Property Market 2020

missforgetfull

Hi, I'm hoping to get advice on a dilemma. There is a house that we like, it sold last year and is currently on rent. I contacted the estate agent asking if they could contact the owner and ask if they are willing to sell, i'm willing to offer more than what they bought for. EA came back with sorry, we dont contact owners. Is this normal? Is there anything I can do cause we like the house?

Markitron

SozBbz wrote: »

Ha, no they werent, they were saying it was imminent back in February. Because that hasnt actually happened, they're now saying late this year or early next.

The good news for the stopped clocks is that they will be right eventually.

I wasn't really monitoring this thread back then so can't really comment on that.

I think a poster a while back summarised this thread best when he said it is basically people who just bought a house convincing themselves they bought at the best time vs people living in their ma's house waiting for a bargain.

Springy Turf

missforgetfull wrote: »

Hi, I'm hoping to get advice on a dilemma. There is a house that we like, it sold last year and is currently on rent. I contacted the estate agent asking if they could contact the owner and ask if they are willing to sell, i'm willing to offer more than what they bought for. EA came back with sorry, we dont contact owners. Is this normal? Is there anything I can do cause we like the house?

Post a letter?

Walnut Salad

Marius34 wrote: »

Not really, you may go back to discussions 3-4 months ago. Many saw prices already falling, some saw crash coming in few months.

I notice people on this forum are like toddlers with zero patience. They all want instant gratification for their points too.
How could people be predicting a 'sudden crash' when the market was essentially stalled in terms of viewings/transactions? And then we have the government subsidising wages. Stops lads, ye need to get out for fresh air.
We are talking about property here, not share prices.

How long did it take before the houses prices bottomed out after the 2007/2008 economic shock? Was it 4 years?

There is no point in even looking for a credible trend or making any projections until the end of this year at the very earliest. So many unknowns still (e.g. end of government covid payments? Second wave? Trading partners?)

MacDanger

Markitron wrote: »

I think a poster a while back summarised this thread best when he said it is basically people who just bought a house convincing themselves they bought at the best time vs people living in their ma's house waiting for a bargain.

:D:D

Marius34

Walnut Salad wrote: »

I notice people on this forum are like toddlers with zero patience. They all want instant gratification for their points too.
How could people be predicting a 'sudden crash' when the market was essentially stalled in terms of viewings/transactions? And then we have the government subsidising wages. Stops lads, ye need to get out for fresh air.
We are talking about property here, not share prices.

How long did it take before the houses prices bottomed out after the 2007/2008 economic shock? Was it 4 years?

There is no point in even looking for a credible trend or making any projections until the end of this year at the very earliest. So many unknowns still (e.g. end of government covid payments? Second wave? Trading partners?)

1) It wasn't me who was predicting sudden crash, in opposite, thus can't answer for others.
2) 5 years, property prices started to go down, from the first signs of the economy slowdown, but wouldn't look at this to find a bottom, as each crisis is different.
3) I think you abit contradicting yourself, in previous comment you were already projecting that the prices will go down.

cnocbui

missforgetfull wrote: »

Hi, I'm hoping to get advice on a dilemma. There is a house that we like, it sold last year and is currently on rent. I contacted the estate agent asking if they could contact the owner and ask if they are willing to sell, i'm willing to offer more than what they bought for. EA came back with sorry, we dont contact owners. Is this normal? Is there anything I can do cause we like the house?

Knock on the door and ask the renters if they have the contact details of the landlord?

The house I am currently living in was for sale. The EA said was sale agreed and that he wouldn't pass on my interest to the owner. I went to the Council office and had a look at the planning permission docs, from which i got the contact details of the owners, and which lead to me now owning the property.

LJ12345

The IT/Sherry Fitz overview on the market at the moment. It won’t be to everyone’s liking but the market is currently steady.

https://www.irishtimes.com/business/construction/housing-crisis-set-to-worsen-as-sellers-delay-bringing-homes-to-market-1.4293559?mode=amp

Walnut Salad

Marius34 wrote: »

1) It wasn't me who was predicting sudden crash, in opposite, thus can't answer for others.
2) 5 years, property prices started to go down, from the first signs of the economy slowdown, but wouldn't look at this to find a bottom, as each crisis is different.
3) I think you abit contradicting yourself, in previous comment you were already projecting that the prices will go down.

Oh don't get me wrong. I fully expect house prices to go down - the question is by how much and for how long.
I personally wont make any % fall projections until the end of the year. No point.

eagle eye

Has there been any fall in house prices yet? If not then why not? Surely things are going to pick up with people going back to work?

Claw Hammer

eagle eye wrote: »

Has there been any fall in house prices yet? If not then why not? Surely things are going to pick up with people going back to work?

It takes months for the statistics to show a fall (or a rise ) in house prices. deals have been closing for the past few months which were agreed pre-covid so won't show any reaction to covid. There have been very few post covid deals concluded so the trend wont show in the statistics. The first indicator is how long properties are remaining on the market. When the sale agreed time lengthens it indicates a falling market and when it shortens it indicates a rising market.
It will be the end of the year at least before there is a verifiable trend.

cnocbui

eagle eye wrote: »

Has there been any fall in house prices yet? If not then why not? Surely things are going to pick up with people going back to work?

No, going on the majority of posts in the currently selling/buying thread, there seems to be concerted bidding for houses with most going above asking, so prices are rising.

kala85

missforgetfull wrote: »

Hi, I'm hoping to get advice on a dilemma. There is a house that we like, it sold last year and is currently on rent. I contacted the estate agent asking if they could contact the owner and ask if they are willing to sell, i'm willing to offer more than what they bought for. EA came back with sorry, we dont contact owners. Is this normal? Is there anything I can do cause we like the house?

Two options.

Call to the house and speak to the tenants and try to get the phone number of the owner.

If you don't know who the owner is you can look up their name on land direct.ie if you put in the location of the house.

Sometimes people who have a second property will put down their own home address and you can contact them.

Smouse156

MattS1 wrote: »

Not seeing any slowdown in the Dublin market. Competitive as ever. It's like CoVid didn't happen.

Give it time! Rents fall first, then the apartment prices will fall in tandem as investors will pay less if the outlook is poor and will want steady/higher yields. That will drag house prices down over the medium term. 10% drop by this time next year is realistic. Property takes time to fall.

https://bl.ocks.org/pinsterdev/raw/234b4a5310a14a32e080/

Empty_Space

It takes time. Of course prices haven't fell yet.
But they will, the only question is how much.

It's hard to predict until we see how badly the "world" economies are effected. But I think it will be very bad.
Those talking about trivial local things like supply are entirely missing the point.

Iceman29

Empty_Space wrote: »

It takes time. Of course prices haven't fell yet.
But they will, the only question is how much.

It's hard to predict until we see how badly the "world" economies are effected. But I think it will be very bad.
Those talking about trivial local things like supply are entirely missing the point.

Spot on. Can't really understand how there is so many pages debating it

TheSheriff

Empty_Space wrote: »

It takes time. Of course prices haven't fell yet.
But they will, the only question is how much.

It's hard to predict until we see how badly the "world" economies are effected. But I think it will be very bad.
Those talking about trivial local things like supply are entirely missing the point.

Supply is anything but trivial and will likely be a large determinant of the depth of any such falls.

ebayissues

As reported by the Journal, AIB have reversed their decision not to lend to those on WSS.

Bunch of cowards.

Hubertj

Empty_Space wrote: »

It takes time. Of course prices haven't fell yet.
But they will, the only question is how much.

It's hard to predict until we see how badly the "world" economies are effected. But I think it will be very bad.
Those talking about trivial local things like supply are entirely missing the point.

you previously said prices will fall 40%-50%. Do you still think the decline will be that much? All of the analysis has had a spread of 5% to 25% between now and end of 2021. 5% sounds very optimistic to me but 40%-50% sounds extreme.

Cantstandsya

ebayissues wrote: »

As reported by the Journal, AIB have reversed their decision not to lend to those on WSS.

Bunch of cowards.

I'd imagine it's a PR/optics move. They've been getting hammered in the papers and by TDs since info on the blanket ban leaked. Now they are saying they won't have a blanket ban... But I'll still be surprised if many/any of those on the supports manage to draw down a mortgage.

Cantstandsya

TheSheriff wrote: »

Supply is anything but trivial and will likely be a large determinant of the depth of any such falls.

If everyone were cash buyers then supply would be paramount.

Most people need a mortgage so credit is what drives prices.

Top Dog

ebayissues wrote: »

As reported by the Journal, AIB have reversed their decision not to lend to those on WSS.

Bunch of cowards.

Had to go have a look. Personally I thought it was a orient move on their part, but hey ho.

Can anyone comment on the accuracy of this paragraph please?

The mortgage process – from application to drawdown – typically takes an average of six to nine months to complete, and occurs in four phases – application, approval in principle, letter of offer, to drawdown.

I know it can be a slow process - but THAT slow?

GreeBo

Top Dog wrote: »

Had to go have a look. Personally I thought it was a orient move on their part, but hey ho.

Can anyone comment on the accuracy of this paragraph please?

The mortgage process – from application to drawdown – typically takes an average of six to nine months to complete, and occurs in four phases – application, approval in principle, letter of offer, to drawdown.

I know it can be a slow process - but THAT slow?

I'd say that a huge amount of that is finding the property and going sale agreed, rather than the mortgage process.

Mine has certainly never taken anywhere near that long to get AIP, but you could be months in negotiations with owners or a chain until you drawdown.

GreeBo

missforgetfull wrote: »

Hi, I'm hoping to get advice on a dilemma. There is a house that we like, it sold last year and is currently on rent. I contacted the estate agent asking if they could contact the owner and ask if they are willing to sell, i'm willing to offer more than what they bought for. EA came back with sorry, we dont contact owners. Is this normal? Is there anything I can do cause we like the house?

Post them a letter, FAO of the owner.

1sttimebuyer20

Is posting info about an address allowed on here? Not a horror story or anything like that but just advise to get a surveyor on a particular property?

Would hate to see a buyer get burned

GreeBo

I dont see why you cant post a link to myhome or daft, but I would leave it at that regarding commentary probably

tommyombomb

Am i the only one who thinks reading reports from daft.ie and myhome that are written or influenced by estate agents to be taken with a pinch of salt. It is their market. Not in their interest to tell people to hold off markets gonna crash or decline. Not saying they will crash etc but optimistic report written by estate agent is worthless imo

Assetbacked

It doesn't look like the last few Daft reports are sugarcoating anything. In fact, the Daft report has sounded alarm bells for the last 3 months. I can't search easily on my phone but I posted before on the recent Daft reports.

Iceman29

Assetbacked wrote: »

It doesn't look like the last few Daft reports are sugarcoating anything. In fact, the Daft report has sounded alarm bells for the last 3 months. I can't search easily on my phone but I posted before on the recent Daft reports.

Things must be really going down the swanny if they're not trying to put a positive slant on things

Taylor365

Iceman29 wrote: »

Things must be really going down the swanny if they're not trying to put a positive slant on things

"We're delighted to present to you this delightful 1 word report, depression! "