Are Houses Selling Again?

petunia100

The reason I ask is that I have started to notice and increase in 'under offer' on the estate agent websites.
Has anyone else noticed this?

Incisor

Yes, and sold notices being left up after people have moved in. This used to happen at a similar point in the last crash too. I can also think of a house which is showing today on as under offer on both the agents site and rightmove, but according to land reg data was sold in July.

It all goes to make an appearance of a market where you have to rush to get the property you want, without spending a little time to think of its value. It also makes Estate Agents look as though they are successful at selling, Survival may be tough - I think the strategy they are using is the scattergun approach - the more houses they have on the books, the more likely they are to make a sale and get commission. Someone has commented here in the last day or so about Estate Agents trying to swell their portfolio.

But as it is Estate Agents who do it and Estate Agents who benefit, I am not influenced by it. I think it is only indicative of the real state of the market insofar as it says things are bad.

Davesnave

Could be a local phenomenon. Few of us see more than a few parts of the elephant. Round my way, many houses, mine included, have been 'under offer' one week and 'available' the next so, on its own, it doesn't signify a lot.

Traditionally, one would expect a rise in interest at this time of year, but otherwise nothing has happened to make anyone more confident than a few weeks ago. The only thing we now know is what the goverment are/aren't giving away in their wonderful package, so one false layer of uncertainty has been removed.

chickmug

Incisor wrote: »

I think the strategy they are using is the scattergun approach - the more houses they have on the books, the more likely they are to make a sale and get commission.

Yes this is true and is what most EA's will do. In my case out of evey 10 properties you take on there is always a mix of: -

1) Quite a few where the seller wants far too much so the problem we face is do we take it on and spend our time and money on it. Some EA's would not but I've had one last year where seller wanted £800,000 and my figure was £675,000. Seller was trying it on. Sale agreed and went through few months ago at £600,000. If he hadn't wasted time at stuplid price he would of got far more but missed the market coupled with wife having terminal illness forced their hand.

2) An odd one where an urgent sale essential usually caused by serious illness or death.

3) The most commom group but where the average seller is still hoping to sell for a figure that is no longer viable. In this group most will bring the price down but very slowly.

So our attitude is there always will be this mix but to take all on (scatter gun) and see. Sometimes even a property will sell for more than the figure we think as valution is not a very scientific.

GDB2222

I received a glossy brochure through the post yesterday on a property, completely unsolicited. We are not registered with any estate agents, we are not looking to sell or buy, we have been living in the same house for 10 years and expect to remain here for the next 10. So, why has the agent bothered to post us a brochure that went straight in the recycling box?

I know the (outside of the) property because I take my mother-in-law's dog for a walk past it most days, and I've been watching the refubishment work inch along over the last year or so. I would just add that the asking price for the house looks about double what I would expect.

So, why does an EA take this on, and why the desperation to send out brochures apparently to everybody for miles around? What's in it for the EA? I know the client is probably paying for the brochure, but surely the EA is paying for the postage and has the hassle of the mailing?

pawpurrs

Was it addressed to you?

GDB2222

pawpurrs wrote: »

Was it addressed to you?

Yes, individually addressed envelope.

pawpurrs

Strange!
My EA says they had quite a good August although more sales than usual are not making it through to exchange, normally as the FTB pull out, at the bottom of the chain.

chickmug

pawpurrs wrote: »

Strange!
My EA says they had quite a good August although more sales than usual are not making it through to exchange, normally as the FTB pull out, at the bottom of the chain.

Ask your EA if the FTB's read this forum.
They may have taken the advice, not to buy, until the market bottoms out.

jscalow

GDB2222 wrote: »

I received a glossy brochure through the post yesterday on a property, completely unsolicited. We are not registered with any estate agents, we are not looking to sell or buy, we have been living in the same house for 10 years and expect to remain here for the next 10. So, why has the agent bothered to post us a brochure that went straight in the recycling box?

I know the (outside of the) property because I take my mother-in-law's dog for a walk past it most days, and I've been watching the refubishment work inch along over the last year or so. I would just add that the asking price for the house looks about double what I would expect.

So, why does an EA take this on, and why the desperation to send out brochures apparently to everybody for miles around? What's in it for the EA? I know the client is probably paying for the brochure, but surely the EA is paying for the postage and has the hassle of the mailing?

I get a letter every month "introducing" me to "my" local EA telling me that they have people queuing to buy my home, I shouldn't laugh, I just can't help it !

chickmug

jscalow wrote: »

I get a letter every month "introducing" me to "my" local EA telling me that they have people queuing to buy my home, I shouldn't laugh, I just can't help it !

More EA's than not bulls**t the reality - saying we have loads of pople on our books, many sold, many with finance approved --- they make me (as an EA) feel sick. The guy I bought my business from used this technique and goodness does that style backfire on you. You get the business and very soon after the sellers demand to know why the EA hasn't sold. Shame the EA didn't put the 'fantastic market' in writing so the seller could sue the a*se off them.

It is better to be honest about the reliality but I am the first to admit the EA's that bullsh*t will sometimes snatch the business from me. As I have said many times when Maplins start selling portable lie detectors -- problem sorted.