Q3 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

Previous polls: September 2007 | January 2008 | April 2008

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

Survey also being carried out in parallel in the UK on globalhousepricecrash.com

We’ve reached the Denial-Fear Boundary. Still a fair amount of Denial out there, some people just can’t be helped…

I still expect a rapid slide all the way to Panic around early September once everyone is home from their One Last Holiday.

As per SW… Although, there was a comment in the office the other day about the size of the property sections getting thinner…

Who voted for depression? Amazing that anybody could honestly think that.

2Gaffs??

Steady. :exclamation:

All of the people with whom I’ve discussed the future of the market are, without exception, convinced that ‘now is a good time to buy’.

However, none of them will take me up on a €100 bet that the national average house price for Q2 2010 (as per permanent tsb/ESRI index) will be lower than Q2 2008.

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Interestingly, even though we were not running the survey at the time, the euphoria peak on the cycle can be said to have been marked in July 2006 with the Bank of Ireland report.

In the same month that infamous thread on AAM also started. The reports started filtering into the media that something was amiss in the property market with the failure of several auctions.

It’s taken us 2 years to get to the fear stage, there is a long ways to go to the bottom yet.

It may also be fair to speculate that the bankers and developers are ahead of the public on the cycle.

Personally I’m optimistic but thats because I have FTB status and zero debt coupled with the fact that house prices are falling. I’m loving this property crash !!

I’m not really loving the crash, because it’s going to hurt a lot of people, and that’s why I hated the boom (because we knew this part was coming).
However, the crash is suiting my particular circumstances too, but it appears (from another article posted here today) that the bottom is still likely to take another 4 years at least to reach, and God knows what kind of lending capabilities the banks may or may not have in even 2 years. So FTBs still have a couple of hurdles to face.
Interestingly, looking at the poll, last year could be called the year of denial, this year the year of fear, so it looks like each year enters a new phase. By that reckoning, we enter despondancy (bottom of cycle) in 2012, which tracks.

May I direct you to this forums terms and conditions Sir and suggest you self moderate.

2012 end of the last mayan cycle DUN DUN DUNNNN!!!

Good summary all the same. Particularly concur with your sentiment in bold.

Stuck between Denial and Fear.

We are in fear, without a doubt. I have heard stories from reliable sources of people not signing the loan offers from banks because they are afraid as one particular bank would have increased the interest rate before the cheque was drawn down.

I have also heard stories of fairly large discounts on proeprties and people trying to shift house asap taking large drops and I mean lareg i.e. excess 30%. :open_mouth:

Large is relative.
30% off a property that was 30% overvalued is not shocking.