Rightmove & their asking/selling prices

breadlinebetty

Looking through Rightmove I came across this house at an asking price of 'Offers above £800k'


http://www.rightmove.co.uk/property-...-34196707.html


The house is in Purley, Surrey and comes under Greater London. It does have some issues: sloping garden, smallish rooms and a few other things that need updating etc, hence the relatively low asking price for a detached property in one of the best areas of Geater London.

The house fetched £785k, so just under 2% less than the minimum asking price.

So going by that, estate agents obviously get their asking prices near right - well, that one does, anyway.:)

Out of curiosity has anyone come across any properties on Rightmove that fetched much less than the asking price? Like, for example, 30% less?

I can't traipse through all of the properties and check against the asking/selling prices, but if anyone can supply proof of properties selling at 30% less than the asking price I'd love to see them!:)

t3rm3y

£800K - have you won the lottery? i cant even afford a house for £130K!! im not bitter (much) as i know i am being punished for something i did in a previous life, so am happy in the knoeldge that i must have had some fun back then

hazyjo

Well, considering they priced it as 'offers over', it would suggest it was priced low to start with (or as a last resort!). Might well be naff all to do with the EAs pricing things right, might have been a low asking price out of desperation.

No bedroom pics which would ring alarm bells with me. Sloping roof (maybe starting life as some sort of dormer bungalow but with extensions/conversions). Might be very restrictive headroom upstairs. Who knows...

Also cannot property bee it to check its history. The price might have been dropped several times, it might have been up with other agents, etc.

Obviously can't check out everything else that agent has on the market and compare it to similar nearby properties' selling prices, so can't comment further on that.

Some members on here have apparently managed to get whopping discounts. Wouldn't exactly call many of them 'discounts' anyway, would just say the vendors were either deluded or trying it on in many cases.

My house is up for sale at over £100k less than an identical one. In fact, that one's not got as much as ours (a garage and driveway less, for starters!). Some people are seriously deluded in the first place.

Jx

summerholiday

Look up gu2 4ep the cottage. This one was originally priced around £700/750K and as you see on rightmove the sold price went way above that! Quiet and great central location and Parking!

johnbusby

You cant infer that estate agents get their asking prices about right from one property! My suspicion is that they tend to grossly overvalue in the first instance to get the instruction and then try to knock the price back down to something that has any chance of selling.

Also by restricting yourself to only the properties that have sold you are creating a substantial bias as those who have sold are more likely to be realistic vendors that priced reasonably in the first place!

claire21

Op

My guess would be that you have seen a property you like with this agent and you hope that maybe you can gather enough info to make a reduced offer based on your pricing findings?

go_cat

claire21 wrote: »

Op

My guess would be that you have seen a property you like with this agent and you hope that maybe you can gather enough info to make a reduced offer based on your pricing findings?

Nope it's More to do with a arguement the OP was having an another thread over house prices

https://forums.moneysavingexpert.com/discussion/4232865

breadlinebetty

johnbusby wrote: »

You cant infer that estate agents get their asking prices about right from one property! My suspicion is that they tend to grossly overvalue in the first instance to get the instruction and then try to knock the price back down to something that has any chance of selling.

Also by restricting yourself to only the properties that have sold you are creating a substantial bias as those who have sold are more likely to be realistic vendors that priced reasonably in the first place!

But the property I put up wasn't grossly overvalued. The asking price was offers over £800k and it sold for £785 - that's just a 1.7% discount. I wouldn't call that grossly overvalued.

cwcw

breadlinebetty - I'm not sure what you're getting so worked up about? You're trying to argue against FACTS by quoting specifics. The whole nature of an average means there will be specifics that fall outside of the trend, sometimes the asking price and selling price may be bang on or better, sometimes the selling price may be way below the asking price, sometimes it may fall somewhere in between. Put them altogether and you get an average. Taking one example from the population that forms the average does not disprove the average.

Rightmove provides figures to show the average asking prices of property. Various other surveys produce figures to show the selling prices of property. Brit is making a simple comparison to show that the average gap between the two types of averages is around 30%. You can't dispute that, as it's a fact.

You could dispute the validity of such a comparison, e.g. Rightmove only uses first listed asking prices so will naturally be skewed higher than the asking price as it stood when sold, Rightmove figures aren't seasonally adjusted, there is a lag between asking and selling, many of the sold price surveys are based on purchases with mortgages only so ignore cash rich buyers, etc etc. Why not adopt that route, rather than going on a mad, rambling rant, trying to disprove well publicised stats by quoting one example?

Mrs_Imp

To add another specific to the mix. My flat was on RM. I sold it for 28% less than it's original asking price.

I was overvalued to begin with, but we took a punt to see what would happen, then reduced it monthly until it sold.

I suspect it depends on the particular figures you look at for the statistics. Do you take the first listed asking price of the property, or the price it was listed at when it sold?

And as others have said, specifics don't show the general trend.

Davesnave

I get a strange sense of deja vu on this thread. It's as if we have all been here before.....;)