looking around at the moment for somewhere to buy, prices have come down a decent bit, myself I think that there’s at least a drop of another 25-30%
what do ye think yereselves ?
great site cluain cheers, some serious drops, and I thin there’s scope for further drops
When the number of drops in prices falls to maybe a quarter of where it is now, thats when you should buy.
There is a graph there on the front page that captures this.
Prices are still dropping in quite a heavy fashion.
[quote=“artfoley”]looking around at the moment for somewhere to buy, prices have come down a decent bit, myself I think that there’s at least a drop of another 25-30%
what do ye think yereselves ?[/QUOTE]
the north county area is way overpriced - dont even think about moving out here:eek:
I’m talking about buying a home, not getting a council flat:rolleyes:
[quote=“artfoley”]looking around at the moment for somewhere to buy, prices have come down a decent bit, myself I think that there’s at least a drop of another 25-30%
what do ye think yereselves ?[/QUOTE]
Just bite the bullet and do it. You’ve been waiting long enough sure. They’ll be going back up again before you know it. Prices only matter if you’re buying it to sell on again.
Eh? Really? Why buy a house now if you think it’ll be 30k cheaper in 6 months
I think you’ll find the prices may have gone down, but in the areas that you’d want to be buying the drops havent been as large as is being reported.
I’d hold off.
If its a house you’re going to live in for the rest of your life, 30k over the course of 50 years isn’t that large a sum.
But its still 70 odd euro a month (ex interest) that you could put into something else over 35 years. Your logic on this is a bit off for me Mac. I see what your getting at abou living in the house and making it a home etc, but you should still getting the best deal. I think MBB made the best point here, wait another while and you’ll see some lovely stuff come way down. Unfortunately it may because of someone else misery and not been able to afford it etc. But i find it hard to feel sorry for some of these people who got way above themselves. So i’d wait Art.
Ah I’m just sick to death of listening to people for the last 5-10 years who’ve been just waiting and waiting and waiting for the “right deal”. They’re the same people who’ll put 2 years research into buying a new car. If you’re that worried about prices, then you should just buy a site somewhere and build. At least you can control your costs more there. You can’t put a price on the satisfaction of having your own place - thats the way I see it.
I know where your coming from. I’m going to build myself, but it will be down the road and i’m going to save rather than borrow as much as i can, hope to save 50%. I believe the worry of owing those cunting banks a fortune is greater than the satisfaction of owning your own house. I personally think we are too obsessed with owning our own house in Ireland, at least at too young an age. The amount of friends and people i know who have no life from 25-26 on is crazy, because of having huge outlay every month on mortgages etc.
but thats a different argumnet to Arts question. If he wants a nice place but isn’t going to build on a site, i’d wait.
Play the waiting game Art,
regards,
TFK Economics and Public Transport Expert.
[quote=“BenShermin”]Play the waiting game Art,
regards,
TFK Economics and Public Transport Expert.[/QUOTE]
Tricky one Art.
Despite what NCC would have you believe I dont spend all day reposessing houses. Banks dont want the properties because there is no market for them whatsoever at the moment.
BOI are processing 3000+ applications a month and approving 80% of them, per their new CEO. But there is no take up of these loans because of lack of confidence. Biggest problem is people are afraid to buy in case they are shoved into negative equity down the line.
The Banks have not started fire selling properties either in the main, when this happens the value will appear. As it stands a lot of people are standing back waiting to see what will NAMA do, their is an impression that the government may use this agency to control the housing stock for the next ten years and support prices this way.
bottom line I have no idea where prices are going to be in 18 months, but the one thing I am absolutely sure of is that I wouldnt buy at the moment, wouldnt even consider it.
Kev makes an interesting point re renting above. TBH if I was going to stay in Dublin for the next 10 years I would be happy to rent if I could get some security of lease.
You could live in a top class apartment in D4 Ranelagh/Miltown Rathgar for 2k a month. 2 k a month is a mortgage of about 400 k, youd be living a long way from the city centre to buy somewhere for 400k equivalent of what youd live in for 2k rent.
I must admit the last 12 months have frightened the shit out of me of carrying a high level of debt, particulalry on an asset that does not generate any cash
[quote=“dancarter”]Tricky one Art.
Despite what NCC would have you believe I dont spend all day reposessing houses. Banks dont want the properties because there is no market for them whatsoever at the moment.
BOI are processing 3000+ applications a month and approving 80% of them, per their new CEO. But there is no take up of these loans because of lack of confidence. Biggest problem is people are afraid to buy in case they are shoved into negative equity down the line.
The Banks have not started fire selling properties either in the main, when this happens the value will appear. As it stands a lot of people are standing back waiting to see what will NAMA do, their is an impression that the government may use this agency to control the housing stock for the next ten years and support prices this way.
bottom line I have no idea where prices are going to be in 18 months, but the one thing I am absolutely sure of is that I wouldnt buy at the moment, wouldnt even consider it.
Kev makes an interesting point re renting above. TBH if I was going to stay in Dublin for the next 10 years I would be happy to rent if I could get some security of lease.
You could live in a top class apartment in D4 Ranelagh/Miltown Rathgar for 2k a month. 2 k a month is a mortgage of about 400 k, youd be living a long way from the city centre to buy somewhere for 400k equivalent of what youd live in for 2k rent.
I must admit the last 12 months have frightened the shit out of me of carrying a high level of debt, particulalry on an asset that does not generate any cash[/QUOTE]
thinly veiled “i enjoy repossesing peoples homes” post by Tom there
[quote=“dancarter”]Tricky one Art.
Despite what NCC would have you believe I dont spend all day reposessing houses. Banks dont want the properties because there is no market for them whatsoever at the moment.
BOI are processing 3000+ applications a month and approving 80% of them, per their new CEO. But there is no take up of these loans because of lack of confidence. Biggest problem is people are afraid to buy in case they are shoved into negative equity down the line.
The Banks have not started fire selling properties either in the main, when this happens the value will appear. As it stands a lot of people are standing back waiting to see what will NAMA do, their is an impression that the government may use this agency to control the housing stock for the next ten years and support prices this way.
bottom line I have no idea where prices are going to be in 18 months, but the one thing I am absolutely sure of is that I wouldnt buy at the moment, wouldnt even consider it.
Kev makes an interesting point re renting above. TBH if I was going to stay in Dublin for the next 10 years I would be happy to rent if I could get some security of lease.
You could live in a top class apartment in D4 Ranelagh/Miltown Rathgar for 2k a month. 2 k a month is a mortgage of about 400 k, youd be living a long way from the city centre to buy somewhere for 400k equivalent of what youd live in for 2k rent.
I must admit the last 12 months have frightened the shit out of me of carrying a high level of debt, particulalry on an asset that does not generate any cash[/QUOTE]
thanks for the info dan, was thinking along similar lines myself but you can get property in d4/d6/blackrock for around 450k for a 3 bed and not in scummer areas either, but then again if it’s somewhere you’re going to live for the next 20 years then negative equity wouldn’t be a problem, must get herself to talk to BOI mortgages.
the other thing I’ve noticed when viewing is that estate agents are still wrapped up with mortgage companies, I thought this was outlawed? then again maybe we’ll talk to them and pull an FOI request afterwards and sue the fuckers for the deposit !!
[quote=“artfoley”]thanks for the info dan, was thinking along similar lines myself but you can get property in d4/d6/blackrock for around 450k for a 3 bed and not in scummer areas either, but then again if it’s somewhere you’re going to live for the next 20 years then negative equity wouldn’t be a problem, must get herself to talk to BOI mortgages.
the other thing I’ve noticed when viewing is that estate agents are still wrapped up with mortgage companies, I thought this was outlawed? then again maybe we’ll talk to them and pull an FOI request afterwards and sue the fuckers for the deposit !![/QUOTE]
:guns:
[quote=“dancarter”]Tricky one Art.
Despite what NCC would have you believe I dont spend all day reposessing houses. Banks dont want the properties because there is no market for them whatsoever at the moment.
BOI are processing 3000+ applications a month and approving 80% of them, per their new CEO. But there is no take up of these loans because of lack of confidence. Biggest problem is people are afraid to buy in case they are shoved into negative equity down the line.
The Banks have not started fire selling properties either in the main, when this happens the value will appear. As it stands a lot of people are standing back waiting to see what will NAMA do, their is an impression that the government may use this agency to control the housing stock for the next ten years and support prices this way.
bottom line I have no idea where prices are going to be in 18 months, but the one thing I am absolutely sure of is that I wouldnt buy at the moment, wouldnt even consider it.
Kev makes an interesting point re renting above. TBH if I was going to stay in Dublin for the next 10 years I would be happy to rent if I could get some security of lease.
You could live in a top class apartment in D4 Ranelagh/Miltown Rathgar for 2k a month. 2 k a month is a mortgage of about 400 k, youd be living a long way from the city centre to buy somewhere for 400k equivalent of what youd live in for 2k rent.
I must admit the last 12 months have frightened the shit out of me of carrying a high level of debt, particulalry on an asset that does not generate any cash[/QUOTE]
As Art has said you can live pretty centrally for 400k I’d say.
All depends on circumstances. I bought this year - had sold last April so got 8 months out of my profit on first gaff and whatever drop there was in the market then.
Decided at that stage I was buying somewhere to live for 30 years so not going to put myself through shit to save a few quid as long as I was happy with what I bought.
Had to use some of my vcash to get the deal over the line but think it was worth it.