Cash buyers make up 40% of purchases so far this year

Iamsold, the bidding and online auction platform has reported a strong start to 2023 – with around 40% of purchases being completed by cash buyers.

According to company director Patrick Folan, despite increasing mortgage interest rates, the property market is still performing well – demand is well outstripping the low supply of properties coming to the market.

He said 40% of purchasers are cash buyers, with the remainder using finance.

The company currently has more than 160 properties listed for sale nationwide and with the traditional spring/summer selling season in sight, has encouraged property owners thinking of selling to get in touch.

“Our online bidding and auction platform provides a faster and more secure process for both sellers and buyers while the vendors can still set their minimum reserve on their property which the property cannot sell below.

“The property legal pack is prepared by the vendor’s solicitor and is uploaded to our website for review by interested parties and their solicitors.

“This ensures they are happy with all legal aspects before bidding and contracts are then signed immediately on acceptance of a bid. This reduced delays significantly and our process should reduce the time involved from six to nine months via private treaty to three months on average on the iamsold platform. This faster process can be very attractive the both buyers and vendors who do not want a prolonged sales process,” said Mr Folan.

Among the properties currently listed with iamsold are:

Apartment 4 Hynes Yard, Merchant Road, Galway. Offered at bids over €199,000 and for sale by Property Partners Emma Gill in Galway. This two-bed apartment with its remarkable setting offers residents the perfect combination of city life and convenience near the Docks. This apartment makes a very exciting prospect that is sure to attract huge demand from a variety of buyers.

For more, read this week’s Connacht Tribune.

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