Priced to sell

anjb

You need to get into the psychology of the EA.
They're going to want to put it on the market for the maximum that believe they can get for the quickest turn-over. That's why they want you to put it on their valuation. Putting it on for higher may result in getting what you want for it after offers etc, but potentially you reduce its exposure based on affordability and possibly a longer time on the market. Also EA has to do more work, getting viewings etc.

Do you agree with the EA valuation?

Henry_Hoover_2

I don't think it is a buyers market. I've just bought a house, and it certainly didn't feel like that!

anjb - Yes I do agree roughly with the valuation, as another flat has sold recently in the building for more than mine, and has had nothing done to it at all. I have decorated, and put in new flooring, lino in the kitchen and bathrooms etc.

To be honest, I think the EA wants to sell property as quickly as possible, but I don't need to, so i'd rather wait and see, than price too low and wish i'd gone in higher!

B_Blank

Henry_Hoover wrote: »

Thanks. I think i'll keep put it on at £179,950 and consider dropping it in a few months if need be. I'd like to sell quickly, but I'm not desperate to sell, so will bide my time!

And by the time you drop the price in june it will be worth £165k!

Henry_Hoover_2

B_Blank wrote: »

And by the time you drop the price in june it will be worth £165k!

I wish I could see into the future, but that is just speculation!

FATBALLZ

anjb wrote: »

You need to get into the psychology of the EA.
They're going to want to put it on the market for the maximum that believe they can get for the quickest turn-over.

You'd think so, but given some of the bizarre overpricing round my area (£100k+ over what they sold for 1-2 years ago), I don't think they are consistent in applying this logic.

B_Blank

As someone who has looked at buying houses in your price range - I wouldnt even go to a house that is overpriced. It doesnt signal that the seller is keen to sell if they have overpriced their house. There is a lot of information availible to buyers now, so pricing it high is probably going to blow up in your face.

suited-aces

stokesley wrote: »

Do you think they're likely to say "yes"?:rotfl:

:rotfl::rotfl::rotfl::rotfl:

brit1234

Milliewilly wrote: »

It isn't a buyers market because there is hardly anything to buy. Its a stagnant market. People aren't putting their house on at less than they think they should get so nothing is moving.

There is absolutely loads of properties for sale, have you not looked at Rightmove ever?:rotfl:

Yes there may be those taking their homes off the market because they don't want to reduce but there are in return far less buyers out there increasing the seller to buyer ratio.

It is clearly a buyers market and that is why prices have been falling for months. People inflating their asking prices won't get pick of the buyers as they will go to people pricing reasonably. The housing bubble is bursting again and I recommend the original poster to price at the valuation or less to have any hope of selling.

B_Blank

When I looked for a house they just showed me a load of properties that were overpriced. I saw one for £150k and they bought this house for £135k in 2007. So it was worth about £115k max now in this area. I said this to the EA and they said I didnt know what I was talking about (LOL - my valuation was based on cold hard statistics and facts) so I just ignored their calls for 3 months and refused to buy anything. Most houses on the market are just sat there at stupid prices which people cant/wont buy unless they get lucky and stumble across somebody with more money than sense. Most of the sellers cant afford to take a loss on their crappy houses, and are too stubborn to consider it. We need higher rates and a wave of repo's to liven up the market again

Flooz

A house is only worth what someone is prepared to pay for it. If no-one's prepared to pay, say, £100k for a property, then it's not worth it. No matter what EA's say.

At the moment, the property market is being kept artificially inflated by a number of factors - but predominantly the banks. Let's face it, they don't want their 'assets' suddenly stripped of £000's after all the financial strife they been in and/or caused.

At the moment, the average house is approximately 5x the average salary. That is simply unsustainable. Either wages need to rise, or prices need to drop - guess what's unlikely to happen.

If I saw a house on the market, obviously overpriced, I wouldn't even look at it.

Even in a 'good' market, vendors are supposed to prepared to accept up to 5% off the 'asking price', yet I know of some that are getting offers just a few £k off (on properties over £200k) and they are turning it down!! I sold my last property in 2007, 'valued' at £235k. I sold at £220k.

Personally, I don't know why many people worry about house prices falling (with the exception of those mortgaged to the hilt). If it's your home, does it matter whether it's worth £50 or £500k: If you're selling and moving UP the ladder, then the chances are the property you're buying has dropped in price/value more than the one you're selling. Obviously this doesn't apply if you're downsizing. But if you've had the house more than a certain amount of time, you've made a profit anyway - so why not just accept that the profit level has gone down?

Just my opinion.......