Denial - Waterford: 200k offer refused

Sold our house in Novbember - currently renting. The house we’re renting (4-bed semi) is for sale at €265k (was put on at €295k last August). Offered €200k, as other houses in the same estate are now priced at region of 230k, €245k, etc. House is no better or worse than others, so we offered €200k.

Was politely told to eff off. Buyer obviously in denial and won’t consider settling for any less than €240k. Even at that the place needs about €15k spent on it. A new development (just over the wall) is currently selling 3-storey, 3-bed semis which are on at €275k, and will be dropping to €250k in the coming weeks.

Now, the wife likes the house, but even she admits that the seller is being unrealistic. However, having read the thread about the CIF, and the possibility of their deal with the Government, I’m a little concerned at the impact on second-hand prices.

Will it drive them down or up? We’re prepared to sit it out - but we’re understandably nervous.

Would appreciate any assistance/advice.

It is difficult to see anything that will push up property prices for the forseeable future. Unless something unexpected happens there is just too much supply and too little demand, even at a discount to current asking prices. i.e. Property is still too expensive.

The banking system is in a state of crisis that will take a long time to unwind. The real economy (i.e. employment) is heading south and that doesn’t turn around quickly.

You are renting the place so I would st tight.

I don’t think we’re halfway through the house price drops yet. I wouldn’t worry about it.

Given that prices are probably gonna come down by at least 40%, then from the original 295, then that’s about 120k that it should come down by.

so 295k - 120k = 175k.

You’re not guaranteed because it depends on your area and whether someone comes along who just buys the place.

Without knowing more about the area/circumstances, you’d probably get it for 200k in the second half of this year.

Thanks Provost/Gecko. In Waterford, Dunmore Road area. Nice quiet little estate. On another note, the number of hits on this site is phenomenal! I note 60 views inside 5 minutes of posting this thread. :open_mouth:

How much rent are you paying?

€800 p/m.

So rent of 9600 per year
As prices seem to be dropping around 10% per year at the moment you are saving more than your rent by not buying.

There will be no sudden upturn in house prices

supply is just too big.

There will always be someone who needs to sell.

I figured it’d be something like that.

You could point out that if they accepted your offer of E200,000 they could probably earn more money by putting it sitting in the bank earning interest.

There’s a story in this weeks Munster Express about how prices in Waterford have only fallen half as much as elsewhere in the country. Apparently only Limerick has performed better than Waterford!!! Talk about pride coming before a fall.
We’re up there with Limerick!!! Yay!!! Now all you need is a 1900 job employer to shut up shop and you’ll complete the picture.

The lack of price falls in Waterford doesn’t actually mean anything is selling. I’ve been watching a few places on Daft that haven’t sold for a year and a half or more. The fact that the asking prices haven’t dropped isn’t a sign that Waterford is holding up well it’s just a sign that Waterford sellers are stubborn.

Start looking for other houses in the area in around the same price range. You’ll get one. Then when you get an offer accepted, give your landlord one last chance to cash in. If he doesn’t take it, move on.

-Rd

Possibly the report mentioned in this thread…

Report page 36:

213 3 Ireland Cork 5.4 €311,700 €57,200
233 5 Ireland Dublin 6.0 €390,000 €64,600
220 4 Ireland Galway 5.6 €305,000 €54,700
171 1 Ireland Limerick 4.3 €251,700 €58,200
195 2 Ireland Waterford 4.9 €272,700 €55,100
National Median 5.4

The 4.3-6.0 fig is the affordability index (median price/median household income). Doesn’t actually detail price movements in the report (but you could compare previous reports)

Waterford is the market most in-denial in the country.
Heres two houses for sale in one estate, all asking over a million.

daft.ie/1393722
daft.ie/1393764

Theres another two, in the same estate, that are empty, that they claim to have sold recently, but they might not complete the sale.

daft.ie/1253232
daft.ie/1398822

I agree that both vendors and EAs are still in deep denial in Waterford.
We viewed a 3 bed semi-d recently which hasn’t been occupied for a long time (executive sale) and needs the work – new roof, plumbing, wiring,
new windows, damp-proofing, new chimney etc. The inside is equally bad but we don’t mind a doer-upper.
Asking price?
Closer to 400k. Ok, it’s in a nice location, but still?
EA reckons the vendors ‘might accept 360’ :unamused:
We started looking at houses in Waterord nearly two years ago. The amount for sale has more than doubled and nothing is shifting.
What will it take for this to change I wonder :question:

someone did a heat-map before X-mas that showing which counties showed the last price increases
ronanlyons.wordpress.com/2008/12 … arly-2007/
indeed waterford along with Limerick would seem to be the last to show a house price increase.
i’m in Kilkenny and it’s really sticky here, denial is 100% columbian. everytime someone says house prices wont fall anymore i slap a twenty on the table and ask them it they’ll match that in six months. no one taken me up on it yet, even VIs.
it’s almost as if they’d prefer to crawl down the hill backwards than not be seen abandoning their castle in the air.

I hate to be ‘topper’, but I am renting in strandhill, Sligo and denial rules the day here too. Some hilariously priced houses and I’d have enough for a deposit on one of them if I had a tenner for every time a local has a bit snootily said to me “well, prices might fall everywhere else, but never in strandhill”

whereupon I enquire what law of economics is in strandhill that is different to the rest of Ireland?

Denial can be driven by snobbery as much as stubbornness. And there’s a heck of a lot of both around.

But prices remain high (and of course, nothing is selling) I am saving my money for a hard bargain this time next year.

Thanks for all the comments and help everyone.

Regards,

Freddie.

Denial still in place down here in Kerry but the message is getting through very slowly.
The message has been heard but it has not been appreciated.

Went to see a place that I’ve been to twice before. It’s not my exact place that I want to live in. It’s significant overpriced at the moment I believe and really only should achieve site value.

The good news that I heard, which I hadn’t heard before from the auctioneer was that he claimed that if a place could be sold he would work to get it sold. That’s another positive change.

Lot’s more to come though and currently many places are asking 2006 extrapolated figures as if the property downturn has never happened.
This is my favourite at the moment:
www.daft.ie/1418885 ,
yours for the paltry sum of 970,000 Euros.
While it is a beachfront property that’s really all that’s tremendously positive about the place. No BER mentioned, No size mentioned but visually it looks like about 70 sqr.mtrs.

I think that when we see the old age pension being cut back and the children’s allowance being removed that reality will finally set in, not until then however.

For a two bed?? :open_mouth: Don’t get me wrong - I absolutely LOVE Kerry (I’d live there tomorrow), but, even with the views, that’s nuts.

Neamh na nÉan?

That is for the birds!

It’s a two bed riverfront property FFS. The river must be The Nile.

Faaackin 'ell. To the Worst Value House in Ireland thread, Robin (and take those Waterford places looking for 1.65m with you).

ah to hell with this living in reality lark, it’s too much work. i’m off over to the crowd in denial for a while.
now pinsters, what’s your gripe, would ye all just get a jumbo mortgage like everyone else and then we can all set off into the sun to reach our irish avalon/elysium together. howabout it, no thinking required.
come on blah blah blah blah blah.
oh god, Denial is actually tougher work. how do they do it?