Property Market 2018

_brendand_

Glen_Quagmire wrote: »

You say its not possible but you had a bid under the asking price accepted??

Well we ended up not buying it in the end which probably tells you something about why our low bid was accepted. But 'absolutely not' was an overstatement, admittedly

arctictree

_brendand_ wrote: »

Absolutely not, sorry. The only house you'll get for the actual asking price is a new build. Having said that, the house that we just bought we got for only a few thousand over and the house we bid on and pulled out of the sale on the same road we actually got our bid accepted at a few thousand under the asking price.

I call BS on this. There are lots of properties around that are dropping their asking prices. It all depends on how the house is priced in the first place.

Bob24

arctictree wrote: »

I call BS on this. There are lots of properties around that are dropping their asking prices. It all depends on how the house is priced in the first place.

Agreed. They are in a minority but they definitely exist. As a matter of fact I bought a property exactly for the asking price in one of the highest demand areas of Dublin last year. The pricing strategy of the EA was just to start-off pretty high compared to others and wait for as long as it took to get an offer at that price (while most EAs will price it low to attract attention and trigger bidding wars).

dk1982

Bob24 wrote: »

Agreed. They are in a minority but they definitely exist. As a matter of fact I bought a property exactly for the asking price in one of the highest demand areas of Dublin last year. The pricing strategy of the EA was just to start-off pretty high compared to others and wait for as long as it took to get an offer at that price (while most EAs will price it low to attract attention and trigger bidding wars).

Currently buying myself. Spoke to two separate estate agents in Swords last week. Both said this time last year you could generally add 10% to the asking price for the majority of properties whereas now they're generally going for in or around the asking price.

dudara

arctictree wrote: »

I call BS on this. There are lots of properties around that are dropping their asking prices. It all depends on how the house is priced in the first place.

Agreed, we went sale agreed for 11% under the original asking, 6% under the revised asking.

MayoSalmon

dudara wrote:

Agreed, we went sale agreed for 11% under the original asking, 6% under the revised asking.

Where, as location has a lot to do with. Hardly going to be bidding wars over a house in Navan compared to one in Clontarf for example

Bob24

MayoSalmon wrote: »

Where as location has a lot to do with. Hardly going to be bidding wars over a house in Navan compared to one in Clontarf for example

Well it’s more how the place is priced compared to market value which decides than. If you advertise your house in Navan 20% below market value I guess you can get a bidding war.

But yeah usually this is only a good pricing strategy in high demand areas.

MayoSalmon

Bob24 wrote: »

Well it’s more how the place is priced compared to market value which decided than. If you advertise your house in Navan 20% below market value I guess you can get a bidding war.

But yeah usually this is only a good pricing strategy in high demand areas.

Even if it is 20% market there still an argument that the volume of people looking to buy won't be sufficient to ignite a bidding war. Now Navan probably a bad example for that but generally more people more bids all other things considered.

Bob24

CSO figures for July are out: https://cso.ie/en/releasesandpublications/ep/p-rppi/residentialpropertypriceindexjuly2018/

0.7% increase in Dublin from June to July, and 7.2% year to July.
1.4% increase for the rest of ireland from June to July, and 13.7% year to July.

dudara

MayoSalmon wrote: »

Where, as location has a lot to do with. Hardly going to be bidding wars over a house in Navan compared to one in Clontarf for example

Dublin City Centre, South side

MayoSalmon

Sure...

dudara

MayoSalmon wrote: »

Sure...

Can you elaborate?

The_Conductor

Bob24 wrote: »

CSO figures for July are out: https://cso.ie/en/releasesandpublications/ep/p-rppi/residentialpropertypriceindexjuly2018/

0.7% increase in Dublin from June to July, and 7.2% year to July.
1.4% increase for the rest of ireland from June to July, and 13.7% year to July.

The Dublin 'slow-down' is becoming more and more entrenched- one might even say a degree of 'normalisation' in price rises is apparent- though its spotty, and inconsistent. All the while- the rest of the country is becoming more divorced from the Dublin market..........

The Central Bank rules- *are* working, whether anyone likes them or not- and are just about the only thing saving prospective buyers from themselves and bidding more than they can actually afford to repay (though this hides the fact that there are hundreds of thousands of Dublin based workers- who are being asked to make longer and longer commutes to and from work- as there are *no* affordable housing options/solutions that they can use.

There is both good and bad news in the CSO stats- and hopefully this is interpreted as such and not all the good news spun for all its worth in the media...........

Pussyhands

The_Conductor wrote: »

The Central Bank rules- *are* working, whether anyone likes them or not- and are just about the only thing saving prospective buyers from themselves and bidding more than they can actually afford to repay (

There is both good and bad news in the CSO stats- and hopefully this is interpreted as such and not all the good news spun for all its worth in the media...........

And what happens if people lose their jobs?

Cuddlesworth

Pussyhands wrote: »

And what happens if people lose their jobs?

Under the central bank rules, both people would need to loose their jobs usually to make payment of mortgages impossible.

ELM327

Pussyhands wrote: »

And what happens if people lose their jobs?

Since we have nearly full employment, they will get another job?

We don't have bucket loads of folk involved in construction and various boom type bullsh1t jobs these days buying property like the last time. There's a shortage of property to buy and as mentioned the CB rules are quite conservative with respect to folk taking on risky mortgages.

Most of the facebook and google folk are renters I would imagine, some might argue they are sort of precarious boom type jobs.

Mickiemcfist

Augeo wrote: »

Most of the facebook and google folk are renters I would imagine, some might argue they are sort of precarious boom type jobs.

I think in terms of precarious boom time jobs, Google and Facebook aren't too much of a concern. Retail, bars, leisure & hospitality would be riskier

Pussyhands

ELM327 wrote: »

Since we have nearly full employment, they will get another job?

Recession

ELM327

Pussyhands wrote: »

Recession

10 years ago

Pussyhands

Pussyhands wrote: »

Recession

Folk who have a mortgage and lose their job can't realistically expect to remain unemployed indefinitely. That accepted if they can't pay their mortgage they'll need to engage with the lender etc etc and work something out. that's always been the way

How many repossessions happened in the last recession?

Pussyhands

Augeo wrote: »

Folk who have a mortgage and lose their job can't realistically expect to remain unemployed indefinitely. That accepted if they can't pay their mortgage they'll need to engage with the lender etc etc and work something out. that's always been the way

How many repossessions happened in the last recession?

But how can people get mortgages then?

Foreigners may leave leading to more accomodation.

M.Cribben

Like the 20k new home FTB grant, house prices to increase €50k overnight if this is approved:

http://www.thejournal.ie/fianna-fail-affordable-housing-4231161-Sep2018/

FF affordable housing plan aims to give €50k subsidy to help first-time buyers purchase a home

ELM327

Mickiemcfist wrote: »

I think in terms of precarious boom time jobs, Google and Facebook aren't too much of a concern. Retail, bars, leisure & hospitality would be riskier

Augeo wrote: »

We don't have bucket loads of folk involved in construction and various boom type bullsh1t jobs these days buying property like the last time. There's a shortage of property to buy and as mentioned the CB rules are quite conservative with respect to folk taking on risky mortgages.

Most of the facebook and google folk are renters I would imagine, some might argue they are sort of precarious boom type jobs.

Anyone leaving Google/facebook/etc in fintech or silicon valley type jobs and leaving involuntarily will be leaving with a good paycheck on the door on the way out. I've been in the industry over a decade myself and I've seen colleagues at more than one firm leaving with a redundancy packet of 50-60k after 8-10 years of service. That would buy you a lot of time on the mortgage till you found something else!


Tech jobs, silicon valley, that type of job, is one of the least risky in the country at the moment.

Augeo wrote: »

Folk who have a mortgage and lose their job can't realistically expect to remain unemployed indefinitely. That accepted if they can't pay their mortgage they'll need to engage with the lender etc etc and work something out. that's always been the way

How many repossessions happened in the last recession?

That's part of the problem. Not enough.
The recession ended about 7-8 years ago. And we're still using it as an excuse...

Pussyhands

Pussyhands wrote: »

But how can people get mortgages then?

Foreigners may leave leading to more accomodation.

How can people get mortgages when? When they are unemployed?
What are you asking..............

Pussyhands

ELM327 wrote: »

Anyone leaving Google/facebook/etc in fintech or silicon valley type jobs and leaving involuntarily will be leaving with a good paycheck on the door on the way out. I've been in the industry over a decade myself and I've seen colleagues at more than one firm leaving with a redundancy packet of 50-60k after 8-10 years of service. That would buy you a lot of time on the mortgage till you found something else!

.

There are a lot of foreign nationals working in Dublin who are here for work. If they go they will be gone from the country.

Pussyhands

Pussyhands wrote: »

There are a lot of foreign nationals working in Dublin who are here for work. If they go they will be gone from the country.

Are you hoping for a property crash so you can buy outright or something?
No one has a crystal ball

ELM327

ELM327 wrote: »

Anyone leaving Google/facebook/etc in fintech or silicon valley type jobs and leaving involuntarily will be leaving with a good paycheck on the door on the way out. I've been in the industry over a decade myself and I've seen colleagues at more than one firm leaving with a redundancy packet of 50-60k after 8-10 years of service. That would buy you a lot of time on the mortgage till you found something else!


Tech jobs, silicon valley, that type of job, is one of the least risky in the country at the moment.
........

Indeed, when I said facebook and google type jobs might be the ones some might argue are sort of precarious boom type jobs I wasn't suggesting that was my view.

Bluefoam

Pussyhands wrote: »

There are a lot of foreign nationals working in Dublin who are here for work. If they go they will be gone from the country.

I was talking to Pedro at salsa classes... he says they all (foreigners) plan to head off in November before the cold sets in... buy property then...

*this is not a racist comment, I'm just reacting to the 'them foreigners' comment above. I don't really attend salsa classes and Pedro is actually Polish.

ELM327

Pussyhands wrote: »

There are a lot of foreign nationals working in Dublin who are here for work. If they go they will be gone from the country.

If it rains it will be wet.


Don't see your relevance here mate