Property market

[swamp]

Every wondered how estate agents sell their own homes?

They value them high and they keep them on the market for a long time.

For Joe public, agents overvalue houses to get the business, but they will sell them at whatever they can get because their margin is generally unaffected by dropping the price. For instance, a £10K drop means a lot to the seller but this only translates as a £200 (@2%) reduction in the agent's fee, which wouldn't even buy him a new suit.

[DimPrawn]

Every wondered how estate agents sell their own homes?

They value them high and they keep them on the market for a long time.

For Joe public, agents overvalue houses to get the business, but they will sell them at whatever they can get because their margin is generally unaffected by dropping the price. For instance, a £10K drop means a lot to the seller but this only translates as a £200 (@2%) reduction in the agent's fee, which wouldn't even buy him a new suit.

Indeed. And most people get several valuations when selling and pick the highest one. After a couple of months of no interest, the agent tells the vendor how dire the market has become and pressurises relentlessy to drop the asking price.

Smart chaps these estate agents. Compared to GP's anyway.

[Cyberman]

Well, I have a viewing arranged, so interesting times. I am in the fortunate position of not having to sell and would only sell at close to my asking price. :smug

[DimPrawn]

http://www1.landregistry.gov.uk/houseprices/

May 2009:

Average
price:
£152,497


Monthly
change:
-0.2%


Annual
change:
-15.9%


The next index will be released at 11 am on 28 July 2009.

[DiscoStu]

Every wondered how estate agents sell their own homes?

They value them high and they keep them on the market for a long time.

For Joe public, agents overvalue houses to get the business, but they will sell them at whatever they can get because their margin is generally unaffected by dropping the price. For instance, a £10K drop means a lot to the seller but this only translates as a £200 (@2%) reduction in the agent's fee, which wouldn't even buy him a new suit.

Been reading Freakanomics recently?

[TimberWolf]

http://www1.landregistry.gov.uk/houseprices/

...

I expect you already know but http://www.housepricecrash.co.uk/index.php has charts that list various sources of house price data, though it's not as up-to-date as a direct source.

[DimPrawn]

I expect you already know but http://www.housepricecrash.co.uk/index.php has charts that list various sources of house price data, though it's not as up-to-date as a direct source.

I know, but they are slow to update.

Point is the only true indicator of the market (land registry) show prices are still falling or are generally flat, not "shooting through the roof" as Nationwide and that other dogtulip bank shout every month.

[AlfredJPruffock]

Grey Slates remain - Grey Slates.