Galway - house market ?

I'm shocked to have to pull out of a potential purchase because another purchaser kept outbidding me on a property in Galway! (this by the way only happened in the past 2 wks - finally pulled out of the race just last Monday !)

So anyone familiar with the Galway Property Market in particular? I realise that there is a downward trend - is it that some areas have been hit more then others
how do you feel Galway is faring out if you know the area/market well.

I guess I'm asking you to look into a crystal ball !

When do you feel things will 'settle'.

Found myself in same position recently, pulled out 3 weeks ago felt auctioneer was stringing me along.

House on market for 14 months suddenly 2 parties bidding.

Is Galway bucking the trend or are Galway auctioneers believing their own hipe ?

Thats what im trying to find out !

I did read in the papers (so obviously thats right then !) that Galway (particularly city) seems to be fairing out better with regard to the downward trend thats taken place all over the country - Dublin fairing worst (but my god it couldn't keep going in Dublin at any rate could it).

In the situation i found myself in though - I happen to know someone who knew the 'other' person and they didn't know my half of the story - it was just coincidence so in this instance there wasn't a ghost bidder!

Just my luck !

Would just love to hear of others experiences here ! - asking prices don't seem to be coming down too much though - thats not to say offers/sales figures have - but would love to know.

It wouldn't appear to be a lack of ever-increasing supply:

http://daftwatch.atspace.com/daftcounty_19.html

Maybe you guys need to widen your search.

dont worry - i know each and every house listed im sure !
Just wanted a particular area thats all !
sitting tight now ... but for how long will i need to wait thats just the question.

I do know someone who is signing on a house in Galway city this week. They had 2 houses to choose from and as far as I know they were the only bidders.

It did take almost a year to shift their current property.

It's a bit skewed to look at county Galway as the number of houses for sale in Tuam and other towns is just massive.

It depends on the auctioneers aswell. I've been strung along by one in particular before a few years ago.

Think i might know the one who stang you along fago!! (theyve had their day TG)

As the name suggests I am Galway based myself

Might I suggest that this is proof of the theory that a good area will always hold value and also lose value at a much slower rate in times of down turn in the market in general.
re auctioneers/estate agents Galway is still personable enough that if an agent is stringing you along people will tell you.

were you targeting one particular area ?

regards

Westgolf

Yes Westgolf i ONLY have one particular area on my wish list.
Which limits me and closes my market a lot i know but such is life !

Hi All, just bought a house in Galway myself - closed the deal this week. Myself and my boyfriend are quite happy and think we got a good deal. It's a new development, bought from building contractor directly, asking price €280k, paid €260k to include all flooring and appliances fitted. It's 3 bed townhouse. Only downside is it will be October before its ready! I'm sitting tight for now!

Hi

Prices in Galway dont seem to have been as partial to the down turn as much - thus far!

I was interested in a house that was on the market for 6 months. 2 sales fell through on house. Price was dropped by 15%. I made my move with a bid of 50K below revised guide. Auctioneer said it was too low and vendor not willing to accept so low but that there were no other offers and that the market was very poor. I went on hols for a week and when I came home, house had sold for just above the guide. Auctioneer contacted me but I wasnt interested at that level. He told me 2 buyers really fought it out til the end.

I definately notice a drop in guide prices of houses newly launched in market but guide prices in Galway city still seem high relative to other cities. I have heard that properties are getting much harder to rent in the city and rents are falling. A lot of ex rental houses seem to be coming on the market and these vendors seem willing to hold out longer for close to the guide price.

No doubt the increase announced in interest rates today will further negatively impact the market.

I think it smell of a phantom bidder

Maid Upname said:

Im shocked to have had to pull out of a potential purchase because another purchaser kept outbidding me on a property in galway ! (this by the way only happened in the past 2 wks - finally pulled out of the race just last monday !!!)
So anyone familiar with the Galway Property Market in particular ? i realise that there is a downward trend - is it that some areas have been hit more then others
how do you feel galway is faring out if you know the area/market well.
I guess im asking you to look into a crystal ball ! when do you feel things will 'settle'.

Click to expand...

Maid Upname said:

Yes Westgolf i ONLY have one particular area on my wish list.
Which limits me and closes my market a lot i know but such is life !

Click to expand...

Such is life indeed

but I would be of the opinion that if you know what & where you want to go ,which is 50% of the process then you can play the waiting game but be ready to go when a suitable property surfaces.

You obviously have the homework/groundwork done,best of luck

Westgolf