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Boomtime prices 2005 to 2008

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    #32
    L1011
    Registered Users Posts: 68,779 ✭✭✭✭L1011


    Muahahaha wrote: »

    I think in general houses sold in the 2006-7 period are going to be in negative equity for some time yet until inflation catches up. People who bought 2004-5 should be out of it by now.

    I would doubt that after 14-15 years of a mortgage that there are many still in negative equity (you'd have about 30% of the capital paid off by now on a 35 year mortgage) - that term specifically means owing more than the house is worth at a point in time.

    Plenty of people are well below the purchase price of the house still though, even more so when you consider stamp duty (if applicable, due to the FTB exemption then) and other purchase costs which were quite high back then.


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    #33
    Eire Go Brach
    Registered Users Posts: 1,373 ✭✭✭Eire Go Brach


    L1011 wrote: »
    I would doubt that after 14-15 years of a mortgage that there are many still in negative equity (you'd have about 30% of the capital paid off by now on a 35 year mortgage) - that term specifically means owing more than the house is worth at a point in time.

    Plenty of people are well below the purchase price of the house still though, even more so when you consider stamp duty (if applicable, due to the FTB exemption then) and other purchase costs which were quite high back then.

    Don't forget about 100% Mortgages. Depends on the area and property type. Those that bought between 04-07 are being forgotten about. I bought a 2 bed APT in 2006. It's been very challenging for us to trade up. Decent money coming in. Been Lucky as we got a LTV exemption. No way could we save 20%

    Probably out of negative equity the last year. The pandemic helped with that.
    Bought in 2006: 296. Tracker mortgage of 275. Rest was my savings.
    Sold for 205:
    Ow the bank 183

    22k That will cover the moving bills maybe with a few k over. We are effectively starting over. I'm just putting it down to cheap rent for the last 15 years.


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