The point is, it is still happening! People think "imagine having bought in the boom! I feel so sorry for them". But people are still paying way too much - just because it's half what it was, doesn't mean it won't be half again in 18 months. And if you pay 100K too much - that is nothing short of tragic for the average worker. I really can't believe that at least one subscriber thinks it's fine to pay too much once you're not going to sell untill 2020. I wonder is that subscriber an EA by any chance!
The point is, it is still happening! People think "imagine having bought in the boom! I feel so sorry for them". But people are still paying way too much - just because it's half what it was, doesn't mean it won't be half again in 18 months. And if you pay 100K too much - that is nothing short of tragic for the average worker. I really can't believe that at least one subscriber thinks it's fine to pay too much once you're not going to sell untill 2020. I wonder is that subscriber an EA by any chance!
I'd still be of the view that trying to call the bottom of the market is a mugs game.
"A house is worth what you are willing to pay for it". That kind of thinking is exactly what had people people in South Dublin paying 500K for a 1 bed apartment (now worth 180K) and 750K for a 2 bed(now worth 250K). Talk to the unfortunate people who are at their wits end trying to copy with a huge mortgage and praying that interest rates won''t rise. Tell them it was "worth it".
The people of Ireland must never again pay too much because that is what caused teh horror of negative equity in so many lives.
If you heard someone say "I paid 50K for a Ford Focus and it was worth it because I was willing to pay it" you'd suggest that they see a psychiatrist.
i have been told by EA that properties are going for pretty much the asking price.
How do you know they are sale agreed? Are you just taking an EA word for it? It's easy to put up a notice saying Sale Agreed on a place that is not selling if you're trying to sell similar properties in that area.how does that explain properties being snapped up? 2 properties that I have viewed are already sale agreed within 2 weeks.
The fact that a house is "Sale Agreed" means nothing since most "Sale Agreed's" fall through. If you look at the Property Pin site, you'll see houses that have been Sale Agreed 5 or 6 times and still aren't sold.
It's dog-eat-dog out there because a sale to an EA is like a glass of iced water when you're dying of thirst!
What some buyers are doing is giving a booking deposit (knowing that the EA must return it if the sale does not go through. They then stall and delay for months, then tell the EA that the bank have reduced the availlable loan by, say 50k - so the price has to drop. By that stage, the seller has become desperate and says to hell with it and sells at the new lower price just to get shut of it!
EA's aren't the only ones up to tricks!
Is 4 weeks interval between Sale Agreed and signed contracts regarded as being as quick as it gets?
"A house is worth what you are willing to pay for it". That kind of thinking is exactly what had people people in South Dublin paying 500K for a 1 bed apartment (now worth 180K) and 750K for a 2 bed(now worth 250K). Talk to the unfortunate people who are at their wits end trying to copy with a huge mortgage and praying that interest rates won''t rise. Tell them it was "worth it".