Twenty person bidding wars on driveways of Limerick houses

HailSatan

Adieu adieu adieu, no longer will we see them (little violin plays quietly, sadly)


https://www.limerickleader.ie/news/home/481938/economic-slowdown-brings-end-to-bidding-wars-in-driveways-across-limerick-auctioneer.html


Gordon Kearney, of Rooney’s Auctioneers said up to six months ago, it was common for up to 20 people turning up to a well-priced property in the Limerick suburbs, with an on-the-spot bidding war materialising.


So... did anyone ever witness one of these? Take part in one?


Was there some sort of ceremonial gloves you had to slap other parties in the face with?


Or was more of a vests and trackies, lots of huffing and puffing and limbering up, then out of shape lads huggling each other and failing to land a clean slap until the fair play men broke it up?

FutureGuy

HailSatan wrote: »

Adieu adieu adieu, no longer will we see them (little violin plays quietly, sadly)


https://www.limerickleader.ie/news/home/481938/economic-slowdown-brings-end-to-bidding-wars-in-driveways-across-limerick-auctioneer.html


Gordon Kearney, of Rooney’s Auctioneers said up to six months ago, it was common for up to 20 people turning up to a well-priced property in the Limerick suburbs, with an on-the-spot bidding war materialising.


So... did anyone ever witness one of these? Take part in one?


Was there some sort of ceremonial gloves you had to slap other parties in the face with?


Or was more of a vests and trackies, lots of huffing and puffing and limbering up, then out of shape lads huggling each other and failing to land a clean slap until the fair play men broke it up?

We viewed a number of very nice properties in areas all over the city over the last 6 months with the exception of the NCR.

You'd always get a few others at the showings but no bidding wars

It is slowing now in a BIIIG way from our experience.

Aravo

FutureGuy wrote:

It is slowing now in a BIIIG way from our experience.

A big sign that people are holding onto money. Don't want to get caught like a lot of people in the late noughties

drunkmonkey

That may or may not be a good strategy, either the sky falls after brexit or confidence comes back. If the house you want is for sale now I'd be going sale agreed asap it'll probably be December before all the paperwork etc is sorted so plenty of time to back out if the economy goes pear shaped.
I know people who are holding out on buying as they don't want to get caught. You don't get caught with somewhere you want to live I think that's what a lot of people on the sidelines are missing. Prices could rise rapidly and there all caught out.

Mango Joe

People need to employ a bit of logic and common sense and sit on their cash until the market returns to sane levels.

Government policy needs to come into play to stop scummy Landlords exploiting a ridiculous rental market that's largely been created through poor governance.

James Bond Junior

Mango Joe wrote: »

People need to employ a bit of logic and common sense and sit on their cash until the market returns to sane levels.

Government policy needs to come into play to stop scummy Landlords exploiting a ridiculous rental market that's largely been created through poor governance.

The vast majority of landlords are not scummy. They are people trying to run a business.

drunkmonkey

Mango Joe wrote: »

People need to employ a bit of logic and common sense and sit on their cash until the market returns to sane levels.

Government policy needs to come into play to stop scummy Landlords exploiting a ridiculous rental market that's largely been created through poor governance.

That's madness if you need a home buy it, this idea of sitting on the money hoping for a recession is a mugs game. If you buy now and in 5yrs time prices start to retreat you'll still probably have 60k knocked off your mortgage by then. If a house in Limerick is fair value now it's not going to drop by 60k if it's does the whole country is screwed.

The government shouldn't be playing with the house/mortgage market.

HailSatan

James Bond Junior wrote: »

The vast majority of landlords are not scummy. They are people trying to run a business.

I've had good. I've had not good.
The majority were not good.

knipex

drunkmonkey wrote: »

That's madness if you need a home buy it, this idea of sitting on the money hoping for a recession is a mugs game. If you buy now and in 5yrs time prices start to retreat you'll still probably have 60k knocked off your mortgage by then. If a house in Limerick is fair value now it's not going to drop by 60k if it's does the whole country is screwed.

The government shouldn't be playing with the house/mortgage market.

If you can pay the bones of a grand a month on top of your mortgage payment to drop 60k off your mortgage in 5 years then fair bloody play to you.

I know when I took out a mortgage I couldn't and I distinctly remember looking at my mortgage statement after 5 years and nearly crying when I realised how little had dropped off the mortgage amount,..

drunkmonkey

I'm not saying pay 1k extra on top of your mortgage, the figure is irrelevant, the point is your 5yrs years further down the line and no rent paid as opposed to the couple sitting on the fence praying for a recession. Trying to second guess the market might not be the best strategy.
The economy will expand and contract over the lifetime of the mortgage. Your house may be worth more tomorrow but less in 10yrs but could be worth double in 20yrs. You just don't know.

q85dw7osi4lebg

HailSatan wrote: »

I've had good. I've had not good.
The majority were not good.

So someone gave you an opportunity have to have a place to live, and they were not good?

HailSatan

Tristian Curved Chain wrote: »

So someone gave you an opportunity have to have a place to live, and they were not good?

I know right? More chance of being struck repeatedly by lightning.

damowill

House prices drop 3% nationally in the last quarter

https://www.newstalk.com/news/house-prices-fall-ireland-909635

HailSatan

damowill wrote: »

House prices drop 3% nationally in the last quarter

https://www.newstalk.com/news/house-prices-fall-ireland-909635

So someone gave them an opportunity have to have a place to live, and they were not deliriously happy to more than asking?

drunkmonkey

damowill wrote: »

House prices drop 3% nationally in the last quarter

https://www.newstalk.com/news/house-prices-fall-ireland-909635

House prices didn't drop nationally, Limerick up 3.17% and Clare up a whopping 11%. Most places up bar Dublin

HailSatan

drunkmonkey wrote: »

House prices didn't drop nationally, Limerick up 3.17% and Clare up a whopping 11%. Most places up bar Dublin

Think you're mixing and matching there.


Graphic refers to change from this time last year.


The headline figure refers to this 3 months versus the previous 3 months?