Not meaning to be pedantic, but it is entirely tautological to say a market exists when prices are right: that is the definition of a market. Indeed, this is why it is such utter bullshit when you hear the VI’s say that “there is no market” when what they actually mean is “there is no market at current prices.”
As a quick tip - do an advanced search on DAFT and select only ‘sale agreed’ properties. It shows all the ones gone sale agreed back to about October. It is noticable that most of these properties are priced at the lower end of the scale for their respective areas - a good sanity check (as you have to wade through so much ridiculously over-priced stuff in a regular search).
Still not saying these are bargains, mind you - just that if you take the asking price and assume they went ‘agreed’ at 10-15% lower, the market looks a bit more real!
Interesting tip TB- i can see it applying:
a) as long as there’s no jiggerypokery on labeliing “sale agreed”
b) as long as the 10 to 15% reduction is correct.
I’ve just tried it for 3 and 4 beds in the Cork area and it is seems to produce a range of 200 to 250k, and 250 to 300k respectively for better but not the best areas ie on income multiple of 4, salary elegibility of 50 to 75k.
However, these properties might only yield E800 to E1,000 per month * 150= 120k to 150k. Oh dear. Any “owner-occupier premium” is going to have to work hard to reconcile that difference.
I reckon there’s at least another 25% drop to come.
False alarm, Homes in the OP are back on the market, daft.ie/1494317 daft.ie/1494320
somebody pressed the wrong button at the EA, or else a new sales tactic. I’m getting mails for the same property every day from daft. This only occurs when a property is newly listed within my criteria.