I agree that mortgages are less affordable, but this means that it is a price issue. Negative equity is a no-go, so if you can't drop it any further then the only thing to do is wait it out.
Thanks a lot NorfBank for your brief & accurate reply to my question.
Thanks too to everyone else who replied but I knew it would dwindle down into a "your house is worth what people will pay" thread as so many do on this board.
My house is priced comparibly with other houses in my area. It went sale agreed last year at X Euro but the sale fell through. It is now marketed at a significant reduction from last years sale price & so should be realistic.
Not quite, yet...Here's finance bill no. 2 which was approved by the dail today. So it's law.
Legislation to allow for the abolition of stamp duty for first-time buyers has been published by the Minister for Finance Brian Cowen.
...
Mr Cowen said he intends to have the Bill enacted before the Dáil summer recess in two weeks' time.
Well frash,
[broken link removed]
Here's finance bill no. 2 which was approved by the dail today. So it's law. No stamp duty at all for first time buyers.
Well frash,
[broken link removed]
Here's finance bill no. 2 which was approved by the dail today. So it's law. No stamp duty at all for first time buyers.
It would be good to hear back from you in 1 or 2 months as to how you've been getting on. This would be a good indicator as to the effect of no stamp duty for FTB's. I'll say no more as I suspect you don't like hearing what I have to say.
You still haven't said how many other similar houses are up for sale in your area though. Prices are set on the margins and maybe some of the other sellers are willing to negotiate at lower prices than you are?My house is priced comparibly with other houses in my area. It went sale agreed last year at X Euro but the sale fell through. It is now marketed at a significant reduction from last years sale price & so should be realistic.
My friend is selling her apartment at the moment there are lots for sale around her and 1 apartment dropped their asking price by 20 grand compared to those around and it sold, my friend won't even consider that, as she's decided what she feels her place is worth and doesn't want to let it go less than that.
You've picked the most extreme case possible to prove you're right. €52,000 is way above average income. Most banks do not offer 40 year terms. I presume you have to be under 25 to get the 40 year. What % of FTB's earn €52k+, are under 25, are a professional (general qualifier for 100%), work in the same county that they wish to buy (this has been mentioned here as a qualifier for 100% mortgage). < 1% I'd say.First Active will give €317500 (€317729 to be precise) on a 5 year fixed rate over 40 years on a salary of €52000.
Unfortunately a lot of people giving advice on this forum do not have access to the systems necessary to give a correct answer.