Agents still on cloud 9

bo_drinker

We went to view a house yesterday it came on the market last week in a sought after area. We thought it was slightly overpriced before we viewed it but according to Zoopla it could be 15k over and the neighbouring property sold @ the peak for less money. Are any others finding agents still on cloud 9, I feel like I need to tell him his job
How can they value a property this side of the peak for more money, it doesn't make sense, or am I missing something

googler

Since they agents work for the vendors, how do you know it's not them calling the shots and insisting their house is 'worth' peak price - it's obviously 'better than theirs next door' (or at least the vendors might think so)......

1echidna

Could be that the EA overvalued it to get the client who perhaps added his own aspirational margin which the EA agreed to (again so as not to lose a customer). Shouldn't think he will lose much sleep over you telling him his job, judging from what I hear about people's behaviour in buying and selling houses I would think the first prerequisite of being an EA is a thick skin.

bo_drinker

The same agent sold our house eventually!!, we realise now he over valued it and is still doing the same. Other agents here are being realistic. I just wish it was them valuing the houses we are interested in

The_Unready

Hi.

I think you probably mean that your agent's in cloud cuckoo land, rather than cloud 9 (unless he's a really happy chap, of course)?

The Unready

G_M

If the property achieves the asking price I guess the agent (and vendor) will be on Cloud 9!

1echidna

We thought our EA may well have been being optimistic on recommended asking price but chose him because he seemed very professional, knowledgeable and positive about selling our property as well as being straight forward and friendly. After we had chosen him I gave him the opportunity to reconsider his recommendation on asking price and perhaps lower it but he still maintained that he felt it was correct and that we could expect to sell 10-15k below and reducing it was likely to decrease the price achieved as people like to feel they had got a reduction on the asking price. He was proved right as we sold within a week at 5k below asking which we dropped to 10k below asking following a low valuation.