House buying

[DublinBlowin]

Anyone in the process?

Relatively new to Dublin and really struggling? House prices are crazy!

Had offers in on three houses in last month and all have ended up in a bidding war and all eventually agreed at a price at least 20% over asking.

So fed up!!

What areas are you looking at OP?

Unfortunately we learned nothing in the last 10 years and we can't even blame Bertie this time. House near us went for 125k over the asking price...in 10 days on the market. It's bananas.

Looking in Dublin 6 - it's insane.

It's a tough time to buy. Reconsider holding off if possible. Or if not then be realistic that the house you can get is one that is 20% or so below your budget - given the inevitable bidding war. It's really hard - best of luck with it.

We can't hold off - we're in rental and I can't even admit what it's costing! It's absurd and since there doesn't seem to be any sign of it letting up I just want to be in my own place.

We started looking at places 20% below asking but it only helps to a degree - Went to look at a property two days ago and bids are already in at €320 over asking price - Waaaay more than 20%.

Auctioneers always underestimate ( to a potential buyer the price a vendor will accept for a house. I have been watching the house market since the late 80's. Only during the recession did that change but different times now. Sigh.

Guide prices are a joke whether you are buying in an auction or a straightforward sale.

I'm always amazed when on Location Location Kirsty or Phil say a house is for £X but there is a deal to be made.
Not in Dublin Ireland!!!
It will be much more than the guide price.

To be clear these are not auctions with low reserves these are houses being sold by treaty - although I know you say it applies to both.

It's such a frustrating waste of time

We ended up doing a private sale as we were getting nowhere with the estate agents. We bought last year. Family bought this year and have spent 50k more than us for a wreck in similar area. Probably best to widen your search area now and look at all available properties working your budget. Good luck, the market has gone insane lately!!!

I sympathise, we bought 2 years ago in a different part of the country but it was mad even then. It's so infuriating to find yourself in multiple bidding wars isn't it? - knowing that your actions are helping to fuel the silliness , but what else can you do when you need to stop renting asap.

Good luck op, keep us posted.

I should say though that we got our current house several months after we had to pull out of a bidding war - the sale agreed fell through and agent came back to us. We then offered a fair bit less than the previous price and said take it or leave it. Sellers didn't want to go through putting it back on the market so accepted.

We were lucky but not sure if that would wash now in dublin.

Your right we all feed the craziness I think that's the worst part. Everyone is bidding on multiple houses because we know we'll eventually get outbid on some and it's a numbers game.