There is now an active market for both old and new homes in Wexford
I’M SORRY to break it to you, folks but prices aren’t going down any time soon!
There is now an active market for both old and new homes in Wexford and it makes sense to make your move now before prices start to go up again.
John Kearney from Kearney & Co. here to give you my feedback on what’s happening out in the actual marketplace in and around Wexford.
I know you’ll say that I’m just an estate agent and that I’m only trying to talk prices up but the truth is they did actually fall too far and are now correcting all over the country. We get calls every day from abroad and outside the county asking what properties do we have under €100k and in truth, unless you are into renovation, there is really nothing left at that level anymore, the bargains are well gone, certainly in Wexford Town. For example, a standard two bed apartment made €125,000 in the town this week.
We talked last time about not letting the bigger political and economic issues affect your local decision making here in Co. Wexford. The UK, EU or USA doesn’t really affect our need for setting up new homes for our growing families.
No, the key economic truth that affects us in our local housing market is the oldest one in the economics book, good old plain and simple Supply and Demand.
There are still very few new houses being built anywhere other than Dublin and so with the population growing and the lack of movement over the last nine years, there is no doubt that demand greatly exceeds supply.
We had an Open Day last month at one of the few new developments being launched in Wexford Town up in Ard Uisce on Whiterock Hill and we had over 60 people come along to have a look.
Of course, half of them were only there to have a look at the beautifully presented Show Houses and the gorgeous interior design but the other half were quite seriously searching for a new home.
The potential purchasers were a wide cross section, from newly wed first time buyers keen to avail of the new house buyers grant, to couples who have been saving for ages to find the house of their dreams, to empty nesters looking for smart, comfortable affordable homes close to the town.
There are so many positives at the moment, loads more people back to work, those in work doing a bit better and also key, the banks are starting to lend money again. Indeed, I was delighted to have as our guests on the day, representatives of three of our local banks keen to present their offerings and they tell me they all went away with meetings lined up with prospective buyers.
Of course, if lots of people are buying new houses this means that there is a real market for second hand houses as well, whether these are the larger empty nests that people are leaving or because there can be good value to be had with older houses versus the somewhat more expensive but highly efficient ‘A’ rated new homes.
So, if you are looking for a new home, whether first time buyer, upsizer or downsizer now is definitely a good time to both buy or sell with prices at realistic levels for both sides of the fence.
All the best for 2017!