Estate agent advice

gerbiljo

There’s paragraphs but no spacing between them. Please dont read if it makes you uncomfortable

Thrugelmir

gerbiljo wrote: »

So neither commented on price.

Good agent will ask them. Irrespective of whether they are interested in purchasing the property. Helps build a picture.

gerbiljo

I know nothing about this kind of thing clearly, hence me looking for opinions so ty to everyone for their help so far

Katgrit

If in 2 months you've only had 2 viewers then the price is too high. Simple as that. Ultimately the EA made the right call to reduce the price. Your overwhelming sentiment appears to be that you're put out because you feel bullied into this, not necessarily that its the wrong decision. Keep the price at the lower level, get the viewers in and then see what progesses. You can start thinking about the price you pay for the other house then, but not before.

As others have said, pricing your house based the asking price of your upward purchase isn't a good idea. You can ask whatever inflated price you want, but until it sells you aren't going to get chance to put offers in yourself are you? x

Cakeguts

gerbiljo wrote: »

Our house was up for 800k the house we want is up for 900k but that’s been on since October. There are only a few houses in our town for this sort of value, one comparable in square footage but slightly less has sold when up for 900k (I don’t know how much for) there’s a few on for 850 some with some better features some worse but there are some significantly worse houses on for 750/775 so I don’t think ours is over priced I could be deluded but that’s my honest opinion. The maximum increase in mortgage we can do is £150k that has to include commission/ fees and a couple of jobs we would have to do when moving in such as some fencing, some appliances etc which we estimate to total 60k. So we can roughly afford 90k max increase in value. We are not big earners we just have a lot of equity so we will not be able to borrow more than that or be willing to. The agent knows these figures so we very much said we need 800k to offer 900k which is what I said, so I guess it is 10k over budget, tho they have said the lady was reducing to 850 and so they were saying by making ours ‘a bargain’ it would generated a price war and we would get near to 800k which I never truly believed I just couldn’t deal with the confrontation and ultimately we were paying for their advice. I also said to them that if this house didn’t happen we would still be looking to sell so would want it back up to 800k which they said was fine.
We have also messaged the boss who has also not replied and I feel a bit silly for entering into this so naively

If you want £800k and the estate agents can't find anyone who will give you that for your house then you won't sell it. Your house is not worth what you think it is worth or the amount that the estate agent thinks it is worth it is worth what someone will pay you for it.

It sounds as if the price that you have it on at is too much for people who have £800k to spend on a house in your area. If that is the case then you won't sell it. The estate agents can't force anyone to pay £800k if they don't think your house is worth that much to them however good they are as estate agents and however much you pay them.

If you need £800k to buy the next house and no one wants to pay £800k for your house then you won't be able to afford the £900k house. You can't force this by changing agents because it is interested buyers at your asking price that you are short of.

gerbiljo

Sorry yes I agree that maybe we can’t affird to buy the new house.
Sorry re the typo tho because we have been with the agent for 8 weeks since we signed the contract but because they use external photographers and people to do floor plans and the write up the house was actually on the market at the original price for 6 DAYS then they reduced it by 50k and it’s been on at the new price for 2w but has not generated much more interest but my feeling was that as there are less people looking around that mark that it would take longer to sell than this and there’s a lot of properties around that mark in this area that take 6-9months to sell and I didn’t think that we’d given it long enough.
Ultimately the house we want has been in the market for 6 months without an accepted offer but I don’t think it’s over priced it is a fairly unique property and will not appeal to mass market yet they haven’t reduced so I feel the estate agent is pushing us to reduce as they want a quick sale before potentially the house we want are out of contract and can move to a new agent so that’s why I feel they are not acting in our best interest
Hope that makes sense I appreciate everyone’s advice.
Maybe it is over priced. Our old house has resold over a year ago with 25% increase in value over that time, if this sold at the price the agent are offering it would be about 15% that seems alot of difference but maybe we gave the old house away maybe we paid too much for this.

gerbiljo

Sorry I guess what I wanted to say is

If I get an offer of the now asking price and I turn it down can I be penalised by the agent when I have advised them in writing twice to amend the price and they are just not responding to me

I!!!8217;m not really saying I want to change agents nor can I however I am just worried about wasting our time and viewers when I made our financial situation clear at the start when they took us on their books and Took their advice to change tactic as advised by them but ultimately it hasn!!!8217;t had the effect they wanted it to and now it appears I!!!8217;m trapped. Because ultimately we can!!!8217;t afford the house we want at this price.

I feel they agreed to the price we wanted to lock us in a contract and we took their advice but I feel now that I!!!8217;m stuck and not sure what to do without incurring a penalty because they did take us on knowing our situation but I felt pushed into a decision I think we took prematurely

Cakeguts

gerbiljo wrote: »

Sorry yes I agree that maybe we can’t affird to buy the new house.
Sorry re the typo tho because we have been with the agent for 8 weeks since we signed the contract but because they use external photographers and people to do floor plans and the write up the house was actually on the market at the original price for 6 DAYS then they reduced it by 50k and it’s been on at the new price for 2w but has not generated much more interest but my feeling was that as there are less people looking around that mark that it would take longer to sell than this and there’s a lot of properties around that mark in this area that take 6-9months to sell and I didn’t think that we’d given it long enough.
Ultimately the house we want has been in the market for 6 months without an accepted offer but I don’t think it’s over priced it is a fairly unique property and will not appeal to mass market yet they haven’t reduced so I feel the estate agent is pushing us to reduce as they want a quick sale before potentially the house we want are out of contract and can move to a new agent so that’s why I feel they are not acting in our best interest
Hope that makes sense I appreciate everyone’s advice.
Maybe it is over priced. Our old house has resold over a year ago with 25% increase in value over that time, if this sold at the price the agent are offering it would be about 15% that seems alot of difference but maybe we gave the old house away maybe we paid too much for this.

It can also be changes in fashion. The people buying expensive houses now may be wanting modern properties in the centres of towns and cities. This then affects the prices of older properties on the edges of towns.

gerbiljo

Yes katgrit your right I did feel bullied into it and I regret standing my ground it may be priced too high but I would have preferred them to have advised me that I was dreaming at the outset instead of thinking after a week they!!!8217;d push me into dropping and thinking I would find the extra money because I certainly know we won!!!8217;t. I!!!8217;m just not sure what to do now as I!!!8217;m worried about getting an offer of asking price incase that means I need to then pay out and not move anyway. But I feel frustrated as the house we want hasn!!!8217;t dropped in 6 months so I feel like they!!!8217;re fighting for the best price for that party but not us if that makes sense. Ty

jamesperrett

A couple of things to think about...

Your vendor shouldn't treat you as a serious buyer until you have an offer on your house. I've not read through your posts fully as the lack of paragraphs make it hard so I don't know how seriously your vendors are taking your offer but they would be well advised to keep marketing their property.

We've also been in a situation where we've been trying to sell an expensive house in an area of mainly cheap houses. Buyers for these sorts of properties are much rarer than buyers of expensive properties in expensive areas so you could expect a wait for the right buyer. In our case it took something like 8 months and we changed agents part way through when it became obvious that our first agent was used to selling cheap properties but had no idea with more expensive properties. There's a reason why certain agents seem to specialise in the higher end of the market - they know what sellers and buyers are looking for in that area.