Posted by Patricia
on May 14, 2010, 2:46 pm, in reply to "Re: Leitrim"
67.167.10.249
Thank you Scott. I have decided there is no reason to hurry I think I safely have a year or two with maybe going lower at least staying the same. Cousin auctioneer said the same as you...
--Previous Message--
: ESB stands for Electricity Supply Board. Also
: offering electricity at rates roughly 13pc
: lower are the national gas supplier - Bord
: Gais - and also the country's largest
: renewable energy supplier Airtricity.
:
: No way would I be buying right now. I ran an
: article on the topic in the February
: newsletter giving all the reasons NOT to
: buy, but offering advice if you do. The
: latest prediction to hit the news is that
: prices will drop 60pc from their peak before
: it's all over, which puts us less than
: 2/3rds of the way there.
:
: Here's the full article from February.
:
: HOUSING MARKET
:
: A smattering of economists are predicting
: that the property market might turn this
: year. They cite bargain hunting German
: investors looking at highest end, income
: generating properties. Dublin prices have
: fallen more than 42pc since the madness
: peaked back in 2006. Countrywide, prices
: have dropped between 20 and 40pc.
:
: Bargains! They say. And estate agents report
: that house viewings are strong and that
: people want to buy.
:
:
: BUT… BUT… BUT…
:
: BUT the banks aren't lending and prices are
: still dropping. According to the
: Taoiseach/Prime Minister, about 100,000
: homes will come on the market this year, but
: there is only demand for 25,000. And that's
: not counting all the tens of thousands of
: home owners who haven't bothered putting
: their empty homes on the market because the
: prices are too low and they're waiting for a
: turnaround. The latest report puts the
: number of empty homes at 300,000, double the
: official figure. This doesn't even count
: empty rental apartments or holiday homes. At
: current rates of demand it'll take 12 years
: to clear the backlog, so long as no one
: dies, divorces or for any other reason puts
: another home on the market.
:
: BUT the European Central Bank has announced
: it will be raising interest rates over the
: next year. (May note: now that the Euro is
: broke, this won't happen for another year.)
: And another 75,000 jobs are expected to be
: lost this year. Though the economy's rate of
: decline has slowed, she ain't hit bottom
: yet. Incomes are still falling. One in five
: renters and mortgage holders are in arrears.
: Until people feel secure about their jobs -
: ditto the banks - no one will be buying.
:
: BUT the government has promised to examine
: taxing "principal" homes. There's
: a minor tax on second homes now, but
: property taxes on all homes are a tempting
: target for a government that’s already
: proved willing to sell its citizens to the
: bankers.
:
: NONETHELESS
:
: Nonetheless, if you've got your head up your
: BUT and are absolutely determined to buy,
: then I offer these guidelines.
:
: Don't worry about rapid price increases. The
: easy credit that inflated the last bubble
: has been terminated. Hasta la vista, baby.
:
: I've watched several of these boom-bust
: cycles in Southern California and they're
: always the same. It takes a while for the
: number crunchers to invent the next “new
: paradigm” which conclusively proves it will
: be different this time. Then the “smart
: money” piles in. News articles appear about
: the huge sums these lads are making and the
: local shoe shine boy gets into the act.
:
: Valuations rise, everyone’s a genius and
: then… splat!
:
: Don't even think about it unless you or your
: partner have a guaranteed income which can
: cover the payments even with another 10 to
: 20pc cut in wages and with the increased
: taxes and higher interest rates which will
: surely come. Do not count on two full
: salaries forever and ever amen.
:
: Use the traditional standard. You can only
: afford a house if monthly payments are
: between one third and one fourth of your net
: income. Or, the total price should be no
: more than 2 and 1/2 times the annual salary
: of the household's bigger earner plus 1
: times that of a household's second earner.
: By this measure, most house prices in
: Ireland are still miles too high! The
: average sale price nationwide is 242,000
: Euro whereas they should be in the mid
: hundred thou range.
:
: Make sure the home is energy efficient
: because the days of cheap oil are finished.
:
: Bargain! Thousands of repossession notices
: are ‘hitting home’. Remember, only one in
: four homes on the market will sell - and
: behind those already on the market swells a
: tsunami of empty houses.
:
: Most important, think of a house not as an
: investment but as a place you really, really
: want to live. Make sure it's in a
: neighbourhood you really, really love.
:
: Because once you put your money down, you're
: stuck. You do not want to join the sorry
: ranks of the hundred thousand other home
: peddlers. Their mournful chorus wafts o'er
: the land: "I Cocked up. The banks took
: me for a Muscle head. Skint Alive,
: Alive-O."
:
: Scott
:
: --Previous Message--
: thank you both for your comments. Yes, I've
: heard that prices will continue to fall, but
: I've come across some good prices even now.
: I'll have to see. And yes rents are very
: reasonable. But I am looking in the area of
: my family so I have lots of cousins looking
: out for me which makes me feel better about
: not making a mistake. They're all quite
: savvy about the area being long time large
: farmers.
:
: --Previous Message--
:
: --Previous Message--
: ESB is the main electricity company in the
: country, though there is at least 1 new
: company called Airtricity that uses some
: wind power with much better rates.
:
: --Previous Message--
: Hi all,
: I am still looking at the move. I have a
: couple questions for the more experienced
: here based on what I"ve read, etc.
: IF I move over and either rent or buy a
: little place, have enough to live for a year
: or two, if I cannot get a job I will then
: qualify for assistance? (I will be a
: citizen). Also, have looked at the budget
: sheet on here; what is ESB? And do any have
: an opinion on home prices; will they
: continue to go down or is this summer
: perhaps the bottom? Thanks!
:
:
:
:
:
:
:
:
:
:
Message Thread
« Back to index