I have my apartment on the market with a top auctioneer since last September and it still hasn't sold. I am moving into my new house in two weeks and am already paying for two mortgages. The apartment was valued at 280k and I put it on the market for 270k. It is a two bed apartment and is only a year old. What else can I do. I suggested dropping the price again but the auctioneer said I'm mad to do this. I'm seriously getting worried about it. Is anyone else in the same position as me?
I suggested dropping the price again but the auctioneer said I'm mad to do this. I'm seriously getting worried about it.
At present there is a glut of rental and sale property on the market. The only thing going well is development land near town. Rental market is dependent on non-nationals who are getting fussy about properties. If you get from xxx to xxx per week grab it.
If you are bullish on the Irish Property market and think that the current slowdown will pick up in Spring then hold out on your asking price and suffer two mortgages until the place is sold. Be mindful of the extra pressure the next rate rise in Feb will bring.
If you are bearish on the market lower you price by 10-15% to attract attention and hope for a couple of interested parties to bring the price up again.
Good news is that the rate rise won't happen till March instead of Feb
Really? How do you know that for certain? To the op - can you avail of an interest only option on one or both properties until you sell the apartment?
Gortbeg, there are two competing interests at play here:
- Your interest: As you and others have mentioned, the market is 'quiet', to say the least. There's a lot of anecdotal evidence that properties just aren't shifting - I know someone else with an nearly-new apartment on the market since last September. You can hold out at the price you're at while those around you reduce theirs, but then you might have to reduce yours even further to get below the new asking price for similar properties.
- The auctioneer's interest: The auctioneer is interested in more than just the money they make from the sale on your own individual property. They're more interested in the overall market - and of course the last thing they want happening is for you to reduce the price, putting downward pressure on their market. And the auctioneer is desperately hoping that other auctioneers are telling their clients the exact same thing, in order to keep the house of cards standing up.
It's a tough one - I hope it works out for you.
they have already signaled to the market that it will be March. Doesn't help the OP though.
On the contrary Trichet's comments on Jan 11 gave no concrete support to that view.
You're saying that second hand apartments are priced at more than new ones?! The builders probably have a better handle on where the market is at than the individual punters trying to sell, I'd pace my price off of them.all other apartments in this area are priced at 280k-300k. They are still selling brand new ones for 270k and there are a few of these left so maybe that is where I'm going wrong.
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