What offer should I place on house in Crumlin?

M

marky1

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looking at a house in the crumlin area at the moment, i like it but its 420k, How much do you think i should bid for the current market.Its a three bed house which will need a small bit of work done to it.
 
Re: What should I offer?

Hi marky1,
420 seems overpriced for Crumlin, it sounds like 2006 price to me. It's difficult to say without all the information but if you must buy bid at least 20% lower, bear in mind that this house will have been over-valued to factor in under-bidders. Tbh I would stay away from the market. If you do buy now be prepared to live there for at least 10 years as you will be in negative equity for a few years, sorry to be blunt but that is my honest opinion, and also be warned that there are very few honest opinions out there, there are so many vested interests when it comes to property! Hth
 
Re: What should I offer?

I viewed a house today, and I heard the estate agent talking with a potential purchaser. The purchaser said she had yet to sell her home.

The estate agent said she does not advise her clients entering into contracts with a buyer who is in a chain.

If you are in the lucky position of not having to sell your own home, you can play hardball, as the pool of possible purchasers is much reduced!
 
Re: What should I offer?

Marky 420 sounds quiet expensive for Crumlin. Where is it? You can get similar up in Greenhills, Walkinstown and some of those local areas for the same or less.
 
Re: What should I offer?

Anna Lee said:
420 seems overpriced for Crumlin, it sounds like 2006 price to me.
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How do you know that 420 is overpriced given so little information? There are houses in the Iveagh Gardens area that are currently fetching ~500k.

if you must buy bid at least 20% lower, bear in mind that this house will have been over-valued to factor in under-bidders.
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You don't know this. Perhaps the house is priced attractively for a quick sale.

At the end of the day, someone should only bid what they feel the property is worth. Rules of thumb like 15% below asking price, 20% below etc. aren't very reliable.
 
Re: What should I offer?

stanman said:
At the end of the day, someone should only bid what they feel the property is worth.
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If the OP knew that then they wouldn't have posted the question!

€420k is about ten times average income... for a 3 bed house needing work in crumlin.... half the price might get you value for money.
 
Stanman, I know the area quite well and i believe this asking price to be optimistic for Crumlin, although there are relatively decent roads in Crumlin like the one you mentioned.
It's entirely up to the OP what he/she spends his money on but to get things in perspective, 420k for a house in Crumlin is overvalued and is a product of the property price bubble (sorry moderater but we can't ignore the elephant in the room forever). These prices are not normal and will fall and Ireland is not different. It's a big decision and until sale prices are published we are not to know the real price houses are selling for, it has been proven that Estate Agents are not to be trusted on this one. I advised the OP to underbid because it is expected in today's market, and direct experience and from a friend of mine who is an Estate Agent, I know that it is a practice of agents that houses are overvalued to factor this in, heck some of them have risen above 2006 prices where their neighbours price has fallen. Hth
 
Iveagh Gardens Maybe, yeah stay away for at least 6 months if you can

This is going to get a lot worse (for sellers)
 
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