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

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    Politics.ie Member MsAnneThrope's Avatar
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    Question 67% of first-time buyers believe now is a good time to buy a home...

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

    The EBS Building Society's research shows that 67% of potential first time buyers feel that now is a good time to buy a home. About three in ten are actively looking for their first home, while six in ten say that they will be actively looking to buy before the end of the year.
    The research also shows that potential buyers are shopping around for their mortgage while the average amount that they expect to spend on their new home is €260,000.

    The EBS also says that 53% of respondents said they were concerned about their own job security, while 22% said they were worried about their partner's 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?
    Last edited by MsAnneThrope; 8th March 2010 at 04:40 PM.
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    Quote Originally Posted by MsAnneThrope View Post
    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 are both currently work and are living in nice rented accomodation.

    Have I given them the right advice?
    100%

    plenty more scope for price falls and they will drop more by the end of the year.

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    Politics.ie Member libertarian-right's Avatar
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    Quote Originally Posted by MsAnneThrope View Post
    Have I given them the right advice?
    Yes. Over 300k empties. Huge umemployment and fears of losing jobs. Deflationary spiral. We all know the situation at the moment.

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    At the moment, there is a huge discrepancy between asking prices and the price of sales (for those houses that sell).

    If they're looking at second hand property, my advice would be to make a bid well below the asking price and see if they get accepted. Leave it in for several months until the seller realises they should take it.
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    They're not necessarily wrong. Now is unlikely to be the best time to buy a house for a first time buyer. However, that does not necessarily mean that now is not a good time to buy a house provided one has relatively certain tenure of employment. The necessary line to consider is not whether house prices will be lower now than they will be in a year or even two or three years time. 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. Most people buying a home today are not looking to sell next year, so whether they will drop by year end is not determinative in deciding whether now is a good time to buy a home. All that said, I agree, now is unlikely to be the best time to buy a house.

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    It just proves that many have not learned the lessons of the last decade. We still live in a country where John B Keane's "The Field" is a motivational video.

    P.
    "Ever tried. Ever failed. No matter. Try again. Fail again. Fail better."

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    Politics.ie Member MsAnneThrope's Avatar
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    Quote Originally Posted by locke View Post
    At the moment, there is a huge discrepancy between asking prices and the price of sales (for those houses that sell).

    If they're looking at second hand property, my advice would be to make a bid well below the asking price and see if they get accepted. Leave it in for several months until the seller realises they should take it.
    I should have clarified in the OP that they were looking to buy a brand new home, but I know for a fact they wouldn't turn down a second-hand one either if the price and location was right, and it didn't require much work. What are people 'getting away with' (i.e. having their bid accepted) these days when underbidding on second-hand homes, on average? 20%? 30%?
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    It all depends on circumstances. If you want to buy a second hand home in a mature decent area that isnt the back arse of nowhere and you plan on living there for the rest of your life then now is as good a time as any. If you find the right house and decide to hold off it could be snapped up by someone else.

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    Why would they buy a new home IF they could buy a second hand one with likely more garden, more space in a settled area ?

    As for price ?
    Everybody states it will be cheaper next year BUT based on what exactly ?

    Everyone on here is an expert on property...........NOT.

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    Quote Originally Posted by MsAnneThrope View Post
    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 are both currently work and are living in nice rented accommodation.

    Have I given them the right advice?




    Absolutely, You are a very good Auntie

    House prices will fall at least 50% from current asking prices.
    Growing unemplyment, Emigration, falling demand, massive overhang, Rising interest rates, etc.etc.
    I have been waiting since 2003 to buy a house, there was no way I was going to invest in the 'Pyramid Scheme'. We went looking at a particular 4Bed detached Sth County Dublin in 2004 at 800K, Estate agent toldus that they were now looking for 850K, I suggested buckets of Vaseline.
    I fully expect to buy on that road next year for 250K, or less.

    The only people who are saying that prices are stabilising, are the vested interests. refer your nephew to this site: Quotes from the Irish Property Bubble
    Scroll down through the various 'Experts', and look at their predictions for the past few years.
    (Thanks a million for whoever posted that link, the best laugh ever!)

    An average house should, and will be available at 3 times average wage.
    it would happen a lot sooner if NAMA was not interfering in the market.

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