Ireland has seen a hit take place in recent years as property market seems to be downsizing. Families, with two full-time working partners, are finding it difficult to afford houses at their current increasing costs.
It has even been reported by Mark Keenan, a writer for business property and mortgages that working families are struggling to rent as well.
The average working couple in Ireland is earning a combined income of 70,000 euros. This is far below what a couple needs to earn to afford a home today.
It is reported that the average home in Dublin is now priced at mid 400,000 levels. Much more than what the average working couple could afford.
In just the last three months, there has been a multiple week increase to sell a home in Dublin. The housing market is slowing down and it’s slowing down fast.
Why is it that homes are being put on the market for such high prices? It could be that those selling the homes are finding it hard to sell for less than what they feel they deserve, even if it’s too high.
Or, is the supply of new homes being constructed and put on the market to high for current market demand?
Dublin, not being alone, but nearly all counties throughout Ireland have seen this increase in home sale prices and dramatic decrease in home sales.
Many first – time buyers are beginning to end their search until a decrease in housing prices take place.
Many buyers of all kinds are seen to lose interest in the idea of buying. For now, many people just do not think it’s worth it.
If not putting a hold on buying a home yet it also is seen that many couples are looking elsewhere to buy.
Dublin, being highly expensive, is seeing a sharp increase in couples moving to neighboring towns and commuting in for employment.
Nearly all prospective home buyers have begun using the word “co-location”. A word that implies that when looking for their home, they are looking at outside cities as well as their current location.
Almost a necessity in someone looking with a strict budget today.
Flexibility is key and almost the only hope for someone retrieving their dream home.
REA spokesperson has also released a statement that said nearly all prospective rural purchasers mention working from home for at least three days a week. Making the issue of commuting and buying in an outside neighborhood increasingly feasible.
For the time being, home prices are not expected to go back down but continue on their rise to increasing prices. Home – buyers will continue to search for their ideal home but many will give up, many will search outside neighborhoods, and some will cave with the high prices.
It is forecasted that the time – span it takes to sell a home will also continue to increase as buyers become more and more hesitant.
These trends are also making the housing market a more competitive one and will almost ensure a home that is put on the market at a low cost will sell in record low times.
Eventually, when we do see the market begin to regulate back to normal levels, there will be a surplus of buyers waiting to jump on board