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



## Rayzer (30 Aug 2006)

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?


----------



## Guest107 (30 Aug 2006)

*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 !


----------



## bacchus (30 Aug 2006)

*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.


----------



## propertyprof (30 Aug 2006)

*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


----------



## Rayzer (30 Aug 2006)

*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.


----------



## Satanta (30 Aug 2006)

*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.


----------



## demoivre (30 Aug 2006)

*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?


----------



## Ballyman (30 Aug 2006)

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.


----------



## kseire (30 Aug 2006)

*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


----------



## soma (30 Aug 2006)

*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..?


----------



## BigM (30 Aug 2006)

Ballyman said:


> You will find it very difficult to get a bid over the €381K SD limit. Officially.


 
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.


----------



## MugsGame (30 Aug 2006)

> Firstly, the EA shouldnt be talking to or accepting bids from people who are not mortgage approved.


How is the EA supposed to know? If I was a buyer I wouldn't be willing to show my approval to an EA.


----------



## bambino (30 Aug 2006)

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.


----------



## Guest107 (30 Aug 2006)

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


----------



## whathome (31 Aug 2006)

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



kseire said:


> Secondly, my app was on the market for 3 months before it got sale agreed.


 
When did you sell your apartment?


----------



## whathome (31 Aug 2006)

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?


 
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.


----------



## bambino (31 Aug 2006)

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)


----------



## Guest107 (31 Aug 2006)

ah fair enough then , she is a witch and can not even lie consistently  !


----------



## bambino (1 Sep 2006)

Thanks...at least I can laugh about it now.


----------



## MandaC (11 Sep 2006)

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.


----------



## kseire (11 Sep 2006)

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

3 weeks without one viewing? thats very strange. it may take a while getting your purchaser but there should be some interest in it on a weekly basis.

is the askin price a bit out?

if not then it may be worth your while getting a friend to check up on the estate agent? e.g. get someone to ring and ask for info about ur house and organise a viewing etc (which they can cancel if they like). it may be a case the Estate agent is too busy elsewhere and not givin the required attention to ur sale... i have had to chase estate agents on numerous occassions to organise viewings, and after a while u just get p1ssed off and forget about the home...

KS


----------



## whathome (12 Sep 2006)

MandaC said:


> 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.
> 
> ...


 
Three weeks is a long time without even a phone call. There's a lot of property for sale in some areas and the market is weaker than in April when your neighbour sold. I would make sure that your house is priced competitively with other similar houses in the area. If the asking price is too high, buyers might be put off making an enquiry. 

I would definitely be calling the agent on a daily basis to ensure that they are proactive on your sale.


----------



## MandaC (12 Sep 2006)

Thanks guys.  I am scourging the EA at least twice a week, but every time its the same,  nothing arranged.

Having said that,  there are about 8 similar houses for sale in the Estate and they dont seem to be going anywhere fast either.  My asking price is on a par with the others, so I dont think its the pricing(probably the pricing for them all)

Perhaps it is just the market at the moment and they are just not going to sell as quick.  Looks like I am going to have to drop out and get my deposit back on my new house for the moment.  I think I would rather do that than have them badgering me to sign contracts all the time when I just cant do it.


----------



## hanorac (12 Sep 2006)

How about dropping your price a bit so you are the cheapest in the area, hopefuly that would make you the first sale if people are looking.
can you get internal shots of your competition and decorate/tidy accordingly so you'rs looks better.


----------



## MandaC (12 Sep 2006)

I have already pitched mine at €10K less than what was achieved next door to me in April, so unless I really have to, I dont want to drop any more. Even after dropping €10K if its not selling, I am going to question whether its worth me moving as I am already getting the max. mortgage and the €10K could see me priced out.

In respect of the house being tidy, etc, out of the 8 for sale already, mine is certainly in the top three in terms of decor, and in terms of location within the estate it would be the best.

All the Estate agent is doing is leaving it on my home, etc and also their property list. Do you think it would be worth putting it in the local paper, etc. I dont mind paying for additional advertising, once it gets me the result.


----------



## phoenix_n (12 Sep 2006)

MandaC said:


> I have already pitched mine at €10K less than what was achieved next door to me in April, so unless I really have to, I dont want to drop any more. Even after dropping €10K if its not selling, I am going to question whether its worth me moving as I am already getting the max. mortgage and the €10K could see me priced out.
> 
> In respect of the house being tidy, etc, out of the 8 for sale already, mine is certainly in the top three in terms of decor, and in terms of location within the estate it would be the best.
> 
> All the Estate agent is doing is leaving it on my home, etc and also their property list. Do you think it would be worth putting it in the local paper, etc. I dont mind paying for additional advertising, once it gets me the result.


 
Link a house in the estate. You will then get a good assessment here of what we think why the houses are now selling. Location,price, sentiment on area etc.


----------



## MandaC (12 Sep 2006)

There are already almost 200 houses for sale in Lucan, (most of which are 3 beds) as people seem to think that they have achieved the max price they are going to get within the area and are trading up/moving further out.  With interest rate rises,  people just cant afford to pay the prices for starter homes, which mine would be.


Is anybody else trying to sell in Lucan at the moment, and if so,  how is the market for them?


----------



## Snork Maiden (12 Sep 2006)

Hi MandaC,

Three weeks mightened be as bad as you think.  From what I hear july/aug is a really bad time of year but its supposed to pick up!!!!  Fingers crossed.

My house has been on the market since the end of june.  We had about 2/3 viewings for the first two weeks and offers creeping up in 1k jumps.  We thought we had a serious offer and our EA went on two weeks hols in July and everything fell through.  Since then (mid-july) we have had a number (possible 4 losing count at this stage!!!) viewings arranged but they were either cancelled or no-shows.........which is fiercely disappointing especially as my partner works from home and its a nightmare trying to tidy the place up each time.

If the advice here and other forums is to be believed September usually picks up (in Dublin anyway).


----------



## MandaC (12 Sep 2006)

I phoned my EA this week.  She has had absolutely no new enquiries so that means it drags on into next week. This afternoon, I called a couple of different Estate Agents. Both have said that they are surprised that there is no viewings. Well they would say that, wouldn't they. One which came on the market last week (its a semi as opposed to my mid terrace) with one of the bigger agencies has already had a viewing and one arranged for Saturday.)

I really dont know what to do for the best. 

I am really thinking of putting up a card in the local superquinn/Eurospar and see if I get any feedback that way.


----------



## lmd (12 Sep 2006)

Would you not just change estate agent?  Might not make any difference at all but certainly you would have nothing to lose.  If I were you I would have a good look at your ad on myhome and then have a look at a few others around it and I would try to see how I could make mine more attractive.  I would also put it on DAFT (if you haven't got it already), more money but a drop in the ocean in the scheme of things.  Biggest thing I would do is make sure the photos are good and that your EA is putting the maximum allowed on there.


----------



## fialoe (27 Sep 2006)

I am an agent in the Dublin area. What I say I assume would be the general opinion for all agents at present.
For the past 10 years the market has been very strong with prices constantly on the increase. This has lead to strong consumer confidence within the market. At the begining of 2001 the market fell back a little and as a result many people took a back seat and refused to purchase. The market took a couple of months to pick up but when it did it was very aggressive with many people left with nothing to buy in their price range.
This year we have seen interest rates increase by 1% which level pegs with the appreciation so we should now see little increase in appreciation for the latter half of this year which in the long run is great. Had this not been the case prices would have increased so much that the affordability would have been unreachable. 
With an ioncrease of property to the market this season, interest rate increases and the talk of reduction in stamp duty has led to people sitting on the fence. In times like this we must do whatever we can to sell our house. 
Identify who the market is for your house and aim it at them. Is it a family orientated house? If so use that 4th bedroom or great child friendly garden to sell it. If there are similar houses in your area are you asking the same price? If you are asking 5,000 euro less than the cheapest one who will get the most people to look at their house?
If you want to sell this side of Christmas changing your agent is not the answer. Ask them to meet with you and discuss options and what they would suggest you need to do to get the house sold. Ask them to be frank and honest and try not to take any insult. They know their job so use their advice to move on. Email me on fialoe@yahoo.com if you need any help. Email me a link of your house and I will make some suggestions. I am not an agent in the Lucan area so you are OK!!  Best of Luck,
Brian


----------



## whathome (27 Sep 2006)

fialoe said:


> I am an agent in the Dublin area. What I say would be the general opinion for all agents at present.


 
You speak for all agents, are you Mr IAVI or something?



fialoe said:


> At the beginning of 2001 the market fell back a little and as a result many people took a back seat and refused to purchase.


 
Wrong - it was the end of 2001, first half saw increases.



fialoe said:


> The market took a couple of months to pick up but when it did it was very aggressive with many people left with nothing to buy in their price range.


 
Incorrect again - the Bacon measures were removed in Dec 2001 which allowed investors back into the market providing stimulus in 2002.



fialoe said:


> This year we have seen interest rates increase by 1% which level pegs with the appreciation so we should now see little increase in appreciation for the latter half of this year which in the long run is great.


 
This makes absolutely no sense whatsoever. Interest rates go up by 1% so property "level pegs"? What planet of economics is this from?

I'm glad you're not my agent


----------



## fialoe (27 Sep 2006)

The arrival of Foot & Mouth Disease coupled with an influx of property to the market lead to a slowdown.

Yes, the U-turn in relation to investors and stamp duty lead to a severe pickup.

The 1% increase has an effect of a purchasers buying power meaning they have not the ability to purchase as strongly as they would had there not been such increase. Therefore the % increase expected will be lower than previously anticipated.

My qualifications are not irrelevant however yes I am a full member of IPAV, hold an Honours degree in Surveying amongst others. 

This is an open forum where people seek opinions from others. Your attack is unprovoked and unnecessary. I, like you am only trying to offer assistance to those who want it.


----------



## whathome (27 Sep 2006)

fialoe said:


> This is an open forum where people seek opinions from others. Your attack is unprovoked and unnecessary. I, like you am only trying to offer assistance to those who want it.


 
What attack? 

Your post was littered with inaccuracies and needed to be countered.  

Congratulations on your IPAV membership and the honours degree in surveying but does that give you the right to speak for all agents?

Providing advice is one thing but coming on the site asking people to email you with information on distressed sales is another.


----------



## fialoe (27 Sep 2006)

That comes as no suprise as I would also feel kindness is not your thing.


----------



## whathome (27 Sep 2006)

I would advise anybody reading this thread *NOT* to email details of their property to any poster no matter how "kind" they may wish to appear.


----------



## CCOVICH (27 Sep 2006)

Give it a rest folks.


----------



## MandaC (27 Sep 2006)

Well, the upshot of it is for me, is that I still have absolutely no interest in the house.  Am switching EA to see if it will do any good, but am trying to be optimistic.  It looks like I will be realising at least €16K less than the one next door to me got at Easter.

If it goes down any more, may consider renting.  At the moment I am totally cheesed off with it all.  And if people think they have problems buying, there are just as many messers when you are trying to sell.


----------



## whathome (27 Sep 2006)

MandaC said:


> At the moment I am totally cheesed off with it all. And if people think they have problems buying, there are just as many messers when you are trying to sell.


 
Hi MandaC, I know exactly how you feel. We were let down by two non-purchasers and have finally gone sale-agreed after dropping the price a few weeks ago. We also realised less than the previous similar house in the Spring. Dropping the price so that it competed favourably with local competition did succeed in attracting more interest for our property however.


----------



## panathon (28 Sep 2006)

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

Have you stripped it bare? The usual rules - cream walls or near it, no personal effects visible, if you want to sell you live in a showroom which is hard. Never ever depend on one agent, 3 minimum and you'll be surprised for what it offloads on. Be prepared to market it with at a perceived loss, never get excited at the highest evaluation ( they are selling themselves to you remember!), depend on location of course, research that yourself, be realistic. Very few people have imaginations when they see a property, strip it, it will move faster, live in limbo in the meantime if you want to move on.


----------

