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Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

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    #602
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    IvoryTower wrote: »
    Some people can get a mortgage now based off the money they were earning before Corona, they may not have an income like that again for a long time so they may see it as best chance to own a home and will still be paying a lot less than rent.

    That would be my take anyway

    We're selling our house and buying a new one right now. The house we are buying will do us for 10 years + and the cost to trade up is only 50k. We really need the extra space and are borrowing well under the central bank limits. Mortgage repayment is only 12% of net take home pay too.

    Hopefully making the right decision!


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    #603
    [Deleted User]
    Posts: 18,749 ✭✭✭✭ [Deleted User]


    beauf wrote: »
    Didn't make difference the last time. Bank stopped lending period.

    That's not true. I bought a house in the last recession, actually before the central bank restrictions came in & I got a lot more than 3.5 my salary.
    Public sector worker.


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    #604
    milhous
    Registered Users Posts: 415 ✭✭milhous


    Logan Roy wrote: »
    We're selling our house and buying a new one right now. The house we are buying will do us for 10 years + and the cost to trade up is only 50k. We really need the extra space and are borrowing well under the central bank limits. Mortgage repayment is only 12% of net take home pay too.

    Hopefully making the right decision!

    I'd make sure the house your selling goes through first! If it was me, personally I'd make sure your sale goes through, then rent for a year..


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    #605
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    milhous wrote: »
    I'd make sure the house your selling goes through first! If it was me, personally I'd make sure your sale goes through, then rent for a year..

    Contracts due to be signed tomorrow, purchasers really been putting a push on it as well so hopefully all will go to plan :)


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    #606
    Plumbthedepths
    Closed Accounts Posts: 12,653 ✭✭✭✭Plumbthedepths


    bubblypop wrote: »
    That's not true. I bought a house in the last recession, actually before the central bank restrictions came in & I got a lot more than 3.5 my salary.
    Public sector worker.

    Banks look upon PS workers as a sure bet. The private sector is treated differently.
    My son is a Guard two years in, I'm shocked how much the bank approved him for. No need even for his partners income to be assessed.


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    #607
    DaveyDave
    Registered Users Posts: 6,254 ✭✭✭DaveyDave


    IndieRoar111 wrote: »
    Have to laugh at some still eager to buy. Like lemmings falling off a cliff

    It's not like everyone is suddenly laid off. Plenty of people still working full time as normal, good savings in the bank etc. Not ideal circumstances and things will likely get worse for some but for a lot of people very little will change.


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    #608
    awec
    Administrators Posts: 53,829 Admin ✭✭✭✭✭awec


    bubblypop wrote: »
    That's not true. I bought a house in the last recession, actually before the central bank restrictions came in & I got a lot more than 3.5 my salary.
    Public sector worker.

    That is why.

    Job security like nothing else.


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    #609
    [Deleted User]
    Posts: 18,749 ✭✭✭✭ [Deleted User]


    awec wrote: »
    That is why.

    Job security like nothing else.

    Yep, thankfully!
    But the poster I was replying to seemed to think that everyone had issues getting mortgages in the last recession. They obviously didn't. Some will always get mortgages.


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    #610
    redved
    Registered Users Posts: 296 ✭✭redved


    Have our house for sale and new house lined up. Went sale agreed on our own mid Feb. Buyer pulled out today, had a sinking feeling about the whole thing once the covid 19 thing really broke here. Back to square one it seems.


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    #611
    VW 1
    Registered Users Posts: 4,503 ✭✭✭VW 1


    Pulled out of bidding on a house today that we really liked, and will likely take our house off market, even though we have an offer of asking price. Don't see prices going up in the next 3-6 months and don't see any house sales going through til this is all over. As morbid as it sounds, who knows just how much stock will come online after the next 3-6 months.


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    #612
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    VW 1 wrote: »
    Pulled out of bidding on a house today that we really liked, and will likely take our house off market, even though we have an offer of asking price. Don't see prices going up in the next 3-6 months and don't see any house sales going through til this is all over. As morbid as it sounds, who knows just how much stock will come online after the next 3-6 months.

    Would you not consider selling yours and renting? It’s unlikely you will get the price someone has bid now for yours again anytime soon. But you might buy at a lower price because of what is happening.


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    #613
    VW 1
    Registered Users Posts: 4,503 ✭✭✭VW 1


    Dav010 wrote: »
    Would you not consider selling yours and renting? It’s unlikely you will get the price someone has bid now for yours again anytime soon. But you might buy at a lower price because of what is happening.

    Not on the cards, we like the area we are in and want to stay here, and don't want the hassle of moving to rent and moving again to buy. With one child and a dog, and another child on the way, it seems like a lot of work moving twice, putting stuff in storage etc, as well as finding somewhere to rent with the dog.


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    #614
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Sale Agreed about 3 weeks ago, buyer pulled out yesterday due to work instability. I'm not in a huge rush to sell so will wait all this out and see where it leads.


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    #615
    CoBo55
    Registered Users Posts: 9,054 ✭✭✭CoBo55


    Selling atm, cash buyer.. Spoke to them last week he didn't sound as enthusiastic as he was getting it for a good price and was impatient to get contract signed... Not a sound since, I fear the worst unfortunately.


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    #616
    combat14
    Registered Users Posts: 2,219 ✭✭✭combat14


    House prices in Ireland could fall by as much as 20pc if the current economic upheaval caused by the spread of the coronavirus continues.

    This is according to a report from Davy Stockbrokers, which suggests the financial markets have priced in a decline of 15-20pc in the value of homes.

    Meanwhile, land values for house building purposes could fall by up to 50pc.

    https://m.independent.ie/business/pe...-39071128.html


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    #617
    fliball123
    Registered Users Posts: 7,450 ✭✭✭fliball123


    combat14 wrote: »
    House prices in Ireland could fall by as much as 20pc if the current economic upheaval caused by the spread of the coronavirus continues.

    This is according to a report from Davy Stockbrokers, which suggests the financial markets have priced in a decline of 15-20pc in the value of homes.

    Meanwhile, land values for house building purposes could fall by up to 50pc.

    https://m.independent.ie/business/pe...-39071128.html


    Can you do the link again a page not found error


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    #618
    cython
    Registered Users Posts: 4,767 ✭✭✭cython


    fliball123 wrote: »
    Can you do the link again a page not found error

    Think this is the correct link: https://www.independent.ie/business/personal-finance/house-prices-could-fall-by-up-to-20pc-amid-coronavirus-uncertainty-report-39071128.html


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    #619
    ittakestwo
    Registered Users Posts: 1,668 ✭✭✭ittakestwo


    It seems a lot if buyers are nervous and pulling out of sales. But alot of sellers are deciding to hold off putting it back straight back on the market, and will wait till this shock settles down.

    EA's will be the losers here as very few sales will go through for the next few months.


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    #620
    IvoryTower
    Registered Users Posts: 3,825 ✭✭✭IvoryTower


    Just curious, unless they plan on holding onto it until the next recovery then why not sell asap? Surely if house prices are going to tank the sooner you get rid the better?


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    #621
    Greentree_uk
    Registered Users Posts: 1,023 ✭✭✭Greentree_uk


    Can houses even be bought and sold during this period? is house buying/moving an essential service?


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    #622
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    ittakestwo wrote: »
    It seems a lot if buyers are nervous and pulling out of sales. But alot of sellers are deciding to hold off putting it back straight back on the market, and will wait till this shock settles down.

    EA's will be the losers here as very few sales will go through for the next few months.

    You absolutely love, love, love to see it !


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    #623
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    IvoryTower wrote: »
    Just curious, unless they plan on holding onto it until the next recovery then why not sell asap? Surely if house prices are going to tank the sooner you get rid the better?

    Unless a sale was already in progress I don't see how people will be able to meet and view properties.


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    #624
    ittakestwo
    Registered Users Posts: 1,668 ✭✭✭ittakestwo


    IvoryTower wrote: »
    Just curious, unless they plan on holding onto it until the next recovery then why not sell asap? Surely if house prices are going to tank the sooner you get rid the better?

    The average person tends to be risk adverse. The buyer does not want to overpay and the seller does not want cut the price more than they have to.

    All we know is that prices have/will fall becuase of Corona. We all agree on that I think. But by how much? 10%? 20%? 30%? a buyer might not want to to go ahead even with a 10% reduction on prices before Corona hit as they feel the impact should have taken more than 10% off. A seller might think 20% is to much for something that some are saying will be temporary. It will lead to a stalemate between buyers and sellers for months. But eventually a market will form as some people will be desperate to sell and buy.


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    #625
    awec
    Administrators Posts: 53,829 Admin ✭✭✭✭✭awec


    ittakestwo wrote: »
    The average person tends to be risk adverse. The buyer does not want to overpay and the seller does not want cut the price more than they have to.

    All we know is that prices have/will fall becuase of Corona. We all agree on that I think. But by how much? 10%? 20%? 30%? a buyer might not want to to go ahead even with a 10% reduction on prices before Corona hit as they feel the impact should have taken more than 10% off. A seller might think 20% is to much for something that some are saying will be temporary. It will lead to a stalemate between buyers and sellers for months. But eventually a market will form as some people will be desperate to sell and buy.

    And on a non-financial footing, this is going to be a very stressful and difficult time to buy, and most sellers are also buyers.

    Would you want to be going through the stress of moving house with the way things are right now? Who knows what the banks will be like for lending. What about EAs? Are you going to want to go do viewings? Are you going to want to let random people into your home to view it?

    Until the lockdowns / restrictions on this virus ease up and we can get some shred of normality back to our day-to-day lives I think the majority of owner-occupiers would rather just stay put and see it out.


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    #626
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    awec wrote: »
    And on a non-financial footing, this is going to be a very stressful and difficult time to buy, and most sellers are also buyers.

    Would you want to be going through the stress of moving house with the way things are right now? Who knows what the banks will be like for lending. What about EAs? Are you going to want to go do viewings? Are you going to want to let random people into your home to view it?

    Until the lockdowns / restrictions on this virus ease up and we can get some shred of normality back to our day-to-day lives I think the majority of owner-occupiers would rather just stay put and see it out.

    Not our experience to date; we are buying (not selling) and have found we are being hounded daily by EAs we had bids in with for several properties; "my vendor is eager to progress", "my client can close in x weeks". One emailed yesterday saying their client is reducing the price of the property by 15k - would we be interested at this price point.

    Another EA emailed today, 4 properties coming on stream next week they would love to show us privately.

    We actually have far more responses/invites to viewings etc. since this all kicked off. We could be busier than ever with it.

    Its amazing really how quickly market sentiment can change.


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    #627
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    Greentree_uk wrote: »
    Can houses even be bought and sold during this period? is house buying/moving an essential service?

    Solicitors are working from home, as are most of the bank staff. That's our experience and we're a few weeks from closing. Moving home and have no kids so not too much to organize. Have a deposit on a new house that will undoubtedly be delayed for a few months.


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    #628
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    awec wrote: »
    Who knows what the banks will be like for lending.
    I'm intending to apply for a LTI exemption with BoI, and was told today they are not entertaining requests for ememptions for at least a few days while their underwriters get their bearings. It's not a massive signal but it does show they are thinking at the moment.


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    #629
    dar_cool
    Registered Users Posts: 1,289 ✭✭✭dar_cool


    We are selling and buying at the minute outside of Dublin. We signed contracts Monday and hope to close Friday week. Not sure if there will be any delays with this. Reason we are ploughing on is that we are selling our current home for 80k more than we paid for it a few years ago and feel like we are getting a good deal on the new house. Both houses are rural, on land and houses don't come up for sale too often around here


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    #630
    JamesMason
    Registered Users Posts: 152 ✭✭JamesMason


    TheSheriff wrote: »
    Not our experience to date; we are buying (not selling) and have found we are being hounded daily by EAs we had bids in with for several properties; "my vendor is eager to progress", "my client can close in x weeks". One emailed yesterday saying their client is reducing the price of the property by 15k - would we be interested at this price point.

    Another EA emailed today, 4 properties coming on stream next week they would love to show us privately.

    We actually have far more responses/invites to viewings etc. since this all kicked off. We could be busier than ever with it.

    Its amazing really how quickly market sentiment can change.
    Yes. Confidence can fall off a cliff. Like a roadrunner movie.


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    #631
    Greentree_uk
    Registered Users Posts: 1,023 ✭✭✭Greentree_uk


    Logan Roy wrote: »
    Solicitors are working from home, as are most of the bank staff. That's our experience and we're a few weeks from closing. Moving home and have no kids so not too much to organize. Have a deposit on a new house that will undoubtedly be delayed for a few months.

    More thinking about county councils and planners, land registry etc. And then finally actually moving - movers or van rentals will they be open/working


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