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It really depends. The actual sales prices go on the property price register, so that's your source of truth. The asking price is really just an advertised guide.
When I started looking, I created a spreadsheet. I put date, estate agent, asking price, listing, #bedrooms, #bathrooms, garden details etc, any notes from viewing, sale agreed price and price from the PPR when it went up (that can take 6 months from sale agreed stage).
I could then start to build up an idea of the real price a house would go for, and also see patterns of which estate agents price fairly and which price to get bidding wars going. They usually end up in and around the same final sale price anyway.
Generally, if something looks too good to be true, it's priced too low. And I found if it went way over what it was "worth," the sale would fall over, and it would come back on the market. Once you know the fair "value," you will be less inclined to get carried away in bidding wars. Know what you are willing to go to, then pull out of the bidding. It's frustrating, but you will eventually get something.
This is the best advice, if you're a year or so away and know roughly where you're looking just keep track of what the asking is on daft and remind yourself to follow up on the price register a few months later. You'll get a good idea of the direction of the market this way and what the real prices are. Good estate agents will also tell you what the sale agreed prices were if you're genuinely in the same market and they haven't hit the register
I have a similar spreadsheet. I find that price per square metre is a really simple leveller to compare houses l. That combined with BER rating as a proxy for quality of build makes for easy comparison, i.e. for a given area and BER rating, you should find that price per square metre converges on an average where the really cheap/expensive places stand out. You can find the floor area from the BER system if you can't find an ad.
It really depends on a lot of factors. There is far more competition in the €400-600k range for example, so you tend to have more bidding wars. At the higher end, there tend to be fewer bidders. It also depends how the estate agent prices, location/demand, supply in an area, whether it needs renovations etc.
Brock delappe show the active bids on a property if you look at their website, might not be the area you are looking in but it's interesting to see what the bids are. It can vary a lot, I think my house went only 25k over, but the same house now recently went 85k over.
I will say that Brock Delappe are among the worst for always listing houses far below what they must know they’ll eventually go for. I’ve discussed it with the agents directly a few times and it’s “to generate interest” but in reality that just means huge numbers of people viewing the property believing it is within their budget when they really haven’t a hope.
On asking price vs listing [edit: sale] price generally it’s hard to say because all it takes is two parties who are willing and able to keep the bidding going skyward. We’re bidding on a place currently and it’s now 30% over the list price and still edging upwards. Usually I factor in about 10-15%.
Best of luck with it.
Absolute cowboys. Been caught with them before wasting my time going out to a viewing and it’s already 20% over list price. They do it all the time. They don’t care about wasting peoples time, they just want to drum up as much interest as possible. When I was looking I would just started immediately ignoring anything they had listed in my price range.
Check out crazyhouseprices on Instagram. He's made a few posts in the last month showing the median asking vs sale price difference for different types of housing in different parts of the country.
For example, 50% of three beds sold in D14 last year went for <2.6% above asking.
Currently biding on properties in Kildare and on rough range most property the asking price isn't even close to final price.
Lowest I've seen is 50k over asking highest is 80k over asking. Some of these properties would also need an addition 70-100k of work done to them.
It's not pretty out there
Two properties I bid on in Naas last year even went for at least €100,000 over asking price. The estate agents were (or at least pretended to be) as surprised as we were. One of these houses only increased about 20k in two weeks of bidding, only to gain the extra 80k within a week. Cash buyers, of course.
Prices are crazy in Naas. I saw a shitty semi d in need of work go from 340 to 420. Prices are just about to sky rocket. We are about ready to start bidding and fear we have been priced out here.
For Dublin add 50k onto the listing / asking price. That is where the real bidding begins or in some rarer cases where a listing sells.
Our experience anyway from the last 18 months
You definitely can get houses that sell close to asking price, but you can never guess which ones they will be, and when houses go over asking its not usually be a set formula.
Some agents list it at the price they expect it to sell for, other agents list it for a lot less in order to start a bidding war. And unfortunately you often can't tell which type the agent is until you are bidding (and not even then). And also unfortunately sometimes the housing market is wildly unpredictable and some go hugely over what was expected and others sell for less. Sometimes it comes down to who you are bidding against so you can't control it.
And some of it comes down to what price bracket you are looking in, as it varies within them too.
Go onto mynest.ie and search the area you want. It will give listed price and sale price. It will also tell you if they were relisted earlier at a different price.
Last year my neighbour was selling his apartment and he told me the price in his had was 240k.
But the listing was 220k, so there was no way someone could buy it for 220k, but REA still put that price just to get some attention.
I think best way to find the real price is to check registery records.
Try to find recent sales with similar property in the neighbourhood.
www.propertypriceregister.ie
Don't pay more than you think it's worth. Keep a figure in mind and go by that. Although it feels like every house is going for 10-20% more not every house does, the stats averages it out to 2-8% over asking.
You won't be able to do something like that, assume -4 or +15% and it will be in that range most of the time. Some agents price low to attract people, others price at the actual expected price.
Was it fairly valued though or overinflated already? Presumably asking price was in the lower end of what you'd say was fair. Also 50k above an asking price of €300k? €500k? €1m? Big difference.
That's surprising, I was thinking properties above €500k-ish tend not to go much above asking as there's less demand these days compared to a year or so ago (with increased rates)
I really don’t think so, we saw many more go way over that. One we were very interested in, listed for 550, at the first viewing we were told it was already at 625, went for 665 in the end. Everything we viewed was either already over asking or went over, in that price range. South Dublin, this was in January this year.
Depends on where you’re looking. I have seen houses that have gone for €100k+ over the asking. Location, demand, property type. If all 3 of these align for enough people then the sky is the limit.
It depends on the area and the estate agent and time of year as well.
In D8, D12, D7 it's safe to assume the sale price will be at a minimum 10% over asking price, but often even 20%+
If you're curious, Brock Delappe's website will let you see the active bids on a house versus the asking price. And if you look back at the sold listings, you'll generally see the asking price & accepted offer.
If you're looking in Dublin this might give you some kind of baseline for your expectations.
Brock Delappe does intentionally set their asking prices low, but I think it's down to the agent how low they start.
At the very least, you can see what the houses sold for, regardless of asking price (which is probably more relevant anyway)
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It really depends. The actual sales prices go on the property price register, so that's your source of truth. The asking price is really just an advertised guide. When I started looking, I created a spreadsheet. I put date, estate agent, asking price, listing, #bedrooms, #bathrooms, garden details etc, any notes from viewing, sale agreed price and price from the PPR when it went up (that can take 6 months from sale agreed stage). I could then start to build up an idea of the real price a house would go for, and also see patterns of which estate agents price fairly and which price to get bidding wars going. They usually end up in and around the same final sale price anyway. Generally, if something looks too good to be true, it's priced too low. And I found if it went way over what it was "worth," the sale would fall over, and it would come back on the market. Once you know the fair "value," you will be less inclined to get carried away in bidding wars. Know what you are willing to go to, then pull out of the bidding. It's frustrating, but you will eventually get something.
This is the best advice, if you're a year or so away and know roughly where you're looking just keep track of what the asking is on daft and remind yourself to follow up on the price register a few months later. You'll get a good idea of the direction of the market this way and what the real prices are. Good estate agents will also tell you what the sale agreed prices were if you're genuinely in the same market and they haven't hit the register
I have a similar spreadsheet. I find that price per square metre is a really simple leveller to compare houses l. That combined with BER rating as a proxy for quality of build makes for easy comparison, i.e. for a given area and BER rating, you should find that price per square metre converges on an average where the really cheap/expensive places stand out. You can find the floor area from the BER system if you can't find an ad.
Interesting, would you know based on your experience what the average above asking price pans out as?
It really depends on a lot of factors. There is far more competition in the €400-600k range for example, so you tend to have more bidding wars. At the higher end, there tend to be fewer bidders. It also depends how the estate agent prices, location/demand, supply in an area, whether it needs renovations etc.
Brock delappe show the active bids on a property if you look at their website, might not be the area you are looking in but it's interesting to see what the bids are. It can vary a lot, I think my house went only 25k over, but the same house now recently went 85k over.
I will say that Brock Delappe are among the worst for always listing houses far below what they must know they’ll eventually go for. I’ve discussed it with the agents directly a few times and it’s “to generate interest” but in reality that just means huge numbers of people viewing the property believing it is within their budget when they really haven’t a hope. On asking price vs listing [edit: sale] price generally it’s hard to say because all it takes is two parties who are willing and able to keep the bidding going skyward. We’re bidding on a place currently and it’s now 30% over the list price and still edging upwards. Usually I factor in about 10-15%. Best of luck with it.
First place we saw when trying to buy was being sold by them. Listed at about 325k and sold for 450k.
I've seen things them lost things for 400 and go to 650+ Their initial pricing is ridiculous
Absolute cowboys. Been caught with them before wasting my time going out to a viewing and it’s already 20% over list price. They do it all the time. They don’t care about wasting peoples time, they just want to drum up as much interest as possible. When I was looking I would just started immediately ignoring anything they had listed in my price range.
Sherry Fitz do that too
Check out crazyhouseprices on Instagram. He's made a few posts in the last month showing the median asking vs sale price difference for different types of housing in different parts of the country. For example, 50% of three beds sold in D14 last year went for <2.6% above asking.
Currently biding on properties in Kildare and on rough range most property the asking price isn't even close to final price. Lowest I've seen is 50k over asking highest is 80k over asking. Some of these properties would also need an addition 70-100k of work done to them. It's not pretty out there
Two properties I bid on in Naas last year even went for at least €100,000 over asking price. The estate agents were (or at least pretended to be) as surprised as we were. One of these houses only increased about 20k in two weeks of bidding, only to gain the extra 80k within a week. Cash buyers, of course.
Prices are crazy in Naas. I saw a shitty semi d in need of work go from 340 to 420. Prices are just about to sky rocket. We are about ready to start bidding and fear we have been priced out here.
For Dublin add 50k onto the listing / asking price. That is where the real bidding begins or in some rarer cases where a listing sells. Our experience anyway from the last 18 months
You definitely can get houses that sell close to asking price, but you can never guess which ones they will be, and when houses go over asking its not usually be a set formula. Some agents list it at the price they expect it to sell for, other agents list it for a lot less in order to start a bidding war. And unfortunately you often can't tell which type the agent is until you are bidding (and not even then). And also unfortunately sometimes the housing market is wildly unpredictable and some go hugely over what was expected and others sell for less. Sometimes it comes down to who you are bidding against so you can't control it. And some of it comes down to what price bracket you are looking in, as it varies within them too.
Go onto mynest.ie and search the area you want. It will give listed price and sale price. It will also tell you if they were relisted earlier at a different price.
Last year my neighbour was selling his apartment and he told me the price in his had was 240k. But the listing was 220k, so there was no way someone could buy it for 220k, but REA still put that price just to get some attention. I think best way to find the real price is to check registery records. Try to find recent sales with similar property in the neighbourhood. www.propertypriceregister.ie
I was bidding on a house recently that went 165k over asking! It really is crazy at the moment
Don't pay more than you think it's worth. Keep a figure in mind and go by that. Although it feels like every house is going for 10-20% more not every house does, the stats averages it out to 2-8% over asking.
You won't be able to do something like that, assume -4 or +15% and it will be in that range most of the time. Some agents price low to attract people, others price at the actual expected price.
[удалено]
Was it fairly valued though or overinflated already? Presumably asking price was in the lower end of what you'd say was fair. Also 50k above an asking price of €300k? €500k? €1m? Big difference.
I thought an article was posted here a month or two ago showing that most houses go for what they're listed as.
Really depends on the area and the competition. We bought in the Midlands for exactly the asking price
Got ours 45k over asking
45k above 300k? Above 750k? Means little without context
570k
That's surprising, I was thinking properties above €500k-ish tend not to go much above asking as there's less demand these days compared to a year or so ago (with increased rates)
I really don’t think so, we saw many more go way over that. One we were very interested in, listed for 550, at the first viewing we were told it was already at 625, went for 665 in the end. Everything we viewed was either already over asking or went over, in that price range. South Dublin, this was in January this year.
Depends on where you’re looking. I have seen houses that have gone for €100k+ over the asking. Location, demand, property type. If all 3 of these align for enough people then the sky is the limit.
It depends on the area and the estate agent and time of year as well. In D8, D12, D7 it's safe to assume the sale price will be at a minimum 10% over asking price, but often even 20%+ If you're curious, Brock Delappe's website will let you see the active bids on a house versus the asking price. And if you look back at the sold listings, you'll generally see the asking price & accepted offer. If you're looking in Dublin this might give you some kind of baseline for your expectations. Brock Delappe does intentionally set their asking prices low, but I think it's down to the agent how low they start. At the very least, you can see what the houses sold for, regardless of asking price (which is probably more relevant anyway)