Author Topic: Buying a house  (Read 37852 times)

orangeman

  • Hero Member
  • *****
  • Posts: 19378
    • View Profile
Re: Buying a house
« Reply #45 on: June 05, 2009, 09:49:19 AM »
Prices inthe North are definitely starting to firm up - the south less so.

Just seasonal. Give it until the end of the summer and they'll start dropping again.

I reckon they can't drop any further - 120k for a new semi detached house  - it can be built for much less.

midLouth

  • Guest
Re: Buying a house
« Reply #46 on: June 05, 2009, 09:54:12 AM »
You'll find when the price of things drop and I'm mainly talking about employment, then they'll be built for less. The needed to drop the minimum wage in Ireland is crucial for prices to come down.

rootthemout

  • Newbie
  • *
  • Posts: 228
    • View Profile
Re: Buying a house
« Reply #47 on: June 05, 2009, 10:10:57 AM »
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

  • Hero Member
  • *****
  • Posts: 2018
    • View Profile
Re: Buying a house
« Reply #48 on: June 05, 2009, 11:45:59 AM »
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.
Wanted.  Forwards to take frees.
Not fussy.  Any sort of ability will be considered

illdecide

  • Hero Member
  • *****
  • Posts: 7638
  • Quit your Jibba Jabbing Fool
    • View Profile
Re: Buying a house
« Reply #49 on: June 05, 2009, 11:53:50 AM »
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...
I can swim a little but i can't fly an inch

Donagh

  • Hero Member
  • *****
  • Posts: 4032
    • View Profile
Re: Buying a house
« Reply #50 on: June 05, 2009, 11:55:33 AM »
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

  • Hero Member
  • *****
  • Posts: 15064
    • View Profile
Re: Buying a house
« Reply #51 on: June 05, 2009, 02:03:48 PM »
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............
"When it's too tough for them, it's just right for us"

midLouth

  • Guest
Re: Buying a house
« Reply #52 on: June 05, 2009, 02:09:59 PM »
Whatever you do dont listen to an estate agent............

Words of wisdom, anyone connected to the market or making a profit out of the market isn't worth listening to at the moment, because they are up shit creak, and I'd have no sympathy given the free ride they had for the last 10 years or so.

Minder

  • Hero Member
  • *****
  • Posts: 15064
    • View Profile
Re: Buying a house
« Reply #53 on: June 05, 2009, 02:14:06 PM »
Whatever you do dont listen to an estate agent............

Words of wisdom, anyone connected to the market or making a profit out of the market isn't worth listening to at the moment, because they are up shit creak, and I'd have no sympathy given the free ride they had for the last 10 years or so.

Sure in the Lisburn Rd in Belfast last week Templeton Robinson estate agents "stage managed" a queue outside their branch for new apartments (will people ever learn?) in the City centre and paid for a model to sit in a deck chair wrapped up in a blanket giving the impression she was there all night. You couldnt make it up.

http://www.irishnews.com/articles/540/5860/2009/5/29/618796_382908488617Estateage.html
"When it's too tough for them, it's just right for us"

Donagh

  • Hero Member
  • *****
  • Posts: 4032
    • View Profile
Re: Buying a house
« Reply #54 on: June 05, 2009, 02:24:27 PM »
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

  • Hero Member
  • *****
  • Posts: 1237
    • View Profile
Re: Buying a house
« Reply #55 on: June 05, 2009, 02:36:07 PM »
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

  • Sr. Member
  • ****
  • Posts: 366
    • View Profile
    • Steelstown
Re: Buying a house
« Reply #56 on: June 05, 2009, 02:45:25 PM »
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

  • Newbie
  • *
  • Posts: 68
    • View Profile
Re: Buying a house
« Reply #57 on: June 05, 2009, 02:52:42 PM »
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

  • Hero Member
  • *****
  • Posts: 2018
    • View Profile
Re: Buying a house
« Reply #58 on: June 05, 2009, 03:08:12 PM »
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.
Wanted.  Forwards to take frees.
Not fussy.  Any sort of ability will be considered

midLouth

  • Guest
Re: Buying a house
« Reply #59 on: June 05, 2009, 03:11:15 PM »
I was always told that a mortgage should be 2.5 to 3 times your annual salary, anything more you won't be able to afford.