Houses sell in six weeks once buyers see they're priced realistically
In Balbriggan, average three bedroom semis are selling for about €160,000 - down from €390,000 at the peak. An example of this is Westbrook estate where one of these recently sold for around €160,000. "These types of houses are selling within six weeks once they are priced at what buyers see as being realistic levels," says John Cumisky director of local estate agency Cumisky-Myler Real Estate Alliance. However those whose asking prices are 5-10pc over what's seen as realistic won't sell.
"If a vendor can't settle for these low prices, then we may advise them to rent out the houses in the meantime. Rents in the area are currently around €825 per month."
"Demand in the area was hit badly by the downturn as much of that demand had been driven by people working in the construction sector and the population of Balbriggan doubled in the 10 years to around 20,000," he says.
Nevertheless with its commuter rail and motorway links to Dublin, demand is strong for houses that are priced realistically. "I would sell more houses if the banks would provide the mortgages but they are looking for any excuse not to lend."