Property Bee - Overpriced Homes

carolt

If they don't keep up, it doesn't really matter what they're asking - they become an irrelevance.

Where I live, there are nasty small 2 beds that came on at peak and haven't reduced, asking more than lovely period 3 beds that came on recently - which aren't selling either.

Can't see anyone buying the nasty 2 beds. I suppose eventually the EA's will get rid of them if their costs get too high?

EliteHeat

Obviously there are some areas that are immune to decreasing prices and consequently can defy the laws of economics and can only increase in value.

Generally speaking these are the unusually successful areas with high employment and strong underlying fundamentals such as Northen Ireland, Scotland etc

chucky

carolt wrote: »

If they don't keep up, it doesn't really matter what they're asking - they become an irrelevance.

Where I live, there are nasty small 2 beds that came on at peak and haven't reduced, asking more than lovely period 3 beds that came on recently - which aren't selling either.

Can't see anyone buying the nasty 2 beds. I suppose eventually the EA's will get rid of them if their costs get too high?

exactly - the asking price is just a guide that an estate agent has valued a property to get it on their books.

that price will be the maximum price that they believe could get in that market, it's not the price they expect to get but the maximum price. there are of course more frank or "honest" EA's but most apply this logic.

SouthCoast

This one sold at auction yesterday for £185k.

History

dateevent12 December 2008

• Agents Telephone changed: from '08454588738' to '08450712446'

08 December 2008

• Subtitle changed: from '4 bedroom house' to '4 bedroom detached house '

06 September 2008

• Price changed: from '£244,950' to '£206,950'

03 July 2008

• Price changed: from '£256,950' to '£244,950'

17 May 2008

• Price changed: from '£262,950' to '£256,950'

25 April 2008

• Initial entry found.

phil_b_2

Same thing at my end. Prices are still in peak territory. By the time it comes for them to concede defeat and finally drop the price it will have to be one ALMIGHTY drop to get back inline with the market. At least 25% in one fell swoop, in some cases.

Maybe that's what they are waiting for, as to grab the attention of the shrewd property bee hunters.

besonders1

Makes me wonder whether estate agents daren't give sellers an honest lower valuation in case they upset the vendor as they would just go and use another estate agent that gives them the higher valuation. I have seen several Victorian terraced houses with no front garden (not too sure if they are getting pulled down soon as well) priced more than 3 bedroom family houses with a garage in some areas. I have also seen a lot of spin from estate agents quoting sales prices in 2007 for similar properties in their property leaflets, e,g, no 65 sold for £200K in 2007 as if that would mean anything to a buyer now. Seems like all sellers are still wearing rose tinted glasses, stuck in a time warp!

Bothered!

Same thing is occuring in my area, I came on market at right price 250k when like properties were still showing 07 prices of 280k, I still havent sold though! and one EA has been playing sellers against one another stating " well we just reduced that one and this one so you should come on market at lower!" playing with our money.....

Alot of houses i notice in this area with other agents are still like 07 prices and not dropping nor selling... only ones selling are those priced below 180k.

I have dropped 8% in 3 months not dropping anymore though just so EA can get a sale.

pandamonia

it would be of more benefit and todays price than next months price

pandamonia

Bothered! wrote: »

Same thing is occuring in my area, I came on market at right price 250k when like properties were still showing 07 prices of 280k, I still havent sold though! and one EA has been playing sellers against one another stating " well we just reduced that one and this one so you should come on market at lower!" playing with our money.....

Alot of houses i notice in this area with other agents are still like 07 prices and not dropping nor selling... only ones selling are those priced below 180k.

I have dropped 8% in 3 months not dropping anymore though just so EA can get a sale.

your still over priced then you should be more at 235k but next month you should be near 232k

if they are selling as low as 180k then you dont have much chance do you?

LittleMissAspie

There's a 3 bed park home on Rightmove for 125k, it's been there nearly a year with no price reduction. Weird though because I think they've got it on with two estate agents, which suggests they do actually want to sell.

You can get a 3 bed proper house 30 mins away for that price.