Advice needed re: offer made on Mayo house.

Senna said:
I'd say its a waste of time looking at a house thats been on the market for 2.5 years and as only dropped 25K. from the sounds of it the house is old enough and so there might be no mortgage left on it. The seller does not need to sell and wants the 2006 price.
I'd move on to at houses that are a bit more realistic. Get the property-bee tool for firefox, look for house in the area that have had a few price drops, these are more likely to be open to offers.

Take your time, rent for the moment, the right house with the righter seller will come along. You never know, even your offer of 200k may be too much in 6/12 months.
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Excellent advice.

You're in pole position .... hold tough and you'll get a good deal!
 
If you want a house for a price that you think it will be worth in 12-18 months, then you have to wait 12-18 months to get it.
 
semi rural around westport is too vague
if sea views in murrisk vastly different valuation compared to say inland etc\
you need to give more info to get an accurate idea of how much a drop would be in order.....
 
plant43 said:
If you want a house for a price that you think it will be worth in 12-18 months, then you have to wait 12-18 months to get it.
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A house is worth what some BUYER will pay not what some seller wants. I've noticed a lot more price drops and realistic prices in only the last few weeks, sellers are beginning to feel the pinch. Alot of seller have to sell, most buyers do not need to buy. Its only time before the two will meet and it will be on the buyers terms.

Isabel Morton has a decent piece in yesterdays times. (decent not great) She has been writing some real crap over the last year, even she is being to see the light.

[broken link removed]
 
Senna said:
A house is worth what some BUYER will pay not what some seller wants. I've noticed a lot more price drops and realistic prices in only the last few weeks, sellers are beginning to feel the pinch. Alot of seller have to sell, most buyers do not need to buy. Its only time before the two will meet and it will be on the buyers terms.

Isabel Morton has a decent piece in yesterdays times. (decent not great) She has been writing some real crap over the last year, even she is being to see the light.

[broken link removed]
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I'm actively looking to buy a house.

I've seen one property's price drop from €350k to €269k but I reckon there's more 'drop' in it yet. As a buyer I reckon I'll hold out until it hits the €200k mark. If it doesn't .... I'll wait for the next one! :) or the one after that!! :D

The auctioneers I've spoken to are anxious to send me lots and lots of literature. Great to see buyers calling the shots for a change.
 
Thats probably the best thing to do, pick a price your happy to pay and wait for a house to come to that price. You could even tell the EA the type of house you want and the price your willing to pay.
The problem is the housing market may continue to drop for the next few years, and even if prices do remain static, they are actually still dropping (assuming were not in neg inflation). So there will never be a good time to buy, but if you have a target and your happy with it, then you have done alright.
 
PaulyB63 said:
I have offered 200k and the estate agent basically laughed at me and said that this offer was plainly ridiculous.

Am I way off the mark here?? I really, genuinely don't think I am.... Of course the vendors don't need to accept but is the offer wrong??

Opinions welcome please!!

Thanks for reading!
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Hi Paulyb63,
I can`t believe such unprofessional conduct by that estate agent!! Two and a half years on the market and no offers??Was there a strange herbal smell in the office?Don`t worry you will have the last laugh. I think you are dead right offering what you think the house is worth, personally I would not even offer that much..but that`s a whole different discussion.Everyone has their own take on where the market is going and nobody knows where it will end up.
Best of luck in whatever you decide to do.
 
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A site in Westport would be around 150,000 if you could find one!!
I would get an indepentant valuation, then I would look at what similar houses are priced at, and are selling at more importantly. Sherry Fitzgerald have a monthly magazine out that show a selection of houses in various counties.

It doesnt sound as if the sellers are too desperate and are happy to sit it out. However I would suspect they are overpriced if they are waiting this long, but are they 35% overpriced??

Houses havent dropped as much in Mayo as in Dublin, but are also selling slower. Just think of the value of the land and the building cost.

At the end of the day it up to you.
Westport in a lovely spot!! ... I dont live in Westport unfortunately.

Kind Regards,
Caz
 
You would get a site for a lot less than that, more like 100k, I spotted sites for Westport in the Mayo News for 80k there last week. You will build a 2000 sq ft house not for 80 euro a sq foot.
Do it direct labour and I would say you could get it close to 55 euro, the labour costs have drastically dropped or in my words, finally corrected and getting paid what they are worth.

That price seems nuts, either hold out, offer slightly higher or looks else where. The fact the auctioneer laughed!! Talk about unprofessional
 
the westport postal area is very large and larger is you are trying to sell a site
a true site in westport is 150 plus and as cazmayo states are difficult to get.
The op's reluctance to state where the property is reduces the value of this whole thread!
Were the op to state this, valuable advice could come his/her way as I have seen many out of county buyers fooled in this regard in Mayo.
My gut tells me this property is off the beaten track and the op is being hoodwinked into thinking this is westport environs.
You will get shag all in westport for this money.
Buyer beware!
 
It's one thing asking €150,000 for a site. It's another story getting it. In the present market there is not a chance of getting this type of money for a normal site. The OP is 100% correct in not stating where the property is, unless he wants to be surrounded by Vultures (EAs).

And to say you will get shag all in Westport for that kind of money might has been true but times are a changin'. Westport fooled a lot of people for a long time. The penny has dropped - nice place but it's not the Riviera or the Algarve. And before you jump down my throat I know the area well.
 
Sites on average are 150K in Westport? This can't be right. I recently revalued my city property downwards but I think I'll have to revise it upwards :confused:.
 
Bronte said:
Sites on average are 150K in Westport? This can't be right. I recently revalued my city property downwards but I think I'll have to revise it upwards :confused:.
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In the knockranny area or within a mile yes, but within the postal area if you know who to approach you will get them for 80k+.
 
mercman said:
It's one thing asking €150,000 for a site. It's another story getting it. In the present market there is not a chance of getting this type of money for a normal site. The OP is 100% correct in not stating where the property is, unless he wants to be surrounded by Vultures (EAs).

And to say you will get shag all in Westport for that kind of money might has been true but times are a changin'. Westport fooled a lot of people for a long time. The penny has dropped - nice place but it's not the Riviera or the Algarve. And before you jump down my throat I know the area well.
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his right, we scan the internet looking for easy prey before going in for the kill, it might sound absurd but whats new.
 
You have said it yourself, the house is currently worth more than 200k. If you want to pay what it's worth in 12 - 18 months, then wait 12 - 18 months.

The owner is obviously in no hurry to sell.
 
i think youre offer is fair in current market if other houses in area dropping. I was looking at a property valued at €350K & have been tracking it for some time. i ad an offer of €300K accepted but my circumstances changed & we had to back out soon after making offer. The EA rang me recently to see if i could make an offer of €230K which he reckons would be accepted. Its changed times!
 
Hi All,

Thanks for all your responses. I feel like I'm on the right track in my thinking.

Someone mentioned going to Sherry Fitzgerald for a look at their monthly mag re. house prices. I don't know if this is OK to post but it is just my opinion. I have consistently, for years, found SF to be way overpriced ahead of the market. Just an opinion but I have noticed it consistently!

with regard to the poster below. I have ZERO intention of stating where in westport exactly the house I'm referring to is. I know Westport VERY well also. Sites are currently available in the most desirable areas in Westport and are not selling either. There are 2 sites in the Moyhastin area and 2 in Knockranny. 1 of the Moyhastin ones sold but the other 3 are on the EAs books for a long time now... Get bidding!!

markowitzman said:
the westport postal area is very large and larger is you are trying to sell a site
a true site in westport is 150 plus and as cazmayo states are difficult to get.
The op's reluctance to state where the property is reduces the value of this whole thread!
Were the op to state this, valuable advice could come his/her way as I have seen many out of county buyers fooled in this regard in Mayo.
My gut tells me this property is off the beaten track and the op is being hoodwinked into thinking this is westport environs.
You will get shag all in westport for this money.
Buyer beware!
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We, the buyers, are the key to getting good value, nationwide. I intend now to get plaenty for my money in Westport!! Thanks for all the comments again!

P
 
I think you should consider looking else where. If the owner sat on it for two & a half years he is under no financial pressure to let it go for your offer. He will ride out the storm and hope to get his asking price in the future. You don't see anyone selling there AIB shares at the moment!!! My advice is its too dear but you wont get it for what your offering so move on.
 
Thanks Jameson, We're pretty much thinking that way as things stand. We will be on the lookout for more good properties that people are keen to move out of......

Thanks for the reply.
 
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