My neighbours just put there house on the market. The asking price is very competitive. I asked her why she chose flynn’s she tells me that she tried a couple of others and they point blankly refused to take her on telling her that they wouldn’t be able to shift it. When she came to flynn they said that the only way they would take her on was if she dropped the asking price to a realistic price, she did so. Point being its not like it used to be and perhaps this is one of the reasons behind the lack of quality housing on the market. Sellers just wont sell the qualilty gaffs at market value despite what EAs suggest as realisitic market prices. I myself am ready to buy this last couple of months but as of yet haven’t seen anything worth getting back into debt slavery for.
EAs taking the hard line with sellers too it seems
We have the same issue. We’ve been looking for 18 mths and all that is on the market are ‘starter homes’. Not what we are looking for. The problem is that what we are looking for is currently owned by people whom are retired and mortgage free. They just won’t sell or if they are selling the houses need total upgrading and the house isn’t priced to take this into account.
Despite all the talk about the market crashing, it only seems to be the FTB’s market that is up for sale?
Don’t worry lads there’s a cold snap and the swine flu coming.
The middle class don’t catch the “common” cold.
I know it’s terrible. If we are honest about it, we are waiting for some old dears to kick the bucket and their kids to sell the house to make money to pay down their own mortgages
What area is the house in?
I haven’t seen anything competitive yet in the areas I’m looking.
I trawled through Myhome yesterday, my search yielded 150 houses. Out of all of them I found one maybe two houses that were competitively priced. And probably 100 houses that have massive drops to come in order to be competitive with the two fair(ish) value houses.
Yes, it is quite frustrating at the moment but I am starting to see one or two houses selling low that may breech the pent up supply of over priced houses. You might see some sales pre Christmas like last year but houses should be remarked lower in Jan
When we had sold out house without putting it on the market earlier this year I rang multiple agents. The valuations varied by about 100k. I came clean with one agent that I had had an offer roughly half way between the two and his response was that some agents need to make money and in his opinion were happy to guarantee a sale at your expense in order to bring in some dimes.
I know people want to hear that agents are way over estimating the prices - I believe they do so in order to get the custom and then set about making the clients set prices they know they can turn over the house at sharpish - just to bring in some cash !
Looking at different houses around NE Dublin, I think Flynn has the most unrealistic prices out there.
Every house they have on, has similar propertys in the area for lower prices.
I agree. I think the EAs(overestimating the price) give you what you think is an underestimation of the value(but still acceptably high so you give them the business). They then set to work with the AMV(usually 10% less than the valuation given to you) as the starting point and after that wear you down to a more realistic level as the offers(if they do come in) start at -30% of your original estimation.
As far as I can see there are three prices currently;
Vendors Valuation: generally pie in the sky still in 2006 bullshit price.
EA Valuation: a little bit lower but still ridiculous.
Buyers Valuation: what the banks will lend, no where near the Vendors or EA’s valuation.
I have yet to see a single house priced at what I would consider a realistic price. Some getting there but a good bit to go.
We’re stagnating because govt. is doing it’s best to prevent banks foreclosing. In Ireland it seems no-one anywhere should ever lose their house no matter what the circumstances. Govt is preventing firesales with the advent of nama whose sole purpose is to buy up all the oversupply and hold onto it, thus artificaly propping up house prices…well thats the plan anyway. (as admitted by some govt. cretin on primetime). The you have people who have cleared thier mortgage and are unwilling to accept realistic offers, which they are perfectly entitled to do.
In conclusion I can see house prices stagnating, slowly faliing for at least a decade, with minimal acticity in the market.
MOD EDIT: Give it a rest…
Ha - I wonder if any EAs make up phantom low ball offers to the vendors in the hope they will wear down and start dropping the asking price!
Whatever about the above suggestions… Anecdote time… Once again only last week I rang an agent about a property which has been reduced from around €300k to €239K. He asked if I would like to view it and he would see if he could squeeze me in . He also warned me that he already had an offer of €230k on it so I said that I do not view properties which already have offers on them… Today in is still up on Myhome for €229K… go figure!!
Why not? What’s the diff… Mr P. Hantom will always be around…
Your right Tug but I would side songster as I like to let them know the crap time wasting games they play will not be used on me so get real or get lost.
Yeah well you see it seems that Mr P Hantom is buying so many properties I feel that I should not get into an auction situation with the poor Fella… Kind sort of chap that I am…
I wouldn’t. Just leave an offer on the table and tell them to call you when you’re interested.
Then drop the offer again.
To be honest with you I couldn’t be arsed playing games… I can wait, I’m not that interested in dealing with liars!!
Well with that attitude, you’ll need to bypass the estate agents.
Apologies to all reputable EAs out there, it just couldn’t be passed up!
By the way, you must be reliant on public transport having never bought a car?
You’d be amazed how little I’ve paid for cars over the years…Mmm Maybe I’m a cuter hoor than I think… Anyhow back on topic before Provost gets here