Steaming mad with our Estate Agent

bridiej

That's what we plan to do, take the median price as we feel dont want to be overpriced and sit here for months, but dont want to give it away either!!

bridiej

seabiscuit wrote:

there has been no isght of any potential buyers and they are blaming teh bank holiday for things being quiet this week

I've just had an interesting discussion with one of my surveyor clients, he says that the bank holidays (especially when coupled with half term / school holidays) have been quieter rather than busier as they usually are which has taken agents by surprise.

So could be some truth in it...

John_M_Business

For London, it seems that everyone leaves town on the BH - very dead. As for your Estate Agent, it seems that they have not even fulfilled the 'basics' in terms of marketing your home.

I would give them immediate termination by letter based on their inability to market your property as requested (the lack of photography and board alone should be enough) and choose another Estate Agent and also market your home separately yourself...

dougk_2

I agree with J_M_B.
We went through three EA's before getting one that met our expectations. Once changing to the last one we had 6 people view in the first three days and 2 or 3 a week thereafter.

seabiscuit_2

Thanks all for the advice

we have decided to give them one final week - as they are including us in this weeks newspaper and if we have no viewers by this time next week - they are out on their ear, we will lower the price and go with another agency (the one we are with is countrywide firm)

one of our problems is that every penny we dont sell this house for, hits our budget for the next house and we are moving further south from oop norf

whether the house is overvalued or not, i guess it must be if no one wants to view at all, but there is soo little on the market in this area like this house - and even fewer that are in the catchment for the decent school locally - we werent expecting to sell it at the price its on for but be bartered down by at least 5k - and difference between the top and bottom value is 15k

dougk_2

It is easier to advertise it for less and not budge on the price rather than advertise for more and then lower the price.

I would stick to a local EA not a large chain as they have more interest in your property selling because they cannot be supported by wider company sales. - thats my view anyway.

meanmachine_2

dougk wrote:

It is easier to advertise it for less and not budge on the price rather than advertise for more and then lower the price.

I would stick to a local EA not a large chain as they have more interest in your property selling because they cannot be supported by wider company sales. - thats my view anyway.

Doug you would say that.

Remember, someone in this chain has to stump up real cash, and as a FTBer, that's me.

Except, there's no prospect of me joining ANYONE's chain until prices come down. So people like the OP are stuffed till that happens.

To homeowners I say maintain your ridiculously inflated prices if you like, but you won't interest me. And blame all these agents if you like (sometimes deservedly), but the market's turned, so everyone has to wake up to this fact.

However, in the interests of the OP, I'd suggest going with another agent, then dropping the price if you still have no interest - on the off chance that the agent *is* to blame.

John_M_Business

meanmachine wrote:

... as a FTBer, that's me....

... no prospect of me joining ANYONE's chain until prices come down...

...but you won't interest me. And blame all these agents if you like (sometimes deservedly), but the market's turned, so everyone has to wake up to this fact.

Hey Meanmachine, please don't use every opportunity to talk down the market because it is in your interest to do so. Unfortunately for you, although the market is sinking ever-so-slightly in weak market conditions, it is unlikely there will be a fall of the kinds of proportions that you are hoping for. The interest rate is too weak for this to happen.

As for the OP, take a hard look at your price on the property - was it realistic in the first place? All homeowners believe that they have a really desirable unique property, but in most cases they don't.

My advice: if you want to take your time and hold out for a good price, then sustain your asking price and wait. If you are short of time, then price competitively, get the sale in and rent 'doon sooth' - this way you can be ready to respond to and snap up a 'bargain' with someone needing a quick sale.

In any case, if your existing EA hasn't even done the basics in terms of marketing your property, then how do you know whether you have been priced properly or not?

meanmachine_2

Talking down the market? Sorry, didn't realise I had so much power. I'm only a FTBer, after all.

And excuse me, but I'll do what I like thanks.

What i think is unacceptable is that a property which, in 2002, was £50K is now "valued" at a ridiculous £150K.

Sorry, that's not the value I'd attach to it, and once everyone realises this folly, the better off we'll be.

But no, sellers think that, just because HPI has pushed their house up that they're now richer. No such thing. It just means the next rung on the ladder is even further away.

And I agree, int rates are tiny right now, but with such huge mortgages, even a rise to 4.75% is the equivalent of 12.5%.

Ask yourself this, would you prefer a mortgage of £50K @ 12% interest, or a £150K mortgage at £5%? I know which one I'd rather have.

GLad to see that people are finally acknowledging that prices are sinking. But as for "weak conditions", how do you mean? Low int rates, low unemployment, high wages.

What do you think is going to happen to house prices should any one of these factors turn negative? Doesn't bear thinking about.

John_M_Business

What I mean is that you use just about every post to mention that:
a) Prices are inflated
b) They are all going to slump
c) You're not going to buy
Even when that's actually not what the OP is asking about.

But, taking your points from another perspective:
a) Prices have stabilised at a high level than we're used to
b) Falls are very slight and regional
c) You've never had any experience of actually buying or selling property

As for market conditions, what I was referring to is:
- we're in recession
- there's a horribly weak retail market
- we're carrying high levels of personal debt
That's the economy conditions, but this doesn't seem to be upsetting the marketplace.

As for your preference of borrowing levels, that is purely speculative, because you're not buying, right? However if you want a 12% mortgage, then I'm sure I can find one for you