Asking vs Selling Price in Dublin

VonLuck

Does anyone have any idea how the general house/apartment asking prices compare with the selling prices in Dublin over the past few months? I know I can check the property price register for selling prices, but I've no way of knowing how much these were originally advertised for.

I'm wondering if I am wasting my time viewing properties where the asking price is equal to the maximum figure I can afford. I'm hoping at least some properties sell under the advertised price, but I am very doubtful.

LirW

Afaik there is no way you can check.
But unfortunately you'll probably have a tough time viewing something with an asking price of the top of your budget. You can still bid and you might get really lucky.
But at the moment anything with a reasonable price in a reasonable condition is in demand and unless there's something really wrong with it you'll face competition.

Jane1012

I bought my house 2 years ago but at the time I set up daft alerts to my emails. I never cancelled them so every now and then I check property price register to see how much houses sold for in my area and then search my emails for the daft alert to check the asking price. More of a long term wait for that though.
You can often google the address and it will bring up the archived ad on daft or my home

VonLuck

Well the thing is that any of the places I am considering are advertised at the highest price of any similar properties sold in the same estate or apartment block by about 10-15% - that's including sales at the latter end of 2017.

Have we gone beyond peak boom time prices or are these properties just pricing high and are likely to settle for less?

Sarn

From our experience the sale price has been at least 10-20% over the asking.

ame123

Hard to know. I still think some estate agents advertise low to get interest going. some then are testing things with a high price, although recently i'm guessing its more the former than the latter.

AsianDub

Was shocked to see on the PPR that 3 houses I looked at last year went over the asking by 28% to 35% :eek:. One of those was underpriced to whip up more interest IMO.

Samuel T. Cogley

VonLuck wrote: »

Have we gone beyond peak boom time prices or are these properties just pricing high and are likely to settle for less?

Areas (Raheny being one) are very close to boom prices, other areas are a way off. I've an apartment in D8 we're still about 30% off what we paid for it in 2006. It's a great investment or ideal place for getting on the ladder. Yer man who does the daft report said it's not actually houses that we're short of but apartments. Good on ya Ronan.

(Some of this post might be a tad self serving)

Interested Observer

VonLuck wrote: »

I'm wondering if I am wasting my time viewing properties where the asking price is equal to the maximum figure I can afford. I'm hoping at least some properties sell under the advertised price, but I am very doubtful.

To be honest in most cases you possibly are but it's still worth viewing places just to see what you like and what you don't, and who knows you might get lucky or a bidder might withdraw or something.

I've bid on two places so far, one went for about 8% over the asking and the other went for about 15% over.

zl1whqvjs75cdy

Sarn wrote: »

From our experience the sale price has been at least 10-20% over the asking.

Exactly the same for us. Glad to be out of it.

Miss Russell

VonLuck wrote: »

Well the thing is that any of the places I am considering are advertised at the highest price of any similar properties sold in the same estate or apartment block by about 10-15% - that's including sales at the latter end of 2017.

Have we gone beyond peak boom time prices or are these properties just pricing high and are likely to settle for less?

There has been a surge in asking prices since the new year. I think some analysts in the media mistook the slowdown of price rises from Sept-Dec 2017 as a sign of some normality returning to the market. In truth it was just a seasonal trend which happens every year. This is why you are seeing asking prices up by 10-15% now. Another double digit % rise in Dublin and surrounding counties this year is looking very likely in my opinion.

campingcarist

In France,once the asking price has been reached, the property must be sold to the first person offering asking price. Does away with low price to attract buyers and bidding wars over asking price. IMHO, a very good law.

Graham

campingcarist wrote: »

In France,once the asking price has been reached, the property must be sold to the first person offering asking price. Does away with low price to attract buyers and bidding wars over asking price. IMHO, a very good law.

Aren't you just moving the issue in the other direction? Over inflated asking prices for fear of selling below maximum market value.

CeilingFly

One of the papers did a survey and checked about 40 properties. (think it was Sunday business post)
Some of the higher priced properties sold below asking pruce, others sold at asking and some sold above.

Those selling above were usually the classic 3bed semi, but even these were just 5%-8% above.

There's a lot of new developments coming on the market, so less ott demand.

Johngoose

campingcarist wrote: »

In France,once the asking price has been reached, the property must be sold to the first person offering asking price. Does away with low price to attract buyers and bidding wars over asking price. IMHO, a very good law.

More evidence that the Irish government could do way more regarding housing crisis

mariaalice

http://www.daft.ie/dublin/houses-for-sale/crumlin/89-saul-road-crumlin-dublin-1529457/

I know Crumlin can be mixed but to me, this looks like a bargain renovated and near town and good public transport. Would 200k be in the range most people could aspire to?

retalivity

'sturdy' - thats a new one.
That said it is prob priced under its value, i reckon it would sell for 230+

Interested Observer

mariaalice wrote: »

http://www.daft.ie/dublin/houses-for-sale/crumlin/89-saul-road-crumlin-dublin-1529457/

I know Crumlin can be mixed but to me, this looks like a bargain renovated and near town and good public transport. Would 200k be in the range most people could aspire to?

On your own need a single salary of just over €50k to buy a €200k house. For a joint mortgage that sounds pretty achievable.

Wesser

This same question comes up from time to time on different threads. If you want you can Google the address and see what the original asking was. There is no other way of doing it.

campingcarist

Graham wrote: »

Aren't you just moving the issue in the other direction? Over inflated asking prices for fear of selling below maximum market value.

If the prices are over inflated buyers won't buy until price comes down - or the seller will have to wait much longer to sell.

mirrorwall14

Start a spreadsheet and record their asking, any increases/decreases on daft and the final selling price. I did this for a year before we bought in 2017. Almost all properties went over the asking, between 5%-38% more. One went under by 3% and another by 6%

Interested Observer

I actually viewed a place months ago in Glasnevin that had an asking of 450k, but didn't sell. It's now back up on Daft for 420k and has been for a while. So I guess it could go for more than 420 but less than 450.

If I had the time I could probably write something to automatically scrape Daft and store all the asking prices. Is a pain to do the job manually.

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Interested Observer wrote: »

I actually viewed a place months ago in Glasnevin that had an asking of 450k, but didn't sell. It's now back up on Daft for 420k and has been for a while. So I guess it could go for more than 420 but less than 450.

If I had the time I could probably write something to automatically scrape Daft and store all the asking prices. Is a pain to do the job manually.

Use some data mining software. I did something similar for a college project a few years ago.

Carlos Orange

If you setup an email alert on propertypriceregisterireland.com for areas that interest you you can then check the asking price on daftdrop.com. That will give you a rough idea but obviously it will be quite delayed.

What the asking price means can vary a lot I imagine. No harm seeing a place you might not be able to buy, just don't get attached to a house you don't own but that applies even if the asking price is well in your range.

Cash_Q

We're Sale Agreed on a house that was up for €255,000 and we are getting it for €253,000. There is a tenant in place for some time though so that may have put off other buyers.

We viewed another house up for €225,000 and our final bid was €252,000 and there were several bidders. It was a far less desirable area than where we're Sale Agreed but the low asking price generated a lot of interest. This is all from Nov 2017 in Dublin 24.

LirW

Cash_Q wrote: »

We're Sale Agreed on a house that was up for €255,000 and we are getting it for €253,000. There is a tenant in place for some time though so that may have put off other buyers.

Most banks require vacant possession to give you a mortgage. Rules a high percentage of buyers out automatically.
And others don't wanna take the gamble, because if you want to evict the tenant it can take you a while and if they refuse to move the sale might fall through or if you buy with a tenant in situ and they refuse to leave it'll cost you lots of time, money and nerves to get rid of them.

But I really hope it works out for you!

Bob24

Graham wrote: »

campingcarist wrote: »

In France,once the asking price has been reached, the property must be sold to the first person offering asking price. Does away with low price to attract buyers and bidding wars over asking price. IMHO, a very good law.

Aren't you just moving the issue in the other direction? Over inflated asking prices for fear of selling below maximum market value.

If the asking price is really too high, no one will bother viewing or making offers. Basically the expectation is that a seller will advertise for a bit more than what they want, and most buyers will offer a bit blow asking (but not much). If there is a lot of interest someone will just offer asking and the seller is happy as usually this is a bit more than what they expected. So it might take a bit longer to get offers than here, but there is very little scope for bidding wars so once a serious offer is made it’s almost sold (also going sale agreed binds both the seller and the buyer to complete the transaction so bids are more serious ans there are a lot less sales falling through).