Prices down by 50%

A new survey by REA, agrees that prices “achieved” for private treaty sales are down by an average of 50% from early 2007. The group surveyed their 35 nationwide offices on actual sales in the first quarter of the year, looking to compare prices with the market peak. According to CEO of Real Estate Alliance, Eimer O’Keeffe, “to truly ascertain the level of the marketplace it is important to look at actual sales at private treaty, rather than examining asking prices in various reports.

Increase in interest from Investors

Estate agents in Ireland have reported an increased number of people viewing properties since the auction and an improvement in consumer sentiment, but they’re conscious that any improvement in activity levels is dependent on the availability of finance.
‘‘It’s been fairly uplifting following on from the auction, it’s been the talk of the town since. It’s very positive for the market," said Lisney director John O’Sullivan

Changing repayments on mortgage to bi-monthly

Irish consumers are conditioned to pay their mortgage on a monthly basis but this can cost a lot of money. If, instead of paying monthly, you pay your mortgage every two weeks then you could easily dramatically cut its cost over the full term.
If someone has a €300,000 mortgage taken out over a 30-year term and they make a monthly repayment, it will cost €1,610.46 every month, based on an average interest rate today.If they pay twice a month, it will cost them €805.23 each time. So they are paying exactly the same amount every month.
But when a person pays monthly, the total interest on that loan over the full 30 years is €279,767.35 or €777.13 a month. If, however, that person pays off the mortgage twice a month then the total interest falls to €226,466.56 or an interest payment every bi-weekly period of €289.60.