Ask the experts: Is it a good time to trade down? If so, why?
Yes and no. While it is an increasingly good time to sell for someone who is considering downsizing, the challenge is less about what they might get for their own house but more about the ability to source suitable trade-down property in any location.
Michael Grehan is MD of the Sherry FitzGerald estate agency group, which has a 66-branch-strong network, including franchises. He has more than 28 years’ experience in the property sector.
No! You'll be competing against FTBs particularly in the second-hand market.
Darina Collins is a director and founding member of the Real Estate Alliance (REA), a partnership of more than 50 estate agency firms nationwide. She is also a partner in REA O’Brien Collins, the Drogheda-based estate agency.
I think it is a good time to trade down. You're sure to be able to sell your house. Due to the deficit in supply, you're likely to struggle to buy a suitable smaller house or apartment in your preferred location - but if your plan is to trade down and move out of Dublin, you're on to a winner.
Pat Davitt is the CEO of the Institute of Professional Auctioneers and Valuers (IPAV). He has more than 35 years’ experience in the sector, spending much of it running a family-based auctioneering firm in Mullingar.
While our property tax rate remains at 0.18pc of value, there is no significant financial burden to consider. However, this could quickly change with a substantial increase, particularly if the household has retirement income only.
Áine Myler is the director general of the Society of Chartered Surveyors Ireland (SCSI). She holds a master’s degree in planning and development economics, and has worked in estate agency for 26 years and in later years as a consultant.
Many buyers trading down are moving from larger and more valuable homes, the idea being to purchase a more suitably sized home or property type such as an apartment or a bungalow. However, as no bridging finance is available, many homeowners wishing to trade down are finding it challenging and hence this period has been a difficult time to trade down. More new homes are assisting matters, as many builders allow buyers to place down fully refundable deposits, giving them time to sell their own homes. More apartments being constructed in the suburbs is also assisting. This is great news, especially for those wishing to right-size.
Keith Lowe is CEO of Douglas Newman Good (DNG), a national estate agency network which has 75 branches throughout the country, including franchises. He has 33 years’ experience in the sector, having joined the firm in 1984.