As part of our ongoing commitment to customer service, we here at The McCormack Group want to keep you informed of all the latest developments that will affect you in the property and financial services fields. The pages below contain brief summaries on changes and developments in these areas that you should be aware of. If you have any suggestions or comments, please e-mail us with them - all feedback, good or otherwise, is appreciated. Please note that the pages are intended to be brief summaries only and we cannot take responsibility for any errors or ommissions in them. In so far as possible, we will provide contact details for the expert bodies involved e.g. Revenue Commissioners.

1. Summary of current market

The start of 2008 has been much as expected with the market gradually picking back up but continued pressure being experienced on prices. We have seen many examples of new developments selling large volumes of units where the prices have been cut back considerably - this has been particularly notable in the Greater Dublin region.

In the second hand market, activity levels have picked up somewhat especially where prices have been reduced to reflect market conditions. It is acknowledged that, where prices have been maintained at 2007 levels, viewing activity is a good deal lower. The average selling time of a property has increased from somewhere approaching 40 days in early 2006 to approximately 150-200 days in 2008.

The outlook for the remainder of 2008 is difficult to forecast due to the continuing uncertainty in the world economy around oil prices, currency flucuations, a troubled US economy and the ongoing 'credit crunch' in the banking sector. However, on a positive note, the demographics or Ireland, the continued growth in inward migration and an expected interest rate reduction in late 2008 all point towards a recovering market later in the year.

Why now is a good time to buy;

a) Prices are reduced - it is widely accepted that prices have reduced by between 10% and 15% in the last 12-18 months meaning it is now much more affordable that it was to purchase a property
b) Prices will recover - while many buyers are waiting until prices bottom out before they buy, nobody can predict this accurately. We feel that prices will start to recover shortly and that now is the time to buy with excellent value for money to be had
c) Many sellers will negotiate - the property market has now transformed from a sellers market to a buyers market and many sellers will negotiate on their selling price giving rise to real value in the market
d) Value not as important if you're staying - if you are buying a home as a medium to long term investment, then short term uncertainty in the marketplace will not affect a property owner
e) If trading up, you can negotiate heavily - much of the market is taken up with owners trading up i.e. selling their current home and buying a larger one. Remember that you can afford to negotiate downwards on the property you are selling in the knowledge that you will be in a strong position to negotiate a bargain in the property you are buying

From a seller's point of view, it still must be remembered for all sellers that prices have reduced and all our expectations must reduce accordingly. In a tight market such as this, the first offer received will often be the best offer and a potential buyer will now move onto the next property if their first offer is not accepted.

2. How best to market your home

As a seller, you are now facing stiff competition from other sellers in attracting buyers to your home. Now, more than ever, it is worth carrying out that paint job, spring clean or small repairs that you had been putting on the long finger.

When buyers are viewing several properties, the smallest thing can be the making or breaking of getting an offer from them. For a full outline of the do's and don't's of property selling, see our leave behind pack but the key things to look out for are:

- Cleanliness - make sure your home is as clean as possible for every viewing. There is nothing more off-putting for buyers than dirt!
- Clutter - make sure to de-clutter the property as much as you possibly can to allow free and easy access for viewings
- Light - make sure that bulbs are working in all rooms so we can show them
- Smells - try to eliminate smells of animals etc from your home with the tasteful use of scented candles or air fresheners
- Gardens - before a buyer makes an appointment to see your house, they will often drive by beforehand. Make sure your garden is as presentable as possible with lawns mown etc
- Price - keep the price of the property as competitive as possible. Take the advice of your selling agent and benchmark the property against your competition

3. DNG McCormack Properties win Best Franchise 2007 (Large Town)

We are delighted to advise that DNG McCormack Properties have won the best DNG Franchise 2007 Award at the recent DNG Nationwide Annual Conference. In giving the award, it was acknowledged that the award reflect a variety of factors such as size & level of business, condition of premises, customer service focus, dedication to the DNG brand and marketing awareness. The competition was hard-fought with over 60 nationwide franchises throughout Ireland.

In the photo below, Paul McCormack and Tommy Fitzharris of DNG McCormack Properties were on hand to receive the prestigious award from Paul Newman and Keith Lowe of Douglas Newman Good.

Below - Staff of DNG McCormack Properties in the Carlow Office, who's professionalism and dedication to customer service was recognized with an award for the Best DNG Franchise.

4. National Property Services Regulatory Authority (NPSRA) - new Code of Practice

While we briefly mentioned the new governmental body known as the National Property Services Regulatory Authority (NPSRA) in the last quarter, we can now outline some of the more detailed provisions of their Code of Practice, which we have signed up to.

A Code of Practice sets such standards of ethical behaviour and details how property services providers should deal with each other, their clients and the public. The Authority has produced a Code of Practice for Property Services Providers (Auctioneers and Estate Agents) which can be downloaded from www.nprsa.ie.

It covers, amongst many other items:

- Standards of integrity in marketing properties
- Record keeping by agents
- Transparency of transactions
- Display of auctioneers licences
- Standards of professional advice offered by agents

For anyone interested in further information, see our leave behind information pack or go to the website mentioned above.

5. Interest Rate Watch

6. Tip for the Quarter

Tip for the quarter - house insurance rebuilding costs

Is your property sufficiently insured? What would happen if there were a fire or flood at your home? Make sure to keep the insurance value of your property up to date - when you get your renewal, check it and ask your broker or insurer about it.

Our insurance sister company, McCormack Hooper Dolan Insurances, use the Society of Chartered Surveyor's guide in assessing insurance values, the table for which can be seen on www.scs.ie.