Buying a house

[rootthemout]

have noticed a few building sites in the north opening up again over the last week or two,think developers are at the bottom now with their prices.

[FermGael]

As some one who is looking to buy for the past couple of years, Prices are still to high.

Some of the new build houses in the north are awful.  That's why they have fallen the most in value
Badly designed, badly finished, cramped and on top of each other.
Just put up in as short a time as possible to make a quick buck.
I have no idea how some of them passed building control.

I have given up on buying a house at least until next year at the earliest.
Yes house prices went up in the last month but the volumes of sales are so low.
Mortgages are extremely hard to get.
If you think that this is the bottom, then we have just experienced the quickest recession in history.

[illdecide]

My sister sells mortgages and insurances etc, she told me last night that she sold 3 first time mortgages this week and she hadn't sold 3 in the last year...

[Donagh]

As some one who is looking to buy for the past couple of years, Prices are still to high.

Some of the new build houses in the north are awful.  That's why they have fallen the most in value
Badly designed, badly finished, cramped and on top of each other.
Just put up in as short a time as possible to make a quick buck.
I have no idea how some of them passed building control.

I have given up on buying a house at least until next year at the earliest.
Yes house prices went up in the last month but the volumes of sales are so low.
Mortgages are extremely hard to get.
If you think that this is the bottom, then we have just experienced the quickest recession in history.

Spot on FermGael. Am in the same position and that would be my experience as well. A lot of new builds I've viewed have been atrociously designed and finished and the vendors are still expecting over the odds because some fool agreed a sale at a grossly inflated price a year ago before they or their bank wised-up. For all the people who got stung by buying at the top of the market I'd say there are more who were lucky their sales fell through.

[Minder]

My sister sells mortgages and insurances etc, she told me last night that she sold 3 first time mortgages this week and she hadn't sold 3 in the last year...

As Donagh said i would say its seasonal or coincidence. Lending conditions have not changed, there is still a need for 10,20, 40% deposit. Until that changes plenty of houses will remain unsold. If you have a decent deposit behind you all the better, five years ago any clown could have got a 100% mortgage due to some mortgage broker massaging the multiples. We probably wont see them for a good few years again if ever. Now if you have a deposit you can have your pick of properties. I dont think we are at the bottom yet. People say "ah they cant drop any lower" but if nobody is buying them because they cant get a mortgage of course they will go lower. Whatever you do dont listen to an estate agent............

[Donagh]

Whatever you do dont listen to an estate agent............

We viewed a house a few weeks ago and although and were thinking of offering £65k under asking price as it needed a good bit of work to take it up to what we're looking. The estate agent was on the phone the next day looking to know what we thought and we said we'd take a few days to think about it. We'll there's an offer on already, they said at £25k more than we were thinking of offering. No problem I said that's a good offer the vendor should take it and told them what I was considering bidding at. The day after that they were on the phone again to say the first offer was withdrawn and did I want to consider placing my bid.

Nah, you're alright thanks. 

[Rossie11]

http://www.independent.ie/opinion/columnists/david-mcwilliams/collapse-in-house-prices-will-be-good-for-economy-1736856.html

Article in indo few weeks ago.
According to McWilliams there is another 50-60% drop in prices before its over...

[bailestil]

That article makes a lot of sense. Puts a bit of economic logic into where house prices should be.

The idea of 14 times rental income would make for some interesting valuations here!

In derry city at least prices are coming down a good bit, but considering derry as the economic backwater that it is the prices are still way above what they should be.

[Boolerhead Mel]

Estate agents are still greedy f**kers and liars. I hope to sign for a house in the next few days. But in Jan I had a bid for a house accepted. 2 days later a higher offer was made so I said thanks but no thanks. 2 weeks later I had a call from the estate agent looking to know if I was still interested I was not-so they must have went back to the bidder I beat-he to declined. The house is now on the market for 15000 less than I offered. I also had a bid of £145000 turned down on another property which is now on for £135000. One word of advice do not listen to one word these lying f**ks say. Just look at property news-very few houses are shifting still anywhere.     

[FermGael]

Estate agents are still greedy f**kers and liars. I hope to sign for a house in the next few days. But in Jan I had a bid for a house accepted. 2 days later a higher offer was made so I said thanks but no thanks. 2 weeks later I had a call from the estate agent looking to know if I was still interested I was not-so they must have went back to the bidder I beat-he to declined. The house is now on the market for 15000 less than I offered. I also had a bid of £145000 turned down on another property which is now on for £135000. One word of advice do not listen to one word these lying f**ks say. Just look at property news-very few houses are shifting still anywhere.     

i would say you were bidding against yourself.personally i think that there is no need for estate agents.

[theskull1]

In Dunloy there's 6-8 terrace houses in a new development sitting idle. At the top of the market before they were finished the asking price was 220K for what is probably a 900-1000 sq ft poorly designed poorly built dwelling with 2 what you would call bedrooms and a walk in wardrobe (classed as third bedroom). They are currently being advertised at 109K and no takers as far as I can see.

It is of course the land prices paid that are keeping prices high. I'm sure a developer can knock up a peice of shit house for less than 40K

[Boolerhead Mel]

Fermgeal

I have a feeling you are correct -but is there anyway of proving an estate agent is using sharp practise-I did feel like calling them a liar on the phone but bit my tongue!

[milltown row]

Estate agents are still greedy f**kers and liars. I hope to sign for a house in the next few days. But in Jan I had a bid for a house accepted. 2 days later a higher offer was made so I said thanks but no thanks. 2 weeks later I had a call from the estate agent looking to know if I was still interested I was not-so they must have went back to the bidder I beat-he to declined. The house is now on the market for 15000 less than I offered. I also had a bid of £145000 turned down on another property which is now on for £135000. One word of advice do not listen to one word these lying f**ks say. Just look at property news-very few houses are shifting still anywhere.     

i may be going over the top here and might lose my older brother but........              Estate agents should be shot, a shower of lying Bas#ards and unless more people challege them then they will rip you off. they do fook all   

[bcarrier]

Becoming a cash buyer or at the very least chain free puts you in a very strong position.

Even if you intend to live in the property always do the rental check - Magic Kingdoms 20 year rule is equivalent to a 5% yield - Mcwilliams article ( 14 times rental ) is over a 7% yield . Personally I think anything above a 6% yield is OK ie  At 650 rent a month a house should be valued closer to 130k than 156K ....but you can still be a bit flexible if it is going to be your home.

I would always make an offer ito an agent in writing as well as verbally if you want to be totally sure it is put to the vendor.

[heganboy]

most families nowadays have both the father and mother working to support the household.

actually in the US the trend is now away from that, more families are moving to a one income household, price of child care and the current economy are contributing factors