About How Long Does It Take to Sell a House in Ireland?
In fact, it’s one of the most frequent inquiries we get. A straightforward answer is more difficult to provide than you might think. Several factors affect how long it takes to sell a house in Ireland; in this article, we’ll break down those factors and discuss how they play a role in the total sales cycle time.
The Suggested Retail Price/ List Price/ Fair Market Value/ Minimum Acceptable Offer
When real estate agents advertise an Irish home for sale, they typically include a price. The asking price, also known as the guide price or the advised market value, is the estimated value at which a property can be expected to sell based on the expert opinion of the estate agent representing the seller. A property can essentially wither on the vine if it is overvalued, in the sense that it is marketed at a price that the market is unlikely to be prepared to tolerate. Naturally, there will be a lot of interest in a property that is offered for less than what purchasers are ready to pay. Both the number of showings and the number of bids will increase rapidly. Hence, if all else is equal, listing the property with a competitive suggested price will result in greater interest, momentum, and bids.
An auction’s reserve price is based on law, whereas a private treaty sale’s guiding price is not. With any offer at or above this price, the seller is required to accept it as a binding contract to sell the property. Agents in both private treaty and auction sales often market properties at very low prices in order to generate interest, maintain bidding momentum, and secure the highest possible sale price for their clients in the shortest amount of time.
Photojournalism and Advertising
Your property needs to be shown in its best light and will benefit greatly from high-quality, professional photographs. Having high-quality photographs taken quickly is crucial for making the most of your investment.
24/7 Live Auctions Online
If you want to get the most money out of the sale and have it go as smoothly and quickly as possible, you should hire an estate agency that offers online bidding that is accessible around the clock. A lot of the time, bids are placed after hours, and then there are counterbids made while the real estate office is closed. The sale will be slowed down needlessly if the agency can’t accommodate after-hours bidding and still relies on ringing bidders back to inform them of fresh offers.
Agreement by Private Agreement or Public Auction
You can sell a home in Ireland in one of these ways. If a transaction is conducted by private treaty, no legal obligations are created for the buyer or seller until the documents are signed, and the sale is finalized. In contrast, once the reserve price is reached in an auction, both the buyer and the seller are obligated to go through with the sale. When an auction begins, potential bidders have access to the relevant legal documentation, and the winning bidder then has 14-21 days from the closure of the auction to complete the transaction and pay any applicable closing costs. There is now no room for confusion. It is often believed that transparency comes at a cost for the vendor, namely a lower price than what may have been possible with a private treaty process because the non-negotiable, rigid nature discourages some less experienced bidders.
Conveyancing
The legal formalities are taken care of upfront in auction sales, so the deals are finalized immediately after the bidding concludes. Yet, private treaty sales often take over a year to close because the conveyance process is riddled with myriad, seemingly endless delays. A vendor can take steps to reduce the likelihood of these delays and increase the likelihood of a quick sale, such as hiring a qualified conveyancing solicitor as soon as the property is put up for sale rather than waiting until the property has moved to sale-agreed. In order to compare recommendations and quotes from fixed-rate lawyers, you may do a quick search on this page.
Conclusion
As there are numerous variables at play and every sale is unique, it is tough to provide a universally accurate estimate of how long it takes to sell a home in Ireland. Our hope is that the advice provided below will be useful, as it is based on our own experiences.
