How long should house be on the (Dublin) market before you would start to get worried

R

Rayzer

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Hi, our house has been on the dublin market since the May16th , our EA says that its just a bad time to be on the market and that it will probably pick up in September, there has been very little viewings.. now we have just one person bidding but he bid 4000 less that our asking price and she says if he goes higher then he would have to pay more stamp duty, so we are considering this price and will probably take it as we move to our new house early september.. now hes having problems with getting his loan but the EA thinks that he will more than likely get it.. Is anyone else having a problem selling thir house at this time of year or do you think that the market changes in september and that we should hold out?
 
Re: How long should house be on the marrket before you would start to get worried

4000 lower on a 300000 or 400000 house is full price in effect .

I'd say take it !
 
Re: How long should house be on the marrket before you would start to get worried

Seem very unusual to have only one bid after 2.5 months on the market unless the property has been put onto the market at the wrong price, i.e. to high or there is no demand for your location (Dublin?)

Lower the price to get interest in the property and bidding started.... and/or change EA.

Friends of mine had similar difficulties last year.. they did not change the asking price but went from small EA to a big one. They made the EA switch about 4 or 5 months after the property had been on the market.. and it sold in 3 weeks.. Could be luck... or they wanted too much initially and market eventually caught it the asking price.
 
Re: How long should house be on the marrket before you would start to get worried

I agree - its 1-2% off full asking and therefore a very good offer!

Research in the UK found that the average selling price was 8% than the asking price
 
Re: How long should house be on the marrket before you would start to get worried

there was other bids about a month & a half ago up 395 but they fell through and dissappeared?? we are asking 385 the bidder we have now has bid 381 but if finding it difficult to get loan apparently,his bank want to give him 374 so hes trying in other places now!! which we definitly could not afford to take such a drop and our EA has made that clear to him.
 
Re: How long should house be on the marrket before you would start to get worried

If your happy with the price being offered then it's a good price! As a percentage of the total sale it will be fairly small.

As you will already be waiting for him to get things in place no harm in trying with other EAs or trying yourself to get more interest in the property. Until it's sold it's still your asset and your entitled to get as high a price as possible for it..... just make sure the greed doesn't cost you the sale and cause problems with your own move next month.
 
Re: How long should house be on the (dublin) market before you would start to get wor

When did you buy the house you are trying to sell and how much did you pay for it?
 
You will find it very difficult to get a bid over the €381K SD limit. Officially.

That EA you have is a clown to have it advertised at that price. It should be advertised at €379K and then all prospective viewers should be informed when viewing that the Vendor (you) would be open to cash offers in excess of €381K and you will get at least €390K+ this way.

This way, you get a much higher selling price and the buyer doesn't have to pay excessive SD. It's a no brainer.

Is it legal?? No, of course not but, and trust me on this because I spent 9 months looking for a house at the SD limit, every Tom, Dick and Harry is at it. All of 'em. I dunno what kind of agent you have. Honesty is definitely not the best policy in this instance.

You're welcome. :)
 
Re: How long should house be on the (dublin) market before you would start to get wor

Firstly, the EA shouldnt be talking to or accepting bids from people who are not mortgage approved.
Secondly, my app was on the market for 3 months before it got sale agreed.
I had one bid which was 10k less than the askin price of 270. I rejected this and just as well as 1 week later 3 people became interested in the appartment and started a bidding frenzy, which ended at 290k. The sale then fell through as the buyer couldnt get the remainder of the funds to add to his mortgage.

I put it back up for sale at 280k, and sold for 311k within 1 week.

The EA are correct when they say there are certain times of the year when it is slow (like all markets i guess). If I was you I would wait until you get the money you are happy with and dont accept a penny less. You have to think of the situation when u go to buy and will you be able to offer less on the selling price and still get it. On most occassions I would guess this wouldnt happen.

The down side to waiting is that the prices of other houses you are interested in might be increasing as well.

K
 
Re: How long should house be on the (dublin) market before you would start to get wor

Being blunt.

You have an offer which is 98.9% of your asking price and you are "worried".

Some adivice - take a look across the water at the USA to see what a real "worried" seller looks like - then re-assess your situation.

PS I really hope the revenue catches up with all the 'cash under the table' advocates - are we really trying our best to bring this country back to the 80s..? :mad:
 
Ballyman said:
You will find it very difficult to get a bid over the €381K SD limit. Officially.
Click to expand...

If you sell your house for 381k plus 9k cash for 'contents' you are technically defrauding the revenue. If your solicitor knows this is what you're doing they're obliged to inform the revenue (they have to sign a declaration that the contracts/series of contracts don't exceed 381k). Of course, if the solicitors on both sides don't know about the cash element then there's nothing they can do but if the revenue find out the purchaser will have a stamp duty liability and likely penalties/charges as well.
 
Firstly, the EA shouldnt be talking to or accepting bids from people who are not mortgage approved.
Click to expand...
How is the EA supposed to know? If I was a buyer I wouldn't be willing to show my approval to an EA.
 
Just because they say they're loan approved doesn't mean they are...look at the witch who bought our house, she said she was loan approved and 1 month after the closing date passed she finally got her loan doc's together. As for lenght of time on the market, if you've seen the papers you'll know nothing has sold at auction since april, but we got a buyer after 7 weeks on the market (granted she has been a nightmare to deal with but at least we got our money) however we sold for 20k less than what EA said we'd get...there is a definate slowdown across the market, but in saying that we still got 100k more than what it was valued at last june.
 
Someone who is loan approved in outline can be put through hoops afterwards by their lenders.

Lenders in some cases have become hardnosed since May/June and have started to demand more paperwork , especially as they try to sniff out credit union loans or mysterious 'sources' of finance that they were very chilled about 6 months back .

A '100% approval' can mutate in no time into a 95% approval leaving someone looking for €15k at very short notice.

Insurance companies can get a flea in their ear and send people off for tests and more tests .

That 'witch' of yours may have been put thru the wringer by the banks and insurance companies during that time Bambino and you may have the exact same experience yourself in future if you buy ....especially if you buy once you are over 40 :D
 
Rayzer said:
Is anyone else having a problem selling thir house at this time of year or do you think that the market changes in september and that we should hold out?
Click to expand...

Over three months on the market is quite a long time for Dublin.

We've had the same problem with one of the properties we're selling.
It's been on the market since late spring and after a bidding war - had gone sale agreed above the asking price. The proposed purchaser got spooked by interest rates rising and backed out.

One of the under bidders came back and offered the asking price which we accepted but then they also backed out about a week ago.
Now we're in a position where none of the previous bidders are available/interested and we have no new interest in the property.

Our estate agent has suggested lowering the asking price and re-advertising to generate new interest. It's a real pain though because we have to get all of the brochures re-printed to show the lower price and pay for newspaper advertising again.

Luckily the house we are interested in buying has also dropped in price so hopefully lowering our asking shouldn't affect us too much in the end.

The market appears to have weakened over the past few months and buyers seem to know they are in a more powerful position ... so if you have a bid close to asking price, it might be a good idea to accept it.
 
Ah 2pack, this is my second time through the buying process so I know how stressful it can be....I suppose I'm being hard on her calling her a witch but she lied at every step, "oh I sent the final loan offer into the bank by courier" and the following week she was in her solrs office signing the same document. I have to say it's definately more stressful on the selling side than the purchasing side ( well in my case it has been anyway)
 
ah fair enough then , she is a witch and can not even lie consistently :p !
 
My house has been on the market now for 3 weeks without as much as a phone call!!

My next door neighbour sold in April and was sale agreed within two weeks, well above her asking price.

How long would you leave it with an agent with no feedback whatsoever? I am not blaming the agent by the way. She has put it on my home, daft etc. I am thinking of perhaps advertising it in the local paper also?

I had put a holding deposit on a new house (which it will look like I will now not be able to buy) as I am not sure if the house will sell at all.

Have been awake till four o'clock in the morning worrying about all this. Makes me want to just stay put. I agree with the previous poster who said selling was definitely more stressful than buying.
 
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