4 months later and sellers still in denial

MyUserNameWasTaken

We saw a house last week which we really liked. It's on for 500K, we offered at 450 and go turned down. The vendor's rationale was that he bought it in 2008 for 450 and so wanted to sell it for more than that. Hello? House prices have fallen since then, why would you be able to make a profit when you bought at the height of the market?

princessamy86

MyUserNameWasTaken wrote: »

We saw a house last week which we really liked. It's on for 500K, we offered at 450 and go turned down. The vendor's rationale was that he bought it in 2008 for 450 and so wanted to sell it for more than that. Hello? House prices have fallen since then, why would you be able to make a profit when you bought at the height of the market?

Haha that sounds about right! Some people just really haven't got a clue. Bless them for living under their rocks in their own little world.

QTPie

princessamy86 wrote: »

I'm an EA, talking about when I go out to suggest what they put their house on market for and they look at me as if I have sprouted 2 heads! I just don't want the house if the vendors aren't motivated, they seem motivated enough to shout at me when they have no viewings but then won't reduce the price as they don't want to "encourage silly offers"! Agree with besonders, 2005 is where we're at roughly and there's a lot of people who need to accept that. My vendor who wants to put price up £30k because he has added DG really needs to come back down to earth!

That is very sensible: vendors need to be told the truth - there is no point in pandering to unrealistic expectation: people need to know where they stand and how much they can REALISTICALLY expect to see for. :T

QT

besonders1

MyUserNameWasTaken wrote: »

We saw a house last week which we really liked. It's on for 500K, we offered at 450 and go turned down. The vendor's rationale was that he bought it in 2008 for 450 and so wanted to sell it for more than that. Hello? House prices have fallen since then, why would you be able to make a profit when you bought at the height of the market?

OMG, poor seller looks he will be making a negative profit.

QTPie

MyUserNameWasTaken wrote: »

We saw a house last week which we really liked. It's on for 500K, we offered at 450 and go turned down. The vendor's rationale was that he bought it in 2008 for 450 and so wanted to sell it for more than that. Hello? House prices have fallen since then, why would you be able to make a profit when you bought at the height of the market?

Insane! What did the estate agent say?

QT

MyUserNameWasTaken

QTPie wrote: »

Insane! What did the estate agent say?

QT

Just that he wanted to make a profit. But the EA where we are looking are all giving it the 'well prices rose in January so the market is back on the up now' line. Sellers believe them (and to be fair, properties are selling very quickly in that area).

princessamy86

MyUserNameWasTaken wrote: »

Just that he wanted to make a profit. But the EA where we are looking are all giving it the 'well prices rose in January so the market is back on the up now' line. Sellers believe them (and to be fair, properties are selling very quickly in that area).

Lucky them! I think it's a bit naive of EAs to say the market is back on the up, how can they know? Think it's more realistic to say "we've had a good month, hopefully next month will be as good". I suspect agents like this are why so many people enjoy a good rant and rave about EAs. I always think it's a bit irresponsible to give people false hope, at the end of the day it's a massive change in people's lives and overvaluing and being falsely optimistic doesn't really benefit anyone in the long run. Equally, sellers who have a ridiculous notion that falling house prices don't affect their property need to gain some level of understanding!

QTPie

MyUserNameWasTaken wrote: »

Just that he wanted to make a profit. But the EA where we are looking are all giving it the 'well prices rose in January so the market is back on the up now' line. Sellers believe them (and to be fair, properties are selling very quickly in that area).

Hhhmmm, do you (or your estate agents, rather) live in "cloud cookoo land"? :rolleyes:

Around here, estate agents are being more sensible (at the moment). Will be interesting to see what results are for Feb. Anyway, In Janaury, most measure still said that prices were falling: interest may have been up, but prices weren't (apart from in one measure).

QT

QTPie

The reason why interest was up WAS because people have either lowered their prices OR come onto the market with more reasonable prices. If the prices go up again... bye bye interest.

QT

ukcarper

QTPie wrote: »

The reason why interest was up WAS because people have either lowered their prices OR come onto the market with more reasonable prices. If the prices go up again... bye bye interest.

QT

I wouldn’t be so sure about that.