house around the corner. Anyone any experience of this? There seem to be no rules/regulations covering this so is it just a way to shake every last penny out of buyers?

Barely Hedged

[Deleted User] wrote: »

Interested in a house which is for sale by 'sealed bids'. Bit of a nightmare as I'm 99% sure the other bidder is bidding on a house around the corner. Anyone any experience of this? There seem to be no rules/regulations covering this so is it just a way to shake every last penny out of buyers?

Offer how much you think it's worth. You can't control what the other person feels its worth, so why worry about it?

It's a valid way to bring to a conclusion a house sale. It's not illegal, it's not regulated and nor should it be.

You could also take the view that concluding the sale earlier reduces the pool of potential bidders and could result in a lower price achieved by the seller. Depends what side of the fence you're on

True enough. I suppose it will at least bring certainty. The other bidder has been dragging the process out - probably because they are watching to see what happens with a slightly bigger house nearby.

Our bid was the last bid in. There's no way to know whether there really is any further interest so I'm inclined just to leave that bid on the table and see what happens.

I will be annoyed if we 'lose'. I will even be annoyed if we make a higher bid than we currently have on the table (asking price +1k) and then the 'winner' walks because s/he also wins the bidding war on the other house.

A friend of mine was telling me to throw bids at everything and only worry about whether you really want the house after you 'win'. If everyone did that...

fret_wimp2

gaius c wrote: »

EA's are becoming noticeably "nicer". Big overhang of unsold stock from the first half of this year and the buyers are very cagey right now.

The smarter ones were getting worried in the second half of last year.

Purely on gut and browsing the property sites for the past 24+ months I think this is either a flash in the pan or just one or two EA's who are worried about bonus'es.

Basically if you have been saving, have a big deposit and a good paying job, you will be able to afford something "decent" (relatively speaking).

If you couldnt afford in the past 18 months but are waiting for prices to come down, its hard luck, you wont be able to afford now or in the future.

Prices are fluctuating but not enough to allow someone who couldnt afford 12 months ago to suddenly be able to pick up some amazing piece of property.

If you want to buy (in Dublin) it looks like you just have to knuckle down, get a steady decent paying job, demonstrate ability to save consistently over 12+ months, and have a very healthy deposit.

Barely Hedged

[Deleted User] wrote: »

True enough. I suppose it will at least bring certainty. The other bidder has been dragging the process out - probably because they are watching to see what happens with a slightly bigger house nearby.

Our bid was the last bid in. There's no way to know whether there really is any further interest so I'm inclined just to leave that bid on the table and see what happens.

I will be annoyed if we 'lose'. I will even be annoyed if we make a higher bid than we currently have on the table (asking price +1k) and then the 'winner' walks because s/he also wins the bidding war on the other house.

A friend of mine was telling me to throw bids at everything and only worry about whether you really want the house after you 'win'. If everyone did that...

The only way to change this is to make bids legally binding much like in an auction. Would bring stability to bids offered and would be another tool to dampen the tendency of people to bite off more than they can chew by multi bidding.

The only way to do this is to contact your local TD. If enough people did, we wouldn't have to put up with this outdated and not fit for purpose system

Barely Hedged

fret_wimp2 wrote: »

Purely on gut and browsing the property sites for the past 24+ months I think this is either a flash in the pan or just one or two EA's who are worried about bonus'es.

Basically if you have been saving, have a big deposit and a good paying job, you will be able to afford something "decent" (relatively speaking).

If you couldnt afford in the past 18 months but are waiting for prices to come down, its hard luck, you wont be able to afford now or in the future.

Prices are fluctuating but not enough to allow someone who couldnt afford 12 months ago to suddenly be able to pick up some amazing piece of property.

If you want to buy (in Dublin) it looks like you just have to knuckle down, get a steady decent paying job, demonstrate ability to save consistently over 12+ months, and have a very healthy deposit.

Nail on head

leinsterdude

lovely house there, great location too, no work to be done, if i was single or kids grown up, would love that

fret_wimp2

fret_wimp2 wrote: »

If you want to buy (in Dublin) it looks like you just have to knuckle down, get a steady decent paying job, demonstrate ability to save consistently over 12+ months, and have a very healthy deposit.

Which all sounds reasonable enough!

jam_mac_jam

Barely Hedged wrote: »

Nail on head

Wow so many fortune tellers. Maybe you have missed the boat or maybe its going to drop again. We don't know

fret_wimp2

jam_mac_jam wrote: »

Wow so many fortune tellers. Maybe you have missed the boat or maybe its going to drop again. We don't know

Bingo. Have a read over the previous 141 pages, thats what this thread is mostly about, educated guessing on what will happen.

And i made an educated guess, thats all. Its up to you if you think its wrong, i dont really care. if you think in 6 months there will be a 10%+ drop in prices, good for you, i hope you are right. I dont think it will happen though.

Barely Hedged

jam_mac_jam wrote: »

Wow so many fortune tellers. Maybe you have missed the boat or maybe its going to drop again. We don't know

Markets move because an underlying changes. You can measure and rank the underlyings to determine what might cause it to move, in what direction and by how much. In this thread I've sought to have an evidence or ranking of the underlyings based discussion.

Just because you fail to grasp this, you label people as fortune tellers? Such comments highlight your level of knowledge or understanding as non exsistent, something you originally sought to paint other people as having with your post

mel123

At what point will a house sale fall through, and how does it fall through? Ive been told I am next in line as it looks like the first person who put down a deposit isn't getting the finance. Went sale agreed back in March. Who pulls the plug, is it the estate agent? Have they the right to do this?
Ive seen so many house sales fall through while I have been house hunting (about a year), are people playing games and just putting deposits down 'just in case', or are banks not seeing through mortgages?

I Am The Law

Banks are not happy with the sale agreed value I think myself.

NinjaTruncs

mel123 wrote: »

At what point will a house sale fall through, and how does it fall through? Ive been told I am next in line as it looks like the first person who put down a deposit isn't getting the finance. Went sale agreed back in March. Who pulls the plug, is it the estate agent? Have they the right to do this?
Ive seen so many house sales fall through while I have been house hunting (about a year), are people playing games and just putting deposits down 'just in case', or are banks not seeing through mortgages?

Do you plan to honour your last offer? if the person you were bidding against didn't have finance to match their bids I'd be reluctant to honour my last bid.

audi12

NinjaTruncs wrote: »

Do you plan to honour your last offer? if the person you were bidding against didn't have finance to match their bids I'd be reluctant to honour my last bid.

The market is in freefall it would seem in some areas