The property market seems to have gone a bit mental, we’ve looked at a few properties we like, but other buyers are bidding the prices up beyond what I believe the house is worth. We’re looking for something that needs refurbishment, my formula for working a price out is look at what similar houses in refurbished condition have sold for in the vicinity recently, deduct cost to bring to that standard and deduct a bit more for the hassle and unforeseen costs, all the houses we’ve looked at have had offers around 10% more. We’re not willing to jump on the bandwagon because I (dan) think it’s an initial flurry after lock down, the amount of buyers will reduce as winter approaches .
Anyone else in the same boat, and what are your thoughts? |
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"The property market seems to have gone a bit mental, we’ve looked at a few properties we like, but other buyers are bidding the prices up beyond what I believe the house is worth. We’re looking for something that needs refurbishment, my formula for working a price out is look at what similar houses in refurbished condition have sold for in the vicinity recently, deduct cost to bring to that standard and deduct a bit more for the hassle and unforeseen costs, all the houses we’ve looked at have had offers around 10% more. We’re not willing to jump on the bandwagon because I (dan) think it’s an initial flurry after lock down, the amount of buyers will reduce as winter approaches .
Anyone else in the same boat, and what are your thoughts?"
Ive done renovations ans i think your spot on Dan, people will be looking to buy cheap and sell high now, so the popularity of that idea will drive price up. Id hold tight for 6 months mate if you can |
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The market is fluctuating and wouldn’t be best time for home hunting. Perhaps include a few factors into your equation: employment vs. Unemployment, Central Bank rules for 2021, current economic state.. etc.
Big indicator would be the amount of unemployed, some would have mortgages to pay and without the stability of income could be a major challenge for individual, bank (mortgage) and house prices. I believe house prices will decline soon as people are cautious of taking any purchasing steps due to current climate of instability. For one here in Dublin, government are increasing 5% to 10% tax rebates. That’s not a good sign of a recovering sector. Could buy a house now and come next year and it’s down in price. It wouldn’t be a challenge for those looking to settle and not worried of their investment (those that are not going for a mortgage). |
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