Q1 2017 Average House Price Survey

The price of an average house in Dublin rose by 3.9% in the first quarter of this year as the average three-bed semi in the capital breached the €400,000 barrier.
The average three-bed semi-detached in Dublin city now costs €404,167, a rise of €15,000 (3.9%) in the last three months and an increase of 12.8% over the past year, the Q1 REA Average House Price Index has found.
And with an increase in newly-financed buyers coming to the market, prices rose by 5.6% in both north and south county Dublin in the first three months of the year.
The easing of the Central Bank restriction on lending for first-time buyers has had an immediate effect on the market with a large rise in numbers at viewings and potential buyers with mortgage financing.
The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide for the first three months of the year.
The average semi-detached house nationally now costs €209,944, the Q1 REA Average House Price Survey has found – a rise of 3.5% on the Q4 2016 figure of €202,926.
Overall, the average house price across the country has risen by 10.9% over the past 12 months – a marked increase on the 7.7% rise registered to the end of December 2016.
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10 Myths About The Real Estate Industry, Debunked

As flexible schedules and independent work become more appealing (and accepted), more and more people — including a surge of millennials — are joining the real estate business. But while there can be many perks, there are also a lot of industry misconceptions.

Below, we asked 10 members of the Forbes Real Estate Council to weigh in on one myth about the real estate industry that newbies in the profession often think is true, and what the actual truth is.

. Property gurus know best.

The biggest myth or scam in real estate is the supposed property “gurus” that newbies see on TV and entrust them by buying their fake how-to courses and DVDs, and spend thousands of dollars attending their seminars. The big question here is: Why would someone sell you a course on “how to do it” when they can just go and do it themselves and make more money doing it than teaching it? – Engelo Rumora, List’n Sell Realty

2. You need a lot of money to start.

The biggest myth about real estate investing is that you need a lot of money to make money. With the proper education as a real estate investor, there are numerous ways to get started with very little money. We routinely lock up houses for as much as $1,000 and as little as $10. As long as you know what to do after you have the home locked up, then it’s easy to start making money! – Bob McIntosh, Arcane Properties

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Digital tech is changing real estate

TRAVERSE CITY — Imagine buying a home or other piece of real estate without ever having set foot on the property.

Such transactions were almost unheard of a few years ago. But the way of doing business in the real estate sector is changing rapidly. With buyers viewing properties through virtual tours, using FaceTime with their real estate agents and even drone inspections, consumers can do their real estate homework from literally half a world away.

“I sold six houses last year that the buyer never stepped foot in,” said Holly Hack, broker/owner of Exit Realty based in Traverse City.

Digital technology and the internet continue to generate rapid change in the real estate sector. An industry where professionals once held most of the market information, potential buyers traipsed across communities to view properties and attended all sorts of meetings to close a deal has been forever changed by the digital age.

These days most any real estate listing is readily available online, properties can be viewed from a home, office or smart phone and documents are easily transferred and signed digitally. Hack said while this region doesn’t set the technology trends like the markets on the East and West coasts and places like Florida, it doesn’t take long for northern Michigan to catch up.

Hack embraces the changes. Her office went paperless five years ago, reducing costs and paper waste, and her business card is available in a phone app.

She typically communicates with customers via texting, as emails and phone calls are on the wane. She also notes other environmental benefits from technology, including the elimination of countless car trips by buyers, sellers and agents to show and view properties. It also expedites the process of a property deal, which can be handled in days and even hours instead of weeks or longer.

“Everyone wants things immediately — we expect things to happen quicker today,” she said. “We’re trying to make the customer’s experience better.”

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5 simple ways to invest in real estate

5 simple ways to invest in real estate are Buying rental property, real estate investment group, flipping and real estate investment trust.

Buying rental property.

Buying rental property is the oldest and most basic way to invest in real estate.

Property for rent icon

The land owner charges enough rent to cover mortages and other costs.

Usually, the landlord charges only enough to cover the expenses until the mortage is paid, at that point most of the rent is profit.

Real estate investment group.

Another way to invest in real estate is through the real estate investment group, which is like small mutual funds for rental properties.

A company buys or builds a group of apartments or condos, and then allows investors to buy them through the company and thus joins the group.

One investor can own one or multiple units, but the company that operates the group manages the units in exchange for a part of the monthly rent.

Flipping

Some traders buy properties with the intention of holding them for a short period of time, usually less then four months, and then selling them for a profit.

Property before and after flipping

Also called flipping, this technique requires buying undervalued real estate or operating in the hot market.

Real estate investment trust (REIT)

REIT is created when a corporation or trust uses investor money to buy and operate income properties. REITs are bought and sold on major exchanges just like stocks.

To maintain its REIT status a corporation must pay out 90% of it’s taxable profits in the form of dividends.

How do REITs work

An real estate gives investors leverage.

Buying a stock typically requires paying the full value when you place the order, but many mortages require as little as 5% down payment.

That enables the owner to control the property and it’s equity by paying only a fraction of the value.

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How to buy investment property

There are a lot of pluses to owning rental real estate: diversifying from the usual investments of stocks and bonds; offering an alternative stream of income; and creating a potentially scalable business. But there are challenges, too — it requires capital, a time commitment and dealing with tenants.

“Real estate investing is not for the faint of heart,” said Robert Dolan, owner of mortgage broker Capital Financial Group in Winnetka.

Real-estate experts said people who want to get into the world of owning rental property need to consider a few factors.

Do the research. Homeowners know each piece of property is different, and values can vary greatly based on neighborhoods. That’s even more so when looking at investment property, so closely review rents at comparable properties.

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4 tips for finding the perfect real estate agent to help buy your first home

(Start with deciding what neighborhood you want to be in — many agents are experts in one area.Paul Sancya/AP)
So you’ve decided to buy a home — congratulations! The first step? Linking up with a real estate agent. Ideally, it’s someone who can get you a good deal on your dream home and make the process enjoyable.

“People want to find an agent or broker who’s honest and trustworthy, because it’s likely the largest purchase they’re going to make in their life,” Jessica Lautz, managing director of survey research and communications at the National Association of Realtors (NAR), told Business Insider.

Below, Lautz shares four important tips for finding the perfect real estate agent.

1. Narrow down the neighborhood(s) you want to live in

Knowing what part of town you want to live in can help immensely with your agent search, and ultimately, your home search, Lautz says. The more specific you can be in what you’re looking for, the better chance you have of finding someone whose experience in a particular market aligns with your desires.

2. Ask friends or family for referrals

According to NAR’s 2016 Profile of Homebuyers and Sellers report, 42% of buyers used an agent referred to them by friends, neighbors, or relatives. For first-time buyers specifically, 52% relied on referrals.

Lautz says a referral from someone you trust can go a long way and eliminate time spent vetting someone on your own.

3. Figure out their level of experience

If you’re considering an agent who was referred to you, you can easily vet their experience and reputation by asking their previous client about the pros and cons of working with them. For first-time homebuyers, Lautz said, it’s a good idea to find someone who is willing to “show you the ropes,” since the homebuying process can be complicated and overwhelming at times.

An agent should also be thorough, she said. “Make sure there is someone with you who can see the big things — like, the kitchen is nice, but maybe the roof is leaking,” Lautz said. In other words, you want to make sure your agent is detailed and upstanding, not simply trying to close the deal or take advantage of your inexperience.

4. Determine whether they’re a realtor

Of course, you’ll want an agent who’s working in your best interest. “Many agents pride themselves on being community experts, posting on blogs and on social media,” Lautz said.

While that’s one way to assess their standing in the industry, she continued, the best way to determine whether an agent is on your side is to ask if they’re whether they belong to the National Association of Realtors, the largest group of real estate professionals in the country with more than 1.2 million members. Agents who belong to NAR have “realtor” status and are bound by a code of ethics, says Lautz.

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