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me that they are now ready & keen to buy as they believe the market is bottoming out. Viewings are up and offers are coming in. However, the issue now is that listings are way down as home owners are reluctant to put their homes on the market. Homeowners who purchased over the last 10 years who would be trading up now are staying put – this is leading to a shortage of supply. There is no doubt but there is a pent up demand by buyers. The law of supply & demand dictates when supply is short and demand is high – prices invariably begin to creep up. Further statistics from the CSO indicate that house prices are undervalued by 15-20% (1st May 2012) Buyers – don’t get alarmed as we are told they are expected to rise only by inflation at 2% per year.

Attention Buyers

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1. Speak to a good mortgage broker – they will know who are offering the best rates and the best deals and will shop around on your behalf
2. Make sure you get at least three quotes when you are getting an engineer to survey your home(prices can vary by €200)
3. When you are choosing your solicitor ask for the total cost to include VAT – again there are huge differences in what different solicitors charge. It is vital to ensure you have a pro active solicitor working for you as often they can make or break a sale
4. Try to wait until you have lived in your new home for a few weeks to buy new furniture as if you buy beforehand the items you choose might not suit or fit in your new home.

Happy house hunting and please feel free to contact me – I would be delighted to be of assistance.

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I came across a very useful tool recently that I’d like to share with you. It is a calculator(courtesy of myhome.ie) and you calculate on it whether you are better off buying or renting.

The basic premise of renting or buying is not simply about a comparison of gross cost of one versus gross cost of another. You have to factor in interest rates, property value changes, changes in the price of renting and taxation considerations. We also need to consider the term or amount of time.

In the calculator a  snapshot is taken of the position in year 10. Granted, mortgages are taken out for far longer terms but to look into the future beyond a decade introduces too much uncertainty. Furthermore, the average life of a mortgage is less than 10 years and while people may not be buying to move, they still may do so and in order to create a scenario we look at three broad positions:

1. Purchase in the here and now
2. Wait 5 years then purchase
3. Don’t buy for 10 years then purchase

The ‘rent forever’ option isn’t included, although for cost purposes you can consider the cost (take out the capital outlay) from choice 3 and just work with that.

Copy and paste this link to get directly to the calculator: http://www.myhome.ie/rentorbuy

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According to a report by Daft.ie the housing market is finally beginning to move again — with properties selling faster and increased asking prices in some parts of the country. New figures reveal a rise in the prices being asked for properties in several regions, including Dublin and Galway.

Properties are selling more quickly, while the number of houses waiting to be sold has fallen to its lowest level in four years. These trends are tentative indicators that the housing market is nearing the bottom of its long downward spiral. As the country enters the fifth year of property price falls, a new Daft.ie report out today offers reason for a little optimism. It recorded the smallest quarterly decline in prices for that period. The report also shows that selling conditions are improving in some areas, with 40pc of properties in the capital now being sold within three months.

However, the total number of properties for sale, at 54,000, is the lowest it has been for four years. While that is viewed as a positive as it means houses are not languishing on the market, the lower number for sale is also the sign of a severely “depressed” market. And because the survey focuses on asking prices only, it is likely that many houses are being sold for far less than the figures quoted.

Daft.ie’s Ronan Lyons said the latest figures suggested more stable asking prices and faster sales. “The question is whether it’s sustainable,” the Oxford university-based economist said.

“My own sense would be that we would want to see at least two quarters of stable or increasing asking prices before we could make any call about what’s happening or that a bottoming out has occurred.”

Speed There has also been a boost in the speed of property sales in Connacht and Ulster, although Munster stayed constant at 29pc selling within four months. Despite the signs of increased movement, Daft warns there won’t be any real breakthrough until the banks start lending again. And even then, it will take a long time for confidence and activity to grow to a level where the housing market can be considered healthy.