Softening house market?

^^^^ most of this is wrong or n/a - As an employer, if you no longer need someone in a particular job you may be entitled to make a redundancy. This could be because your organisation is closing or becoming smaller or because you have less work available. You should be able to show that the job in question will no longer exist in order for a redundancy to be genuine.

I agree. However, at this stage it's a choice between one's knowing that they will never own a house or praying for a crash and hoping the one is not among those who face financial ruin. It's not a good place to be.

I believe they are following the proper procedures, just because Musk says something - it doesn't mean that's what is happening behind the scenes

I know a few people in there, a shitshow by all accounts, and it’s pretty much what you think happened, happened.

No consultation period, people locked out of their computers randomly picked people, all the head guys quitting.

no two ways about it he tried the American way here, there’ll be unfair dismissal claims all over the place because the payoff is terrible, gardening leave for three months (a lot of people have three month notice periods anyway this would be pretty standard) and then just two months salary.

a lot will go for unfair dismissals claims, like I say normally a company looks for voluntary redundancy or to go for the ‘package’ because it makes it easier, much harder to argue unfair dismissal if you put up your hand to get the money.

One swallow doesn't make a summer. One thick vendor soesn't make a market. What I notice is that Bidx1 has an enormous number of properties listed as "available". That indicates they properties failed to meet the reserve at auction. I haven't seen anything like this number of "availables" after a Bidx1 auction before. There used to be just a sprinkling, now there seem to be pages.

An aunt of mine has had a ruin of a house in the West on the market for nearly 18 months at this stage. The house needs at least 100k of work to make it livable, but she has it on the market for the price of what a perfectly good house in the same town would sell for. Some people are just delusional as to what they can sell something for.

It all depends on who is selling and why.

If it’s an investor cashing out, they will wait for the right price or just not sell.

I placed a bid on a property about 2 months ago, above asking price. Others submitted bids and a bidding war began.

I kept an eye on the online platform and it went sale agreed. A couple of weeks later the sale agreed price had dropped quite a bit, I imagine the highest bidder pulled out.

Now it’s back up for sale again.

Interesting, whether people are finding they can’t get finance or are backing away to see what the market will do…

Bidding wars are not born from reason. I've seen a few of them start on houses that I've looked at, but I never got involved. The worst that I personally saw came from that benighted entity known as Auctionera. A house across the road from my mother (Dublin 5) went sale agreed at about 150k over its original asking price of 500k. It's now back on the market with another estate agent for 500k again.

I think that these fall through because the "winners" of these particular rat races come off the highs of adrenaline and realise that paying that much over the odds for something is perhaps not the wisest thing to do.

In my opinion, there needs to be some sort of regulation to prevent these bidding wars. If they want bids, an auction is always an option, but just taking "bids" from someone who may not even have the finance to follow up on the offer is simply a despicable way to do business.

I am getting ready to put an offer on a house in tomorrow just like you did and I am prepared to be rejected. But honestly, I know that is what is worth in the current market and won't budge. It won't be this one, another one will come. Plenty of fish in the sea.

I’m registered with pretty much all of the online bidding platforms and while you’re partially correct, all of the platforms typically only need proof of address/ID and a copy of your mortgage approval. You do not need to include documentation on money you are being gifted etc, so it’s very light vetting. They’ve no idea whether or not you have the full finance in place.

From personal experience of dealing with that crowd the word cowboys would be a component 😂

I put a house for sale in a nice part of cork city in July.

Went sale agreed within a month for 15k above asking. I accepted as buyer was a cash buyer.

Bought for 175 in 2002 and sold for 340.

Still took 3 months to close it out, solicitors live in a different world.

Wife also sold family home with her sisters. That went a bit nuts; listed at 300k and went for 55k more. Very modest bungalow where we lived for last 5 years, but in a nice area of a large prosperous town even if pretty rough ☺️

We did up the garage, for small money for a yoga studio. That seemed to drive things with lots of people valuing the extra space.

I still don't know if selling was the right option for Cork house but market wasn't exactly hot in terms of bidding and I've no insight on where market is going but rising interest rates with energy uncertainty have to be a damper

I did a viewing with them in 2021. The agent who set up the view misspelled the name of the area in the email and called me "Michael" when I arrived at the appointed time (not my name). When I asked him questions regarding the property and the area, he was unable to tell me anything. IT's a charlatan organisation that is bad for buyers and sellers.

What is it that you think is unique about the Irish property market?