Property Market 2019

JJJackal

Sunrise_Sunset wrote: »

Just went sale agreed today. Thanks to this forum for the advice over the past few months.

How did you find the process?

Sunrise_Sunset

JJJackal wrote: »

How did you find the process?

6 months of stress. And we're not out the other side yet.
Overall, happy enough with the dealings we've had with the bank. Viewings take up every Saturday of your weekend. Have not enjoyed dealing with Estate Agents. Wouldn't be doing it again in a hurry.

JJJackal

Sunrise_Sunset wrote: »

6 months of stress. And we're not out the other side yet.
Overall, happy enough with the dealings we've had with the bank. Viewings take up every Saturday of your weekend. Have not enjoyed dealing with Estate Agents. Wouldn't be doing it again in a hurry.

What part of the country were ye looking in

smurgen

Sunrise_Sunset wrote: »

Just went sale agreed today. Thanks to this forum for the advice over the past few months.

<SNIP>

Sunrise_Sunset

JJJackal wrote: »

What part of the country were ye looking in

North Wicklow

Samuel T. Cogley

Sunrise_Sunset wrote: »

Just went sale agreed today. Thanks to this forum for the advice over the past few months.

DO NOT stop looking, sales fall through and you don't want a standing start again.

Sunrise_Sunset

smurgen wrote: »

My condolences .buying in at the top because of the vested interests in this forum.

Not because of.
We were buying now regardless.

Wexforllion

smurgen wrote: »

<SNIP>

Why would you say this to someone who just bought.

Asshole behavior.

The_Conductor

Guys- cop on.
If you can't remain civil- don't say anything at all.

JJJackal

smurgen wrote: »

<SNIP>

This is a sub optimal comment

Johouse

Well done on going sale agreed. It’s an exhausting process.... we’re still in the midst of it - keep getting out bid. Looking for family home in scd where the commute is not horrific. Any tips please share!

JJJackal

Sunrise_Sunset wrote: »

Not because of.
We were buying now regardless.

Best of luck with your purchase - congratulations

Prices go up and prices go down - what is clear is no body knows.

Wolf of Wall Street - "its a fugazi, its a fugazi"

Your happiness with the house you bought is what matters

Sunrise_Sunset

JJJackal wrote: »

Best of luck with your purchase - congratulations

Prices go up and prices go down - what is clear is no body knows.

Wolf of Wall Street - "its a fugazi, its a fugazi"

Your happiness with the house you bought is what matters

Thank you! Oh I take no heed of the other poster's comment.
We need a house to live now, so we bought a house now. What the heck else we gonna do?
We scrimped and saved for years. We are super happy, and just hope it all goes well now.

Johouse

Sunrise_Sunset wrote: »

Thank you! Oh I take no heed of the other poster's comment.
We need a house to live now, so we bought a house now. What the heck else we gonna do?
We scrimped and saved for years. We are super happy, and just hope it all goes well now.

We are the same - have deliberated back and forth - we need somewhere to live now so we can change jobs ...... move on with our lives ...., life is short as they say..... who knows what’s going to happen with house prices.... even if they come down ..... will all balance out in the end.... you must be so relieved ... almost there congrats

Bluefoam

Sunrise_Sunset wrote: »

JJJackal wrote: »

Best of luck with your purchase - congratulations

Prices go up and prices go down - what is clear is no body knows.

Wolf of Wall Street - "its a fugazi, its a fugazi"

Your happiness with the house you bought is what matters

Thank you! Oh I take no heed of the other poster's comment.
We need a house to live now, so we bought a house now. What the heck else we gonna do?
We scrimped and saved for years. We are super happy, and just hope it all goes well now.

Congratulations. I'm also buying now.

Sunrise_Sunset

Johouse wrote: »

We are the same - have deliberated back and forth - we need somewhere to live now so we can change jobs ...... move on with our lives ...., life is short as they say..... who knows what’s going to happen with house prices.... even if they come down ..... will all balance out in the end.... you must be so relieved ... almost there congrats

Plans contingent on other plans, it's hard isn't it. I'm sure you will make the right decision for you guys.

Bluefoam wrote: »

Congratulations. I'm also buying now.

Best of luck with it all.

whatever76

hmmmm - this not a good thing no ?

https://www.independent.ie/business/personal-finance/property-mortgages/firsttime-buyers-lose-as-banks-fail-to-use-all-mortgage-exemptions-38211318.html

SirGerryAdams

whatever76 wrote: »

hmmmm - this not a good thing no ?

https://www.independent.ie/business/personal-finance/property-mortgages/firsttime-buyers-lose-as-banks-fail-to-use-all-mortgage-exemptions-38211318.html

Maybe not?

If more people are renting and there's a shortage then the rent prices are going to keep going up. And house prices will always be sold based on the yield they can bring in because there's always investors.

bri007

Congrats we bought a house as well

Sunrise_Sunset wrote: »

Just went sale agreed today. Thanks to this forum for the advice over the past few months.

The_Conductor

SirGerryAdams wrote: »

Maybe not?

If more people are renting and there's a shortage then the rent prices are going to keep going up. And house prices will always be sold based on the yield they can bring in because there's always investors.

Investors, as a percentage of those purchasing, have fallen off a cliff.

Twenty Grand

The_Conductor wrote: »

Investors, as a percentage of those purchasing, have fallen off a cliff.

If property process and rents are peaking then investors will be looking to get out.

I've noticed locally the quantity of houses has increased and prices have decreased.

Maybe we're at the cusp of a correction.

Zenify

The_Conductor wrote: »

Investors, as a percentage of those purchasing, have fallen off a cliff.

Do you have any figures for this? Even a rough guess...?

FutureGuy

Here's our situation...

We are renting. 2 years ago it was 700/month. Now 1,000/month. Will be minimum 1200/month by April 2020.

We are the higest bidder on one house and are keeping our options open.

We kinda have to buy regardless of a correction - it would be the family home where we could live long term. Close to city., great schools etc. Mortgage would be cheaper than rent too.

Sunrise_Sunset

bri007 wrote: »

Congrats we bought a house as well

Thank you, and congrats to you guys too.

SirGerryAdams

Anyone single here that bought and rents a room or two out?

I think it's more feasible and less likely for you to make a loss if you do this right?

The_Conductor

Zenify wrote: »

Do you have any figures for this? Even a rough guess...?

The CSO publish stats on house purchasers- I can't access them here, but will try to get them later.

Askthe EA

The_Conductor wrote: »

The CSO publish stats on house purchasers- I can't access them here, but will try to get them later.

https://www.cso.ie/px/pxeirestat/statire/SelectVarVal/Define.asp?MainTable=HPA02&PLanguage=0&PXSId=0

JJJackal

FutureGuy wrote: »

Here's our situation...

We are renting. 2 years ago it was 700/month. Now 1,000/month. Will be minimum 1200/month by April 2020.

We are the higest bidder on one house and are keeping our options open.

We kinda have to buy regardless of a correction - it would be the family home where we could live long term. Close to city., great schools etc. Mortgage would be cheaper than rent too.

Your example shows a good example of the value of buying even if houses prices fall. Lets say you decide to wait for a significant fall - could take 3 years. Then you keep waiting cause you think, like everyone else, lets wait for the bottom. The bottom comes but you have not found a suitable house so it takes another 12-18 months. That's 4.5 years of waiting. In that time you will have paid 54,000 in rent - provided no rise. An estimate of the value of house where rent is 1000 a month is 240000 (1000*12*20).

Will a house valued at 240,000 decrease by more than 20% in the next 4.5 years? Unless house prices crash like in 2008-2012, in which case will you be able to get the money to buy it anyway, its hard to see one making a massive loss

Best of luck with your purchase; hope it goes smoothly

CPTM

I had a very strange experience there with Allen and Jacob agents on one house. They have two cash buyers bidding on it currently. I placed a bid but they don't want to hear from us anymore because because we're in a chain.

That's fair enough, but right from the get go it's been a strange experience. They were telling any viewers that arrived after 20 minutes to the open viewing that it was closed up and they weren't allowing anyone else in. They took my number, but didn't phone me. I phoned and they never returned my call. Eventually they did and I bid 7k higher than the latest highest.

I phoned the next day to tell them I'm sale agreed and to see if they'd any thoughts on my highest bid. They said it had already been outbid and they don't want any more offers from us because we're in a chain. It's been on the market for 5 days.. shouldn't they entertain all bids from every angle until everyone stops bidding(to get the highest amount possible), and accept the offer which is most attractive, even if it is a cash buyer who is bidding 5k less than a chain buyer?

FutureGuy

JJJackal wrote: »

Your example shows a good example of the value of buying even if houses prices fall. Lets say you decide to wait for a significant fall - could take 3 years. Then you keep waiting cause you think, like everyone else, lets wait for the bottom. The bottom comes but you have not found a suitable house so it takes another 12-18 months. That's 4.5 years of waiting. In that time you will have paid 54,000 in rent - provided no rise. An estimate of the value of house where rent is 1000 a month is 240000 (1000*12*20).

Will a house valued at 240,000 decrease by more than 20% in the next 4.5 years? Unless house prices crash like in 2008-2012, in which case will you be able to get the money to buy it anyway, its hard to see one making a massive loss

Best of luck with your purchase; hope it goes smoothly

That didn't last that long - someone has put in an offer 4k over ours.