Is this unreasonable??

Eon4

We had a very short notice viewing on tuesday night by a couple who also viewed our next door neighbours via a different EA just before ours. I have since found out from my neighbour that it was their 2nd viewing and they very quickly accepted an offer from them first thing weds morning....I have no problem with this as next door are so desperate to sell they told the viewers the minimum they wanted and thats the deal they have struck....good on them both, our neighbours get a sale and the buyers have got a real steal!

My question is that I have had no feedback from our EA yet and I am a bit annoyed that they have nothing to do (by their own admission) and are down to minimum staff...am I being unreasonable or should I have had some feedback by now? Would your ring them today?

They don't know about next door as far as I am aware so they will think I am waiting to hear.

Thanks

poppysarah

I'd imagine the only feedback you'd get is that next door is cheaper.

What internal differences are there between yours and their house? Does your house have a better garden? better decor? Something outstanding?
If they're virtually identical your neighbour has just undercut your price and will make it harder for you to sell for as high a price at the moment.

What price difference?

Eon4

They are a true 4 bed detached whereas we are an extended 3 bed...they started at 250k, had no viewings, dropped to 239k, had no viewings, went to a housebuyer who dropped the price on them every week until it got stupidly low than they pulled out......switched EA (all of this in less than 9 weeks) who introduced these buyers who are proceedable (have just sold). My neighbour admits she was silly but she told them she could sell at 180k (they have committed to a property abroad and are retiring out there having paid quite a bit already to their new build....they are desperate to sell!) as they are almost mortgage free due to their age. This couple offered 180k (obviously!).

Ours is a slightly smaller style house and quite different to theirs (ie we have conservatory and they have converted their garage. We started at 235k 7 weeks ago and had 1 viewing, 2 weeks ago we dropped to 225 and this was our 2nd viewing. I don't really care what the EA tells me as I know the situation. I am just a bit narked that they have not been in touch..... especially when viewings are so thin on the ground....I feel its poor service but I might be overreacting?

clutton_2

""I am just a bit narked that they have not been in touch..... especially when viewings are so thin on the ground....I feel its poor service but I might be overreacting?""

its only a phone call - why not give them a ring - and yes i think a little over-reaction is what we have here - moving house is VERY stressful and things do get out of proportion quite quickly ......

SquatNow

I'de be more narked that your neighbours have just set a new value for your house of £170k.

When someones mortgage valuers come to value your house for their mortgage, they will check the value of recent sales (the place next door) and then knock off £10,000 cos your wasn't originally a 4 bedder.

Tada, your house is now worth £170k.

Remember: house prices, rising and falling are set by a very small number of transactions.

Eon4

Surely one low transaction can't have that drastic effect on the prices? That's like saying if I sold , for whatever reason for 50k, then all the houses in my street are worth no more than that?

I am not disputing my house may never achieve the price region we hope to get in this market but it can't be as simple as that.....if there were several going that low than fair enough I accept your point.

I have calmed down a bit since this morning and did ring the EA who said the computer said the vendors were "considering but still looking" (helpful?/truthful?) and they apologised that no-one had rang to let us know....I am going to look on the bright side now as we are now the only house for sale on our street so some of the competition has gone.

Overreaction over..........:p

clutton_2

""so some of the competition has gone."" - RESULT !!!!!!

SquatNow

Eon4 wrote: »

Surely one low transaction can't have that drastic effect on the prices? That's like saying if I sold , for whatever reason for 50k, then all the houses in my street are worth no more than that?

It already has had a drastic effect... buyers that would have bought your house bought next door instead.

If you had actually had an urgent need to sell it would have pushed your price down to £170k.

The next person to come along looking to buy will partly base their offer on what other houses in the area sold for... and will offer you less than they might have BEFORE the place next door sold. And if you want to sell, you'll have to take the offer.

Or you can hold out for more and chase the market down.

It's part of the stupidity of the market that a few sales (1% of total existing houses) can deciede the value of all the houses, but that's how it works.

Eon4

Yeah I can see what you mean .... I guess there are loads of people out there willing to take massive drops from their asking price right now rather than not sell at all. Our only other viewers offered about 235k on a 275k asking price just six weeks ago and it was accepted!

Its just so hard to know what lengths to go to when you really want to sell but don't want to feel like you are giving your house away?

Thanks for your replies.

DaisyFlower

The selling price for next door will soon appear on websites that buyers use to see what prices houses in the same street etc have sold for - when we were house hunting we used these sites as part of our decision.

If new potential buyers see that next door went for £180k, they will deduct a little for the pricng drop thats happening so yours will appear very over priced in comparison.

Would you buy a house for sale at £235k if you knew next door had just been sold for £180k??

neas

Whats more hilarious is that...

Now the new 'benchmark' has been set... as time goes on and the house price crash accelerates buyers will be more cheeky with the offering price of your house... offering down to 140-150k in my opinion :P.

This is all good stuff for myself as a FTB... this is exactly what I am planning to do in 1-2 years time... after everyone has 'got used to' houses being worth less. Im using property bee to track houses prices being dropped... then i will undercut that offer by a good 20k or so :P.