Nah according to this sub the market is fine, is you who is at fault for being so poor. You all have it easy what you whining about. Is all good in Ireland. Move along, nothing to see here… Offaly is a metropolis we all are trying to get in for sure! /S
When this whole thing eventually collapses around our ears, destroys the economy and normal working peoples lives while no one in positions of authority suffer any consequences, at least pretend to act surprised.
That’s an offaly high price in fairness.
Just move somewhere cheaper, like Offa-
Oh.
The article doesn’t state how much land came with the house, that could’ve influenced the price.
For everyone saying the market is going to burst, I don’t agree. The demand is too high and the supply isn’t anywhere close to catching up. The reason the bubble popped in 2008 was because the banks were giving 110% mortgages to absolutely anyone. And people started defaulting. The banks aren’t doing this anymore, they’re more strict than ever now.
*Priced out of Offaly, why not try… Ukraine, loads of cheap housing once the fighting stops* – The Irish Times, probably.
Bidding wars suck. I understand how appealing they are when you’re the one selling, but for the poor buyers it’s a nightmare.
I was looking at a house where the agent said they already had an offer, plus a back-up lower offer in cash if the first offer fell through. She told me to contact her by the next day if I wanted to put in an offer. I decided not to – she called me back a few days later asking if I was going to put an offer in. They *really* wanted a bidding war.
Negative equity incoming in 3,2….
I wonder sometimes are we witnessing the early negative effects of AI – the stock markets, housing, tech companies (prices) etc etc all seem to be manipulated with ease by a seemingly unstoppable force and without correction. There has never in history been more global wealth but it certainly doesn’t feel like that on the ground.
Seen a house in Dublin recently. Ex rental. Someone had taken a shite on top of the closed toilet seat and smeared it around. Place was a kip.
285k asking and I stopped asking after 325k
80k sounds very inexpensive for such a house.
The problem is that theres enough high income earners currently looking for housing to keep the prices high. Once property prices inflate passed the point of what people can pay they will naturally stagnate. You can only pay what you can pay/borrow.
Prices will also reduce as supply increases,(has to happen at some stage!) which will leave the people who are buying in the current market at inflated prices in negative equity.
It’s a 3,000 sq foot house 5km outside a big town that’s well connected to everywhere else in the country. Presumably has a decent bit of land with it……€265k isn’t unreasonable really and sure it was never going to sell for anywhere near €80k. They always do that just to generate some interest.
You can still buy a semi d around tullamore for a reasonable price I’m sure……but why anyone would want to live in the Midlands is beyond me
Is that price congruent with similar properties in the area? The starting price of some of these houses is intentionally low to get as many people interested as possible and start the bidding war. There was an auction for a house in Cork recently where the house had been for sale previously for 175K, not sure if it sold but it was taken off the market and reappeared in an auction at an AMV of 130K. It was sold for 230K, but an identical property in the same development (in better condition but with really awful decor so not sure if that’s actually better than a blank slate) was ok sale for 310K.
Ultimately people will pay what they can afford and as long as they don’t go into debt, they now have a house and it’s still probably cheaper than renting, plus you now have an appreciating asset.
They say stripped back like that’s a problem – but many people will buy a property with the intention of stripping back and redocorating from scratch – so having this done already is a bonus.
At this point think it’s cheap saving up for a journey to Mars than dreaming of a buying a house in Ireland.
This concept of bidding is ridiculous. Seller needs to decide on a price. People put in an offer at or below asking price and seller accepts an offer. Once accepted the sale agreed process continues. It will stop all this ridiculous gazumping and streamline the selling process tenfold. This is how it works in lots of countries around the world
My da was telling me about the French system for selling houses. Basically they have regulations that stop this sort of shenanigans.
A realtor will value the house and put it up for sale for an asking price. They cannot accept more than that value. As in if someone makes an offer for the asking price, that’s it, no one can out bid them, the realtor can’t negotiate with other people for it.
It prevents realtors from starting a bidding war for a property, knowing its in their interest for a bidding war as they get commission.
So in this circumstances, the house could only have been sold for 85k and if they had done this, the realtor would have been prosecuted and the sale for 265k void.
The whole point is that it prevents people being sold false hope and bidding against each other for the profit of others.
Also worth noting that if there is a sitting tenant in the house when it is sold, they retain all their tenancy rights and can’t be moved out.
Liberté, égalité, fraternité
Fucking hell
Can’t wait till people start fighting over caravans. It’ll get real trendy and sought after to live in a caravan. You’ll tell yourself, sure I make 45k a year, the wife is on 35k, we have our open plan caravan, what more could we ask for? At least we got to move out of that 18 person, 4 bed house, bunk bed mega jail.
So a large 4 bedroom house 5km from Tullamore Town centre sitting on what looks like a large plot of land.
Who the fuck though it was ever going to sell south of 200k.
85k was just clickbait by Bidx.
BidX1 whole strategy is to sell properties in the shortest period possible. This is why they go to auction and put a really low reserve price on it. Everyone and their mother around there knew this house was worth far far more than advertised.
BidX sell portfolios made up of non performing loans. The fund prob bought this loan for 20c on the euro. Say outstanding loan was 300k they paid 60k for it. Their goal is to get it sold asap, make on their investment and do it all over again. Time is most important.
Open market with a local agent it prob starts around the final sale price and sells for a little more.
I read it as a story about a horse and was kind of disappointed when it wasn’t.
Unrelated question, why do people in Ireland still use square feet as a measure of property area?? Why don’t they just use square meters, which is the official unit?
There are parts of France where you must register your asking price with the local government and you can’t accept an offer above it.
27 comments
Nah according to this sub the market is fine, is you who is at fault for being so poor. You all have it easy what you whining about. Is all good in Ireland. Move along, nothing to see here… Offaly is a metropolis we all are trying to get in for sure! /S
When this whole thing eventually collapses around our ears, destroys the economy and normal working peoples lives while no one in positions of authority suffer any consequences, at least pretend to act surprised.
That’s an offaly high price in fairness.
Just move somewhere cheaper, like Offa-
Oh.
The article doesn’t state how much land came with the house, that could’ve influenced the price.
For everyone saying the market is going to burst, I don’t agree. The demand is too high and the supply isn’t anywhere close to catching up. The reason the bubble popped in 2008 was because the banks were giving 110% mortgages to absolutely anyone. And people started defaulting. The banks aren’t doing this anymore, they’re more strict than ever now.
*Priced out of Offaly, why not try… Ukraine, loads of cheap housing once the fighting stops* – The Irish Times, probably.
Bidding wars suck. I understand how appealing they are when you’re the one selling, but for the poor buyers it’s a nightmare.
I was looking at a house where the agent said they already had an offer, plus a back-up lower offer in cash if the first offer fell through. She told me to contact her by the next day if I wanted to put in an offer. I decided not to – she called me back a few days later asking if I was going to put an offer in. They *really* wanted a bidding war.
Negative equity incoming in 3,2….
I wonder sometimes are we witnessing the early negative effects of AI – the stock markets, housing, tech companies (prices) etc etc all seem to be manipulated with ease by a seemingly unstoppable force and without correction. There has never in history been more global wealth but it certainly doesn’t feel like that on the ground.
Seen a house in Dublin recently. Ex rental. Someone had taken a shite on top of the closed toilet seat and smeared it around. Place was a kip.
285k asking and I stopped asking after 325k
80k sounds very inexpensive for such a house.
The problem is that theres enough high income earners currently looking for housing to keep the prices high. Once property prices inflate passed the point of what people can pay they will naturally stagnate. You can only pay what you can pay/borrow.
Prices will also reduce as supply increases,(has to happen at some stage!) which will leave the people who are buying in the current market at inflated prices in negative equity.
It’s a 3,000 sq foot house 5km outside a big town that’s well connected to everywhere else in the country. Presumably has a decent bit of land with it……€265k isn’t unreasonable really and sure it was never going to sell for anywhere near €80k. They always do that just to generate some interest.
You can still buy a semi d around tullamore for a reasonable price I’m sure……but why anyone would want to live in the Midlands is beyond me
Is that price congruent with similar properties in the area? The starting price of some of these houses is intentionally low to get as many people interested as possible and start the bidding war. There was an auction for a house in Cork recently where the house had been for sale previously for 175K, not sure if it sold but it was taken off the market and reappeared in an auction at an AMV of 130K. It was sold for 230K, but an identical property in the same development (in better condition but with really awful decor so not sure if that’s actually better than a blank slate) was ok sale for 310K.
Ultimately people will pay what they can afford and as long as they don’t go into debt, they now have a house and it’s still probably cheaper than renting, plus you now have an appreciating asset.
They say stripped back like that’s a problem – but many people will buy a property with the intention of stripping back and redocorating from scratch – so having this done already is a bonus.
At this point think it’s cheap saving up for a journey to Mars than dreaming of a buying a house in Ireland.
This concept of bidding is ridiculous. Seller needs to decide on a price. People put in an offer at or below asking price and seller accepts an offer. Once accepted the sale agreed process continues. It will stop all this ridiculous gazumping and streamline the selling process tenfold. This is how it works in lots of countries around the world
My da was telling me about the French system for selling houses. Basically they have regulations that stop this sort of shenanigans.
A realtor will value the house and put it up for sale for an asking price. They cannot accept more than that value. As in if someone makes an offer for the asking price, that’s it, no one can out bid them, the realtor can’t negotiate with other people for it.
It prevents realtors from starting a bidding war for a property, knowing its in their interest for a bidding war as they get commission.
So in this circumstances, the house could only have been sold for 85k and if they had done this, the realtor would have been prosecuted and the sale for 265k void.
The whole point is that it prevents people being sold false hope and bidding against each other for the profit of others.
Also worth noting that if there is a sitting tenant in the house when it is sold, they retain all their tenancy rights and can’t be moved out.
Liberté, égalité, fraternité
Fucking hell
Can’t wait till people start fighting over caravans. It’ll get real trendy and sought after to live in a caravan. You’ll tell yourself, sure I make 45k a year, the wife is on 35k, we have our open plan caravan, what more could we ask for? At least we got to move out of that 18 person, 4 bed house, bunk bed mega jail.
So a large 4 bedroom house 5km from Tullamore Town centre sitting on what looks like a large plot of land.
Who the fuck though it was ever going to sell south of 200k.
85k was just clickbait by Bidx.
BidX1 whole strategy is to sell properties in the shortest period possible. This is why they go to auction and put a really low reserve price on it. Everyone and their mother around there knew this house was worth far far more than advertised.
BidX sell portfolios made up of non performing loans. The fund prob bought this loan for 20c on the euro. Say outstanding loan was 300k they paid 60k for it. Their goal is to get it sold asap, make on their investment and do it all over again. Time is most important.
Open market with a local agent it prob starts around the final sale price and sells for a little more.
I read it as a story about a horse and was kind of disappointed when it wasn’t.
Unrelated question, why do people in Ireland still use square feet as a measure of property area?? Why don’t they just use square meters, which is the official unit?
There are parts of France where you must register your asking price with the local government and you can’t accept an offer above it.
Might be an idea here for a while…