„Immobilienmakler unterschätzen die Angebotspreise, um Bieterkriege unter Erstkäufern auszulösen.“
https://m.independent.ie/irish-news/estate-agents-are-underestimating-asking-prices-to-create-bidding-wars-among-first-time-buyers/a1156756064.html
Von RossaDeVereMcNally
23 Kommentare
And in other news, water was found to be wet…..
Some are worse than others for this. I still have access to one crowds bidding platform to show folks examples, but i don’t want to get banned!
Anyone trying to buy houses around the Inchicore side of Dublin 8 will have lots of stories about under pricing.
One of the houses we wanted, literally in a middle of nowhere, was going to be sold 45% above asking price!
At this stage just ignore what they state is the asking price and go with the price of what was sold in the surrounding area. Estate agents I just find are all Del Boys
The indo likes to encourage these bidding wars.
Groundbreaking journalism
Big if true.
I actually don’t think they’re deliberately underestimating by that much though.
There’s two bits. They need to establish a accurate enough threshold price for the contract.
A price based on the market value to entice bidders and seo.
We bought last year and encountered some of the issues raised. We realised fairly quick what was happening with asking price vs sales price but it did waste our time.
The majority of the houses we bid on were done through online portals where our approval in principle needed to be uploaded before we could bid. I never got the impression phantom bids were coming in. The housing situation favours the seller / agents so much its not necessary.
Going to viewings we saw mirror images of our ourselves. Mid 30s to early forties, duel income, trendy and devilishly handsome. More than likely high earners with savings and probably some inheritance or help.
The worst offenders were brockdelappe. They’d low ball their properties by 100k. It was and is completely unnecessary and a waste of everyone’s time. If a house was listed as 395 we knew it was going to end at 510 but 40-50 others that viewed may not have known this.
One of the directors of brockdelappe was on newstalk and Pat Kenny asked about the discrepancy between asking and sold prices and his response was – we are disappointed when the valuation is so off….
If your budget is 600k, view listing’s with an asking price of 500k etc. We found, that houses tended to go for 20-33% over asking
Anyway we had our eyes ripped out of our skull when we bought. Too much demand
What? I am shocked
House we viewed last year with an asking of €485k. Nice house, rural location on a decent plot but near enough to the town. The viewing was packed.
As soon as you stepped in the door, you knew the asking should be €650k in the current market. The lowball tactic was obvious.
House sold for €712k – 38% above asking.
We put in a few bids, but it quickly went out of our budget. You feel bad then for contributing to the madness, but the bidding kept going after us, so it would have got where it got to without us anyway.
House we ended up buying went for 30% above asking. But again we knew going in that the asking price was deliberately low. All we could do was set our budget and stick to it religiously, and that time we were fortunate that it worked.
No shit Sherlock!
And let’s not forget the mysterious “phantom bids” from new buyers who may or may not exist.
People are going to down vote this because they don’t like difficult truths.
This is not news. Nor is it a tactic, this is given too much credit. Nobody is gonna pick up the phone if it’s priced too high.
I’ve read Ciarán Mulqueens list of proposed changes, like asking prices, I don’t think he’s correct or they’re workable, I think it’s largely wishful thinking with no way to implement them. I would ask a professional body like the SCSI for further insight, not him, with respect.
This has always gone on, before there was any lack of supply. People will pay what they can if they have money and desire the property enough. It wasnt a tactic, but well known and expected by all people that the guide price for starting offers. It’s not like going into a shop where is the price written is what you pay. It has never been like that.
I think it’s a symptom, not a cause. The bidding wars are happening because there’s a catastrophic supply crisis and increasing population. It’s not going to get better until supply increases or demand drops, and it’s gonna take time for that to happen.
This is illegal in Sweden
Tax the difference between asking and final sale price at 85%. The sellers won’t be in a hurry to have big gaps between their up front asking price and their sale price.
It’s awful. House hunting is just the worst thing ever. Hated, hated, hated it. Even in the middle of nowhere, you’re paying 100k over what any gaff is worth due to supply shortages. Landowner heaven.
Thankfully, we got our own place this year after months of failed bidding and pointless viewings. Very taxing on one’s mental health going through the motions while constantly being held in a stasis state of permanent low-level anxiety.
We were in one bidding war where the other bidder would only put their bids in late of a Friday evening, so we’d spend a whole week as the higher bidder then be knocked off at the same time every week after seven days chewing our fingernails. God bless anyone going through all of it right now, terrible craic. And conspiratorially, we were never sure about who these other bidders were and whether there was any fuckery on the part of the sellers or agents. If you meet an agent showing you around who you like, trying chatting to them and getting to know them, seeing would they do you a solid and give you a ring ASAP for any new places in the area, or whether they know of any unlisted sites up for sale; you just never know what might crop up suddenly.
I would advise that nobody fall too in love with any one place until the keys are in your hand because anything can happen in the current market. You lose places last second. Other buyers come in and scoop it up. Tis ruthless. **But** even if you lose out on a place and you feel crushed, which will happen, trust me when I say that when all is said and done and you have your own place, you do not spend one second of time thinking about the one’s that got away.
Keep looking, keep viewing places and getting better at viewings and knowing what to ask and noticing what is or isn’t good.
If, like me, you’re from the city but will be moving to a rural place or buying an older property, ensure you have a thorough survey conducted because so many old gaffs have little to no insulation or damp problems that may not be readily apparent on initial viewing, or might only emerge at certain times of year. Pay a bit extra to have a good survey done so you know what you’re buying, as there are only so many times in life you’ll stake this amount of cash on one single purchase.
We had months of nothing then, when we finally got the OK on the house we did end up buying, the very same day we had a message offering us another house we had been bidding on. It never rains, it pours!
When we were searching 2 years ago we put a bid in on a house in maynooth forthe asking price. No communication from sherry fitzgerald.
Eventually after 2 weeks we got them and he said that it wouldn’t be accepted because they would be expecting 7 to 9% over asking price. That the advertised asking price wasn’t the real asking price
I’ve been of the opinion for years that the fee agents get from the house should be linked to the asking price and not sales price to discourage under pricing houses as a tactic.
Weird another generation comes along and thinks this a new thing….. every single generation.
No word of a lie, went to see a house last year listed for €400k. Bids at the time were around the €400k mark. Speaking to the auctioneer on the day of the viewing, they said they expected it to sell for around €600k. Sold in the end for about €620k. There’s no secret to this!
Naturally, it works. You get at least 3 posts here on Reddit a week with people saying „I offered their asking price of €320K! Why didn’t they take it!?“
The key advice for anyone is this: anything you are looking at on Daft which is in the greater Dublin area and below €350K, add at least 15% to it, and possibly 20%.
Listings below €500k is where the market is most competitive. Below €350K is ultra-competitive.
You may as well apply the same criteria to Cork and Galway, and Limerick to a lesser extent; though Limerick is probably next to see prices pump.
Ray Crooke and his cronies/minions are one agent you avoid, this is one shady tactic amongst many in the scandalous day to day. It’s a shame because there are honest agents out there.
I have a contact in both leading portals in Ireland, they know so much about the worst offenders but aren’t obliged to legally report what they know from the data.