Reply to: 'Deluded' sellers stall the property market

[Platypus]

I might put a cheeky bid in. They're never going to sell.

Nothing ventured, nothing gained.

But I'd be amazed if they sell it at a "knockdown" price.

People still don't get that "worth" means what people are willing to pay, not what it cost them, or what they perceive the value to be. There's a Facebook local group round these 'ere parts which people use for selling second hand stuff, and the number of times I've seen sellers rejecting lower offers because "no, it's worth X"

[JRCT]

I viewed a house 3 years ago. I liked it, but it was over valued by at least £30k, in my opinon. Despite the fact they'd dropped £25k already from the 'official' valuation. It didn't sell.

It's come back on the market and the owners have knocked the double garage into an extra room and added an extension on the back for a dining room.

The work is actually very nice, but probably cost c£20k tops. They've now upped the price by £60k from before. I pointed out to the EA that it's too much, and when they argued that it "now has two more rooms", which it does, I countered with "But it hasn't got a garage anymore". "Oh yeah. Fair point", she said.

I might put a cheeky bid in. They're never going to sell.

[original PM]

thing is if you agree a price with an estate agent that is what they take their %age of fees from

if you then sell for lower you still pay the estate agent what they should have got had you sold at the evaluation price

I should say that is what I have found in the past may not be true now

but even 7 years ago when I last went through this fun n games people had house on the market for x and had had them on the market for 1 or 2 years, refused to lower the price even though it was quite evident that it was not worth x.....

so not really new this

[quackhandle]

Estate agents will secure a client by over-valuing a house "I can get you £50k more than the other agent, I have high value cash buyers on book" blah blah.

Then the house doesn't sell, so over a period of months or years the price is reduced until it does sell. Once the client is on-board with an unrealistically high price, that's when they become delusion, convinced their house is worth more than it is, because some unqualified spiv told them so.

+1 definitely. We went with EA not because they were highest but they were only one who spoke positive about the property. I actually put the house on for less than they suggested.

Had a number of viewings but nothing panned out. It happens, will try again this year.

qh

[VectraMan]

I started looking at what's available on Rightmove in early December as I'm considering a move and renting out my current place.
What I've seen seems a bit overpriced compared to what I'm willing to pay, so at the moment I'm voluntarily priced out rather than economically.

The problem I find is that although I'm willing to stretch for something great, and I'm willing to pay a modest price for something modest, I don't want to stretch for something modest . And the latter is all that seems to be available. So in effect I'm voluntarily priced out, mainly because I just don't care that much.

[ELBBUBKUNPS]

Housing market in my area is still crazy its London area that is in demand but little supply, I have a good idea of what mine will sell for and I certaintly wouldn't pay it but people will. In recent years my area has become favoured by well-to-do families were two generations tend to live together (nan, gran, son his wife and there kids), so they have bigger spending power. I'm moving further out get a bigger place and realise the gains I made. I'm having an open day for mine and expect to get an ok offer from that.

[anonymouse]

When I sold a house 2 years ago, I did it the other way around, advertised cheap and had about 6 viewings in 3 weeks. 2 people got into a bidding war, and ended up selling at the price I wanted.

The sale then dragged on for 4 months because of solicitors, but that's another story..

[Platypus]

Surely Estate Agents set the prices with their valuations. Maybe it's they who are deluded and not the sellers, or am I missing something? (I haven't read the article, the link didn't open for me).

Estate agents will secure a client by over-valuing a house "I can get you £50k more than the other agent, I have high value cash buyers on book" blah blah.

Then the house doesn't sell, so over a period of months or years the price is reduced until it does sell. Once the client is on-board with an unrealistically high price, that's when they become delusion, convinced their house is worth more than it is, because some unqualified spiv told them so.

[OwlHoot]

Seems like I timed my sale and purchase perfectly.

Sold a London studio flat for £500K and bought my large turnip in Devon, completing last July.

[quackhandle]

How long was your house on the market?

Just over a year.

qh

[Grasser73]

Surely Estate Agents set the prices with their valuations. Maybe it's they who are deluded and not the sellers, or am I missing something? (I haven't read the article, the link didn't open for me).

[eek]

I'm probably one of those sellers but wouldn't say I'm deluded, you chance your arm and see what you can get.

I've not sold yet (currently changing EA) so when house goes back on market it will be a bit lower as I want to move.

qh

How long was your house on the market?

[TykeMerc]

I started looking at what's available on Rightmove in early December as I'm considering a move and renting out my current place.
What I've seen seems a bit overpriced compared to what I'm willing to pay, so at the moment I'm voluntarily priced out rather than economically.

[quackhandle]

I'm probably one of those sellers but wouldn't say I'm deluded, you chance your arm and see what you can get.

I've not sold yet (currently changing EA) so when house goes back on market it will be a bit lower as I want to move.

qh

[cojak]

That's certainly what we were finding.

Most are 50 - 100k over the odds.

We haven't bothered looking anymore.