Selling real estate in Ireland is a lucrative industry right now. As home prices rise, one of the economists who anticipated the last housing catastrophe is calling for a walkout by potential purchasers. David McWilliams warned potential homeowners to “refrain” from buying an Irish property because of the country’s rising real estate prices. The present market, he says, is “wild.”
An online survey found that young people are being coerced into making deposits and signing sales contracts before ever seeing the home. On his podcast, David McWilliams discussed the causes of rising home prices, including a lack of supply and an increase in demand. McWilliams suggests giving up the search for a new house.
There are no new postings since demand is falling faster than supply. Their theory of sales states that without showings, there will be no buyers.
The construction has been halted for eight months, and materials have been exhausted. In spite of the pandemic, demand is still rather strong.
Demand is still high since many people’s incomes have not been much impacted by Covid. You’ve finally found a supplier, but the product you’re receiving is garbage.
The widespread misconception that “when prices go up, demand goes down” stems from the fact that few desirable properties are within reach at affordable costs.
Living Expenses are rising rapidly
He said consumers are holding off on spending because they are worried costs will rise.
“What happens in a captive market, when you need or want to acquire a house or apartment because you’re having a baby, settling down, or wanting to move on??” remarked the economist.
“Demand is growing at a time when supply is falling, leading to skyrocketing costs.
“We’re not playing this game,” McWilliams adds, referring to his support for a buyer’s strike in Ireland.The analyst was right to point out that it would be a waste of money to buy a property today because prices will fall once building gets underway.
McWilliams McWilliams commented, “We need buyers to strike to say “we’re not playing this game.
After a delay caused by Covid, building is expected to continue within the next two to three years.
When showings resume, the market will be flooded with additional options across the board, including new flats, new developments, and used houses.
You’d be stupid to purchase today, with the euro at its lowest level in years.
My suggestion to people in their thirties is to pause, withdraw from the market, not finish or sign anything, and wait a year or two.
Now is a wonderful moment to upgrade your living situation by taking advantage of falling rent prices.