Real Estate Alliance

FIRST TIME BUYERS ON THE MOVE

House sales activity perked up slightly in April with first time buyers to the fore, according to latest statistics from Real Estate Alliance. A total of 164 residential sales were agreed by Real Estate Alliance members during the month, an increase on the figure for March.

The REA April Property Barometer reveals that the sale price remained at around €180,000 on average, some 85pc of the asking price sought. The total number of enquiries recorded by REA estate agencies within the group was 4,200; 5% better than in March.

“All REA agents are reporting an uplift in first time buyer interest and sales”, CEO Eimer O’Keeffe comments. “Offers are coming in for second hand houses, but mostly at well below asking prices. Vendors are still holding on to unrealistic expectations. They won’t accept prices at market level. On average, we are seeing prices around the country at 40pc of the level prevailing at the height of the market. In certain areas, apartments are down by 50pc and second hand houses are down by 35pc”.

Darina Collins of O’Brien Collins REA in Drogheda adds, “The first time buyer market for new homes in Drogheda is moving again. There is a backlog of people looking to buy for so long and now they’re ready. Certainly there is an increase in people visiting the show houses and now they are beginning to buy”.

According to Jeanne Walsh of Cumisky Myler REA in Balbriggan, “there is a lot of demand from first time buyers in the Balbriggan area. In April we sold 20 affordable homes in Castle land and are buyers are first time buyers. 50% of the buyers are single and 20% have a family and the remainder are couples. The 3 bed houses sell first.  Prices start at €112,000 for a 2 bed so this is affordable for first time buyers.  Mortgages are provided through EBS with Grimes REA in Ashburn where they are been offered 97% of the purchase price.

According to Simon Murphy from Murphy Real Estate Alliance in Blessing ton, “Current negotiations fall into two categories in our offices in Blessing ton and Baltinglas,  offers well below reserve on properties that are on the market for some time and good offers for property that are not yet on the market but identified buyers have an opportunity to buy”.

Michael McElhinney of McElhinney REA in Bundoran has reported an 30% increase in second hand homes sales this month. They believe their house prices are at the right level. Purchasers vary in this Donegal town with a mix of first time buyers, people buying holiday homes and only one investor. All houses are under €190,000.  Eden Bay luxury apartments in Bondurant are proving a good interest in inquiries and prices start at €110,000”.

ENDS

Contact Eimer O’Keeffe on 086 8249040

www.realestatealliance.ie

NOTE TO EDITORS

Real Estate Alliance is a strategic marketing alliance comprising some of the country�s best-established auctioneers and estate agents. Our key focus is on locally-owned and established estate agents. With one quarter of the alliance�s firms in business for more than a century, and with an existing IAVI president & five IAVI past presidents among the group�s members, the alliance is characterised by the established strength of its membership. In addition, membership is only open to firms led by members of the Irish Auctioneers & Valuers Institute or the Society of Chartered Surveyors.

Clients of REA members benefit from:

Real Advice

- Because member firms are locally-rooted and independently owned, they have first-hand market knowledge that ensures clients make only the best-informed real estate decisions.

Real Commitment

- Member firms are well established, leading local businesses built on delivering the best results for their clients.

Real Service

- Our member firms have the detailed understanding of the local property issues facing clients to ensure that they provide a superior range of client services.

Real Professionalism

- As Ireland\'s highest-qualified property professionals, REA sales staff are members of the IAVI or the SCS, the representative bodies for Ireland\'s top property professionals.

Real Confidence

- IAVI members complete far more property transactions than any other professional group. Our member firms harness this transaction volume to seize opportunities and speed the transaction process for you.

Real Coverage

- With more than 400 professional staff in 40 offices located nationwide, our member firms can provide the best real estate advice locally and nationwide.