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Property Market 2020

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    #1772
    Idbatterim
    Registered Users Posts: 17,852 ✭✭✭✭Idbatterim


    Computer Science Student wrote: »
    Demand will fall through the floor. So anybody that desperately needs to sell now will be selling for a price far lower than they probably hoped.

    doubt it, if the property is any way in reasonable demand, some one will buy it without the price going through the floor first. You have to bear in mind, some may not get mortgage approval again, or in situations they have to move or are being fleeced on rent...

    Prices may well drop, but dont expect some over 25-30% bang!


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    #1773
    Padre_Pio
    Registered Users Posts: 5,167 ✭✭✭Padre_Pio


    Computer Science Student wrote: »
    Demand will fall through the floor. So anybody that desperately needs to sell now will be selling for a price far lower than they probably hoped.

    There's no evidence for this. Besides, people won't sell if prices fall. This isn't 2008 where people NEEDED to sell. There'll be no sever negative equity issues this time around as central bank limits have prevented the worst of the inflation.

    It's still cheaper to buy a house than build in many cases.

    There'll be a short term hiccup in the market, but come Autumn and the worst of Corona is hopefully behind us, well be back to same old same old.


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    #1774
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    Computer Science Student wrote: »
    Demand will fall through the floor. So anybody that desperately needs to sell now will be selling for a price far lower than they probably hoped.


    Anybody who was planning to flip a property at the peak of the market will sell now if they haven't already
    But whoever is planning to buy may find it difficult to get a mortgage. Demand will be driven by cash buyers only


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    #1775
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    Padre_Pio wrote: »
    ... Besides, people won't sell if prices fall...

    People always sell and buy. Some people will not some other will. If people didn't sell then prices would never fall :)

    Price index is made of transactions. No transactions - no fall. Simple.


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    #1776
    alwald
    Registered Users Posts: 1,289 ✭✭✭alwald


    Dealing with CoVid-19 will require various tough measures over the long term, at least 3 months, if we use China as a reference.
    The tourism/hospitality industries, amongst many others, will be heavily impacted for the long term and the unemployment rate will unfortunately rise.

    I don't think the consequences of the current events we are going through are going to be fixed overnight. The consequences will most likely be heavy and will take years to fix.

    The decision to buy or sell should be made by each based on their own circumstances but for me it is clear that staying put is the best solution for now.


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    #1777
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    Mic 1972 wrote: »
    But whoever is planning to buy may find it difficult to get a mortgage.

    Cash is the king when the market crash.

    At the other hand, IF/WHEN the market crashes really badly then better put your money in stocks than in properties as the potential returns will be much higher and much quicker.

    If US stocks drop by 60% from the peak, properties may drop let's say 20%. If stock doesn't recover in the months to come, then properties will follow the trail, but the chance is, that the downturn can last few months only and the recovery comes before the properties hit similar lows.

    .


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    #1778
    coolshannagh28
    Registered Users Posts: 1,478 ✭✭✭coolshannagh28


    Mic 1972 wrote: »
    Anybody who was planning to flip a property at the peak of the market will sell now if they haven't already
    But whoever is planning to buy may find it difficult to get a mortgage. Demand will be driven by cash buyers only

    Supply and demand breaks down at times of crisis , right now anyone selling is highly motivated and there are no buyers only at 30 % discounts so prices quickly drop 30 % .


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    #1779
    OwlsZat
    Registered Users Posts: 1,511 ✭✭✭OwlsZat


    Padre_Pio wrote: »
    There's no evidence for this. Besides, people won't sell if prices fall. This isn't 2008 where people NEEDED to sell. There'll be no sever negative equity issues this time around as central bank limits have prevented the worst of the inflation.

    It's still cheaper to buy a house than build in many cases.

    There'll be a short term hiccup in the market, but come Autumn and the worst of Corona is hopefully behind us, well be back to same old same old.

    That's on the assumption Corona is the only thing wrong with the global economy. The current economic expansion is of advanced years. The historic low interest rates were allowing the stagflation period we were stuck in. COVID19 could be the straw that broke the camels back.


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    #1780
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    We are seeing ALOT of properties which were previously sale agreed come back on the market in D15........ some with minor price decreases i.e. -5k etc.

    We got our daily alert from myhome.ie yesterday for newly listed properties and we'd viewed at least 4 of the properties before and they had gone sale agreed. All back now.


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    #1781
    Summer2020
    Registered Users Posts: 622 ✭✭✭Summer2020


    coolshannagh28 wrote: »
    Supply and demand breaks down at times of crisis , right now anyone selling is highly motivated and there are no buyers only at 30 % discounts so prices quickly drop 30 % .

    What makes you think sellers are highly motivated? As a current seller who is sale agreed, I’ll take my property off the market if the buyer asks to renegotiate. Happy to stay in current house if needs be.
    Talk of sellers accepting 30% discounts is pure pie in the sky stuff.


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    #1782
    coolshannagh28
    Registered Users Posts: 1,478 ✭✭✭coolshannagh28


    Summer2020 wrote: »
    What makes you think sellers are highly motivated? As a current seller who is sale agreed, I’ll take my property off the market if the buyer asks to renegotiate. Happy to stay in current house if needs be.
    Talk of sellers accepting 30% discounts is pure pie in the sky stuff.

    If contracts are signed , fine , if not it could be a cause for concern and you may not a motivated seller but many are and will be at the top of the market , I am sure that it will become increasingly difficult to get sales across the line and I know from experience when the market goes out that large falls are the result .


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    #1783
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    coolshannagh28 wrote: »
    If contracts are signed , fine , if not it could be a cause for concern and you may not a motivated seller but many are and will be at the top of the market , I am sure that it will become increasingly difficult to get sales across the line and I know from experience when the market goes out that large falls are the result .


    Yep, exactly. Most people will be interested in capitalizing now rather than waiting a long time for the market to recover. Sure thing, prices aren't going any higher for a while


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    #1784
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    Idbatterim wrote: »
    doubt it, if the property is any way in reasonable demand, some one will buy it without the price going through the floor first. You have to bear in mind, some may not get mortgage approval again, or in situations they have to move or are being fleeced on rent...

    Prices may well drop, but dont expect some over 25-30% bang!

    Prudent individuals with a solid financial record will still get mortgage approval, even in the depths of the 08 crisis people were getting approved.

    Prices will start dropping asap


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    #1785
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    Idbatterim wrote: »
    during the last crash, many refused offers that they would have killed for even three months before. There is no way there will be drastic price reductions volunteered by sellers now, just because stuff MIGHT , but probably will get very serious...

    I have already heard of countless stories from reputable peers who have heard that properties that have gone SA within the past two weeks have either had the buyer pull out or ask for a reduced price.

    Bidding wars are well and truly gone


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    #1786
    awec
    Administrators Posts: 53,821 Admin ✭✭✭✭✭awec


    randoplh134 wrote: »
    I have already heard of countless stories from reputable peers who have heard that properties that have gone SA within the past two weeks have either had the buyer pull out or ask for a reduced price.

    Bidding wars are well and truly gone

    So you've heard from people who have heard from people?


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    #1787
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    Summer2020 wrote: »
    What makes you think sellers are highly motivated? As a current seller who is sale agreed, I’ll take my property off the market if the buyer asks to renegotiate. Happy to stay in current house if needs be.
    Talk of sellers accepting 30% discounts is pure pie in the sky stuff.

    That's fine if you consider staying put for the long term but if you desire to sell within the short/medium term consider that right now is the period where you will get the most amount for your house for ( most likely) the next 5-7 years.


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    #1788
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    awec wrote: »
    So you've heard from people who have heard from people?

    I heard it direct from the brother in-law regarding his current property transaction and anecdotally from others who are involved in the property game.

    Data will be the lagging indicator to all this panic within the market that is occurring.


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    #1789
    Steer55
    Closed Accounts Posts: 226 ✭✭Steer55


    awec wrote: »
    So you've heard from people who have heard from people?


    Hundreds of thousands of jobs are about to go. Get real... The property market unfortunately will stall for the unforeseeable future.


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    #1790
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    Steer55 wrote: »
    Hundreds of thousands of jobs are about to go. Get real... The property market unfortunately will stall for the unforeseeable future.

    Agreed. This is the black swan event that will crash the market.

    Some people are beyond help, you can lead a horse to water and all that.


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    #1791
    JamesMason
    Registered Users Posts: 152 ✭✭JamesMason


    Steer55 wrote: »
    Hundreds of thousands of jobs are about to go. Get real... The property market unfortunately will stall for the unforeseeable future.
    Stall? Fall more like. Get real indeed... airlines, hotel chains, oil demand...a major economic depression is imminent. This is not going to blow over in a few months.


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    #1792
    dor843088
    Registered Users Posts: 1,171 ✭✭✭dor843088


    I love all the certainty people are talking with in this thread . The only thing certain is uncertainty and with it brings huge risk. If you are buying a property now stop what you are doing until this thing blows over or you might be left with your arse hanging out.


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    #1793
    ebayissues
    Registered Users Posts: 448 ✭✭ebayissues


    Steer55 wrote: »
    Hundreds of thousands of jobs are about to go. Get real... The property market unfortunately will stall for the unforeseeable future.




    And its already happening.


    Property data is lagging. I would say if you have been keeping an eye out in a specific area, in 2weeks check and see if there are any sale agreed properties being relisted. I have seen 10 the past 2 weeks.


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    #1794
    [Deleted User]
    Posts: 18,749 ✭✭✭✭ [Deleted User]


    The market has been stalling for months in certain areas, that's only going to get worse.....
    If people don't have to sell they will wait a few months, the ones that are on the market for months..... They may take lower offers now.


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    #1795
    smurgen
    Registered Users Posts: 6,933 ✭✭✭smurgen


    awec wrote: »
    So you've heard from people who have heard from people?

    You dismissed my prediction of a massive drop on the market within the next 9 months that I made 3ish months ago. I think your credibility here is more or less shot.


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    #1796
    awec
    Administrators Posts: 53,821 Admin ✭✭✭✭✭awec


    smurgen wrote: »
    You dismissed my prediction of a massive drop on the market within the next 9 months that I made 3ish months ago. I think your credibility here is more or less shot.

    Hold on, are you trying to claim you predicted Coronavirus? :pac:

    For what it's worth, the only thing I dismissed all along was your notion that you were going to be picking up bargains all over the place. But once again, come back to us when you've actually bought something, and we can work it out, and see whether the smugness is justified. :)


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    #1797
    smurgen
    Registered Users Posts: 6,933 ✭✭✭smurgen


    awec wrote: »
    Are you trying to claim you predicted Coronavirus? :pac:

    Nope.just that a price correction was well overdue.the coronavirus was only getting the ball rolling.the fallout afterwards will bring a proper downward momentum.you and a few others here bawked at the idea.


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    #1798
    smurgen
    Registered Users Posts: 6,933 ✭✭✭smurgen


    awec wrote: »
    Hold on, are you trying to claim you predicted Coronavirus? :pac:

    For what it's worth, the only thing I dismissed all along was your notion that you were going to be picking up bargains all over the place. But once again, come back to us when you've actually bought something, and we can work it out, and see whether the smugness is justified. :)

    You didn't you dismissed the idea of substantial price drops.


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    #1799
    awec
    Administrators Posts: 53,821 Admin ✭✭✭✭✭awec


    smurgen wrote: »
    Nope.just that a price correction was well overdue.the coronavirus was only getting the ball rolling.the fallout afterwards will bring a proper downward momentum.you and a few others here bawked at the idea.

    The markets are down due to a global pandemic. Don't try pretend this is what you predicted, you'll just look silly.


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    #1800
    awec
    Administrators Posts: 53,821 Admin ✭✭✭✭✭awec


    smurgen wrote: »
    You didn't you dismissed the idea of substantial price drops.

    Unfortunately I wasn't blessed with your ability to predict global pandemics.

    We'll have to wait and see on the substantial price drops.


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    #1801
    smurgen
    Registered Users Posts: 6,933 ✭✭✭smurgen


    awec wrote: »
    Unfortunately I wasn't blessed with your ability to predict global pandemics.

    We'll have to wait and see on the substantial price drops.

    I never said a pandemic.i said price drops.you spoke of certainty in price stability in an arrogant and dismissive fashion.


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