Who is to blame for deluded sellers?

jacko74

Jhoney wrote: »

Isn't that approx how long the the Duke and Duchess of Cambs have lived there?..hence the rise.

No offence, but not a bad strategy imo - people will come... they have the 'anecdotal Kudos' that go along with that to brag about so I can see why.

They actually left Anglesey last summer, but I'm sure you're partly right... I don't think all the vendors are just deluded here, there are also plenty of chancers and 'kite flyers' who just stick their property on the market for 30% more than it's worth even when they don't particular want or need to sell it, just on the off chance that some rich, gullible tourist will come along and pay well over the odds.

Argghhh

inflated house prices can be due to buyers always trying to get a bargain so aim high and be prepared to drop - there is no definite answer its never the same set of variables

googler

Is anyone to 'blame' but the sellers themselves?

Don't folk take responsibility for their own delusions anymore?

pinkteapot

My brother used to be an EA. At one particular house, he left the valuation refusing to market the property because he valued the house at £250k and the vendors wanted to put it on for £350k. He couldn't persuade them that it wasn't worth anything like that. They refused to budge. He said it would be a waste of his time to market the house and left.

It went on with Bairstow Eves for £350k and didn't sell.

silvercar

Modern flat near me (London outskirts) across the road from train station, not a blade of grass to see. 2 small bedrooms, open plan kitchen - lounge, plus the obligatory en-suite. Went on the market at 290k, that is 50k above last year's price. Within 3 days had 5 offers, 4 at the asking price, 2 were cash buyers and one of those went over the asking price to get the deal.

So the next one that comes on in that block will no doubt be marketed even higher.

MadelinesMum

jacko74 wrote: »

I'm currently looking to buy on Anglesey where there are plenty of deluded sellers... and a great deal of them have actually RAISED their asking prices in the 2-3 years that their properties have been sat on the market!

I've been watching a house on Rightmove that I like but they have just increased the price from £200k to £230k. At one point it was £265k.

yamsteroo

As everyone can see the pricing history on the likes of Rightmove, why do people put them back up again?


All the marketing history shows up so it's important to get the pricing right the first time and if you do make a reduction, then stand by it.


I'd never pay the higher price if I knew someone had knocked it down then put the price back up again, especially if it's been loitering on the market for a while.

bookgirl_2

yamsteroo wrote: »

As everyone can see the pricing history on the likes of Rightmove, why do people put them back up again?

Very true. We've looked online at a house that has gone up £75k since it came on the market ... in October 2013!

Just added two more agents, so will be interesting to see what happens .

lessonlearned

The simple truth is that valuing a house is not an exact science.

It is often no more than an educated guess........

Prices will usually find their own level in the end.

I too have noticed a few anomalies of late. Houses that were on the market last year and failed to sell and which were taken off the market and "rested" for a while are now up for sale again at a substantially higher price.......and yet they have not been improved, updated or even decorated.

Interesting....... I shall be monitoring them to see what happens.

pinkteapot

Quizzical_Squirrel wrote: »

... But on the other hand, my experience, detailed above, was exactly the opposite.

It does depend on the house. In the case I mentioned, it was a bog standard estate house where several other identical ones had sold recently. In instances like that, valuations can be much more exact.

Where a house is unusual, or where a market is rising or falling crazily, then valuations are much trickier.

I know there have been comments about deluded buyers. I think this thread is about houses that are quite obviously severely over-priced, not just ones with a slightly over-the-odds price where the seller is aiming for a desperate buyer who'll pay slightly more. When we were looking, there were houses that were just so overpriced (25%+) compared to very similar ones that it made no sense.

An EA talked me into viewing an overpriced one. When it came on the market they told me about it and I said "It's completely overpriced, we'd be making an offer well under asking if we like it". They said view it anyway. We did, said exactly the same thing afterwards but were talked into a second viewing. We then offered £410k when the house was on at £470k and the EA was peed off. We'd told them throughout what we thought of the price!

Our now house came on the market with the same EA at £475k but was substantially larger. Phoned to book a viewing. They were really reluctant to let me view, saying they wouldn't take low offers. I said we wouldn't offer low if it was as nice as it looked as the asking price was in the right range. Had to really convince them to let me view. First offer made was £460k and we ended up buying it for £470k.

This is why threads going "Should the first offer just be 10% under the asking price?" wind me up. Our first offers on the two houses above were 13% and 3% under asking. It entirely depends on how reasonable the asking price is in the first place.