Why do people fall for EA flannel?

bylromarha

My next door neighbour is a sensible guy, or so I thought.

He's just put his house on the market today for more money than ours has just sold for...about 8% more proportionally. He listened to the EA rather than the reality of the market I had told him about.

He was obviously quite interested in our sale, so I explained a fortnight ago about how we put it on at 1 price, then reduced it after 8 weeks as people were expecting more house for their money...only got a sale after the reduction. I also pointed out to him how there were other houses on the estate which had been stuck on the market since August which hadn't sold until they reduced their price to what ours was reduced to. Interestingly the stuck houses were all with the agent the neighbour has gone with...and apparently this EA has 30 people desperate to buy on our estate. Mmmm.

Our houses are identical in every way...except ours has got a fuller stocked rear garden, a front garden (next door don't have a front garden) and a bigger 3rd bedroom by a few inches, they have a fireplace and a short fat drive for 2 cars rather than 1 long drive like ours.

I just don't understand why people let the EA talk them into what they want to hear, when having just been through the selling process and waiting to move, our opinion counts for very little. Okay, we have less experience, but there's no way this agent can be right about the price when they had to reduce the other houses themselves.

I suppose only time will tell...and the land registry info on the sale!

mr_fishbulb

If he can get more money for it then good luck to him, he can always reduce it.

Sounds to me like you are a bit bitter about having to lower the price of your house and don't want him to sell for more than yours.

dander

I think you hit on it in your last paragraph. People fall for what they want to hear. Your neighbour wants to think his house is worth more than yours, so he'll believe anyone who tells him it is.

bylromarha

mr_fishbulb wrote:

Sounds to me like you are a bit bitter about having to lower the price of your house and don't want him to sell for more than yours.

Not at all. We're happy with our price and know it's in line with all the others around here. I just can't believe that the neighbour hasn't done his research and has chosen to believe the flannel. If he sells at that price, then he'll have a very bizarre buyer who hasn't done their research either.

I don't like the EA's valuer as he lied to us when valuing our house...telling us what he felt about next door (the other side) then the neighbours telling us what he actually said to them. It was one of the many reasons we didn't use them as agents as if they lied in the valuation, who knows what they'll tell us if we use them to sell. Their fee is also a non negotiable 2%...and their 26 week tie in can be batted down to 12 if you play hard ball with them.

F_T_Buyer

Because... People are stupid. Or is it greed?

Either way, reality will sink in over time - and he will be worse for it.

mr_fishbulb

If the EA can shift the house for more then they get more money comission. I guess that's why the do it.

Wasn't meaning to sound rude in my post

david29dpo

i give lots of people lots of advice, sometime i go to a lot of trouble. they do the opposite to what i told them, then they come back and moan at me!! i have a good " i told you so " some people can;t be helped. take it from me, save your breath!

mystic_trev

It's pure greed - you've sold yours so theirs must be worth more.

Doozergirl

mystic_trev wrote:

It's pure greed - you've sold yours so theirs must be worth more.

I think you're right there. They obviously still think prices are rocketing and because theirs is (naturally) a far better house than the identical one next door they'll just stick it on at 8% more.

Some people :wall:

nelly_2

3 million people a day buy the sun that should answer the question - are people stupid?

Gorgeous_George

It works both ways. Yes, some EAs give you some flannel and over-egg the pudding. Two reasons are to earn more commission but more importantly, to get you signed up. I always suggest that people get three valuations and then put their own board up. These can be loaned or you can make your own. If after a few weeks the house hasn't sold, you can still go to an EA.

If going with the EA, it's better to put it on the market for too much than too little. It's easier to reduce a price than to put it up.