Old fashioned beliefs about dropping asking prices

mlz1413

I think the EA have a lot to answer for with the sellers attitudes - this week 2 people have said that their low offers have not been put in as it would upset the seller.

I also work with a lady who is currently trying to sell her house when she had only 1 viewing in 2 months she ask EA about dropping price and he told her it would make no difference.

If a seller doesn't want to see a falling market its probably quite easy to keep their eyes shut.

Prudent

I am just back from viewing a house. I had checked the house value and found out the EA was pricing it about 8% higher than the owners bought it for at the peak of the boom :rolleyes: (the only improvement being some mirrored doors on a wardrobe). The EA assured me prices were going to rise 30% as builders had stopped building new builds. He really shouldn't read the Daily Mail

chickmug

mlz1413 wrote: »

I think the EA have a lot to answer for with the sellers attitudes - this week 2 people have said that their low offers have not been put in as it would upset the seller.

I also work with a lady who is currently trying to sell her house when she had only 1 viewing in 2 months she ask EA about dropping price and he told her it would make no difference.

I think the Ea's often take the blame as 'piggy inthe middle' when it is nowt to do with the EA. I use the word often!

chickmug

Prudent wrote: »

I am just back from viewing a house. I had checked the house value and found out the EA was pricing it about 8% higher than the owners bought it for at the peak of the boom :rolleyes: (the only improvement being some mirrored doors on a wardrobe). The EA assured me prices were going to rise 30% as builders had stopped building new builds. He really shouldn't read the Daily Mail

The EA advised the seller but who decides the price. 95% of the time the EA is asked to try for a bit more or a lot more. A few % of the time the seller takes the EA's advice

Still, in todays market, so many have their 'head in the sand'. Bought in the boom and still feel they will have made money if they sell now!

baileysbattlebus

chickmug wrote: »

The EA advised the seller but who decides the price. 95% of the time the EA is asked to try for a bit more or a lot more. A few % of the time the seller takes the EA's advice

Still, in todays market, so many have their 'head in the sand'. Bought in the boom and still feel they will have made money if they sell now!

I agree - during the last crash we wanted to sell our house, looked through the property pages etc, to get an idea of what they were "going" for. It was around £95k, got the EA in, who looked around and said very nice, how much do you want to sell it for, so we said £95k - that's what they are going for.

He said "no that's what they are being advertised for, not what they are selling for and if you want a quick sale price it realistically and you will sell it"

We put it on the market for £80k and sold at the asking price within a couple of weeks.

If you have a good estate agent (which we did) and listen to them you will probably sell your house. The only thing is good estate agents are pretty thin on the ground.

chickmug

baileysbattlebus wrote: »

The only thing is good estate agents are pretty thin on the ground.

I am one (promise) and have been shocked since I started reading this forum as most are very very poor!

Prudent

chickmug wrote: »

The EA advised the seller but who decides the price. 95% of the time the EA is asked to try for a bit more or a lot more. A few % of the time the seller takes the EA's advice

Still, in todays market, so many have their 'head in the sand'. Bought in the boom and still feel they will have made money if they sell now!

I am sure this is very true. We did have a discussion about the clients expectations and what role that had in his pricing. He was mainly though focused on the issue that prices were likely to rise 30%.

baileysbattlebus

chickmug wrote: »

I am one (promise) and have been shocked since I started reading this forum as most are very very poor!

IMO, the people best placed to know what houses are actually selling for are the EA's and I must admit I do find it hard to get my head round why people don't listen to advice about selling prices.

When it happened to us, we did have a figure in mind, the figure we had seen most of the similar properties to ours advertised for and if it hadn't been for the EA's advice the house would have still been on the market months later.

My pet hate is when you are looking for a house and all they are interested in is getting you to see their financial advisor - even when you tell them you already have a mortgage in place and are just looking for somewhere to buy. And some of them are very pushy. So where I am, there are certain EA's whose offices I would never go into and would never deal with.

geoffky

estate agents are still in denial and telling customers to hold on as this will pass.the thing is the fools are still paying for the rightmove adverts ect on over priced hovels that are not going to sell until the seller gets the wake up call...another big big problem is that anyone and i mean anyone can call themselves a estate agent...so the standard of some are well lets say very poor

dander

I think the estate agents do have a partial point though when they say there's not a lot of point dropping prices. The trouble is that buyers have disappeared to the extent that even very well priced houses aren't selling.

Sure, you don't stand a chance of selling an over-priced house at the moment. But you don't have a lot of hope of selling a cheap one either.