There is a lot of propaganda regarding the property market at the moment – some are saying the market is going to slip and others say it is going to go up. Here is my theory.
People have had time save No.1 and property is not overpriced and is certainly nothing like 2006 so all in all ( 3 bed semi in Cobh in 2006 was €320k , in 2021 is it €230k), I feel it will remain stable, it may go up a little but not much and that is mainly due to the bank not lending more then a certain amount depending on the location and peoples income. I do think the banks are being very diligent when it comes to handing out mortgage and are ensuring that the client can pay back the mortgage comfortably.
The repayments on a mortgage are cheaper than paying rent – average mortgage repayment is €700PM and the average rent is €1200 PM – no brainer.
With regards to virtual tours etc – yes they are very important in selling a property today as they not only act as the first viewing but also when people do view in person they can then go back over the tour and connect with the house. Also people who are living abroad and want to come home one day and know the market is good, they can virtual view and then if they like, a relative can view for them.
I always say to both the seller – first impressions are everything and how you present your house is vital – tidy, declutter and to have the garden looking nice and clean, people love space and need to see space in order to create their own vision. With regards to the purchaser, get all your ducks in a row first, get your mortgage approval in principal and engage a solicitor whom you feel comfortable with and then fill out your criteria list of what type of house, location etc you are looking for.
Hopefully we are coming to end of the lockdowns but I do still feel people will avail of the virtual tours rather than viewing loads of houses which can be exhausting.
All in all it is a good time to buy, yes supply is low but that will improve, I can even see now that I have a list of houses ready to come on the market and a list of viewers waiting to view.