Estate agent - £25k reduction after a month

Crashy_Time

Davesnave wrote: »

Must admit haven't looked at Mumsnet in a long time. It was all 'huns' and hugs when I did.


Yes, we are telling people where their selling isn't working, but the old Mark Twain adage that it's easier to fool people than convince them they've been fooled, applies. If a 'professional' has valued their house and advertised it for them, many people find it hard to accept they've been duped and given a false notion of value and service.


Moving them to a realisation of that takes time, tact and statistics, which getmore4less is very good at, without raising emotional issues.

You should have a look, even they are coming round to the realisation that property is a bubble that needs to pop. Interesting times.

AnotherJoe

Davesnave wrote: »

In manufacturing and merchandising who says "Never mind what the customers want or think; they just need telling what's good for them, full on."

Tesla, Apple, Facebook, Microsoft, PayPal, eBay ... ?

Crashy_Time

https://www.rightmove.co.uk/property-for-sale/property-64688829.html

55k price drop but more needed IMO.

Marshaltown

^ CT not too sure what your getting at here really. This is an ex council flat in a multi storey block up for Auction with a Guide Price of £240,000 Cash Buyers only. Assumed it's not even mortgageable. Absolute madness if you ask me. Cant see how this indicates a declining market though. Drop from previously ridiculous highs maybe.

Crashy_Time

https://www.rightmove.co.uk/property-for-sale/property-81892634.html

Why has this one dropped 50k on the asking price?

Crashy_Time

https://www.rightmove.co.uk/property-for-sale/property-81892634.html

Another one realising that 50k off the asking is probably just the start? Using PropertyLog anyone could post up 25,50 and 75k asking price cuts for London all day long, it is definately a trend.

RelievedSheff

You dont get it do you Crashy?

Asking prices are just that. I could put my house on the market with an asking price of £500k if I wanted. If I then drop it £300k to a more sensible asking price does that mean house prices in our area are dropping?

Of course not.

You need to look at actual sold price data to find out what house prices are doing in an area not asking prices!

Crashy_Time

RelievedSheff wrote: »

You dont get it do you Crashy?

Asking prices are just that. I could put my house on the market with an asking price of £500k if I wanted. If I then drop it £300k to a more sensible asking price does that mean house prices in our area are dropping?

Of course not.

You need to look at actual sold price data to find out what house prices are doing in an area not asking prices!

So people regularly knocking big amounts off their asking prices has no real bearing on general sentiment around the housing market in your opinion? What you actually have to do is look at sold prices AND sales volumes from 2 or 3 years ago to see what the market is doing now.

GDB2222

Crashy_Time wrote: »

So people regularly knocking big amounts off their asking prices has no real bearing on general sentiment around the housing market in your opinion? What you actually have to do is look at sold prices AND sales volumes from 2 or 3 years ago to see what the market is doing now.

Sales volumes here
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/847287/UK_Tables_Nov_2019__cir_.xlsx

No change, really.

RelievedSheff

No. You look at sold data from this year.

Why would you look at three years ago?

Asking prices mean nothing. Asking price reductions mean nothing. It is actual sales data that is important.