Property market in Waterford city

[speedy]

we are considering selling our house and moving out to dunmore east but the new house wouldn't be ready till feb next year. our house is on the dunmore road in one of the older estates, a couple of months ago estate agents said business was very brisk but now i've heard it has slowed down slightly, does anyone know any insider info they could give us. we don't want to put down 10% deposit and next thing not be able to shift our house.

thanks

 

[Deisce]

Hi I believe that the housing market in waterford is slow enough compared to rest of irish cities with alot of houses available. I would do more research. See how long it is taking houses in your area to sell. Ask around and don't believe a word that E.A. tells you. They are afterall completely without scruples

 

[speedy]

thanks, that's what i was thinking myself.three agents valued our house and the difference was 40k between the lowest and highest value.they'd promise you the world to get the sale!

 

[snuffle]

Hi Speedy, a few quick points to consider:
the estates on the dunmore road used to be great sellers, as many investors saw the potential for young renting professionals, but it has slowed in the past while due to the many new apartments going up in town and investors buying these instead of buying in the suburbs as the young professionals plump for these newer apartments with ease of access to the city centre; the dunmore road has seen traffic growing steadily at peak travel times.
I personally know of many empty houses in these estates (3 houses in the one cul de sac we are renting our house in, for example, are empty for the past 4-8 months). It's a renter's market at the moment on the dunmore road with a glut of properties being left empty and BTL investors having to drop rents so as to get someone in to help cover the mortgage...

Demand for 3 bed semis in this area is slowing down also due to the huge numbers being built in areas near kilcohan, gracedieu, lacken wood etc, as these new built houses are typically anywhere between 20 - 50k cheaper than prices being asked for on the dunmore road and owner-occupiers are seeing that they can get their 3/4 bed semi for much cheaper elsewhere.

Seeing as the house in dunmore east won't be completed until next feb, could you afford to put down the holding deposit and try to offload your house in the meantime? Bearing in mind that some of the more extravagant prices certain houses have reached in your area may not be attainable on your property if demand continues to fall off slightly for these estates and you may have to settle for slightly less than you had hoped for?

also, is there a possibility that if you decide to withdraw from purchasing the new house, can you have the deposit refunded to you?
At least that would leave you with a safety net if your house fails to go for the price you want by Feb?

(I'm not saying you won't sell your house at all, you will have a number of interested parties as this area is still a desireable one for families, I just am throwing it out there that prices are stagnating at least, if not slightly revising downwards a bit...)

 

[speedy]

thanks for a great reply snuffle.all those thoughts go through our heads on a daily basis if not hourly!!!we wouldn't be able to get our deposit back but i do think(well i hope!) that we would sell if we put it on the market from september onward. we have a safety blanket of a very generous relation who can loan us the money to pay off the mortgage if it didn't shift at all. we would probably be selling for around 280k. i've heard that once they go over 300k on this road people are put off. the waterford market is definitely weaker than other cities in the country.