Thursday, Nov 22, 2007
Home truths... finally
Times: If your house isn’t selling, "do a Madonna" and beware agents desperately seeking business
The desperate need of EAs for business could have an adverse effect on sentiment and on property prices. UAUUUAHHH AHHAHHA An agent determined to secure an instruction will produce the most optimistic valuation. Certain estate agencies are notorious for this practice, but it is most dangerous when the mood has turned from exuberant to reflective. The inflated price will have to be cut when buyers fail to materialise. Such reductions send out the misleading message that the market is falling sharply, rather than merely proving that the initial valuation was unrealistic. MISLEADING MY @RSE!! ITS CRASHING
Posted by confused76 @ 08:49 PM (692 views) Add Comment
6 Comments
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1. su said...
Would you believe that some home-owners whose properties are not selling are actually switching to an alternative EA who markets the property at a higher price! I couldn't believe it either, but its happening in Scotland!
2. the northerner living in oz said...
clutching at straws more likely.
The whole country will not crash at once there will be certain area's
that crash first,
Usually the down market areas that house the lower paid workers
but eventually all area,s will start to decline.
There may be certain parts of london that apear not to decline but they will be the exceptions.
3. taffee said...
its called a market....same as shares...prices go up and down...if no buyers prices are slashed to find them
4. Axxo said...
I am an Estate agent, in the period roads, where the benchmark was £600k for 3 bed terr all the houses are just sitting there, no-one wan't to be first to reduce their asking prices saying wait till after Xmas it will be alright then! It's a bit like the new build companies they too don't want to be first to say prices have fallen.
So the merry go round of over priced stock just continues to flood the market with no buyers, if agents asy the right price another will say the inflated price tie them up for 12-16 weeks then get price reduction in Jan and hopefully sell.....
5. happyrenter said...
once housing became a market driven up by speculation rather than the need to for somewhere to live, it became like all other forms of gambling (or investment if you prefer) - except for the level of gearing which will probably work just as well in the fall as it did in the rise.
6. Letthemfall said...
Remember, price falls are not really falls at all, they are just unpositive rises.