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

Reversal

Sheeps wrote: »

If you can afford a home in this market, the odds are you are not in the type of job that will be affected by the closure of the service industry.

It is NOT just jobs in the service industry that will be lost. Initially that may be kind if true (plenty of high paid workers have taken a hit too), but if a recession is as likely and severe as the ESRI are forecasting, large, medium and small businesses will be cutting their cloth to measure.

None of us can assume our jobs are safe, unless in the public service maybe, and even then pay cuts could be on the cards when it's time to pay back for all this mess. If you're sure your job is safe, great. However, no matter what job I was in I would not be assuming my income is secure over the next 18 months. What people choose to do, and what's best for them is totally a matter for the individual. But an assumption that their job is above this crisis would be a dangerous one to make.

jrosen

There are many people who bought peek prices last time, spent years in negative equity and its made no difference to their lives. The value of a house is only relevant if your selling or buying. If your happy with your purchase, the property has the location and access to amenities you require and will require for the foreseeable then for some people they will be happy to proceed.

We are locked in so really cant do anything anyway.

Uglysoik1

Hooray! -- Finally the bank has released funds this morning. Hopefully will the keys early next week. It's been a long journey single applicant, delay after delay but finally got to the end. I thank everyone on this thread and boards.ie in general.

jrosen

Uglysoik1 wrote: »

Hooray! -- Finally the bank has released funds this morning. Hopefully will the keys early next week. It's been a long journey single applicant, delay after delay but finally got to the end. I thank everyone on this thread and boards.ie in general.

Good for you

Nijmegen

Right at the end zone on both selling and buying, surveys done on both ends but really rather worried our buyers will either pull out or make demands that will throw the whole thing off, they’ve kind of gone radio silence since contracts were issued. On both our side and theirs employment is secure (as can be) but they may well decide to wait it out as they’re FTBs.

Not really worried on our side about a house price dip as it’s a long term / forever home and want to secure it but sure look, if we can’t buy it now or need to go in on the price due to a change in our sale price so be it, we’ll all be in that boat. Would be nice to have to borrow less so it’s kinda whether you want the cookie now or potentially a cookie later, but what you definitely don’t want is a general freezing up of the property market. Would rather be among the last transactions than sit still in a house we were happy to say goodbye to in favour of one we love as a match for our next chapter.

Nerve wracking to say the least.

D'Agger

People going ahead with their sales - can I ask were you successful in getting the price re-negotiated

Currently sale agreed, with 98% of the banking work done - have to send a final form to complete tomorrow. Haven't spoken to the EA, want to secure financing first and foremost before I have that conversation.

0gac3yjefb5sv7

Thinking of doing the same. Sale Agreed 16k over asking. I bet when I ask the EA, he will just say the seller has another offer and won't negotiate

givyjoe

Pheonix10 wrote: »

Thinking of doing the same. Sale Agreed 16k over asking. I bet when I ask the EA, he will just say the seller has another offer and won't negotiate

Try anyway.

jrosen

We are new build and no chance of any price change as we are tied in and the builder knows it. But if I had any chance of getting a better price id go for it. Worst that can happen is a no

Claw Hammer

Nijmegen wrote: »

Right at the end zone on both selling and buying, surveys done on both ends but really rather worried our buyers will either pull out or make demands that will throw the whole thing off, they’ve kind of gone radio silence since contracts were issued. On both our side and theirs employment is secure (as can be) but they may well decide to wait it out as they’re FTBs.

Not really worried on our side about a house price dip as it’s a long term / forever home and want to secure it but sure look, if we can’t buy it now or need to go in on the price due to a change in our sale price so be it, we’ll all be in that boat. Would be nice to have to borrow less so it’s kinda whether you want the cookie now or potentially a cookie later, but what you definitely don’t want is a general freezing up of the property market. Would rather be among the last transactions than sit still in a house we were happy to say goodbye to in favour of one we love as a match for our next chapter.

Nerve wracking to say the least.

The time to move upmarket is in a recession. The gap between what you buy for and what you sell for will be at the minimum.

chevra13i

jrosen wrote: »

We are new build and no chance of any price change as we are tied in and the builder knows it. But if I had any chance of getting a better price id go for it. Worst that can happen is a no

Have you signed yet? We're buying a new build but we've only paid the 5k deposit so far so we still have the chance to pull out if prices start dropping before all the contracts are sorted. I just feel like we'd be mad to move forward with buying at a price agreed in early Feb the longer this Covid situation rumbles on.

o2bearebel

jrosen wrote: »

We are new build and no chance of any price change as we are tied in and the builder knows it. But if I had any chance of getting a better price id go for it. Worst that can happen is a no

We've 10k deposit down on a new build. Due to sign contracts in next 1-2 weeks. Not sure what to do. Anyone have any luck in getting a price drop on new builds ? We're renting at moment and mortgage approved. Surely, they'd be willing to give some discount ?

Nijmegen

Claw Hammer wrote: »

The time to move upmarket is in a recession. The gap between what you buy for and what you sell for will be at the minimum.

Yeah but I don’t fancy waiting 2 years between the time the market comes down, freezes up a little in terms of number of units to sell, and the time lag on completing a sale when you do go again; we want to get on with settling in to our home and working on family rather than be hanging around. The market price fluctuations aren’t gonna be 2008 levels most likely.

Maitguel

Would be interested to hear from those that have pulled off of sales whether their jobs had been impacted ie reduced hours or been laid off? Or are they just hoping that similar properties will be cheaper in 6/12 months time? Did you feel you were already over paying for what you were getting?

I agree with the previous poster that the lending rules have saved a lot of people and will mean that the numbers of defaulters will be less than post 2008 crash. For most their mortgages will still be affordable even if they have to take on a tenant or alter their lifestyle. Worse case scenarios personal insolvency arrangements start off with write down to market value so those really struggling post Covd19 there are a lot more safe nets out there than before.

Dolbhad

Maitguel wrote: »

Would be interested to hear from those that have pulled off of sales whether their jobs had been impacted ie reduced hours or been laid off? Or are they just hoping that similar properties will be cheaper in 6/12 months time? Did you feel you were already over paying for what you were getting?

I was sale agreed about a year ago on new build. It didn’t suit me with location so pulled out and was looking for something better. This has impacted both my job and my partners. I was meant to be laid off last week but instead have reduced working hours so that’s an improvement.

I work in legal so it’s areas like this that are affected which you may not think would be impacted so quickly. Himself is in retail. Wished I had moved quicker and got a mortgage and bought a house. I don’t expect to be in a position to buy until things improve.

This is different to the last recession - it’s been so quick and has literally paused the economy. I don’t think there are any “safe jobs” unless on front line of healthcare.

jrosen

chevra13i wrote: »

Have you signed yet? We're buying a new build but we've only paid the 5k deposit so far so we still have the chance to pull out if prices start dropping before all the contracts are sorted. I just feel like we'd be mad to move forward with buying at a price agreed in early Feb the longer this Covid situation rumbles on.

Yes we have, full deposit paid some weeks ago. Snag done. We are just waiting on some silly hiccups really. We did look for some wriggle room with price when we bought but they had no interest. We are locked in now and not much we can do.

If however you have only paid your booking deposit I would certainly look to haggle.

IvoryTower

Dolbhad wrote: »

This is different to the last recession - it’s been so quick and has literally paused the economy. I don’t think there are any “safe jobs” unless on front line of healthcare.

Health and food trucking away

Logan Roy

Dolbhad wrote: »

I was sale agreed about a year ago on new build. It didn’t suit me with location so pulled out and was looking for something better. This has impacted both my job and my partners. I was meant to be laid off last week but instead have reduced working hours so that’s an improvement.

I work in legal so it’s areas like this that are affected which you may not think would be impacted so quickly. Himself is in retail. Wished I had moved quicker and got a mortgage and bought a house. I don’t expect to be in a position to buy until things improve.

This is different to the last recession - it’s been so quick and has literally paused the economy. I don’t think there are any “safe jobs” unless on front line of healthcare.

Posts like this show how oblivious most people are to the inner workings of large MNCs. It takes a huge amount of time to build up the expertise and knowledge in an organisation to run operations for Europe, there may of course be hiring freezes but a lot of these jobs are safe as the show must go on (even if there is somewhat reduced demand for products and services).

Dolbhad

Logan Roy wrote: »

Posts like this show how oblivious most people are to the inner workings of large MNCs. It takes a huge amount of time to build up the expertise and knowledge in an organisation to run operations for Europe, there may of course be hiring freezes but a lot of these jobs are safe as the show must go on (even if there is somewhat reduced demand for products and services).

I don’t think it’s being oblivious. I have a lot of friends and families working in MNC’s and I deal with MNC’s through work. It’s not endless money even with those companies. Most of those are linked to the American economy and a big shock to that economy will impact here. Not every job will be secure.

My point here is Covid 19 is effecting every area of economy and it’s been so quick on the impact.

A month ago we were all debating when the next drop would be and whether it would be linked to funding, supply etc. This wasn’t really on the radar nor would we have thought how quickly it changed things.

Even during the hardest times of recession, retails shops were opened and pubs/cafes were opened and money was spent in the economy at some level. There was never the fear for our health. Not to mention it’s having the same impact on most countries economies putting things on pause.

I was trying to make the point that we haven’t come across this before so who knows. We could all bounce back as quickly as it went to hell. Or it could be years of cuts and 2008 financial crash will seem nothing in compared to this.

We have an obsession with house buying and rightly so with the history we have. But it’s always going to be the same. If you can afford the mortgage (which is much more likely now due to the CB rules) and it’s a long term family home, buy the house. Some people can’t wait this out and some can. I’d never tell someone to hold off or judge them for deciding to continue with a purchase or holding off. Every person’s circumstance is different.

But I don’t either of us can say for certain we will have a bank of “safe” jobs.

Ubbquittious

The solicitor for the seller I am trying to buy off is working from home, which seems to have slowed him down considerably


Surveyor recently came back from Land's Rotty or one of them places and was supposed to be self isolating. But got around that, hopefully I got no free coronavirus thrown in with the survey


There is someone (not the actual owner) still living in the house, self isolating from the corona because of high risk. The house is in a lovely isolated place far away from the maddening crowd with a bitteen of land around it so really ideal for that kind of craic but this will most likely mean I won't get it until the corona passes.


There's a bit of argy bargy about the border, the entrance being on someone elses land and a similar story with the well. No idea how that will be cleared up. Hopefully it won't require the assistance of anyone whose business is shut down because of the corona

73trix

Put an initial offer on a house yesterday at 8% below asking price and sellers came back this evening with a drop of 2% so we know we'll have to come up with ours somewhat. We made the point about the risk of prices dropping at least 10% and as someone who's already been in negative equity prior, having a level of nerves about overpaying. Apparently we're the only offer in and sellers have decided not to allow more viewings for now due to Covid. Trying to gauge how measured to be with offers.. We heard from a reliable source today that one of the pillar banks has advised their valuers to knock 10% off the value of houses. We don't want to seem too eager but don't want to come across as too hesitant either. We could put in another modest increase tomorrow rather than jump too quickly towards their figure or should we wait til Monday to buy time? I was expecting a bidding war so didn't think we'd be the only party involved. Any advice welcome.

all about the mane

73trix wrote: »

Put an initial offer on a house yesterday at 8% below asking price and sellers came back this evening with a drop of 2% so we know we'll have to come up with ours somewhat. We made the point about the risk of prices dropping at least 10% and as someone who's already been in negative equity prior, having a level of nerves about overpaying. Apparently we're the only offer in and sellers have decided not to allow more viewings for now due to Covid. Trying to gauge how measured to be with offers.. We heard from a reliable source today that one of the pillar banks has advised their valuers to knock 10% off the value of houses. We don't want to seem too eager but don't want to come across as too hesitant either. We could put in another modest increase tomorrow rather than jump too quickly towards their figure or should we wait til Monday to buy time? I was expecting a bidding war so didn't think we'd be the only party involved. Any advice welcome.

I wouldn’t make another offer for now. Just bide you’re time. Time is on your side.

Queasy Tadpole

Took ours off the market today. Not having viewings and potentially hundreds of people coming through our doors. I suspect the house will sell for less when we're back on the market but that's life.

DaveyDave

Our floor supplier is closed until further notice and IKEA aren't delivering bulky furniture, now getting the keys early will be for nothing

Bit strange they'll deliver a bed but not the mattress...

jrosen

DaveyDave wrote: »

Our floor supplier is closed until further notice and IKEA aren't delivering bulky furniture, now getting the keys early will be for nothing

Bit strange they'll deliver a bed but not the mattress...

our floor company will supply and fit. once they heard it was a new build and no one be living there they are happy to proceed. You a new build?

DaveyDave

jrosen wrote: »

our floor company will supply and fit. once they heard it was a new build and no one be living there they are happy to proceed. You a new build?

Yeah. They were originally limiting to new builds only but now on hold indefinitely unfortunately. I suppose we'll have to wait a while and see what happens.

gavvvvers

Hey - looking for a bit of advice. Myself and my gf are about to place reserve on house in Maynooth - new build which will be ready in December. The price was already good relative to other comparable properties but we are now starting to wonder, are we mad to be progressing a sale with everything going on?

We are eager to keep pushing forward, especially because we love the house but is it reasonable to negotiate a discount given the potential outlook of economy and property market? Should we play hard ball and refuse the full asking?

wirelessdude01

DaveyDave wrote: »

Our floor supplier is closed until further notice and IKEA aren't delivering bulky furniture, now getting the keys early will be for nothing

Bit strange they'll deliver a bed but not the mattress...

We are kinda in the same boat. Place where we bought our flooring is still open so going to collect that either today or tomorrow but carpet place is shut, two places where we bought bedding and couches aren't delivering. However we think we can still have our mattresses and dining table/chairs delivered. Getting keys either this evening or Monday.

Haven't even looked at white goods yet as things had been so much up in the air.

Anyone got any idea if broadband installs are still going on?

Dav010

gavvvvers wrote: »

Hey - looking for a bit of advice. Myself and my gf are about to place reserve on house in Maynooth - new build which will be ready in December. The price was already good relative to other comparable properties but we are now starting to wonder, are we mad to be progressing a sale with everything going on?

We are eager to keep pushing forward, especially because we love the house but is it reasonable to negotiate a discount given the potential outlook of economy and property market? Should we play hard ball and refuse the full asking?

Depends on what the demand is like, a reasonably priced nice new build in Maynooth would appeal to both home buyers and investors I would think. Make a lower offer, but be mindful that if demand is relatively high, the developer may be concerned about your ability to complete. During the last recession, cash buyers scooped up lots of properties, the same may happen this time.

TheSheriff

73trix wrote: »

Put an initial offer on a house yesterday at 8% below asking price and sellers came back this evening with a drop of 2% so we know we'll have to come up with ours somewhat. We made the point about the risk of prices dropping at least 10% and as someone who's already been in negative equity prior, having a level of nerves about overpaying. Apparently we're the only offer in and sellers have decided not to allow more viewings for now due to Covid. Trying to gauge how measured to be with offers.. We heard from a reliable source today that one of the pillar banks has advised their valuers to knock 10% off the value of houses. We don't want to seem too eager but don't want to come across as too hesitant either. We could put in another modest increase tomorrow rather than jump too quickly towards their figure or should we wait til Monday to buy time? I was expecting a bidding war so didn't think we'd be the only party involved. Any advice welcome.

Don't make another offer, just wait it out.