House on the market over a month, no offers - am I missing something?

Breezer

I'm looking at buying a house in Dublin to live in. First time buyer. It's been on the market over a month and there's no offers. Another house I bid on close by had 3 offers in the first week.

I'm trying to figure out what could be wrong with this one. Things I've considered:

• It's definitely overpriced - but that doesn't stop someone making a lower offer
• It's a privately owned house in a small council estate - would that really put people off to this extent? I can't see any reports online of crimes there, people from there being jailed, etc. etc. I had a chat with a couple of the neighbours, an older middle aged lady and an elderly lady. Sure they were working class, but both seemed lovely and told me there was never any trouble in the area. And I know the area quite well, I rented up the road for years: it's a little rough around the edges, not exactly Foxrock, but I've never felt unsafe there and it's actually fairly quiet.
• It's a potential flood risk - never flooded but beside a river. Some insurance companies won't cover it at all. Others are quoting, but the small print says it can't be this close to water, so it involves a conversation with the company. I suspect this means a premium (hopefully just a premium) - I haven't had this conversation yet.
• It's dated inside. Needs doing up. But it's in good nick otherwise.
• Not a lot of potential to add equity. It's a good size already, but it's a small site. I've seen similar in the same area sell for above asking.

Now, that's a fair few caveats, but is this list enough to put off ALL buyers for more than a month? Is there anything else I should be considering? I feel I must be missing something huge. Or if these are all workable for me should I just go for it?

Roger Mellie Man on the Telly

Go for it. Absolutely. Have a structural survey done if you notice any large cracks. We bought a while back and nobody else was really interested. It's on a busy road and has no off street parking. Needed a fair bit of work too. It's the right house for us and we got it for less than advertised.

PM me if you want and send me the details / link to the house. I'm an architect - if I see anything in the photos I'll let you know.

Breezer

Roger Mellie Man on the Telly wrote: »

Go for it. Absolutely. Have a structural survey done if you notice any large cracks. We bought a while back and nobody else was really interested. It's on a busy road and has no off street parking. Needed a fair bit of work too. It's the right house for us and we got it for less than advertised.

PM me if you want and send me the details / link to the house. I'm an architect - if I see anything in the photos I'll let you know.

Cheers. Do you worry about resale at all, given you were the only ones interested? Or is it your forever home? I can see myself staying here a good few years, but probably not forever. My intention is to build on a utility room and tart the place up to the nines, make it open plan, brighter etc. Hopefully the nicer veneer will help when I eventually want to move on.

Roger Mellie Man on the Telly

Yeah it's a forever home we think, not worried about resale value. It's cheaper than renting after all.

allibastor

If it's overpriced thats enough.
Plus,offers might have been made but were very low, too low to consider.

Neighbour of mine is selling and is way overpriced. EA wont entertain offers less that 10% under asking, so technically there might be offers, but no valid ones

cameramonkey

iF it id deemed a flood risk, then as you say insurance would be difficult to get, if insurance is difficult then I would imagine it would be very hard to get a mortgage hence the lack of offers.

A house I know in Harolds Cross which was flooded a few years back by the Poddle is impossible to insure and hence the asking price was low. Many people who viewed it and liked it found that the banks would not give them the mortgage.

Breezer

Cheers for the replies.

I've been on to some insurance companies and it's only been an issue for 2 of them. All the others are fine with it. So that can't be it.

Maybe it is just the price.

Cheers.