Unrealistic EA/Vendor?

ss2020jd

davilown said:

Again very true, but its been on the market for 3 months and not sold. The general consensus on here is that it’ll be overpriced or something is wrong with it. Give that it’s going to cost an extra £15k after June as well

I agree with you. In my experience both as a seller and buyer if something is overpriced it stays on for months. Despite the ‘boiling’ market I am seeing a lot of ‘reduced on...’ with some listings at one end of the spectrum and gone within a couple of days after a bidding war on the other. The competitively priced places are being snapped up. 

Edited to add: So yes, the buyer may have over-optimistic  expectations based on a slightly over-enthusiastic valuation. 

Crashy_Time

ss2020jd said:

davilown said:

Again very true, but its been on the market for 3 months and not sold. The general consensus on here is that it’ll be overpriced or something is wrong with it. Give that it’s going to cost an extra £15k after June as well

I agree with you. In my experience both as a seller and buyer if something is overpriced it stays on for months. Despite the ‘boiling’ market I am seeing a lot of ‘reduced on...’ with some listings at one end of the spectrum and gone within a couple of days after a bidding war on the other. The competitively priced places are being snapped up. 

Edited to add: So yes, the buyer may have over-optimistic  expectations based on a slightly over-enthusiastic valuation. 

More than likely.

GJB1954

Our house was on for over a year. But we had one lockdown and due to offers / buyers pulling out. Note not to do with getting mortgage . Change minds. The other was one feature on house compared to others in road. In fact the other house in road with same feature, also had problem selling. We accepted offer below asking price. The other dropped price and as they live opposite . They have said also accepted lower offer after drop in price. So can be feature of property ? 

davilown

GJB1954 said:

Our house was on for over a year. But we had one lockdown and due to offers / buyers pulling out. Note not to do with getting mortgage . Change minds. The other was one feature on house compared to others in road. In fact the other house in road with same feature, also had problem selling. We accepted offer below asking price. The other dropped price and as they live opposite . They have said also accepted lower offer after drop in price. So can be feature of property ? 

I believe you’re right - great size house but very small north facing garden. Plus it’s still got those horrible (in my opinion) brown upvc windows, soffits and facias!

Crashy_Time

Redwino222 said:

There is nothing you can do about this.  It’s the vendors house and their right to chose the asking price.

its not for you to educate the vendor on the ways of the world.  You may well be correct, but there is nothing you can do to change their minds so either pay what they want or move on to the next house.

If enough people ignore their house they will eventually become educated IMO.

peterhjohnson

This could be a golden opportunity in a sellers market. Assuming you are right and it's overpriced then ignore the sticker price and put in a sensible offer (It's not cheeky to put in a sensible offer way below the sticker price if it's actually a market price offer) It's not unusual for your low but sensible offer to be declined. What you do is leave it on the table. Maybe even ring the EA every couple of weeks and repeat it.  Eventually, your offer may well be accepted. Or somebody with more money than sense will offer asking. Or the house will just sit there.  While you are waiting for it to play out, keep looking :-)

lookstraightahead

As I've said previously, vendors have great expectations at the moment and some buyers will bite. Sometimes lenders put an end to it by the valuation reducing.
You can't do anything except agree on what you want to pay, or walk. 

davilown

Thanks all for the great advice, as usual. Perhaps I’m being a bit unrealistic in the current market, but time will tell. 

I’ll leave the offer and phone up again in a few weeks.
Cheers 

Crashy_Time

lookstraightahead said:

As I've said previously, vendors have great expectations at the moment and some buyers will bite. Sometimes lenders put an end to it by the valuation reducing.
You can't do anything except agree on what you want to pay, or walk. 

Yes, lenders valuations are the key to many transactions, and maybe only at this point does reality start to dawn on some sellers?

davilown

So just an update on this one - we increased the offer on the table to £495k last week, and, following some further pleasant negotiations with the EA, now have an offer of £502,500 accepted.

Still slightly above what we wanted to pay, but a little bit of extra cash over the next 10 years just means less breakfast at the local cafe on the weekend! 

Very happy with this result, as house is great for us.

Possibly a little bit disingenuous to the EA on my first post, think they were rather busy during the period of our first few offers. Impressed how he handled it all in the end.