Estate Agents being “clever”

RedfordML

Saw a house we liked that over the previous 2 months dropped from 550k, to 525k to 499k at Xmas. 

Going back on Rightmove having firmed up our interest and finance, the exact house was “reduced yesterday” to £525k. 

Now, how would you play this? Our budget is 480k but I don’t like the way the agent has gone about pricing. Or is this common? 

MorningcoffeeIV

It doesn't matter if you like the way it's priced or if you believe the EA to be clever. You need to offer what it's worth to you.

If your budget is 480k then you're unlikely to get it, so you might as well just make an offer then move on. 

pinkteapot

Ignore it completely. Offer what you think the house is worth, based on recent sold prices and what else is on the market in your price range. 

mi-key

You can always contact the agent and say your max budget is £480K and would the seller be interested. They will either say yes or no and at least you know where you stand.

Could be reducing to £499 was an error, and it should have been £525 all the time. 

RedfordML

pinkteapot said:

Ignore it completely. Offer what you think the house is worth, based on recent sold prices and what else is on the market in your price range. 

Thanks. Hard because it’s been 3 years since anything remotely similar on the road has sold? 

ProDave

Estate agent previously worked for Curry's or one of the many furniture shops that price things similarly.

jimbog

RedfordML said:

 the exact house was “reduced yesterday” to £525k. 

Now, how would you play this? Our budget is 480k but I don’t like the way the agent has gone about pricing. Or is this common? 

Was it actually the estate agent who said it was 'reduced yesterday' or did you see the drop noted on the Property Log Crome extension?

diystarter7

Hi OP

I always take the EA's we have used with a massive dose of salt.
If they say yes, I see it as no.

It could be that the seller have changed their minds and want Junes prices, not sure.

Offer what you can, even 450 and see what they say and take it from there

From what you have said and if its the same EA, IMHO the seller is not serious and personally speaking, I'd avoid

Thanks

MorningcoffeeIV

diystarter7 said:

I always take the EA's we have used with a massive dose of salt.
If they say yes, I see it as no.

That must be problematic.

You: "Have the sellers accepted my offer?"
EA: "Yes, they have."
You: "Darn it. Ok, tell them I'll increase my offer by another £10k."
EA: "What? But...yeah, ok, sure."

Sarah1Mitty2

jimbog said:

RedfordML said:

 the exact house was “reduced yesterday” to £525k. 

Now, how would you play this? Our budget is 480k but I don’t like the way the agent has gone about pricing. Or is this common? 

Was it actually the estate agent who said it was 'reduced yesterday' or did you see the drop noted on the Property Log Crome extension?

Do you mean Chrome? That extension is very handy, anyone house hunting should be using it in my opinion.

Sarah1Mitty2

RedfordML said:

Saw a house we liked that over the previous 2 months dropped from 550k, to 525k to 499k at Xmas. 

Going back on Rightmove having firmed up our interest and finance, the exact house was “reduced yesterday” to £525k. 

Now, how would you play this? Our budget is 480k but I don’t like the way the agent has gone about pricing. Or is this common? 

Could you borrow money from somewhere to make up the difference?