Property Prices in
the Current Irish Market
What are properties that are selling on the Irish market actually making for their owners? How much of a reduction in the asking price do the owners have to endure in order to sell their properties?
Auctions are one method that the general public, as well
as other estate agents, can discover true selling prices, but the number of house and commercial property auctions has reduced considerably since mid 2007. Auctions do give a good indication of what buyers are willing to pay but the actual amount of property sold through auctions is relatively small.
Many house owners are very reluctant to lower the asking price of their property for sale, with the result that there are often large differences in price for very similar houses in the same area. In the past the mantra was "location, location, location" but the mantra that potential purchasers seem to have echoing in their heads is "price, price, price" or worse still from the buyers point of view: "wait, wait, wait".
Why are some properties priced so much higher than similiar offerings in the same location? It may well be of course that some vendors have the financial capacity to place their property for sale at a price that seems reasonable to them and then wait it out until there is a recovery in the market for their particular sector.
At the other end of the financial spectrum, house owners in serious arrears with their mortgage companies may feel obliged to demonstrate that they are trying to sell, but deliberately pricing their house at an unrealistically high level to discourage bidders.
This article is based on a recent report in the Irish Times newspaper.
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