Despite most house price indices showing that house prices have gone down, asking prices on Rightmove have shot up by 2.8%.
The asking price on Rightmove for houses new to the market over the last month now stands at £239,672, the site reportted this morning.
The asking price average compares with £161,132 quoted by Halifax for September and £166,256 quoted by Nationwide for the same month. Both lenders base their average house prices on mortgages agreed.
But there is a pronounced north/south divide in Rightmove’s asking prices, with average property prices in the south at £336,743 being more than double those in the north, at £164,347.
The gulf is the highest Rightmove has ever recorded.
Miles Shipside, director of Rightmove, said: “While those in the affluent south may have cause to celebrate their prices being well up on this time last year, prices in the north continue to go backwards, leaving the widest price gap ever.
“For the average asking price of a property in the south, you could now buy two average properties in the north and still have enough change left to buy new carpets and curtains.”
The average asking price in London is £450,210, which is 2.6% higher than the previous record set in June, while the £317,055 in the south-east is 0.2% higher than the previous record of May 2008.
Comments
ps sorry last post was written in rush to get to the red wine. I have not sold 50 houses by the way but you get the point i am making
ps sorry last post was written in rush to get to the red wine. I have not sold 50 houses by the way but you get the point i am making
Peebee - I do take it as a compliment TY, negotiation skills are transferrable across many industries.
You will be surprised at what comes off a fee to get an instruction....with vendor who wants to sell the above average size property
I do not make a living out of this (a bit on the side perhaps). Its also nice to know some friends are not being ripped off!
Your question about service is a good one all agents are not the same......I ask do you want the cheapest or do you want the best? If you only sell a house once every 5-10 years how do you know which ones are good and which ones are bad. If you sell 50 a year you find out and quick.
Unhappy Chappy: In some respects, it reads as a good deal for the Smiths and Browns of the world.
HOWEVER... may I make some (probably unwanted...) observations:
1 - seems like a lot of work for someone like you with little or no return. IF you negotiate say a .25% discount on fee, then the 'saving' to these people is half a grand taking the 'average' property as an example - it seems the done thing after all! Of this, someone like you would make what - half, maybe? Almost not worth the hassle for their clients.
2 - apart from the thrill of sticking one up an Agent who is obviously so cr@p at negotiating that they cannot even secure their own Fee, let alone the best price for their vendor, what is REALLY in it for someone like you? (I suppose this is just a follow-on from question 1 - but it obviously looks at the other side of the coin...)
3 - is there not the risk that the clients could be steered towards the Agent who would offer the highest discount on Fees - not necessarily the best service, as this way someone like you would make the best return for their efforts?
4 - how much say do the Smith/Browns have in this?
5 - if someone like you are so adept at negotiation techniques, then why would you not 'Do a Henry', and become a Buyer's Agent? Bigger returns, surely - and more kudos from the client (after all - we all know a pat on the back goes a long way... ;o) )
Now you can see I'm interested here. You have my attention. I have never shot you down in flames like the RR's of this world - never told you to go take your head for a sh!te as you have a ridiculous notion (again, like the RR's of this world...) - so take that as a kind of compliment.
I just wonder how someone like you will make a living out of it.
Peebee - Sometimes Mr & Mrs Brown are very busy and or are out of the country they dont have time to deal with things directly. Mr & Mrs Smith just dont have the
experience, tools or contacts to find good agents like Peebee & Co but i know a man who does.....if he doesnt get them a better deal and better service he doesnt charge them a penny and carries on juggling lelly in the circus.
Unhappy Chappy: You really CAN juggle jelly, can't you! ;o)
I think it is safe to say that IF Mr & Mrs Brown wished to instruct PeeBee & Co as their marketing Agent, then they would be best dealing with me direct, mon ami, and not requesting your 'help' to dictate the Contract.
Otherwise they may never find out they'd get best value for their money... ;o)
Putting THAT hypothetical nonsense to one side... you are absolutely right in what you say. EVERY vendor takes a 'leap of faith' when they appoint an Agent - but, of course, they are already taking a leap of faith simply by making the decision to go on the market in the first place, are they not?
I am continually amazed by people's reasonings for choosing the hand which should act to guide them through will no doubt prove to be one of the most stressful of times in their lives.
The difficulty is to be able to establish who can FIGHT a good fight - not just TALK it.
You've read what I said. You agree with it. But HOW would you know that I actually MEAN it; and that I not one of the Bill Shutters of the Agency world?
Answers, on a postcard, please... ;o)
Peebee - I have had a busy day today sorry for the delay - I have read your post and agree with all you have said.
"Mr & Mrs Brown, the owners of 27 Acacia Avenue, however, simply want to know that their chosen Agent has THEIR best interests at heart - and so they should, as they are paying for exactly that."
Vendors should understand that they cannot asssume that is the case and choose the agent and set out a contract that best suits them...while still making money for the agent. Good agents should welcome this, some vendors of course do not know how to do this....there are people around who can help.
Unhappy Chappy:
You'll have to bear with me on this one, as at first it looks like I am going back on something I said to you a while ago... but keep reading instead of getting all uppity, please, and all will hopefully become clear(ish...)! ;o)
(I would add that there are some - maybe MANY - Estate Agents who will not agree with what I am about to say, and I will no doubt get plenty of stick, but what the Hell, here goes anyway...)
When an Estate Agent accepts an instruction from what I would call an 'average' vendor (someone who wishes to sell a property in order to move on... I will come on to 'other' vendors in a bit), then they have that/those person/people's immediate future in their hands.
NO!! - I am NOT saying that Agents have 'power'; that they are 'important' - what I AM saying is that, as well as the LEGAL duty to the vendor that I have discussed many times previously, they surely have a MORAL duty to do whatever they can to assist these people to move on and get on with the next chapter of their lives - whatever that may be.
Their CLIENTS are the important ones - what the Agent wants is/should be secondary (...cue the lynch-mob... ;o) ). If they do not treat that person and their needs with the amount of importance that it deserves - then they do not deserve the instruction.
Contrary to the belief of corporate - and many independent - Agents, their clients are NOT JUST NUMBERS. Remember, these are the people who have, among other things, EMOTIONAL attachment to their properties.
With regard, by the way, to 'other' vendors (investors/developers, corporate clients/repo's/deceased estates, etc - and therefore without the emotional attachments or 'needs' forto be catered for first and foremost...), then obviously the same legal/moral obligations stand - but in the vast majority of cases the REQUIREMENTS of the customer are different and therefore have to be catered for to suit the individual requirements.
It is all about knowing your people, not nescessarily the product. The details tell people what they need to know about 27 Acacia Avenue.
Mr & Mrs Brown, the owners of 27 Acacia Avenue, however, simply want to know that their chosen Agent has THEIR best interests at heart - and so they should, as they are paying for exactly that.
Or am I wrong? (Opens floodgates... stands back...)
Peebee - I stand corrected. This is a good example of Estate Agents acting on behalf of there clients
Lister: Your 'point' being what, exactly?
“Allow me to quote from TPO Code of Practice:
10.1. When instructed to sell a property, your duty of care is to the seller. You must offer suitable advice to meet the seller's aims and needs.”
Thank you Arnold J Rimmer
Unhappy Chappy: "I clearly stated I wanted sold in 12 weeks." NO, Sir, you did not. You stated "I also EXPECT you to sell it within 12 weeks."
Different things, want and expect.
want - to feel a need or a desire for
expect - to look forward to; regard as likely to happen
You stated that you WANT to sell your property for four million quid. THAT is what FBA offered to accept YOUR INSTRUCTIONS to market your property at, for what I have already stated is a knock-down Fee, until such time that your EXPECTATION is met.
Fun Boy Agent also clearly advised you that your EXPECTATION was highly unlikely to be met in the current market.
He covered the bases. In writing.
Hmmm... and I gave up Agency WHY?
You wouldn't believe me if I told you...
Peebee- it appears both you and he did not listen to the client I clearly stated I wanted sold in 12 weeks.
No wonder you are not an estate agent any longer.
Unhappy Chappy: The Agent works on the VENDORS' instructions. Estate Agents Act 1979.
IF a vendor wants to list a property to remain on the market until such time that the market meets the property; is happy to do so; and happy to pay the Agent the clearly discussed and agreed fee for the service, then so be it.
Allow me to quote from TPO Code of Practice:
10.1. When instructed to sell a property, your duty of care is to the seller. You must offer suitable advice to meet the seller's aims and needs.
Of course, the Agent has the right NOT to enter into such an Agreement.
WHERE do you see the problem with this?
Taking money from him that he might have otherwise invested in a falling property market?
Peebee - ."According to Law, the Agent has a responsibility to the property owner to achieve the best possible outcome for that owner" So point how how he is acting in the interest of his client in our exchange
Thanks PeeBee, but I never put my meat on the table, Mrs Fun Boy wouldn't allow me to.
So - AceofSpades and myself, both of who have 'had the gloves on' with FBA, back him up when the vultures circle while sniffing a meal on the table.
Unfortunately for them there were no pickings to be had, of course though that did not deter those hungry HPC carrion chasers from TRYING to strip a morsel of flesh.
But for those whose needs are so special that they STILL don't get what he was saying, the exchange between FBA and Unhappy Chappy from 14:19 to 14:32 below makes it all clear. Anyone needing it clearer than that - spoons are available next to the medication chest.
I STILL don't see eye to eye with him on many things - but on this he is bang on the money and deserves none of the comments that have been made.
And for what it's worth, he won't thank me for saying this which is just as well as I don't want it. It simply has to be said.
'Brum agent' and the likes - suggest you look and learn. It's called fighting your corner.
Certain individuals simply don't seem to know what corner they're backing themselves into...
AoS, I take people as I find them, FBA attracts a certain level of opprobrium precisely because of his/her belligerent manner.
Trust me, i'm this annoying in flesh as I am in text. In fact, i've just had a great idea - how about an EAT/HPC pub-meet to seperate the men from the boys...
Oh, and as for the 'right price, wrong time' that is classic muppetry. I've bookmarked this page so I can re-read his sage words if i'm ever feeling down.
Sibleys - your use of the word 'debate' was terribly loose.
It's like a 4th years playground in here, certainly no signs of a sensible class room 'debate'.
The reason that HPC's have such a negative reception on here is that there are very, very few who actually offer anything.
Rantnrave is open to debate, always, and is well respected on the forum. He has his views, but they are not essentially based around abuse, provactive or just plain rude comments.
Would any of these 'posters' conduct themselves like this in the 'real world'. No.
And as for the FBA snippet of "right price, wrong time" - anyone with half a brain cell can see what he meant. Seems like the motley crew got a bit over-aroused by it and have now lost all control.
PeeBee,
I was hoping he had 100 mates who wanted the same deal too.
Fun Boy Agent - how very dare you propose such a knock-down fee to Unhappy Chappy!
£720 per year for the amount of grief and aggro he will give you? £200 for photos etc? Trust me, mate - he'll have you round there snapping away like a Japanese tourist for hours at a time, month on month as the dahlias change colour - IF he doesn't demand David Bailey's presence, that is...
AND... at the end of it he will STILL be an Unhappy Chappy!
Chickenfeed, I say! You'll regret it, take my word!
You need to slap yourself silly for offering THAT deal, mon ami! ;o)
Fun Boy - Now we are getting somewhere...so if i read this correctly you want to charge me something for my nothing.
Dear Unhappy,
I like your style.
Now, Let's see.
Your price is obviously right, as it is the price you want.
If you will not sell for less, there is no point us discussing the asking price further. Your mind is set.
Your timing is a little out, you will get your price 'one day', it may be beyond your own lifetime though.
I cannot market your property on my 'no sale no fee' service at this point in time, but I am happy enough for you to use my alternative service where I charge £200 for photos, epc and floorplan and just £60 pcm while you are on the market.
Send the keys and your 1st cheque £260
Regards
Fun Boy Agent
Fun Boy Agent -
I did agree with some of your post but you seem to dislike me, Do you dislike all communists who have nothing? Do you not market properties of people who belong to the communist party.
I'm a sharing type of guy, collect your free nothing here!!
From your quote "The first step in the process is a property being offered to market, irrespective of price."
It seems you like accumalting nothing at your cost
So i refer you to my earlier post, how can i contact
you. I want you to sell my property for £4 million on a no sale no fee basis...I also expect you to sell it within 12 weeks. Its a 2 bedroom appartment by the seaside a must have for a foreign investor
I'm sure you can sell it you are my type of agent. Despite you being crazy capitalist i like ya! ;0)
Sniff Sniff.... is that another TURD ?
What a pong!
It really stinks in here today. HPC'ers everywhere.
TURD central.
I am so pleased I am irritating you.
It brightens my day.
Quite the armchair philosopher on the sly aren't you FBA.
I don't believe any non-EAs posting here entertain such fantasy notions that they can effect any change whatsoever. Conversely, I believe what we're indulging in is this marvelolous phenomenon called 'debate'.
It's a crazy notion but it's what happens when you have one or more people of differing viewpoints debate the merits or their arguments accordingly. If you're not cut-out for it, you really don't need to participate.
Hey, the great thing for me is I can watch the inevitable crash play-out in slow motion with no concern for my livelihood. In the meantime, you carry-on overvaluing to gain instructions like a true champ.
Another TURD?
Or is it the same one over and over?
Sorry but is the moron known as fat boy agent calling other people uneducated?
After he said this:
“In 27 years of EA I have never ever come across a property that is 'overpriced' by Vendor expectation. Although I would be the first to agree that far too many vendors have their timing out by many, many years (even decades) to obtain the price they want. In other words, the price is right but the timing is out."
What a total prat.
The old addage, “you cannot polish a turd” applies here, but equally, you cannot educate one either. You know who you are!
‘Give in’ would be my message to fellow agents.
Your comments and insights are wasted on HPC Kermits & Co posting here.
Most (not all) of the HPC brigade have no concept or interest in the processes or relationships involved in good Estate Agency. They simply cannot grasp the concepts involved regarding expectations, aspirations and fiscal needs of potential Vendors as would be confidentially discussed between chosen Agent and Vendor when setting an ‘asking price’.
There are many, many factors that may influence an initial asking price (low or high on the market) and none of those factors are any business of the busy body HPC’er. Comment all they like but HPC’ers cannot influence either the whole market or any given individual on the market (including EA’s) with their self situated opinions. Estate Agents will do their job and provide a service to the public. If this means a gradual process of managing a price expectation on any given property the agent will do it, not the HPC’er spouting off here. Get with the program fellas.
Where trends develop that is what they are, merely trends. Again, the wishy washy opinions of just a few misguided individuals posting here spouting about ‘overpricing’ or ‘EA’s not valuing correctly’ etc. cannot and will not influence any trend that develops. If the market falls EA’s will go with it and respond, if the market rises, EA’s will respond accordingly.
My final thoughts.
I see the likes of Kermit, Unhappy and Co as true communists.
Definition: People who have nothing but desperately wants to share their nothing with everyone else.
Hey look everybody Fat Boy Agent is back.
Oh I’m sorry, actually there are no such thing as fat people only under-tall people, i.e, their weight is correct only their height is out.
rant: "I know, I know! Is the answer "price it realistically"?"
Hmmm - not bad for a non-Agent. You may need to expand on this first guess, however, as it is only 'lukewarm'. Try defining 'pricing realistically' in such a way that ALL RELEVANT PARTIES - sellers and buyers alike - embrace, accept, and agree to adopt overnight.
Alternatively, should this stump you (don't worry - you are among many, many friends there...) - and seeing as I like you, you can have a second go for free! ;o)
No Rant,
The first step in the process is a property being offered to market, irrespective of price.
The realistic price as you call it would no doubt be the price you would be happy to pay? That may be a process further down the line for you, but hey! someone else might buy at a price slightly higher than your realism, they may, just may, have a slightly higher realism threshold.
That is part of the process
I know, I know! Is the answer "price it realistically"?
Gloria Andazula: "In order 'get' a price you need to 'get' a buyer."
That's the only words I have ever read on here of yours that I agree with.
So - in order to 'get' a buyer, you have to... what?
Over to YOU, Ms Andaluza.
Peebee, "But don't for one second think that an Agent working FOR a seller, to get the best price FOR the seller, is doing something wrong. "
In order 'get' a price you need to 'get' a buyer. This is where our industry is currently going wrong.
rant: the list depends on the buyer, mon ami - and in many cases the buyer will not need finance.
Your example of 'unable to raise finance' would, in my opinion, come under my "...doesn't change their mind or lose the ability to buy" heading.
But, sure - split the hair and stick that one in between numbers 4 & 5 if you like... ;o)
...a house will sell IF a buyer:
Can find a lender willing to loan them enough money to complete the transaction
That's got to feature reasonably high on any list, shirley?
"Incognito" - aka Realising Reality, I suspected - until I read the last two paragraphs...:
I don't think you will find, in my hundreds of postings on this site here or anywhere else, that I advocate blatant overvaluing in order to gain instructions - or even "suck it and see" for that matter.
You WILL find, however, in your uber-heroine Gloria's postings, her admission that she could NOT sell a Ferrari for its list price but COULD knock a few out at ten grand a piece...
To answer your question, a house will sell IF a buyer:
* ...wants it
*...can afford it
*...is prepared to pay money for it
*...agrees a price with the seller that is acceptable to both parties
*...doesn't change their mind or lose the ability to buy
...among many other factors.
How much it is MARKETED for is almost irrelevant. Those Agents who purposefully overvalue risk spending time and money on marketing a property which simply will not sell. If a property price is in the ballpark, then it will get interest.
It is up to the BUYER to determine whether a property is worth them viewing it. If the price is based upon Planet Zog values - then they will simply vote with their feet.
There are rules in place with TPO forbidding such practice. If individuals wish to report Agents then they have the right and capability to do so. If they do nothing - then it will continue.
But don't for one second think that an Agent working FOR a seller, to get the best price FOR the seller, is doing something wrong.
They are doing THEIR JOB.
It looks like i've missed all the fun and games over here for a while.
For the record FBA, you've just gone massively up in my estimation with that f*ckwittery of epic proportions.
By the way, i've got a clapped-out Mini Metro that I need to flog-off. I won't accept a penny less than 50k. When archaelogists unearth its rusting chassis in 1000 years time I reckon it'll fetch that price to some collector fo late 20th century curio.
"One way would be to force all of the overpriced houses onto the private and free-listing web sites.
That would free-up agents to get on with the real work of moving people who are really ready to move house. A master stroke?"
No.
@PeeBee and friends:
The facts of the matter were best presented here by Gloria A., but you guys don't actually "get it" do you?
Unless houses are priced within the valuation range, why would they ever sell - except in some kind of fluke!
For my money, its the estate agent's 'job' to make sure that each house they are selling IS priced within that current range, by advising their clients appropriately and convincingly. Agents need sufficient 'charisma' to enable them to succeed here? First of all though, they need to be able to measure the valuation range correctly. These are the twin problems besetting estate agents.
However, most agents just end up in a headlong rush to retain the greatest number of houses on their books instead of dealing with it.
Things need to change for the better if the housing market is ever to improve.
One way would be to force all of the overpriced houses onto the private and free-listing web sites.
That would free-up agents to get on with the real work of moving people who are really ready to move house. A master stroke?
Its true, many vendors have wrongly inflated ideas of values, but remember . . . they are exactly that, wrongly inflated
Plenty of competitors will overvalue to win the instruction (then chop).
Do your homework well. Have (relevant) comparables. Mouseprice stats. Show how your competitors do their chopping. Print examples.
Then show them how (best have something tangible here) you are different.
Hard evidence usually wins over b0110x. Eventually.
It's called selling, it's what you have to do in a tight market.
Peebee - I am sure it wasn't meant that way too.
I am not impartial i have my own opinions like yourself. Sometimes it may be as a potential buyer in the future, sometimes as a vendor or somone helping one. I admit it is never as an Estate Agent i am not one nor am i ever likely to be....although i try to be objective and walk in there shoes fairly unsuccesfully it would seem from our exchanges.
Hey a quick question if a liar says they are a liar what are they? :0)
Unhappy Chappy: You of all should know that I have had my 'moments' with Fun Boy. I don't agree with some of what he says. I have 'fought the corner' of the HPCers' right to comment on this site WITH Fun Boy - and our exchanges were less than pretty!
I don't do 'smoke and mirrors', mate. However I certainly don't think that what he said was meant in the context that it has been hawked around as. You will notice that every time it is copied by HPC-esque posters that it is only the one sentence, not as part of the wider statement it formed. I doubt if ANY of them have read the entire post - or started with post #1 and worked upward to establish a pattern of events.
There are two diametrically opposed camps here. Most people have BOTH feet firmly entrenched in one or the other. SOME people can put a foot in either - or even in both, as and when it suits their agendae.
But can ANYONE truly claim they sit impartially BETWEEN both? - that is the question.
As far as I see it, anyone who DOES claim that, is either lying... or lying.
rantnrave: The truth is, is it not, that MOST people's pension plans rely heavily on property?
As they do with gold & silver prices; foreign currencies; stock market tradings... etc.
But if a property is REALLY a pension plan for soemone retiring in 5, 10 - 20 years hence - then its' VALUE today is irrelevent and will never figure in arguments either for or against current property values, surely?
It is simply a house that cannot be bought - adding to any real or perceived lack of supply.
Peebee - Exactly so you agree the best outcome for the vendor is not simply the best price possible. Please dont try and smoke and mirrors the silly part of FBA's theory that was highlighted and accepted by most as such. Had I made a similar one It would have been jumped on straight away and probably by you.
Interesting article on vendor delusions.
Title - My house is my pension: How to dispel the property myth
Link - http://www.ifaonline.co.uk/professional-adviser/feature/2116967/-my-house-pension-dispel-property-myth
That tightrope is covered in guano. That explains why EAs and their businesses stink.
Unhappy Chappy: "Indeed it opens a can of worms define the best possible outcome for the vendor."
I believe I did, Sir.
I refer you to the fifth paragraph.
Brum agent: Actually, I steer as far away from politics as I can. I like a good game of football - even if it means that The Blues beat the cr@p out of the Magpies! - but I certainly don't spend my waking hours picking a fight over the result.
Look again at FBA, statement:
"I would hazard a guess that YOU have no idea how to run an estate agency business and the costs involved. I would also guess YOU are completely unaware of the relationship between vendors and their appointed estate agent and the absolute need to obtain 'the best price possible'. This would lead me to believe you have no appreciation of the methods adopted to satisfy a Vendor that his expectations have been met, no matter what his expectations are, and an industry service has been provided.
In 27 years of EA I have never ever come across a property that is 'overpriced' by Vendor expectation. Although I would be the first to agree that far too many vendors have their timing out by many, many years (even decades) to obtain the price they want. In other words, the price is right but the timing is out."
Do you say that the statement, in its' entirety, is incorrect?
How many of THESE vendors do you currently market property for?
How many of them will sell?
Why, then, do you do what you do for them?
"...most other agents are my competitors not my blood...
And yeah, you know what, less agents overpricing round my way would make life easier try telling your average punter their house is worth half what the last corporate spiv told them it was an hour earlier"
Yes - all Agents on your patch are 'competitors' to you. But you should wish on them only that their next sh!t be a hedgehog; not that they go out of business or lose their jobs.
I was wrong with what I asked of you.
You couldn't grow a set if you tried...
Vendor: How much is 27 Acacia Avenue worth?
EA1: £100k
EA2: £5k higher than whatever EA1 said
EA3: £5k higher than EA2
EA4: £10k higher than all of those other fvckers, list with me, I'll make you a squillionaire
etc, etc
Peebee - Indeed it opens a can of worms define the best possible outcome for the vendor.
The Frog: "...this survey is far from conclusive and I would agree. However, we need wait about 3 months for Land Registry data, and RM is a lot faster." No - sorry but you are not comparing eggs with eggs. The two reports result from ENTIRELY different data being input. They cannot and will not correlate.
Point me in the direction, please, of the mythical "average house".
In 33 years; thousands of sales; I've NEVER seen one; nor do I expect ever TO see one.
You ask seven local Agents "How much is 27 Acacia Avenue worth", you will get seven responses. Three of them will try to get out of you how much YOU want it to be worth before answering; two will guess 'between £x and £y' - and the only two worth talking to will ask to inspect it first before even dipping their toe in the water.
An Estate Agent is set a task. The task is to sell a property. According to Law, the Agent has a responsibility to the property owner to achieve the best possible outcome for that owner. IF, in the owner's mind, the best outcome is the highest possible price that that is exactly what the Agent will and should aim to achieve. If it is a sale in the shortest possible timescale then that opens an IMMENSE can of worms. What if they do just that - but the owner then complains to the RICS/NFoPP/TPO that they undersold it (it happens quite frequently...)?
What about 'negotiations'? Whatever the market, buyers like to know they got a bargain - no more so than in the property world... In a rising market, then the 'deal' might be that you paid only the asking price or a little over. In a 'normal' or poor market, then some downward negotiation seems to be the order of the day. But negotiate by how much? A thousand? Five? Five percent? Ten, maybe?
Where on Land Reg is THIS information?
"All the while some agents remain emotionally invested in high prices, and do not advise their clients on a price that can achieve a sale in the timescale that the vendor is looking at then some agents are failing their vendors." Why do you think that there is "emotional investment"? Maybe that they own the occasional BTL? Okay - let's assume that. They own it. Bought whenever at whatever price. Job done. Only IF they want to sell it does a global price reduction matter to them on THAT property. In effect, prices reducing allows them to buy their NEXT investment property - so that theory is kinda blown out of the water is it not? By that example, Agents should be LEADING the HPC rally and you lot should be very wary of those that are...
You talk about it being in Agents' best interests for prices to be lower in order to increase volumes. That is far from the way that things work, I am afraid. Those who do not need to sell, will not. The market will then have to survive on distressed sales, the lack of which which will in itself serve to push prices of those further up... and so it goes.
I would respectfully suggest to the HPC brigade et al that if you haven't walked the tightrope that is the property market (which by virtue you should not have...) then you should not shout instructions to those who walk the wire on a daily basis.
One man's opinion. Like it is going to make a difference...
Ahhh thats more like it ;0)
*********** NEWS FLASH ***********
SPRING BOUNCE 2012 OFFICIALLY
CANCELLED !!!
Sell up NOW !!! Call FAT BOY AGENT
*********** NEWS FLASH ***********
"What do we want?"
"Time travel!"
"When do we want it?"
"Relatively speaking, now!"
Come on mate, it was a daft thing to say. But I’m not going to get tribal and make this a us vs them thing like you want after all, most other agents are my competitors not my blood. I get the sense you like your politics and your football the way you go at them lot
And yeah, you know what, less agents overpricing round my way would make life easier try telling your average punter their house is worth half what the last corporate spiv told them it was an hour earlier,, just saying
Peebee - I think you are correct prices are not rocketing in the manner reported as your analysis of the stats would suggest.
Also I am not advocating massive price reductions, even if i did it just wont happen.
One of the first things to establish with vendors must be why and how quick they want to sell there property. If you want to sell your property quick then price it to sell it (i am not saying give it away). If you want the best market price be prepared to wait.
Funboy just made himself look a bit silly, he should not worry we all do (and perhaps should) from time to time
"I would be the first to agree that far too many vendors have their timing out by many, many years (even decades) to obtain the price they want. In other words, the price is right but the timing is out."
Fun Boy Agent, 2011.
Brum agent (among others...): Exactly WHAT hole do you see FBA continuing to dig?
His last post was three hours ago. 'THAT' phrase which is being gleefully hoisted up on a pike has been taken completely out of context and I would suggest that responsible Agents should backtrack to the beginning of this thread in order to establish the WHOLE picture.
As I see it, he said NOTHING wrong (save a single expletive which I am sure on reflection he would have xxxx'd on any other day of the week...) - and NOTHING to promote this ridiculous treatment...
I respectfully suggest that instead of knocking your colleague in industry, you grow a pair and back him up!
PeeBee, I think you’re making the point that this survey is far from conclusive and I would agree. However, we need wait about 3 months for Land Registry data, and RM is a lot faster. Some agents reading this may not have 3 months.
I also agree it is unfortunate that more non-EAs, like you and I, post than current EAs. But the most unfortunate thing is that some agents on here have chosen to take it personally when prices fall. Especially when it is actually in their interest to see prices set at levels that results in a sale within a reasonable timescale.
I don’t know exactly what a reasonable timescale is exactly, that is a conversation between the EA and his (or her) vendor, but I doubt somehow it is around 17 weeks or whatever we are now upto in this market.
All the while some agents remain emotionally invested in high prices, and do not advise their clients on a price that can achieve a sale in the timescale that the vendor is looking at then some agents are failing their vendors.
I see Henry Pryor thinks things are turning in the London market:
http://web.me.com/henry.pryor/Housing_Expert/Comment/Entries/2011/10/18_the_party_looks_over_in_London..html
Oh, dear - this one all seems to have gorn a bit Pete Tong, doesn't it?
Interesting that those who want property prices down (there - not calling anyone an HPCer so as to offend them...) completely ignore the argument presented that prices are not necessarily rocketing in the manner reported - but just want to argue the toss for the Hell of it; that some are clearly becoming fed up to the back teeth with the way that this site is now heading as an additional pulpit for HPCers and non-HPC others who advocate price reductions to sound off on; and that Agents are now the minority posters here.
More 'interesting' is that of those Agents that do post, half have fallen under the influence of these Svengali-esque preachers - although I hazard a guess that this is simply to do with their realisation that a larger proportion of would-be buyers WILL pay sixpence than pay the asking price...
Rightmove base their report on what they claim to be new properties listed on their site between dates 'x' and 'y' every month. Now obviously they have the equipment to do this, I don't - but let's just have a look at TODAY on RM, shall we?
Take two cities - North and South. London and Newcastle upon Tyne. Feel free to pick your own for the same exercise...
RM are showing 738 new properties listed in 'London' (whatever that means for search purposes...) in the last 24 hours. Top ten (page 1) are priced from £30MILLION down to £4.65million. You don't come under a million quid until you reach page 10.
The same search brings up 41 in Newcastle. Page 1 prices £595k to £299950. The COMBINED TOTAL value of all the Newcastle properties, by the way, wouldn't get you listed in the top seven of individual London properties...
At the bottom of the Rightmove report, around which all this hullaballoo revolves is an interesting sentence:
"This month 11051 properties have been excluded due to being anomalies."
Funny, that.
In the property world - the REAL property world where Estate Agents etc live and work, day in: day out, EVERY PROPERTY is an anomaly... as is every SELLER, and every BUYER.
Fun Boy Agent, seriously mate, time to stop digging that hole!
"I would be the first to agree that far too many vendors have their timing out by many, many years (even decades) to obtain the price they want. In other words, the price is right but the timing is out."
This is officially one of the dumbest things on the internet hahahahaha!!!!!
My house has been on the market for 2 years with only 6 viewings. The feedback generally is that it is overpriced to which I always reply "not 30 years from now it isn't" to which the feedback generally is "fvck off you moron".
A different take on the Rightmove numbers from Planet Property:
http://www.planetpropertyblog.co.uk/2011/10/18/what-rightmove%E2%80%99s-3-price-rise-is-really-saying-about-the-housing-market/
'...reloaded': Awww... you got no friends to talk to?
Thankfully for you, your hand will never desert you.
FBA - I have not tried to wind you up merely pointed out out the error in your theory. There is no shame in admitting you are wrong...as Einstein said
"We can’t solve problems by using the same kind of thinking we used when we created them.”
As I said,
you have no concept of how it works.
To the HPC'ers.... Im out.. get your jollies trying to wind someone else up.
For me, I just see you all as pathetic.
Sorry folks
As I said, you have no concept of the relationship between Agent and Vendor and how it works.
It goes like this:
Vendor: I want to sell my house
EA: OK, I reckon you'll get £150k for it
Vendor: But Slut and Porker told me £200k
EA: OK then, we'll market at £220k
@ The Frog
" And you’re the one paying to market houses that are not selling. Your business model is to take on cost with no revenue."
Absolutely spot on Sir !
“You have to haggle 10 dinar for this gourd is ridiculous!”
Unlike Brian, the rest have choice, don’t see any romans shoving a sword up ya bum to buy?
Everyone needs to lighten up a tad, not one post, this or the rest, is going to change absolutely anything is it?
"I would be the first to agree that far too many vendors have their timing out by many, many years (even decades) to obtain the price they want. In other words, the price is right but the timing is out."
Hahahahahahahaha. Classic. This property "professional" is talking nonsense.
“The Vendors price is always right, stop being a twerp!”
The vendors price is clearly not right if he has the objective of actually making a sale, if that vendor sets a price that means you cannot sell. The volumes of unsold stock up and down the country proves that point.
“That is because it is the figure he wants, not the figure you (or Kermit) want to hear or pay. Live with it.”
He is welcome to ask for any price he wants......but if he does indeed actually want to sell his EA should be advising him on a price that ....read slowly now fat boy........ WILL ACTUALLY RESULT IN AN ACTUAL SALE. I appreciate that this concept is baffling to you. Easy to see why EAs like you only prosper in bull markets. The sooner you go bust so decent agents can take over your stock the better.
“If the Vendors expectation is to high for you, that is just tuff titty for you. You won't be buying that one then! Will you?”
Ah, finally, are we getting a glimmer of intelligence here? Exactly correct I won’t, nor will a very great number of other buyers. Thus volumes are at about a third below trend. And you’re the one paying to market houses that are not selling. Your business model is to take on cost with no revenue, and you have the astonishing lack of self awareness to criticise the Rightmove business model, the mind boggles!
“Twerp!
twerp!
How stupid are you???????
Twerp! ?
Jog on buddy.”
Clearly touched a nerve as he has resorted to casting names around, intelligent discuss obviously difficult for the poor chap. And this is the same guy that believes that the fundamentals of one person selling a house and another person buying a house require such mental agility that no-one outside the industry could possible fathom its subtleties. I can see why he thinks it’s so much more complex that in fact it is, but its no comment on others intelligence. After all this is coming from the guy that thinks houses are never mispriced, only decades ahead of their time. Laughable.
antnrave: "The discussion forum on Rightmove contains several examples of vendors angry at having been given over-optimistic valuations by EAs..."
Yes, it does. And, as I have already pointed out on another storyline, for every example you refer to, there is a counter along the lines of this:
"I do care about the stuff people say about sellers having to reduce, I do! I will market my property for what is realistic, and if it doesn't sell quickly, well, that's a problem, because I'm really fed up with living here. I just think vendors are getting greedy. They want everything just the way they want it, when they want it. Well it doesn't work that way. I had to buy my home in a falling market, for near to asking price. I don't think I have worked really hard for my home. I have moaned and felt hard done by, just because I had to pay my mortgage. I appreciate that I have a home and I think I should sell it in order to be able to move on.
I think sellers who haven't worked hard for their homes shouldn't hold out any longer so that they could move to their next home. If buyers want cheap rubbish property, they can go to auction. Don't let these greedy vendors move to their next home, just ignore them. An estate agent values your home at a price you are willing to market for, but you know that you have to reduce that price because that price is the result of an over valuation. Well, I would. All this nonsense about property prices rising further, they might do a little bit. But don’t hold your breath for huge price rises month on month next year. Once spring comes around, prices will go down, ( SPRING-BOUNCE-CANCELLED) mark my words."
Ho-hum... ;o)
FBA - your assumption about me are quite off the mark. As i have stated here before i am not a HPCer or looking to buy a property.
You seem to arguing with your friend Peebee who insists the the value of a property is what someone will pay for it or other estate agents who have clearly indicated that overvaluing is the fault of other agents or the vendors themselves.
If you are saying the vendors value is always right why bother valuing a property at all why not just market property at whatever price a vendor wants. If so I will ask you to market my property at £4 million on a no sale no fee basis...I also expect you to sell it within 12 weeks.
Of course there are comments from plenty of delusional vendors there. I was drawing attention to the fact that they aren't the only views from vendors on that forum though. The comments from vendors angry about EAs overvaluing their property is perhaps less expected. Those posts weaken the argument that EAs are always acting in the best interest of vendors and serve to facilitate vendors' pricing desires.
rantnrave: "The discussion forum on Rightmove contains several examples of vendors angry at having been given over-optimistic valuations by EAs..."
Yes, it does. And, as I have already pointed out on another storyline, for every example you refer to, there is a counter along the lines of this:
"I could not give a stuff what people say about sellers having to reduce, I won't! I will market my property for what I wish to achieve, and if it doesn't sell quickly, I'll enjoy living here anyway. I just think buyers are getting greedy, especially first time buyers. They want everything just the way they want it, when they want it. Well it doesn't work that way. I had to buy my home in a falling market, for near to asking price. I have worked hard for my home. I haven't moaned or felt hard done by, just because I had to pay my mortgage. I appreciate that I have a home and I don't think I should give it away to someone who wants everything bargain basement prices.
I think sellers who have paid for their homes and work hard for their homes should hold out for what they need in order to move to their next home. If buyers want cheap rubbish property, they can go to auction. Don't let these greedy buyers stamp your price down. An estate agent values your home at a price you are willing to market for, why go down to a far lower price? Well, I wouldn't. All this nonsense about property prices falling further, they might do a little bit. But don’t hold your breath for huge price falls month on month next year. Once spring comes around, prices will go up, mark my words."
Ho-hum... ;o)
Twerp!
The Vendors price is always right, stop being a twerp!
How stupid are you???????
That is because it is the figure he wants, not the figure you (or Kermit) want to hear or pay. Live with it.
I would love to be a spectator when you attempt to wrestle a property owner to the ground in his driveway to get his keys off him. This will follow the legislation where you, Mr Unhappy, can spot a house you like, any house, on the market or not, and buy it for a price you like, no matter what the opinion of the current owner.
I believe Mr Shapps is working on this new law now.. just for you and Kermit.
Twerp!
If the Vendors expectation is to high for you, that is just tuff titty for you. You won't be buying that one then! Will you?
Jog on buddy.
Fun Boy agent - I have to admit some of your fun poking makes me giggle, you are obviously an intelligent guy.
So why when any of your posts are challenged do you always resort to calling all posters who are not EA's, HPC'ers as I have stated before I am not a HPC'er. Your assumptions and crasssness belittles you, I thought you were better than that..... im dissapointed in you.
Go on admit it this quote
"I would be the first to agree that far too many vendors have their timing out by many, many years (even decades) to obtain the price they want. In other words, the price is right but the timing is out."
was either ironic or moronic!
The discussion forum on Rightmove contains several examples of vendors angry at having been given over-optimistic valuations by EAs...
To Frog & Co (HPC'ers)
As I said, you have no concept of the relationship between Agent and Vendor and how it works.
You have no concept of the process for establishing price levels at which a Vendor is happy and/or the steps an Agent will take to guide a Vendor to where they need to be, this is assuming the Vendor will take the journey to achieve a sale.
Your misconceptions are astounding in all respects. You simply prove your ignorance each time you pen your vile twaddle on this site. You serve merely to amuse the vast majority of property professionals who use this site but tend not to write here.
Your spouting about 'overpricing' is totally meaningless. Your ignorance of Estate Agency is bewildering. Try another site and another subject to amuse people with you fuckwittery.
Its not overpriced, it would have sold for that in 2007 –What a clown!
Anna what have I said wrong? I was actually how there has been a change where estate agents seem understand what is happening and how to improve things. This isn't an attack on you and welcome the change. I am not accountable for the rest of the content of this blog apart from now 3 posts.
Gloria- Try "It looks like the penny is sinking in" and the content of the rest of the blog.
“That is the best excuse for overpricing i have heard yet...bravo sir! :”
Yes I enjoyed that too. You have to give the boy credit, rather than admit his mistake he takes his logic places few sane souls would dare.
Its not overpriced, its just a decade or two ahead of its time –Brilliant!
If only he commanded the brain power to understand inflation is when money losses value that if a house achieves a nominal price a decade or two hence it has lost a great deal of real value.
FBA - "I would be the first to agree that far too many vendors have their timing out by many, many years (even decades) to obtain the price they want. In other words, the price is right but the timing is out."
That is the best excuse for for overpricing i have heard yet...bravo sir! :0)
Peebee - So if we take your principles
1. All properties are only worth what someone will pay for it
2. You want to see all houses sold for what they are worth
Does this mean all houses should be marketed without a guide price? Thats one way of putting an end to all this average asking price malarky ! :0)
Beware the HPC'er idiot calling himself 'The Frog'
Apt, perhaps. Why does 'The Frog' make so many crass statements? Is it because he keeps jumping to the wrong conclusions.
To 'The Frog'
You Sir, have no idea what I appreciate at all.
I would hazard a guess that YOU have no idea how to run an estate agency business and the costs involved. I would also guess YOU are completely unaware of the relationship between vendors and their appointed estate agent and the absolute need to obtain 'the best price possible'. This would lead me to believe you have no appreciation of the methods adopted to satisfy a Vendor that his expectations have been met, no matter what his expectations are, and an industry service has been provided.
In 27 years of EA I have never ever come across a property that is 'overpriced' by Vendor expectation. Although I would be the first to agree that far too many vendors have their timing out by many, many years (even decades) to obtain the price they want. In other words, the price is right but the timing is out.
You Sir, seem to have no clue of the bigger issues facing EA's today. Your HPC opinion is absolutely meaningless in all respects to the working day of an average EA.
You Sir, suggest EA's only 'take on' realistically priced property. In who's realistic opinion would that price be Kermit? YOURS??
Go play with the French little froggy. You bore me.
Gloria: No - I would simply like to see EVERY PROPERTY SOLD FOR WHAT THEY ARE WORTH.
One playing field.
Anna, out of interest how was he being anti-agent?
I cannot find anything offensive in what he said.
Brit1234- Paula- you actually made sence on another blog, re tax on developers sitting on land, then you spoil with anti agent post.
PeeBee, I am well aware you would rather sell one house for an inflated price and have nine sit on the market than sell all ten at a fair price.
But as you have mentioned before you are not currently an agent, so it is very easy for you to comment from your armchair. If you do not like the way I do business you are more than welcome setup in competition to me. But god knows, there are enough agents around here thinking they can get peak price in a recession and just clog up their books with overpriced and unsold stock.
Well there are increasing numbers of estate agents who realise that over valuing asking prices is hurting them. Many blame unrealistic sellers others blame rival estate agents inflating prices to get business. This seems to be occurring all over the UK see the estate agents comments on the latest rics report for this.
Less and less they are blaming mortgage lending and the media. It looks like the penny is sinking in.
http://www.rics.org/housingmarketsurvey
Gloria Andaluza:
"Then to make matter worse some of these overpriced properties actually sell, always for quite unique reasons on the buyers side."
"the best and most recent example I can think of was a gentleman of 85, who sold his house for £3.2m after buying it for £5k in the 60’s. He moved halfway across town and paid full asking price of £850k for a property which I would imagine would normally only get interest at £725k or maybe less."
So - was that TWO examples hidden in there, Gloria?
You just don't get it - do you? A property will sell for what SOMEONE is prepared to pay for it.
NOT what YOU DICTATE it is worth in order to get your 'Sold' slip up there in the shortest possible timescale.
And if you don't ask in the first instance... then you'll never get.
I sense, however, that this revelation won't perturb you in the slightest...
“Their customers are Estate Agents (not the public, you plonker Frog).”
Classic strawman argument, pretend that someone is saying something that they are not and attack that point instead. I never said who RM’s customers. But I suppose my actual point sailed clean over his head.
Fat Boy Agent also has missed his own point. It is EAs themselves that are putting themselves out of business, because so many refuse to acknowledge reality and only take on realistically priced property. If they did that transactions would be higher and more EAs would survive. Trying to make out that RM have the faulty business model when they have recently grown to the point that they have entered the FTSE 250 is just a joke.
Okay...
Firstly I would like to wish the individual who also posts under the name 'PeeBee' a very happy sixth birthday - but your mummy will get really really cross if she hears you use language like that again...
Now - back on track. You devil is hidden in the detail and most of you seem to have missed it (or IGNORED it, as would be more likely...):
"But there is a pronounced north/south divide in Rightmove’s asking prices, with average property prices in the south at £336,743 being more than double those in the north, at £164,347." The gap is widening.
Say that two such 'average' properties come on the market - one in the South; one 'oop north'. THEIR combined value would be £501090; and the AVERAGE wold be £250545. OOPS - that equates to an increase of 4.5% on the current RM quoted average. If THREE came on, and only one of them was a northern property, then the increase would be up by a staggering SIXTEEN AND A HALF PERCENT!!
When will it be learned that averages are like MOTs - a snapshot in time and immediately out of date...
Thankfully, those like AceofSpades live in - and understand - the real world...
...This puts more pressure on surviving Estate Agents to increase their revenues so they can afford Rightmove fees...
How is initial asking prices going up 3.1% in a month going to help that?
What 'The Frog' fails to appreciate is the entire Rightmove business model is akin to an over developed game of Jenga.
Rightmove squeeze more money from their customers to maintain or increase profits. Their customers are Estate Agents (not the public, you plonker Frog).
Estate Agents are working through a recession with lower transaction volumes per branch. This makes Estate Agents less able to fund increasing costs.
Many Estate Agents are closing, so you would think Rightmove revenue would decrease. But NO! And why?
They put their fees to their Estate Agent customers up. This puts more pressure on surviving Estate Agents to increase their revenues so they can afford Rightmove fees.
Some more Estate Agents go bust.
Rightmove increase fees to cover the fewer Estate Agent customers on their books.
And the cycle repeats.
Do you recognize it?? Jenga my friend, Jenga.
In the end, it topples.
Roll on the DPG Zoopla merger.
What FBA does not appreciate is that about 32,000 Rightmove shares a day get traded. So we can be fairly sure that on any day the market does indeed determine the price correctly.
So his attempt to belittle their observations on houses, which are sold what? once every 10-20 years and price discover is much harder, falls somewhat flat.
***** FOR SALE *****
RIGHTMOVE SHARES !
Unfortunately there seems to be a marked difference between the owners (Miles, Ed & Jo) expectations of share value and actual selling price on the market.
Further drops are predicted
Outsider, the best and most recent example I can think of was a gentleman of 85, who sold his house for £3.2m after buying it for £5k in the 60’s. He moved halfway across town and paid full asking price of £850k for a property which I would imagine would normally only get interest at £725k or maybe less. The old chap did not care and was happy to pay after looking at the property on one visit, so great news for the vendor who got a fantastic price for their property. The problem is now everyone on that street thinks their property is worth the same, but without another fluke result like that they will sit on the market for an age. That single result helped move the average in my area, but it will do so at the cost of another savage blow to volumes.
If you really don’t need to move I can see the value in holding out for a miracle. But actually a lot of people really do need to move and they end up paying rent+mortgage waiting for something that will most likely never happen.
Gloria said: "Then to make matter worse some of these overpriced properties actually sell, always for quite unique reasons on the buyers side."
That's the Catch 22, isn't it? Some properties really are worth more than the 'market' price to a particular buyer and so it's reasonable for the seller to want to get that price, if they can. No doubt many buyers believe their properties are uniquely desirable, but in some cases it really is true.
To give Shipside due credit, he (or RM) wrote a marvellous paper using RM data to show how overpricing can lead to getting a lower sales price than a realistic asking price achieves. I no longer have a copy, but would love it if anyone can point me to it.
It just means ftbs hold out longer before buying and less transactions for estate agents.
I scan through my area I want to buy every couple of days and asking prices still remain too high where selling prices are falling.
The episode of homes under the hammer on now are showing people making losses on 2011 properties.
Once sellers get realistic us buyers will be back till then everyone will be twiddling their thumbs. Not good for anyone.
Aarrgghh - I've gone all anonymous - that last post is from me.
For the sake of balance - RM don't seasonally adjust this index, so asking prices would be expected to rise at this time of year in anticipation of an autumn bounce (whether one will happen is a different issue).
Oct 10 +3.1%
Oct 09 +2.8%
Oct 08 +1.0% (in the midst of rapid declines in sold prices)
Oct 07 +2.7%
Oct 06 +2.0%
Oct 05 +0.5%
Oct 04 +0.6%
Oct 03 +3.3%
Oct 02 +2.7%
So, this shouldn't be a surprise. October is normally the second most 'bullish' month of the year according to Rightmove's measure of asking prices. Following the same trend, November usually sees a tumble in this index.
I also think AoS is right - larger houses are coming to market re those wishing to downsize due to higher fuel bills and media coverage that prices are on the way down once again.
Wow, isn't AceofSpades clever and everybody else stupid.
I might rim him later.
@AceofSpades.
You are right - stupid averages again!
I wonder which of the top two stories (a chance of a competitor to RM with lower fees / asking prices leap) will be considered of greater concern to EAs? I reckon by the end of the day, the Zoopla story will have had far more views and comments.
@F Fortescue-Smyth.
You have a point but I cannot totally agree with you.
I do understand that 'volume' is the overiding factor for many EA's - but that does not mean that it is in the best interests of tthe public, in the short (unless a distressed sale) or long run. The public do not owe EA's a living, if there is not eneough business offices will close.
Without substance as to precisely which properties are being brought to the market, you're not really able to make an informed opinion of this.
IF we had an influx of studio/1 bed flats coming to the market and the 'average' (here is that definitive word again) price went up, then it would be ridiculous.
However, if there is an increase of 4 bedroom + properties coming to the market, then you can expect 'average' asking prices to go up.
Same applies to the locations of the properties going to market - if there is a higher proportion in the "affluent south" up for sale then this is a factor too.
It's a bit a boring one this, designed to catch the majority out and encourage the HPCs to bombard the site to get massive viewing numbers to impress the advertisers.
In a nutshell, its one statement, with no how, whens or whys to how the conclusion came around.
Details, people, details!
If you target one of your employees to win instructions, they will win instructions. The easiest way to do this is to offer the vendor more money, most are too emotionally attached or plain greedy to appreciate that an asking price is not the same thing as a selling price. Needless to say the corporate player round here do precisely that.
Then to make matter worse some of these overpriced properties actually sell, always for quite unique reasons on the buyers side. So then everyone else in the area wants the same fluke result and you get 30+ properties sitting on the market going nowhere hoping that lightening strikes twice.
In other news turkeys continue to vote for Xmas.
I despair for our profession sometimes. This is the OPPOSITE of what's needed to bring about any kind of revival in volumes and in the long run it's doing our sellers no favours either.
A shortage of instructions is leading to this - what some of the agents don't seem to be able to get into their tiny heads is that there are even fewer buyers
Until buyers create upward pressure on prices this policy will always end in tears for the sacked agent and frustrated seller
That's going to make houses even harder to sell, lowering transactions further :(