2021 Irish Property Market chat - *mod warnings post 1*

Fuzzy_Dunlop

Deleted User wrote: »

I was viewing in person with Sherry Fitz (not some cowboy agent)

All COVID secure of course. Masks, not touching anything, sanitiser etc

Doesn't change the fact that the guidance is that viewings shouldn't taken place until a house is sale agreed, and that most estate agents have been abiding by this which has led to the crazy bidding wars to get 'first preference' on viewing.

cnocbui

Fuzzy_Dunlop wrote: »

Doesn't change the fact that the guidance is that viewings shouldn't taken place until a house is sale agreed, and that most estate agents have been abiding by this which has led to the crazy bidding wars to get 'first preference' on viewing.

The guidance is a nonsense and one of the best ever examples of rules were meant to be broken. Mind bending nonsense.

TheSheriff

Shelga wrote: »

I'm currently in a ridiculous bidding situation on an apartment. My head is wrecked. If I bid higher, the sale will be at least €20k over what any other place in the development has sold for in the last decade.

It all comes down to whether things are going to get better, stay the same, or get worse. I have no idea what to do. My anxiety is through the roof. I'm starting to hate this country again.

Back in 2019, when covid wasn't even a whisper in Wuhan, a three bed apartment we viewed in Royal Canal in Dublin went 50k over asking in bidding, approx 25-30k higher than the previous few sales (although hard to compare apartments as there is no info on 2 bed versus 3 bed).

We walked away, but this was happening pre covid, so not surprised to hear it now.

JimmyVik

Deleted User wrote: »

If this is going to be your home, in which you will build a life, rather than be purely an investment, then IMO you need to change your mindset. It’s potential as your home, as compared to other places you are seeing in the market, is more important than whether it’s €20k above some ‘market’ price. And if its within your borrowing capacity, then €20k will be barely noticeable on your monthly payments.

If it’s something you see yourself flipping in the next few years, then it’s obviously a different calculation

I just paid 25% above asking for a place after a crazy bidding war. But because I want it, and I see a life there, I don’t care what the supposed ‘market’ is at

And that is how house prices rise

JimmyVik

JimmyVik wrote: »

And that is how house prices rise

I understand that. But if I have found a place that can be my home, then the price against the market, at least for me, is very much a secondary consideration (as long as is affordable). Evidenced by me paying 25% above asking for a rural property recently.

Would obviously be different if I was an investor or anticipated wanted to sell in the next few years and make a profit.

JimmyVik

Deleted User wrote: »

I understand that. But if I have found a place that can be my home, then the price against the market, at least for me, is very much a secondary consideration (as long as is affordable). Evidenced by me paying 25% above asking for a rural property recently.

Would obviously be different if I was an investor or anticipated wanted to sell in the next few years and make a profit.

I dont blame you.
Im just pointing out that that is exactly why prices rise.
People see a house, like it and will pay more than the next person.
The price floor increases for the area.


This is how it should be. Problem in Ireland is you have REITs and councils with endless money supplies squeezing up the ordinary buyer.

TobyHolmes

what is considered a commutable distance for the purpose of a mortgage?

Pelezico

It is a sellers market out there. Only someone with deep pockets and no money memory should consider buying.

Thank goodness for central bank loan limits or we would be off the scale in house prices.

I can see a bigger fall in supply coming. People are sitting tight.

TobyHolmes

Pelezico wrote: »

It is a sellers market out there. Only someone with deep pockets and no money memory should consider buying.

Thank goodness for central bank loan limits or we would be off the scale in house prices.

I can see a bigger fall in supply coming. People are sitting tight.

good. someone with some sense. i understand everyone's need to buy at the moment. believe me. i understand.
it just doesnt make sense though at the moment.

sit tight is right and stockpile your money. watch it grow and dont give it to the banks. anyone with a mortgage doesnt really own anything by the way. the bank owns it till you pay it off. but your cash - thats all yours.

awec

TobyHolmes wrote: »

good. someone with some sense. i understand everyone's need to buy at the moment. believe me. i understand.
it just doesnt make sense though at the moment.

sit tight is right and stockpile your money. watch it grow and dont give it to the banks. anyone with a mortgage doesnt really own anything by the way. the bank owns it till you pay it off. but your cash - thats all yours.

This is not at all true.

TobyHolmes

awec wrote: »

This is not at all true.

ok cool. point goes to you. you win. yay

Pelezico

TobyHolmes wrote: »

good. someone with some sense. i understand everyone's need to buy at the moment. believe me. i understand.
it just doesnt make sense though at the moment.

sit tight is right and stockpile your money. watch it grow and dont give it to the banks. anyone with a mortgage doesnt really own anything by the way. the bank owns it till you pay it off. but your cash - thats all yours.

What would get me is coming home every evening to a property which I had paid more for than any of my neighbours.

That house would become an object of hate if a fall comes our way.

One thing is sure....the current situation is abnormal. The housing market is broken.

fliball123

TobyHolmes wrote: »

ok cool. point goes to you. you win. yay

How many banks have been successful at repossessing the family home there Toby even during the last recession and people not paying a penny on their mortgage for up to 10 years and the banks still cannot repossess

Pelezico

Pelezico wrote: »

What would get me is coming ho.e every evening to a property which I had paid more for than any of my neighbours.

That house would become an object of hate if a fall comes our way.

One thing is sure....the current situation is abnormal. The housing market is broken.

This doesn't make sense
Why would it matter what the neighbours paid? Ridiculous way of thinking, no one would ever but a second hand house if they thought like this!

TobyHolmes

Pelezico wrote: »

What would get me is coming home every evening to a property which I had paid more for than any of my neighbours.

That house would become an object of hate if a fall comes our way.

One thing is sure....the current situation is abnormal. The housing market is broken.

yes exactly. i think from the perspective of a person who has lived in other countries and can see what those places offer in comparison to what you pay here for a house. i just cant justify paying a high price for something i deem to be of low value. yes i know market dictates it yadda yadda. in my personal opinion paying half a mill for a property you cant swing a hat in - is not worth it. and i'd rather pay that money elsewhere - in another country. but thats my opinion. im sure all the real estate agents on here wont like my comments but unlike them I dont have a vested interest. and i certainly dont believe some forum on boards.ie is going to influence opinion lol

fliball123

bubblypop wrote: »

This doesn't make sense
Why would it matter what the neighbours paid? Ridiculous way of thinking, no one would ever but a second hand house if they thought like this!

True I mean even if you compare to a neighbor I am sure prices were a lot higher back in 2007 and then hit the lows in 2012 if two neighbors both in these years there could be anywhere up to a 50/60% difference in the price for the exact same build and looking at it in 2021 if you looked at the neighbor in 07 your getting a good deal and if you look at the neighbour in 2012 you would think your being fleeced.

TobyHolmes

bubblypop wrote: »

This doesn't make sense
Why would it matter what the neighbours paid? Ridiculous way of thinking, no one would ever but a second hand house if they thought like this!

because if you both buy the same sweater. why should someone pay 50 euros and someone else pay 100 euros for that same sweater.

the person who paid 100 euros is silly.
they should just find another sweater.

Ush1

TobyHolmes wrote: »

because if you both buy the same sweater. why should someone pay 50 euros and someone else pay 100 euros for that same sweater.

the person who paid 100 euros is silly.
they should just find another sweater.

lol whut?

Pelezico

bubblypop wrote: »

This doesn't make sense
Why would it matter what the neighbours paid? Ridiculous way of thinking, no one would ever but a second hand house if they thought like this!

Ok....it makes sense to me but everyone is different.

It would really concern me if I overpaid. As I said everyone is different.

Marius34

TobyHolmes wrote: »

yes exactly. i think from the perspective of a person who has lived in other countries and can see what those places offer in comparison to what you pay here for a house. i just cant justify paying a high price for something i deem to be of low value. yes i know market dictates it yadda yadda. in my personal opinion paying half a mill for a property you cant swing a hat in - is not worth it. and i'd rather pay that money elsewhere - in another country. but thats my opinion. im sure all the real estate agents on here wont like my comments but unlike them I dont have a vested interest. and i certainly dont believe some forum on boards.ie is going to influence opinion lol

like where? I don't know places with good opportunities of good paying jobs and low property price.

fliball123

TobyHolmes wrote: »

yes exactly. i think from the perspective of a person who has lived in other countries and can see what those places offer in comparison to what you pay here for a house. i just cant justify paying a high price for something i deem to be of low value. yes i know market dictates it yadda yadda. in my personal opinion paying half a mill for a property you cant swing a hat in - is not worth it. and i'd rather pay that money elsewhere - in another country. but thats my opinion. im sure all the real estate agents on here wont like my comments but unlike them I dont have a vested interest. and i certainly dont believe some forum on boards.ie is going to influence opinion lol

Well here is the good news no one if putting a gun to your head to buy so work away and buy or dont buy where or whenever you want Toby. I am sure everyone else will weigh up their own needs first before making their decision to buy or sell or not to buy or sell

I so fundamentally disagree with the last two pages. If someone sees a property in which they see themselves building a home and a life, then I would go for it even if it’s more expensive than you’d like. But that’s just me. The environment in which I want to build my life is more important than any other investments I might make.

And some would have you believe that other investments outside of property have no risk? Which is palpable nonsense. Especially now with so much uncertainty coming down the track, and the fact that your cash is going to start losing substantially value as inflation rears its head

Not suggesting that you should ignore the fact that prices are high. But I would not let me put that off buying the perfect home

TobyHolmes

Marius34 wrote: »

like where? I don't know places with good opportunities of good paying jobs and low property price.

look to the US - you can buy nice homes at a reasonable price within an hour commute of a major city.


Boston for example is commutable from providence, RI and new hampshire.
NY is commutable from New Jersey and Connecticut.
Washington DC is commutable from Virginia and Maryland.


or elsewhere in Europe. Germany for example.


just some ideas. its a huge world out there folks.

TobyHolmes

fliball123 wrote: »

Well here is the good news no one if putting a gun to your head to buy so work away and buy or dont buy where or whenever you want Toby. I am sure everyone else will weigh up their own needs first before making their decision to buy or sell or not to buy or sell

did i judge you? i am giving an opinion. isnt that what a forum is. i was commenting on a post and giving my opinion. why is everyone so riled up about an opinion on property prices.

TobyHolmes

Deleted User wrote: »

I so fundamentally disagree with the last two pages. If someone sees a property in which they see themselves building a home and a life, then I would go for it even if it’s more expensive than you’d like. But that’s just me. The environment in which I want to build my life is more important than any other investments I might make.

And some would have you believe that other investments outside of property have no risk? Which is palpable nonsense. Especially now with so much uncertainty coming down the track, and the fact that your cash is going to start losing substantially value as inflation rears its head

Not suggesting that you should ignore the fact that prices are high. But I would not let me put that off buying the perfect home

its fine to disagree. i understand your points. and yes you are perfectly entitled to care more about buying a home to build a life than the price of it. thats perfectly fine.

fliball123

TobyHolmes wrote: »

did i judge you? i am giving an opinion. isnt that what a forum is. i was commenting on a post and giving my opinion. why is everyone so riled up about an opinion on property prices.

I am hardly riled up I am just saying that if you see no value great and that your not being forced to buy

TobyHolmes

fliball123 wrote: »

I am hardly riled up I am just saying that if you see no value great and that your no one is forcing you..

ok. but whats the point in saying it. i said throughout all my posts In my opinion, this is my opinion etc. what I said obviously annoyed you so you felt you had to remind me that no one is forcing me to buy a house. im perfectly aware of that. but thank you for the reminder.

Marius34

TobyHolmes wrote: »

look to the US - you can buy nice homes at a reasonable price within an hour commute of a major city.


Boston for example is commutable from providence, RI and new hampshire.
NY is commutable from New Jersey and Connecticut.
Washington DC is commutable from Virginia and Maryland.


or elsewhere in Europe. Germany for example.


just some ideas. its a huge world out there folks.

You don't need to spend half million for 1 hour commute from Dublin neither.
For many it's not as easy to get job in US, due to the Work Visa requirements. I had more in mind Europe. What makes you think that Germany property price are cheaper in relation to Wage?

TobyHolmes

Marius34 wrote: »

You don't need to spend half million for 1 hour commute from Dublin neither.
For many it's not as easy to get job in US, due to the Work Visa requirements. I had more in mind Europe. What makes you think that Germany property price are cheaper in relation to Wage?

oh lord - on all the forums ive been on on Boards.ie - none are more argumentative than the ones regarding property.
people are so emotionally vested in it.
so i will answer you in a very nice way so not to upset anyone further.
you are right and have a nice day.

fliball123

TobyHolmes wrote: »

ok. but whats the point in saying it. i said throughout all my posts In my opinion, this is my opinion etc. what I said obviously annoyed you so you felt you had to remind me that no one is forcing me to buy a house. im perfectly aware of that. but thank you for the reminder.

My point is not everyone has the same point of view. thats all