Why There Are Still So Few Houses for Sale, and What It Means for Sellers inWaterford
- Posted by Michael Griffin in Tips & Advice
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One of the questions I am asked most often at the moment is why there are still so
few houses coming to the market. People see the headlines about rising prices and
strong demand, yet when they start looking properly they notice that the number of
properties available is still quite limited. It is a pattern we have been seeing across
Waterford and throughout the country.
The simple explanation is that demand continues to outpace supply.
Ireland is still not building enough homes to meet the level of demand coming from
population growth, new households and people moving within the market. While
construction has increased in recent years, the number of homes completed each
year is still below what most economists believe is needed.
At the same time, many homeowners are holding back from selling. This is
something I encounter regularly when speaking to people locally. Often the hesitation
is not about the property itself. It is about uncertainty. People are wondering where
they would move next. They are unsure whether the timing is right. Some are simply
curious about what their home might achieve in the current market but have not yet
taken the step of finding out.
What this means in practice is that there are often more buyers actively looking than
there are homes available.
What I am seeing at the moment is that when a property comes to the market in an
area buyers like, it’s attracting strong interest quickly. Buyers are watching the
market closely and when the right home appears they tend to move fast.
That does not mean every property sells overnight. Pricing, presentation and
marketing still matter a great deal. But limited supply does create conditions where
sellers can benefit from a higher level of buyer attention. In fact, several
homeowners whose properties we have gone sale agreed on this year were
surprised by the level of buyer interest once their homes came to the market.
One thing I often say to homeowners is that understanding the value of your property
does not mean you are committing to sell. A valuation is simply a way of
understanding where you stand in the current market. It allows you to look at your
options and think about future plans with a clearer picture of what your home might
realistically achieve.
Some people who contact me are planning a move within a few months and others
are thinking a year or two ahead. In many cases they simply want an honest view of
the market and how their property might be positioned if they did decide to sell.
The property market can feel uncertain from the outside, there’s a lot of commentary
and a lot of headlines. But when you look at what is happening locally, the
fundamentals are quite clear. Demand remains strong and the number of homes
available is still relatively limited.
For homeowners who have been quietly watching the market from the sidelines, this
can be a useful moment to take stock and understand what their property might be
worth as sellers are often in a stronger position than they realise.
Even if selling is something you are only considering for the future, having an
accurate valuation is a useful first step. It simply gives you a clearer understanding of
what your home might achieve in the current market and allows you to plan from
there.
Michael Griffin
Griffinauctioneers.ie
PRSA Licence No. 001644-001882