If you’re thinking of selling and getting in on the action in 2022, we’ve just under 2 months left to put your property on the market!
In 2021, the Irish Mirror reported the following: “2022 as a whole is going to be an ideal time to hit the market”. By all accounts there were correct, It’s been a great year.
Owen Reilly interviewed with the Daily Mirror at that time and is quoted saying “demand will be strong and the supply of homes on the market for the last couple of years has been well below what is required to meet that demand. I think it’s going to be a very favourable time for sellers, I would like to think with normality in sight (post covid), more people will be on the move.”
Reilly was right in his forecast; It has been a very active year. There were more transactions than in previous few years. With more people on the move, opportunities for sellers (and for buyers alike) have emerged.
So what about the year ahead? What about 2023? Just like every year, it can very much depend on WHAT you are selling. If you’re selling an apartment or a small townhouse I would be going to the market in January.
Why January? January is almost always thought of as a slow month of the year for real estate. I wholeheartedly disagree. Yes, there are usually less units for sale, but less inventory= higher demand. The serious buyers are shopping in January and if you want to sell to a serious buyer, who’s looking for a no-nonsense, speedy transaction then January is the month to do it. There has been a consistent demand throughout 2022 and there are people who are primed and ready for purchasing right NOW. If you want to get ahead of the game NOW is the time to do it.
There are a lot of buyers in the market and on the move and maybe not so surprisingly, a lot of decisions are made over the Christmas season – people actually have a bit of down time and in that downtime people think, talk and often make decisions. For example some people may decide to buy vs. rent or family members living away may decide to return home. Many people’s jobs have changed over the past few years and a lot more people are working from home… this means they are more interested in the details of that home.
Changing gears and looking further into the months ahead; if you have a large home and you are ready to downsize and sell it on to another family; if it has a large, attractive garden, that garden will probably look a more appealing in April or May- that’s why most of those types of homes will go to the market during those months. If you want to get ahead of that trend, then February or March will be your month to speak with a REALTOR®️, get the matter sorted and the ball rolling.
Right now we’re seeing strong demand for all different types of properties from all different types of buyers.
The joy of the fixer-upper is very real for me personally! I just LOVE turning something old and worn into something fresh and beautiful. My husband and I have done it dozens of times. Sadly, fixer-uppers are becoming more of a challenge to sell. There has been a steep increase in costs for contractors and the expense of meeting new Carbon targets.
It should be noted though that these houses WILL still sell but maybe not for the prices we’re used to. The government has introduced grants to help offset some of the costs for home buyers. There is currently help to purchase these types of properties. The link for the information is below.
You can get up to €30,000 to renovate a vacant property and an additional top-up grant of up to €20,000 if the property is derelict. The grant includes VAT.
As for buyers in Ireland this coming year, typically there are fewer buyers active in the months of December and January. I consider less competition a blessing, that’s when I would plan to do my house-shopping. I always feel when there is less competition, the prices are more reasonable. But if its choice you’re after, May to August are usually the busiest times of the year, when the most houses go on the market.
As for one thing that will BEST benefit you in your search for a home; hands down it’s having someone on hand who knows what they’re doing in terms of renovations. It will no doubt help you broaden your property search. O’Callaghan Town & Country Real Estate has a long list of professionals to help you with whatever you may need, from engineers to drywallers, from electricians to joiners.
Whether you are thinking of selling OR purchasing in the months ahead, we are always available to discuss your needs! Pop in any time or give us a ring, we can make an appointment to meet up over a cup of tea or coffee.
Quotes from: The Irish Mirror/ 16 JAN 2022.