First Timer Buyers

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topman

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I would like to here from FTB's and their views on the market at present. Are you holding off for the budget or does this make any difference.
 
topman said:
I would like to here from FTB's and their views on the market at present. Are you holding off for the budget or does this make any difference.
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No, personally I am holding out for value for money and I can't see the budget supplyng that. I suspect I will be an FTB for quite a while yet.
 
I’m an Irish FTB and I’m with Calina on this; looking for value for money. If I’m still in the country and still in the market, I would wait until prices have dropped substantially, THEN offer another 10% less. Thats how it works in a bust, ‘can’t give em away’.
 
topman said:
I would like to here from FTB's and their views on the market at present. Are you holding off for the budget or does this make any difference.
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Nearly bought last spring. Luckily I got shafted by a greedy vendor. Spent a few months looking and realised how mad the who thing had become. In spring I believed that a softlanding was on the way - swallowed the brainwashing! But was happy to plough on due to the fact that I was buying a home.

Am now sitting firmly on the sidelines. Why would I buy as the peak.

Plus am firmly addicted to the 'public sentiment' thread at the moment and firmly in the bear camp!
 
topman said:
I would like to here from FTB's and their views on the market at present. Are you holding off for the budget or does this make any difference.
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What do you expect to happen in the budget that would make any difference to FTBs? The stamp duty reduction/abolition as espoused by Michael McDowell is going to be on their election manifesto for the NEXT government so, by definition, this won't happen in the next budget.

There is no way on earth I would buy property in Ireland at current prices especially with rising interest rates.
 
Technically I am an undecided FTB (no MORT approval but none the less hopeful ), since I have never bought a house, but I would wait at least 1 whole year to decided.

We;ve all been shafted by the bubble, for the last 5-8 years so whats 1 more year going to do eh!

In twelve months time I wonder how this thread will look, forget that, this country.

Also, if I had cash, a large substantial cash deposit that was saved (which ) I don't iut would be another reason to hold out as cash will be king in the downturn, especially when all the SSIA sun out of steam and it looks like the SSIA has already blown its load!
 
I'm a potential Irish FTB and no way would I consider buying into the Irish property market now.

To me it would be the equivalent of betting a chunk of my life savings and future earnings in a Las Vegas casino.

Thankfully, with so much evidence of falling prices and increasing supply it's getting much easier to convince the missus that we should stay on the sidelines for now.
 
I'm a potential first time buyer but will hold off until prices come down. Living at home at the moment, just started to save for a deposit, if prices are still mad in a few years time, we'll rent!
 
Technically I could be an FTB (I flogged an inheritied house) but am in no rush to buy, realistically I can't see myself buying here for many years to come.

There are three ways house prices can go:

A) Down
B) Level (soft landing)
C) Up

If prices go down I think it will be drawn out and I wouldn't be confident to buy as I am self employed and I think the whole place will be fooked so would wait till things settled down; I also assume the banks will be pretty tight for a while anyway.

I have yet to hear a credible argument to support the soft landing theory so IMO it cannot happen.

If prices go up then I will keep an eye on the market until there is a crash, then see A above
 
Remix said:
Thankfully, with so much evidence of falling prices and increasing supply it's getting much easier to convince the missus that we should stay on the sidelines for now.
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Yes, thats one of the major factors driving the market, the important but rather strong influence of a basic human need which has led people to leave rational thought at the door.

The pressures it can exert on a realtionship never mind both sets of parent exerting more pressure and general enquires from other familiy relatives can in total "wreck you head" or "make you feel inferior for not buying a home" or jsut downright "stupid & wrong". If you can resist the famil programming and sit and watch the market and understand were it came from and were it is going, you are happy, then find your desires as closely met as they can then buy.

However if you just give in to pressure and feel pressured thenyou have increased your risk in an order of great magnitude.

This is the biggest purchase of most peoples lives yet they are nothing but utterly emotional about it in too many cases. EA know this, Banks know this and so it goes...
 
FTB in Dublin. Selling my investment property down the country and will rent. We are now entering no mans land - lots of FTB with pre approval gained up to 6 months ago rushing to buy before the next interest rate rise, after that the gap widens between what FTB can afford and the prices the market has set. Result = the first evidence of first phases not selling out and then a rapid change in expectations. Just as expectations have risen considerably over the past few years, so they can fall rapidly. The herd instinct can work both ways. Off course if the ECB decides interest rates need go no further up then the whole thing could start again but if they keep going up we'll see investors disposing of property in a big way which added to record supply will give us a falling/crashing market at FTB level around the middle of 07.
 
While I am a total bear, I am still not a viable FTB. With a cash pile of 70K available and income of 45K, even with the price falls seen so far, I am still a long way from affording something inside the M50. The most I could afford would be somethinig in the ~250K range.

That said, even if I could afford, I would definitely pass right now. I am sharing an apartment in D6 paying 575/mo. The one next door is for sale and would cost me 1750/mo to buy, it's a no brainer really.

40 year mortgages, buying with friends/girlfriends/aquaintances, it's all nonsense I don't want any part of.....

I don't even believe in the "ladder" nonsense, there is no ladder when the market is flat. And when the market is falling, it is a "property slide"
 
the cost of building a 4 bed detached house in the country is 125k
a neighbour of mine got a site from parents for free
a big rise in unemployment will precipitate an immediate big reduction in house prices. there would be a lot of people with no income to service mortgages. also economic migrants would stop coming and many here would leave in a mass exodus. as well even menial jobs will be hard to get as employers will prefer to retain cheap migrant labour
if the unemployment situation does not deteriate too badly despite the inevitable fall off in building work and the increased mortgage payments due to interest rates or taxes going up then the prices of houses will decline more gradually
the above house would sell today for 350k in rural ireland _over 200k in profit for site seller and builder
200k would still give anice return to site seller and builder
if there was a steady price decline thats all id offer
i mean the sellers ruthlessly ramped up prices when the demand was there
as a first time buyer i wont have any sympathy for the seller
and yes i hope there will be a crash
 
In the process of buying under affordable housing scheme. Wouldn't buy at present otherwise, if I had the means.
 
The Husband and I are both FTB doing the building thing to avoid the inflated market prices. This will be our 'starter home' rather than a one bed apartment in Dublin at crazy value for money.
 
I'm a potential FTB that originally was looking to get into the market come the new year. As the house is not an investment and am of the belief that wherever I go i'll be there in years to come my main aim is value for money. But its slowly but surely changing to the extent that i'm now firmly in the "wait and see" camp so much so that i'm thinking of renting. Maybe its pride but I am very weary of negative equity particularly on a 1,500 - 1,600 euro mortgage that in the coming years will need to be serviced on a single income. It effectively burns your get out clause!!!

The property bulls and amateur investors are probably shrugging their shoulders, and why not cause they have managed to make ridiculous gains over the past 8 years fuelled by greedy developers controlling supply and rip off banks contorting demand. Oh, and lets not forget their go betweens, EAs and mort brokers. These people have alot to answer for as do our government and its weak legaslative attempts to curb profiteering. I always thought it was a governments job to safeguard the wellbeing of its citizens not to help the rich 10% get richer while the rest of us struggle to deal with weak infrastructure and an overpriced economy!!!

Anyway thats it for the rant. What my main concern as a FTB is that if we, and that includes current homeowners, are not comfortably able to absorb an interest rate of 3.25% (thats remarkably low folks even with the rip off banks margins on top of it) then what chance have we got when the jobs dry up and the economy slows. Its not scarmongering either cause it will happen. Manufacturing has just about gone, the construction boom will end and more importantly economical competitiveness has slowly but surely been eaten away over the years by our own greed and apathy. Add to that the emerging markets of Eastern Europe and the German economic resurrection and its hard to see our strong economic position continuing over the coming 10 to 15 years, and last time I looked mortgages were up at 35 years. At the end of the day it all boils down to one thing and thats affordability. It drives public confidence and as things stand its wobbling and by my estimation makes it a very good time to sit out the madness and wait and see!!!
 
topman said:
Are you holding off for the budget or does this make any difference.
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http://www.rte.ie/news/2006/1019/budget.html

Hope they weren't depending on the budget!
 
I'm a first time buyer as well,

agree with the other posters, will hold on till some kind of realistic house prices come in.. taking the SSIA and putting it into quinn life funds for 5 years and then i'l see where the ground lies priceswise for houses. In the meantime, saving the dif between my (cheap) rent and what a mortgage would have been.. thats going into an aib regular saver account.

Not a hope in hell of looking at buying until its clear which was the country and house situation has played out regardless of any stamp duty changes this year or next..
 
Just reading this has made me quite nervous. I am a FTB recently put a deposit on a new development for €229,000 in Ennis, which I thought was good value for a 3 bed. The 2nd phase went on release for €245,000 a few weeks ago. I agree house prices in Dublin are over inflated but do you think this is the case outside of the big cities?
 
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