Estate agent - £25k reduction after a month

AdrianC

johnathan45 wrote: »

Two weeks in, reduced by £200,000 ( not a typo):
https://www.zoopla.co.uk/for-sale/details/52003334

The stereotypes some parts of the country have really are based on simple reality, aren't they?

johnathan45

jaybeetoo wrote: »

That's a meaningless statement without knowing the original asking price.

If you are living in the SE England, it genuinely is common considering the median house prices of greater than £300k.

newsgroup_monkey

Ah here we go, baseless comments again with absolutely no backup.
Where are all these £25k reductions? Because I'm not seeing them and neither is Zoopla.

AdrianC

newsgroup_monkey wrote: »

Ah here we go, baseless comments again with absolutely no backup.
Where are all these £25k reductions? Because I'm not seeing them and neither is Zoopla.

10% reductions are not that unusual. 5% reductions are common. 2.5% reductions are barely worth bothering with.

And that's kinda the point, is it not?

johnathan45

I track a lot of areas in South Essex. My inbox is full of property alerts from rightmove saying 'X reduced property for sale in YYY'.


You will have to install the 'property log' extension in the Chrome browser to see these:

50k in 6 weeks:
https://www.rightmove.co.uk/property-for-sale/property-64823559.html?utm_content=v2-ealertspropertyimage&utm_medium=email&utm_source=emailupdates&utm_campaign=emailupdatesinstant&utm_term=buying&sc_id=24821806&onetime_FromEmail=true&cid=0bd64e8e-803c-45aa-a19f-43180bc8e7f4&csg=ddf833f5c1877797948373866a3b0c714efc0b25eb07e6ea85052114ba0b5da5

25k in 5 weeks:
https://www.rightmove.co.uk/property-for-sale/property-85433756.html?utm_content=v2-ealertspropertyimage&utm_medium=email&utm_source=emailupdates&utm_campaign=emailupdatesinstant&utm_term=buying&sc_id=24821791&onetime_FromEmail=true&cid=0bd64e8e-803c-45aa-a19f-43180bc8e7f4&csg=64587b8c7e8af7581b419b0d4f395cdf9bf55074cf32c398f7a27950350e8824

ClaireB182

Thank you to those who have responded.

Its been nearly 18 years since we moved and I dont pretend to be very savvy about all this; thats why I came here to ask for advice.

We got 3 valuations. The house was valued at £400k. Properties in the same road have sold for anything between £420k and £365k during the last 10 months and the 3 valuations fell in to this banding.

Its a necessary evil but I hate dealing with estate agents (or any sales people). All the bulls**t makes me impatient and I just wish they would just talk straight and be honest. And yes, I know, I may as well wish for a Derby winning pink unicorn. Why the heck would they send round a family looking for a 5 bedroom house to a 3 bedroom semi? It feels like they are just taking the pee.

A £25k reduction may be nothing to some but to us its a fortune. It's especially hard to stomach in just a month of it being valued. The market is what it is and perhaps I am just stupid and this is the standard estate agent MO. We have to sell to pay off our mortgage. We cant pay it off as I have been too unwell to work and have now been classed as disabled. We have been on interest only for a few years. Whatever is left from the sale is what we have to get another property. We wont be able to get another mortgage due to my health.

As for it not being a 'good time' to sell, well we dont have a choice. We have to sell as our mortgage is coming to an end. I cant control Brexit, the GE etc sadly.

For those who may just want to snipe at me, please dont bother. You cant make me feel any worse than I do already.

AdrianC

ClaireB182 wrote: »

Why the heck would they send round a family looking for a 5 bedroom house to a 3 bedroom semi? It feels like they are just taking the pee.

Why did that family decide they had nothing better to do for an hour?

The EA cannot force any putative buyer to do anything they don't want to do.

A £25k reduction may be nothing to some but to us its a fortune. We have to sell to pay off our mortgage. We cant pay it off as I have been too unwell to work and have now been classed as disabled. We have been on interest only for a few years. Whatever is left from the sale is what we have to get another property. We wont be able to get another mortgage due to my health.

And while our hearts go out to you for being in that position, that doesn't mean your house is worth £400k.

Only somebody rocking up and saying "Yep, I'll happily pay £400k for that!" will do that. And nobody seems to want to.

So. Let's have a look at the RM link, and see if we can help you figure out what the problem is, eh?

Thrugelmir

ClaireB182 wrote: »

We got 3 valuations. The house was valued at £400k. Properties in the same road have sold for anything between £420k and £365k during the last 10 months and the 3 valuations fell in to this banding.

Then £375k is priced to sell.

We know where we want to move to, there is a property up for sale there we like but until we get movement here we cant do anything.

I assume the EA is aware of this. Been a month and no one has offered. Time to rethink the selling strategy.

ClaireB182

I have no idea why the family came as I am not psychic. I suspect that the EA 'encouraged' them as our property has a big plot for the area and could accommodate a sizable extension. We had voiced our concerns to the EA on the Thursday and they turned up at very short notice on Friday. A coincidence I am sure. I frankly have no idea why they came; I've asked the question and the EA has not answered.

I didnt say our property is worth £400k. I said we had 3 valuations and what properties in the same road have sold for in 2019.

The reason people use EA's is that they are supposed to be the 'expert' in house prices. I dont expect an EA to come out and value the house and then want to drop the value by £25K four weeks later. As I said, perhaps I am just stupid and this is all normal.

diggingdude

ClaireB182 wrote: »

I have no idea why the family came as I am not psychic. I suspect that the EA 'encouraged' them as our property has a big plot for the area and could accommodate a sizable extension. We had voiced our concerns to the EA on the Thursday and they turned up at very short notice on Friday. A coincidence I am sure. I frankly have no idea why they came; I've asked the question and the EA has not answered.

I didnt say our property is worth £400k. I said we had 3 valuations and what properties in the same road have sold for in 2019.

The reason people use EA's is that they are supposed to be the 'expert' in house prices. I dont expect an EA to come out and value the house and then want to drop the value by £25K four weeks later. As I said, perhaps I am just stupid and this is all normal.

Estate agent just wants the bid. They will tell you its worth £400k and happily sell it for £350k. All money for them