Selling a house in Ireland doesn’t have to mean accepting the very lowest offer. Overseas buyers have entered the market in recent months, sparking bidding battles thanks to virtual tours. Buyers are worried that the Covid-19 outbreak would cause a surge in house prices post pandemic because to bidding wars. Since January, people from overseas have been to using the internet or whatsapp or facetime to see houses without leaving the convenience of their own homes. Physical viewings were permitted only once a lease or purchase agreement was signed during the 5 rules.
The government claimed during this time that this regulation strikes a decent balance between keeping people from interacting with one another and providing those who want and need it with a means to get housing.
The completion of any buildings that are not absolutely necessary will be delayed until the end of the month. Customers are worried about the value of their homes declining due to the pandemic, therefore they insist on having Covid-safe viewings before committing to a purchase.
Although most real estate agents are honest and ethical, there are others that will show you around a property before you sign a contract, providing one set of purchasers a distinct advantage.
Buyers are wary in the present market because they know the final price may not match the asking price.
Real estate agents frequently point to a shortage of inventory as a major factor.
Several prospective Dublin homebuyers talked with the Journal lately. Some properties sold for thousands more than the asking price, while others only brought in under €120,000.
About a year ago, they began their flat search in north Dublin. With a €400,000 price tag.
Auctions of real estate are happening in secret, with no one able to view the properties on the block. Going to an open house is a valid action in and of itself.
In order to make interior spaces appear larger and brighter on real estate agency websites, wide-angle lenses and high ISO are frequently employed. There’s no way to know the house’s true personality without setting foot inside.
According to Margaret, a virtual showing is “you and the estate agent looking at a video of the house and answering questions.” “There’s no use in it.”
“Seeing expenses creep up” has here meant “buying a home.” The seller was pleased when they found out they might earn at least €450,000 for their property. As a result, the asking price of €430,000 was reduced to €450,000, and the property was withdrawn from sale. The result has been a bloated real estate market there.
“It’s hard to see a situation where expenses keep creeping up,” Margaret said.
You can buy a “good price home” if you’re willing to spend €100,000 on renovations, but keep in mind that it will need extensive work on the electrical system, plumbing, and heating system.
Margaret believes that the alternative, buying a “turnkey” house, is becoming too costly.
Competitive bidding is the norm.
Claire and her husband had been renting a home for a few months before to the spread of Covid-19. They need to move since their daughter has outgrown their current house. They want to buy a house in south Dublin so that their daughter may continue attending the same crèche.
They are “the lucky ones,” she says, since they have a job and can afford to move about and hunt for a new place to live. You can’t start showing the property to potential buyers until you’ve settled on the terms of the sale. Estate brokers profit greatly when there is a scarcity of available properties.
According to Claire, “this structure generates bidding wars before anybody has even seen the house in person” in a competitive market. We’ve seen three homes recently that received offers of 100,000 to 150,000 euros above the asking price.
If you want to sell your Irish home to foreign buyers, contact us.