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Liz O'Kane -What's going on in the Property Market?

Wednesday, 15 October 2008

Today we kick off our property items with a look at what is going on at present in the housing market and a quick look at what yesterday's budget means for the market.

We're also launching our "Trade Secrets" series where Liz will be giving fed up viewers whose houses are for sale an insight into the property market and will be helping them make their houses more appealing to the market.

Liz O Kane
Liz O'Kane bought her first property when she was 20 and then became obsessed with the property ladder. Sourcing property for friends was her hobby long before it became her business. Her father always said she should have been an auctioneer and her working life is testament to this. But Liz prefers to look after the buyer and recognised a niche in the Irish property market that was untapped.

Liz says that 'sourcing and buying the right property is not rocket science, however finding the time to do it is' Nearly all of Liz O'Kane's clients are people who work full time, are frustrated with the market as well as estate agents, want to remain discreet and off load the chore of house hunting whether at home or overseas to an expert.
. industry in order to increase the views in your house and to make it more appealing to the market." - Tell us about this Liz . what are we looking for? . Houses up for sale for a year with hardly any views / People who are losing faith with the market ..

How much have house prices fallen in the last year?
According to a recent report compiled by property website the average asking price for a house has fallen by 10.7% since September 2007. The average price of a house has gone from being €342,000 to €312,500 and some houses in Dublin and Cork city have seen up to €40,000 knocked off their value.
Negatives and Positives of today's property market

The positives:
. If you are buyer and are financially approved, there's never been a better time to buy both at home and overseas particularly for the long term.
. You will have plenty of negotiating power in this market and remember the buyer is in control now not the seller or the agent
. Time is also on your side, with many potential buyers sitting on the fence waiting. But why wait if the home of your dreams is within your grasp - go do a deal on it now if you're in a position to!
. According to the Central Bank the property re-alignment is down by 30% nationally - indicating that the bottom of the correction is probably very close. But, that does not mean that prices published are cut in stone..there will still be a few bob to negotiate off a sales price.

The negatives:
. In the past many young FTB's (first time buyers) bought with 100% mortgages and they may now see themselves in negative equity - their homes now not worth what they paid or are paying for them
. We will therefore start to see repossessions because many will find it difficult to cope and make their repayments. There is rumour of mortgage recovery clinics to be set up in order to advise and help people in these sad situations...we'll see!
. In 2006 at the height of the boom we built in Ireland approximately 80,000 new homes, in the UK less than that was built with a population of over 55 do the math! It was very obviously unsustainable.

Trade Secrets
We're looking for people to get in touch with us who currently have their houses up for sale. Liz is going to be letting us in on some "trade secrets." We're looking for people who have had their houses up for sale for what seems like years and are looking for help. Liz will be letting them in on some trade secrets to help them;
. Increase viewings at their home
. Up the market potential of their home
. Make their homes more attractive to the market
. Make their houses stand out against those that are around them

Trade Secrets Appeal:
"Has your house been on the market for what feels like a lifetime? Well we're here to give you a lifeline; Liz O Kane will be telling you some trade secrets to give you an insight into the property industry in order to increase the views in your house and to make it more appealing to the market."

Send us photos of your property, plus your name, address and contact numbers to: with Trade Secrets in the subject line.

Or by post to:: Trade Secrets, The Afternoon Show, Montrose House, RTE, Donnybrook, Dublin 4.