If you’re thinking of selling your home in Ireland, you don’t necessarily have to go for the lowest possible price in recent months overseas buyers have come onto the market through virtual viewings and created bidding wars. After the Covid-19 pandemic, purchasers are concerned about bidding wars driving up property prices. The ability to see properties from the comfort of your own home has been available online since January. During the 5 regulations, physical viewings were only authorised following the signing of a tenancy agreement or a contract for sale.
This policy, according to the government, is a good compromise between preventing social interaction and giving those who need it with a path to tenancy and home ownership,
Construction on non-essential structures will be put on hold until the end of the month. Customers are concerned about the pandemic’s effect on housing values and demand Covid-safe viewings before a transaction is struck.
However, although many estate brokers adhere to the rules, some allow viewings before a deal is struck, giving some buyers an unfair edge.
In the current market, buyers are afraid that the ultimate cost may not necessarily be identical to the initial price.
A lack of supply is often cited as a contributing issue by real estate brokers.
The Journal recently spoke to a number of people who were interested in purchasing a home in Dublin. Over the asking price, some homes sold for tens of thousands of Euros, while others fetched as little as €120,000.
They started looking for an apartment in north Dublin around a year ago. Using a budget of €400,000.
Property auctions are taking place with no one being able to see the properties up for bid. The mere act of going to a real estate open house counts.
“Wide-angle lenses and high ISO are commonly used by real estate agency websites to exaggerate the size and brightness of interior spaces. Until you step foot inside the house, you can’t get a genuine sense of its character.
As Margaret describes it, a virtual showing is “you and the estate agent looking at a video of the house and answering questions.” “It’s pointless.”
In this case, “seeing expenses creep up” has meant “buying a home.” When the seller found out that they might get at least €450,000 for their home, they were overjoyed. Because of this, the property was taken off the market for €430,000 and relisted for €450,000. This has led to an artificially inflated market in that area.”
“It’s difficult not to see a situation where expenses keep creeping up,” Margaret continued.
A “good price home” can be purchased with a remodelling budget of €100,000, but it will require electrical, plumbing, central heating, and other major repairs.
The alternative, according to Margaret, is to purchase a “turnkey” home, which she claims is getting increasingly expensive.
‘Bidding wars are commonplace.’
A few months before the outbreak of Covid-19, Claire and her husband were renting a property. It’s time to find a new home for their daughter, who outgrew their first one. So that their daughter may stay in the same crèche, they’re looking to buy a home in south Dublin.
They are “the lucky ones,” she admits, because they have a job and are able to look for a new home. The house cannot be shown until a basic agreement on the sale is reached. When there isn’t much for sale, the estate agents make a lot of money.”
In a competitive market, Claire explained, “this structure generates bidding wars before anybody has ever viewed the house in person.” There are three residences we’ve seen recently that have offered between €100,000 and €150,000 over the asking price.
We can help you sell your property in Ireland to expats living abroad if you contact us immediately.
