Has the buying/selling season ended already?

B

bumper

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Hi there

I've had a look for related threads on this topic but couldnt find much...apologies if its been much-discussed...

Does anyone know if the buying/selling season has ended already?
We're trying to sell a house but there are very few people coming to view it. We originally put it on the market about 6 or 7 weeks ago and there was 9 parties at the first viewing. We subsequently went sale agreed very quickly but the buyers backed out just before signing (arrgghh).
Anyways we had our first viewing at the weekend after it was put back on the market, and we only had 2 parties at it. There doesnt seem to be much interest in it at all. Which is surprising cos it caused a lot of interest the first time round.

I'm wondering if the buying/selling season has ended for now? If so, we might be better off holding off selling until Sept rather than having it on the market for ages.

Thanks for any feedback
 
What "season"? While many potential buyers/sellers/agents will presumably be on holidays over the coming months there is no strict "buying/selling season" as such. If nobody is interested in your property then maybe you are pitching the price too high?
 
June is still a fairly busy month although definitely quieter. But a lot of the big agents keep the auctions going until the third or even last week of June which shows that there is still a lot of people viewing. Generally there are less people viewing during the summer months and therefore less people to put in offers on your house. It used to be the case that the summer months were regarded as a time to pick up bargains but don't really think that is true anymore. If you're in no rush to sell then maybe hold off til September (obviously prices will have risen a bit between now and then anyway) but then again if you present your house well and its one of only a few on the market then it could do well over the summer.
 
dublin has two seasons and the rest of the country has one

september is the next one in dublin
 
I'm trying to sell aswell. Thankfully my new house won't be ready till October(ish) at the earliest. However my problem is 381. Friends 2 doors up sold their house in January for 381. Theirs was a mid-terrace, ours is an end terrace, with slightly bigger garden, extra windows etc., it is now June, our house has been on for around a month and all we keep getting are offers of 381 plus offers of cash for contents. Call me stubborn but I'm not selling for 381 when the end of terrace cost 20,000 more. I'm not willing to go down the route of taking cash under the table to keep it under the stamp duty as I would just not take the risk. I know I probably won't get much sympathy on this as I think these forums tend to be geared towards the buyer at the moment, however I am a buyer also, trying to get back to living nearer where I'm from. When I got the place valued in February I got 410 as a valuation. Been very unlucky in that as soon as we placed the house on the market two or three more came on the same time, however the others don't seem to have accepted offers of 381 either. Not being greedy, and sympathise completely with first time buyers, and don't blame people for trying to stay under the 381 but at the end of the day I'm just not willing to sell for 381 and then before we even move out the chances are the 381 barrier will be broken and the house will be back to being only around 40,000 less than the 4 beds which are currently going for 440/450. If I sell for 381 it means my five years of saving SSIA's is going straight into the new house. Not that that would be disastrous as I did budget for this. Does anyone have any advice or thoughts? I was hoping that seeing as we probably do'nt have to close till around September that my house will sneak over the 381 - am I being too hopeful?????. Like I said I'm not expecting much sympathy....
 
I would have everything ready to go on the 1st of August and be prepared to 'price to go' seeing as you need the cash by October. You can afford to hold out if you are prepared to rent but it strikes me you are not :D

If the buyer has 'an issue' with the stamp duty they will raise it with you, of that I'm sure.
 
lmd said:
Call me stubborn but I'm not selling for 381 when the end of terrace cost 20,000 more. ..When I got the place valued in February I got 410 as a valuation.
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Well a house is only worth as much as someone is willing to pay for it, what you think it's worth or what someone values it at is irrelevent. It's up to you to judge whether you've priced it correctly. On here you're going to find lots of bulls ("house prices always go up") or bears (like me - "prices are going to fall heavily") so you're not going to get any sort of consensus.
 
I had expected that comment from someone about a house only being worth what someone is willing to pay, which of course is true, however the stamp duty threshold is the major problem in the equation and this will be removed in the next six months and then I believe I can get a more realistic price for the property. I've been looking at the market every day for the past six months at everything in the area. However without going off the point I have to say I believe my EA was wrong to put the 'asking price' as 378,000 (he says to get people in) when he valued the property at 400-410 also. I asked what is the point of getting people to view who hope to get it for 381 when we won't sell for that, of course he says they will go over it. I do think someone will but I hate wasting people's time. Anyway we'll see what happens. Yeah 2Pack we would be reluctant to rent as the house is in pristine condition (less than 2 years old) but we will consider this if we get stuck at the 381.
 
Interesting thread in that you have actually touched upon something which is not quite yet in the public domain.

The market has peaked. Now i do not say this as a potential buyer with nothing to lose as i sold my house last week and have had my offer accepted on another place yesterday. I choose to buy in the less violatile market of a large town where i was not involved in any bidding war and bought the property at its 'true' value.

There is a saying 'what the wise man does at the beginning, the fool does at the end'. Every market, be it shares or property always has a feeding frenzy before the market peaks. I am well aware of this having been involved in 6 bidding wars in houses within Dublin city in the last 3 months (Phibsboro,Glasnevin area) .

I could be wrong and have been in the past but as someone who has studied the market for the last 6 months its just what my instinct tells me.
Next time in the pub where the conversation always turns to property and property returns listen more for that story where the guy cannot sell his place.
 
The selling season will offically start in earnest on June 8th next week - To help kick off the season the ECB will be marking the occassion with a 50bp rise for everybody in the audience. The season will then continue on until some time beyond 2011.
 
thanks for all the replies....

I never knew it was just Dublin that had 'seasons' - you learn something new every day.

Yeah maybe we should wait until Sept alright.
 
what you (lmd) said about your EA was interesting. Ultimately it's in the EA's interest to sell your property so they want lots of offers.
They aren't as motivated as you are to sell at the price you would like i.e. in the 400 region as this would create more work for them as the stamp duty level begins to be a problem.

They will probably hope offers come in at around 381 and will probably suggest you accept them when/if no offers exceed this. There is no incentive for them to work harder for a marginal increase in the house price/their fee.

It's up to you to push for the amount you want if you feel it's achievable.
 
The logic is simple. Many house moves happen during the summer holidays, kids change to new schools 01 sept.

If the DEAL is not done now to both BUY and SELL , contracts issued or issuing, then the process will not be finished in September.

The second season is for those who are moving close by , no school change, and for those who remain unsprogged or have desprogged themselves and are trading down

Is that Klar ???
 
Yeah SirOurs i agree with you, i know what EA's are like and know that 381 is just fine for our one though he does seem to be making the effort. However I've told him we won't be selling for 381, we will be renting it out if we don't get more than this. This should keep him on his toes as he won't be getting any fee if we decide not to sell but to let - his own fault as I always knew I could have easily sold it myself for 381 and told him i wasn't going to employ an estate agent to get me 381.
 
IMD,

No point blaming the EA if no one meets your expectations. The market is what deems the price not the EA....no matter what level your property is initially pitched at. You might well take the chance to hang on for a better price in Sept. ..... but beware, the smart money is on lending rates to be at least 1/2% to 3/4 % higher by then. Who knows what you might achieve then.........my guess is that you will rue your missed opportunity.
 
Not really blaming the EA, blaming the taxman. I disagree with the missed opportunity comment completely, the property is not going to drop below 381. Most people viewing are young first time buyers so schools etc. do'nt matter. There is a large development launching nearby and the launch price and results of that is really what's going to determine what happens to us...Anyway thanks to everyone for the comments, like I said I didn't expect much sympathy!
 
lmd said:
Not really blaming the EA, blaming the taxman. I disagree with the missed opportunity comment completely, the property is not going to drop below 381. Most people viewing are young first time buyers so schools etc. do'nt matter. There is a large development launching nearby and the launch price and results of that is really what's going to determine what happens to us...Anyway thanks to everyone for the comments, like I said I didn't expect much sympathy!
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Let me help you out there.

The new development, for houses similar to yours, will launch for around €445K+

How do I know this I hear you ask??

Let me tell you, cos it's being done every day every where by one rip off merchant after the next.

Firstly they will see what the going rate is in the area, approx. €381K. Then they will add in €20K (stamp duty that people have to pay for a second hand house) and then finally add in whatever they expect the going rate for the houses to be when they are completed, another €30 or €40K.

So there you have it. And you can argue against this and say I am wrong as much as the day is long but wait and see. I've been looking for a house for 6 months now and I have noticed this in every area I have looked. And we are the fools to be putting up with it.
 
Hi bumper,

I have some sympathy for you, and you are right, end of terraces should achieve more. We were hunting for one for ages and in the end had to go beyond the 381, very unhappily....
On another note - someone mentioned that the SD cut-offs are being changed or abolished or something? What's the story with that?
 
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