67% of first-time buyers believe now is a good time to buy a home...

[Mitsui2]

How stupid do you think that makes you sound .

Indeed, to the FF mindset, the idea of an opinion that isn't for sale must sound pretty dumb.

[toughbutfair]

Indeed, it all still points to a further decline. Average national house prices in Ireland fell by 18.5% in 2009. I'd say another 12-15% this year.

That's about the level I said. 25% drop in 2 years and then flatline.

[toughbutfair]

Also, don't forget those still working, but now stuck in negative equity unable to move.

The law should change so such people can move, no difference between being 100k in negative equity on house A than house B.

[Dillinger]

The law should change so such people can move, no difference between being 100k in negative equity on house A than house B.

I agree. But, I can not see this happening with the current Government.

[fionnmccool]

Your opinion of me is something which is your business NOT mine and I care little about.

Then you wont be offended when I say that
you are a ranting buffoon who's whole opinion on property price directions is alligned with the delusional logic of vested interests whos opinions are BOUGHT by their own greedy insular self interest. Your self consciousness about this leads you to typically and paranoically defend this delusional logic and dig yourself deeper into the hole you are already in. Since you don't care, I will take the liberty of revealing how you appear and won't worry about hurting your feelings and I will do it with more civilised , diplomatic and less insulting language than you are prone to using.

You seem to feel opinions can be sold which really questions your own intelligence.

I know they can be bought and sold. If you don't then add naivety to your list of character faults.

[turdsl]

RTE, March 8th 2010: First time buyers worried about job security





I have already told a nephew and his girlfriend (he's self-employed and business is still good, she's a PS worker) to wait until 2011 at the earliest, as I believe that with such an overhang of empty properties that further price falls are inevitable. They want to buy in South Leinster where they're both currently working and living in nice rented accommodation.

Have I given them the right advice?

Of coarse you have given the right advice, you hardly think they were going to say anything else,The country is full of vacant houses,Job losses all this year, there will be no lending from the banks in any meaningful way, plenty of time for caution

[HanleyS]

Rather, how easy (or not) it is now for a first time buyer to gain mortgage approval, what the interest rates are now and what one might be able to fix their mortgage at and in respect of price, whether house prices will be higher in five or so years than they are today.

I'm only reading this thread now but I think one of the main reasons that banks will not lend now is that they are seeking to improve the quality of their loan books. Never mind that they don't want to take any more toxic stuff on.

The important issue at the moment is LTV. If you are looking to borrow at an LTV ratio of less than 50% and are generally a good prospect then the bank will take your hand off. On the other hand, lending for the banks at the moment at 92% LTV or anything higher than 50% would be suicide. They may advertise those products but it's purely window dressing.

The banks will happily lend once the market has settled. Lending at high LTV ratios right now would guarantee their security being wiped out before the ink dries.

[HanleyS]

When the market was at its peak, it was hard to be a bear. You got derided for holding that point of view. When the market reaches its bottom, it will be hard to be a bull. You will get derided for holding that point of view. This survey shows that we've got quite a way to go before those thinking of buying encounter general knee-jerk criticism of even entertaining the notion. That will be the time to buy.

Hear, hear. Try being a bear in a bull's market and then moving to another economy with it's own bull market just as the former collapses. I'm a glutton for punishment.

[jabbers]

67% are a bunch of fools and simpletons!! How anyone can say that now is a good time to buy is totally off the wall.

House prices will still be falling in 2 years time and we will look at it then and say we still can’t see this levelling out!

[fionnmccool]

67% are a bunch of fools and simpletons!! How anyone can say that now is a good time to buy is totally off the wall.

House prices will still be falling in 2 years time and we will look at it then and say we still can’t see this levelling out!

The survey itself is designed for the pig ignorant. It's surveying people who already are buying and asking them if they are in favor of buying. It's like surveying mass attenders and asking them if they believe in God.
The telling fact is that even though the survey is a biased set-up it still indicates that 33% of first time buyers believe its not a good time to buy. So why are they buying ? Maybe its like how Saddam and Mugabe rigged elections to get 90% of the vote. The real result is probably so close to nothing that they felt that 67% was as much of a liberty with the truth as they could reasonably take without being called out as dirty liars.