Real Estate News

House Hunting In Ireland- The Irish Realtor

October 27, 2021 By Deborah Ward

Have you ever watched the show “House Hunters International” on HGTV and thought about what it would be like to buy a house someplace overseas? The world is a huge place and why not? What fun would it be to call a realtor and say I want to look at homes in Ireland, and go find your own little piece of the Emerald Isle? You wouldn’t be alone! The Irish Realtor, Deb Ward could give you some great insights.

Please note…Deb is a Realtor in Florida USA! She specializes in working with house hunters coming across the pond to check out Florida Property for sale!

The real estate market in Ireland took a hit in the worldwide recession that we all seem to be arduously climbing out of. Prices there have dropped 60% from their 2006 peak, a painful price correction that a lot of the world felt as well. While some places really don’t have a lot of inventory available, the market is starting to pick up. Why? In part because of foreign buyers and Irish expatriates returning home.

Homes in County Cork that used to go for over 5 million euros (approximately $6,651,500 USD). Now they’re worth about 1.5 to 2.5 million (approximately $3,325,750 to $1,995,450 USD). Nothing to sneeze at, but a rather large price drop for those who can afford it.

So who is it that can buy in Ireland? According to real estate agents in Ireland, about 25% of their buyers are from somewhere outside of Ireland, often the US and Britain, as well as Russia. Many are Irish expatriates who left when the economy made it impossible for them to afford to live there. Now, they can come home. So why is this percentage of overseas buyers so high? There are a few reasons. One is the tax incentives that the Irish government put in place to encourage home ownership. That, along with the huge drop in prices, is encouraging buyers to buy again.

So, let’s say you have the money to do it, what would stop you from buying in Ireland? Not much. There are some immigration laws that restrict the amount of time you could spend in Ireland, and it would be worth looking into how to become a permanent resident. Some Americans of Irish descent are finding that they can qualify for Irish citizenship. So why not make a dream come true and live in the land of faeries and Celts, timeless beauty and wild Irish seas. For more information check out House Hunting in Ireland by the New York Times!

Multiple Real Estate Offers : How to Decide Which Offer to Choose

October 27, 2021 By Deborah Ward

You’ve had your home on the market and now have the delightful situation of multiple offers. So how do you decide which offer to choose? Well, there are a few things that come into play, such as the financing situation of the buyers, length of closing period, other agents reputation, price, weird conditions the buyers place in the offer, like keeping your decorations or taking out the in ground pool.

Here’s some good advice.

The Other Realtors

Most importantly, know that your Realtor will not be sharing the offers with all the other agents. Doing this might give one an unfair advantage and doing so would violate their ethics (and license).

Not Always the Highest Bid

The reasonable choice when fielding multiple offers is to take the one that has the highest bid, but that’s not always the case. Sometimes buyers who come in with a lower price, but can fill other needs of the seller may just get the house. What if your seller needs a quick settlement, but the highest bid needs more than 30 days to get their financing in place?

What Trumps Price?

What are other items that can trump price?

Inspection requirements. Yes, inspections are important, but as a seller if you have already done one, wouldn’t the buyer who doesn’t require a second of their own trump one who does? This can also shorten timing requirements.

Shortening the mortgage contingency. As a seller, a buyer who is preapproved and has all of their financing approved and in place is much more attractive than one who doesn’t. It can mean accepting a lower offer. Higher deposit amount. This also feeds back into financing. Putting up a higher deposit shows a buyer who is serious.

Who is making the offer. In some cases, knowing something about the people making the offer can make a difference as well. Are they a family who fell in love with your family home? That can make them more attractive to you than a single or couple.

As a seller, price usually trumps, but other items that can gum up a sale being removed from the process can help you decide which offer to take. Know what is important to you and decide accordingly.

If you would like to work with a professional Clearwater Realtor, give The Deb Ward Team a call today! 727-410-0336

Why Is Home Ownership At A New Low?

October 27, 2021 By Deborah Ward

If you listen to the “experts” in the media, the housing crisis is well over. But if that’s true, why is home ownership at a new low?

Truth is, while the market is bounding back, there are still millions of Americans who want to be homeowners that can’t. In fact, people who rent make up a larger part of US households than those who own. This is because it’s harder for first time homeowners to buy than it used to be.

Here are the obstacles still in the way:

Income

First, income increases aren’t keeping pace with the rise in housing prices. For instance, in 2014 incomes averaged a 1.2 percent increase. In that same year, the median sales price rose 6.6 percent for new homes and 4.7 percent for existing homes.

The only saving grace was that interest rates were historically low which kept mortgage payments low. That helped some.

Too overpriced or too large

The next problem is that new homes are too overpriced or too large for a lot of buyers. New builds are big homes which cater to wealthier buyers. It would seem that there would be smaller starter homes available, but since the median size home in the US is 1,800 and up to 2,500 square feet. That means starter homes are more expensive.

Think about it, new home builders take a similar amount of time to build a 1,200 square foot home as they do to sell a 1,800 square foot home. Say housing prices are around $72 a square foot in your area (this varies GREATLY depending on where you live), then the builder would make an extra $43,200 to build a bit bigger home.

That is a HUGE difference for their efforts and makes sense why they tend to build bigger homes.

Another issue is foreclosures

Foreclosure is still a pervasive issue. It makes existing homeowners become home renters. There are still about twice as many forfeitures now annually as there were before the crisis. Debts beyond the mortgage are also part of the problem. Beyond credit card debt, which is still substantial, a record number of those first time home buyers are carrying huge student loan debt.

Student loan debt

It isn’t unusual for graduating students to have $50,000 or more in loan debt. Those payments are a mortgage payment of their own.

Credit

Lastly, not having great credit is a problem, as well as paying rents that make it hard to save a big down payment required if you have dinged credit.