Sell Now?

Having been thought about it on and off for over a year I’m now seriously consdering selling up.
Bought in 2003 for 340 and have about 250 left on the mortgage - key thing is that it’s on a variable rate so getting more expensive.
Have done a good bit of work since buying and EA recently valued it in the region of 355, although I’d have my doubts about achieving that.
I’m not under pressure with the repayments and work is secure and I actually like the house and the area but the ultimate aim is to trade up so my thinking is to get out with whatever chunk of equity is left in it and rent for a while.
Obviously doing this even a couple of months (not to mention years) ago would have been preferable but the consensus on the site seems to be that there’s still more downside to come so presumably it’s a case of better late than never?
I guess we’ll see how events over the next few weeks impact this plan and whether the boat has sailed…

Sorry Bud.

That ship has sailed.
No one in their right mind would buy in Ireland until this dust settles…and when it settles there will be no equity left

Unless the EA was round this morning, ain’t noone paying that money today.

Hmm… prospects not good. Can you elaborate on location and type of house…

Yes

Casually browsing myhome.ie for property in my area, I would say asking prices are back to 1999 or earlier.
However nothing seems to be selling…

I think it depends on what your next move is.

If you are thinking of selling to buy elsewhere then it is quite possible you could get a bigger or better located house in 12-24months for your money.

If you are selling to buy back into the original area when prices have dropped further then you will probably not benefit as stamp duty and doing your next house up to the way you want it will probably eat up your cash.

the market is only going one way so even if the selling price seems painfully low now it is still going to be a lot higher that what u will get for it in 2 years time

Thanks for the replies

Current house is a 4 bed semi-d in D16 and yeah I’m under no illusions about that valuation or that things are in flux and it’ll be post budget at least before there’s any movement again. At what level that is will obviously be dependent on the IMF plan and the resultant impact on market sentiment.
But my long term plan would be to buy in slightly better area.

Pros of selling now as I see it are:
Getting out with some equity or at least not being in NE
Not being caught in a chain if any when the time comes to buy
I’m not on a tracker so I might as well (eventually) be paying variable rates on a better house

Cons:
That maybe we’re at the bottom or at least close enough to it not to justify the hassle of selling and renting

It’s a tough call Pharoh. All I can add is that if you look on the Pin’s South Dublin price drop forum you’ll see that in very many instances asking prices are back to before 2003 (or, at least, back to about that time). This in itself makes me highly dubious that the EA has this right, which you yourself have already acknowledged.

50/50

250k not so much to have to pay for a 4 bed.

selling at a loss would be a risk.

keep paying keep living.

Maybe put it up and see what offers you get, that may answer your question for you and you will not have to live with the “What if?” question for the rest of your life.

I can tell you that I will be looking to buy in D18/D16/D14 area early next year all going well so there is at least one buyer out there, however I will be low balling any vendor and expect to have lots of No thanks.

There are properties on my search list using propertybee from that area that are listed for 8 months or more that have not shifted downward once in those 8 months, a realistic vendor might be able to shift.

Hi,

I didn’t mean to be so negative above, day that was in it and all…

As suggested above, you could put it out there and see is anyone bites

Hey Pharoh,

Imagine you sold your house, you did get some money out of it and then you put it into the bank. The banks then collapse and you lose your money or you get it paid back in Irish Lira (which translates ‘as gaeilge’ to Airgead Mónopoly). You then have no house and no money. That would be an interesting course of events. Of course I worry too much.

And no debt either…

If you price it at a 10% discount to competitors, you will get nibbles at very least.