4 Bed Detached, 10 mins to city, To Offer or wait...?


I have been reading this forum for a while now, and i know this question has been asked many times… but im hoping for any advice i can get…maybe even writing this will help me get a clearer decision.
Recently looked at a 4 bed detached house in a small development of 5 houses. Location is ideal, small town, about 15 mins to galway city. House has a very highly spec. finish - energy rated, solar panels, fitted kitchen with all appliances included, high quality finish on all floors, wardrobes etc…approx. 1700 sq ft.
It was priced at over 540,000 early this year, and is now priced at 440,000.
We are thinking of making an offer of 350,000. The EA claims that 3 of the houses are sold (just this week - if you believe that!) but they are all yet to be completed to finish (except for the showhouse)
If we bought this house, it would be for the long term, as it is perfect for what we want now and in the future. We can afford up to a 370,000 limit, but would not be offering anymore than this, as it would simply be out of our budget.
My question is this… Do you believe that the higher end of the market will fall as much as the 3/4 bed semi, estate houses are likely to fall? Are we wasting our time with such an offer or do you think that it is worth the risk to wait till mid/late next year?
We are both First time buyers, have enough cash saved for 10% (hopefuly nearly 15% buy the time we actually buy as we are saving frantically!)
Many thanks for any advice given.


It will be worth 200k at bottom

Would making an offer of 300K embarrass you a little?
If not, bid lower, you already know where prices for this type of place are heading.

you should try figure out what the build cost would be. Unless it’s a 15min walk, i wouldn’t place too much value on the site. I would caveat this with the assumption that the irish economy holds up.

Just wondering what town is within 10/15 mins by car of the city center these days? - not barna with the road works, so I guess maybe moycullen or oranmore off-peak but even these would be an awful lot more at rush hour…

then again, they were advertising Athenry as 10 mins to city center by train in the advertiser this week - unfortuately it can be 1 hour + by car…

thanks for all replies.
I’ll put my hands up and say i lied - its not in galway - as i was typing, the other half got paranoid about people knowing where the house is!! Apologies for this.
Anyway, i figure it would cost approx 170-190,000 to build (just comparing it to a recent build of a friend). Thats house only, not including land price.
This is also a joint sale by 2 x EA’s. Does anyone have any opinions good or bad on this situation (2 auctioneers selling the same house)?

Again thanks for all replies and help.