Q1 2008 survey of Irish Market - Market cycle of emotions

Public Emotional response to house market

  • Optimism
  • Excitement
  • Thrill
  • Euphoria
  • Anxiety
  • Denial
  • Fear
  • Desperation
  • Panic
  • Capitulation
  • Despondency
  • Depression
  • Hope
  • Relief

0 voters

Based on general conversations with your friends, colleagues, or intuition what do you reckon the public mood towards the house market is?

This is following on from the September 2007 survey.
There was also one in December (can’t find link)

Survey for the UK market over at globalhousepricecrash.com

I voted fear but think there’s also some denial in there. There are very few sales due to sellers being in denial about what people are willing to pay and not dropping their prices accordingly. Denial is fading quickly however with the mainstream media giving price drops lot of coverage, see friday’s indo for a good example. There’s also a two page colour ad for the Chicago spire in there too.

I think fear has well and truly taken hold although there is a hint of denial from some quarters

I went with capitulation but then again I’m talking about the States.
We are a little further down the graph than over there but I think ye’ll catch up. :smiley:

I think the herd is moving quite slowly on this one and it’s still in anxiety. The VIs are in denial, but the mass is still vaguely concerned but believe the VIs who say the market will rise this year.

I would say the VI’s are ahead of the general public somewhat and I would definitely think the banks are at the desperation stage with the credit crunch and easy funding dried up, as are the developers who are shoving the properties they can’t sell onto the rental market to get keep cashflow going.

I would say 90% denial. People are still not dropping their prices en-mass. Only distressed sellers are dropping.
Also the VIs are still spouting rubbish about the bottom being reached. The average seller has to be psychologically beaten into reducing their price. This will take time. I can’t see us moving out of denial until August 2008. I don’t see a smouth transitition either. It will be denial up til August and then panic.

I still think we’re in the denial stage. There’s still a lot of comments about 2008 being a great time to buy and that it’s a buyer’s market. Also, plenty of people who can’t accept that their properties aren’t worth what they thought they were.

I think Duplex sums it up perfectly with this post in another thread:

somewhere between fear and panic now methinks?

I was going to say between denial and fear but then 2 of my friends just bought houses for too much money (one a new build in Balbriggan :cry: ) so I’d imagine they’ll be sticking with the Egyptian boatmen for sometime to come.
Would like to see a more up-to-date version of the poll to see have far down the slope we’ve gone.

Q4 2008 version here: