Any other home buyers in NI?

bingobangobongo

marathonic wrote: »

No, from 1st January 2013 to 31st December 2013, property prices rose by 4% according to the NIRPPI report (the most accurate report there is).

We don't have figures for 2014 to date but I'm guessing that prices are "flat-to-slightly-higher".

In my opinion, unless a seller in a real panic to sell due to having found another house or something, most aren't going to bother dropping prices with the media reporting positive movement in prices.

As a general rule aren't most houses roughly priced around the RV? I can't see a house being worth 55k more than the RV? Sounds like the house was overpriced to begin with.

So assuming a year ago the house was valued at the RV of 225k, if it has increased 4% then it would be 'worth' roughly £234k.

Any logic to this?

motorguy

marathonic wrote: »

No, from 1st January 2013 to 31st December 2013, property prices rose by 4% according to the NIRPPI report (the most accurate report there is).

We don't have figures for 2014 to date but I'm guessing that prices are "flat-to-slightly-higher".

In my opinion, unless a seller in a real panic to sell due to having found another house or something, most aren't going to bother dropping prices with the media reporting positive movement in prices.

I think that property is overpriced though?

But as you say, if it isnt a distress sale - and if hes had it on the market over a year without dropping the price, clearly it isnt - then they are maybe holding off for the market to rise a bit.

Happened to be talking to a family friend whos an estate agent yesterday - he says hes seeing prices relatively flat at the moment, but there are a lot more transactions happening than there were. He predicts prices rising in the latter half of this year, but not visibly so in the first half of the year.

Interestingly, a house next door to the one we rent out sold within a fortnight or so of going on - it made quite a bit more than i expected too.

Whilst there is probably more equity in our house than i had originally thought, i have no intentions of selling, but it was interest in getting his take on the market.

motorguy

bingobangobongo wrote: »

As a general rule aren't most houses roughly priced around the RV? I can't see a house being worth 55k more than the RV? Sounds like the house was overpriced to begin with.

So assuming a year ago the house was valued at the RV of 225k, if it has increased 4% then it would be 'worth' roughly £234k.

Any logic to this?

That would have been my thinking - in and around RV would be a good guide.

The problem is though, if the seller "wants" £280K and its not a distressed sale, its a long way to try and get someone to come down. Might be best to get the Agents insight into the situation though as to whether it would be worth putting in a bid?

marathonic

Yeah, it's possible that the property was overpriced to begin with - and rateable value is about the price I'm seeing houses go for in the Derry region too.

However, personal circumstances can trump house values in particular cases.

Let's say this house, that has a rateable value of £225k, is worth £250k tops to the right buyer. The vendor has it on sale for £280k.

They may have purchased this at around £400k+ in the past and may be on a household income of £100k+.

The repayments are really affordable to them on such income but they could have an attitude of "Put the house on the market and if we get the right buyer, we'll upsize. Otherwise, we'll sit tight."

If there hasn't been a single price drop in over a year, this is likely the type of situation the seller is in and I'm afraid it's unlikely there is a bargain to be found.

Obviously, if you are even looking at such an overpriced property, it must be highly desirable. Whilst you have the sense not to overpay, it's not difficult to imagine that someone might come along that will.

saverbuyer

motorguy wrote: »

No you didnt offend me, but thats clearly what you were poking at.

And i dont - its an "addendum" to the main house.



Nice try. Its our house, my wife and my names are the only ones on the deeds.

Its actually very popular on large houses - clearly you wouldnt have come across it within the price ceiling you have to work within though.

I am sure they will enjoy their retirement years for many many years to come however your situation has given me a great idea - whenever they move on to "greater things" as it were, we could maybe rent their house out to people who well, you know, aspire to owning their own home one day, but are still saving for a deposit?

I guess it might be the Christian thing to do - helping people less well off and all that.

You are a saint Paul. :A Maybe I should look into this.


Fortunately all those big self builds in the country have come way down in price since 2007, I'd hate to think of some of the eye watering sums some people paid for a plot. Can you believe I've even heard of people needing to get cash from their parents just to fund the thing? (obviously not you) Luckily I held off in 2009 when prices went up for a few quarters and people were shouting buy buy, I'm relieved to say I held firm. Many didn't have the will.

Now to propertypal to find a cheap house in the sticks. I'll maybe get one big enough for the in law.

Just to visit mind... Jesus, I wouldn't want the dragon to actually live there. :rotfl:

motorguy

saverbuyer wrote: »

I quite enjoyed it at the time, as I say, beats living with the in-laws. Mine's has quite a temper. There's a bit of it in the OH, truth be told. I'm thankful they live 60 miles away. Heaven forbid they lived in the garden... :eek:

Because of the size of the property overall, i actually have to go out of my way to see them.

They're really nice people and good craic, so its nice to drop round sometimes.

Keen gardeners too, so it cuts down on the amount of domestic staff.

marathonic

Another thing worth considering, in the Republic of Ireland, there are a lot of Dublin properties on the market that are overpriced. I spoke with someone 'in-the-know' recently and he stated that, in a lot of cases, the property is on the market because the bank are dealing with a distressed borrower.

In Ireland, it's a lot more difficult for the banks to reposess (slightly easier now with new laws). Therefore, banks have requested certain individuals to downsize in an effort to reduce their debt. Where such individuals have no personal desire to downsize, they often put the property on the market at an inflated price to 'keep the bank happy'.

He reckons this statement holds more true in the case of BTL landlords but is, to a lesser extent, applicable to home occupiers too.

motorguy

saverbuyer wrote: »

You are a saint Paul. :A Maybe I should look into this.

Thanks, yes. I'm sure you'll still be renting when they pass on, so i'll maybe look you up? I'm sure we could come to an arrangement.

saverbuyer wrote: »

Fortunately all those big self builds in the country have come way down in price since 2007, I'd hate to think of some of the eye watering sums some people paid for a plot.

Yes, it must have been difficult, if you didnt already own the land.

saverbuyer wrote: »

Can you believe I've even heard of people needing to get cash from their parents just to fund the thing? (obviously not you) Luckily I held off in 2009 when prices went up for a few quarters and people were shouting buy buy, I'm relieved to say I held firm. Many didn't have the will.

Yes, i would agree - anyone who bought in 2009 would have seen the value of their property drop.

saverbuyer wrote: »

Now to propertypal to find a cheap house in the sticks.

Hey dont be so rash! Once your pot is gone, its gone! Could be dead cat bounce, double dip, etc, etc. You might be safer holding off another 10 years just in case

saverbuyer wrote: »

Just to visit mind... Jesus, I wouldn't want the dragon to actually live there. :rotfl:

Maybe you just bring out the worst in your in laws?

saverbuyer

motorguy wrote: »

Because of the size of the property overall, i actually have to go out of my way to see them.

They're really nice people and good craic, so its nice to drop round sometimes.

Keen gardeners too, so it cuts down on the amount of domestic staff.

I'm heading on holiday to Mozambique and Kenya for a few week later in the year.

I'll see if the locals can give me any pointers on multigenerational living. I'll be happy to share their advice and tips.

motorguy

marathonic wrote: »

Another thing worth considering, in the Republic of Ireland, there are a lot of Dublin properties on the market that are overpriced. I spoke with someone 'in-the-know' recently and he stated that, in a lot of cases, the property is on the market because the bank are dealing with a distressed borrower.

In Ireland, it's a lot more difficult for the banks to reposess (slightly easier now with new laws). Therefore, banks have requested certain individuals to downsize in an effort to reduce their debt. Where such individuals have no personal desire to downsize, they often put the property on the market at an inflated price to 'keep the bank happy'.

He reckons this statement holds more true in the case of BTL landlords but is, to a lesser extent, applicable to home occupiers too.

Just down south though? Not so applicable up here?