The changing values of Irish property.

Property values in Ireland are down over 20% from their 2006 highs, there are reports saying less but the issue in Ireland is that the Private Treaty treatment of property deals means that we don’t always get an accurate reflection of property prices.

Consider this: A bank makes a report talking about property values, if they take into account the value that a property is sold for they likely don’t know what it was initially listed at, nor do they know for sure what price drops it would have taken. Then there is the issue of property valuations going to brokers or bank branches first, in either scenario the figures may be called on for adjustment by the valuer before going to head office.

Why would this happen? Say (for instance) that a person goes sale agreed at €310,000 and the valuation comes in at €305,000. This will change the mortgage available to the purchaser. Often an adviser will then call the valuer and ask why it was valued for less than …

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First Time Buyers can't catch a break

First time buyers are being told ‘now is the time to buy’ in the papers. I think it’s time to spell out a few home truths for the prospective buyer just so that they are 100% sure of what they are getting into. Buying a home is fundamentally a good thing, doing so without knowing the facts however is not.

Firstly, property is in a downward market at the moment, that’s not opinion, its a fact. You can dress it up as a ‘re-adjustment’ a ‘balancing out’ or an ‘inter-cusp reductionary period’, heck, call it ‘my granny’ for all I care, it’s still down, plain and simple. So if you put an offer on a property and an Estate Agent tells you ‘you have to sign soon or you’ll lose the place!’, then lose it (unless they accepted an offer so low you have to snap at it!) no guilt, no apologies, and don’t you dare pay full asking price! The current Irish property market favours the buyer not the seller. I would even advise our clients to offer below …

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First Time Buyers can’t catch a break

First time buyers are being told ‘now is the time to buy’ in the papers. I think it’s time to spell out a few home truths for the prospective buyer just so that they are 100% sure of what they are getting into. Buying a home is fundamentally a good thing, doing so without knowing the facts however is not.

Firstly, property is in a downward market at the moment, that’s not opinion, its a fact. You can dress it up as a ‘re-adjustment’ a ‘balancing out’ or an ‘inter-cusp reductionary period’, heck, call it ‘my granny’ for all I care, it’s still down, plain and simple. So if you put an offer on a property and an Estate Agent tells you ‘you have to sign soon or you’ll lose the place!’, then lose it (unless they accepted an offer so low you have to snap at it!) no guilt, no apologies, and don’t you dare pay full asking price! The current Irish property market favours the buyer not the seller. I would even advise our clients to offer below …

Read More