Reducing the price after SSTC?

Smallfries

I wondered the same as OP, i thought that the estate agent had cut the price of the house i was buying to make it look for their stats that they had sold the house 5k under asking rather than 11k so that prospective sellers think they are better than they are if that makes sense

tawse57

I suspect it is a number of things:

1. The classic estate trick of trying to drum up interest in a house by claiming it is SSTC - someone else wants this house so others, stupidly, get interested. One of the oldest EA tricks in the book.

2. There are still stupid buyers out there prepared to offer the full or near the full asking price but when the mortgage company sends a surveyor around the surveyor/banks are valuing the houses are MUCH, MUCH LESS than the asking price. So the house goes from SSTC to back on market and the seller reluctantly reduces the asking price a bit.

This is what happens in a crashing housing market - sellers chasing the market down.

3. Gazundering - at the last minute the buyer demands an extra X thousand off the asking price. This, again, is normal in a collapsing housing market. The seller refuses and so the house comes back on the market but, again, with a few K off the original asking price.

Sellers do not like being gazundered but they loved gazumpers. It is basic economics.