Local property managing director affords his current market views

Cormac Sheehy, Managing Director, RE/MAX Professional Partners

Cormac Sheehy, Managing Director, RE/MAX Professional Partners

Speaking to the Athlone Advertiser this week, Cormac Sheehy, Managing Director, RE/MAX Professional Partners, afforded his pertinent views with regard to the current state of the property market within Westmeath.

“Pre-Covid-19, the Irish property market was on a steady upward curve. When the lockdown hit not many individuals could have predicted that the residential market was in for a ‘boom’ phase.

“Over the past year the level of properties on the market for sale has been significantly reduced. It is a classic case of supply and demand being out of kilter with asking prices increasing by 10 percent.

“While the reduced housing levels has majorly affected the demand for each property ‘on the market’, resulting in many homes achieving the asking price or higher we are currently in a ‘seller’s market.

“Most recently, we sold 104 The Orchard for €220,000 which is a record for a mid terrace house in that particular estate. This sale was agreed during the lockdown leaning heavily on technology and VR tours of the property.

“Now, more than ever, technology is playing a vital role in selling homes and over the past three months we have been busy hosting virtual viewings.

“Amazingly, buyers are purchasing their property virtually without physically viewing and I believe this trend will accelerate in the Covid-19 era, particularly in the housing estates where houses are similar in nature and the finish is all people want to see.

“We have invested in the latest virtual tour camera providing us with the ability to view remotely in great detail with prospective purchasers. The level of photography and presentation needs to be massively high if you want to achieve a great price in the current market,” Cormac asserted.

 

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