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red

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Posts posted by red

  1. Is this a sign that finally the EA's have woken up and have started to compete for instrucions without resorting to saying the highest number they can think of?

    It's the only means they've known for years - and most vendors, I'd imagine, would plump for the highest valuing agent.

    How are they now supposed to win an instruction?

    When I first sold a place, I negotiated the EAs commission down to 1% - maybe this is the carrot EAs can use to lure vendors as valuations fall...

  2. As I said before, it will only be when prices hit bottom will transactions recover.

    To save their businesses, estate agents have to help find that bottom and quickly.

    It's a difficult balancing act for them when sellers are deluded by their apparent 'value' and give thier business out accordingly.

    The EAs dilemma now is to give an initial valuation that will secure the instruction - during the bull-run it was easy...just do a Foxtons and add 10% to the current valuation. Now they're having to think a bit bearish... <_<

  3. Hmm. Interesting anecdotal from the comments, here:

    I think sellers will need to knock more than 5% off their prices seeing as they have dropped over 6% in the last two weeks alone!

    We finally sold our house in November after 11 months! But we had to knock a total 20% off what the estate agent originally valued it at! You just have to realistic as a seller and don't take the estate agents word as gospel.

    - Simon, Braintree, 13/12/2010 07:12

    ;)

  4. They aren't bothered about FTB needing a stamp duty freebie up to the £250k mark but they're worried about paying back up to 27k

    I couldn't agree more.

    If only the students would consider protesting about the amount of debt they're going to have to take on in order to buy their first property, they might think twice about rioting over student fees - relative chicken feed.

  5. Can't sell at auction for 'Guide Price £240k ?

    http://www.rightmove.co.uk/property-for-sale/property-16167753.html

    Then stick it back on with a different agent for £300k.

    http://www.rightmove.co.uk/property-for-sale/property-31912904.html

    How do we get this crash moving ?

    More forced sellers. Most likely from a rise in IRs, rise in mortgage provider rates (even without rise in base IR..) or rise in unemployment.

    In my area (London N2) many properties now taken off the market, proving they were not serious/forced sellers. They'll try again at silly prices in the new year but unless we see more forced sellers created by factors mentioned above, I fear I'll be waiting a few years before being able to buy around here. No 'crash in progress' yet, I'm afraid...

  6. Its impossible to sell houses/debt at a level to support all the estate agents, conveyancers, mortgage brokers and bankers, without maintaining the ponzi/investment angle.

    There are just not enough people around that just want to buy a house to live in. Its got to have "investment potential" too.

    Agreed.

    But what angers me is that the 'impartial' BBC regularly trot out this supposed 'expert' to ramp up the market with bold statements and predictions, completely unopposed. The drip-drip effect on the sheeple is that the 'experts'' words are gospel, rather than make them think a bit with a balanced argument / viewpoint.

  7. Poor old Sibbers. It's a bit like the guy I heard on R5 last week (or the week before) urging everyone to vote for Wagner in the X Factor as together they could defeat Simon Cowell. Look how much good that did.

    When buyers have the power, prices go down. When sellers have the power, prices go up. Who is he to tell people not to push for a bargain when they move up the chain?

    Because he, like the other desperate muppets who have posted in that comments section, are petrified that their 'hard-earned' equity is going down the shltter.

  8. The price of houses is not the problem. There is no way they will go down. Once the banks start lending and things get moving we all know prices will rise. It's just time to sit tight if you want to move. Don't sell cheap and give your biggest asset away.

    - Sibley., Maidstone Kent UK, 29/11/2010 21:59

    :lol:

  9. That is a very weird and distinct shift in the sales.

    What about when those higher end sales dry up?

    It's not looking good at all for HPI, or even HPstagnation.

    Yes - the market can sort of function without FTBs for a while...as we're seeing.

    But it can't be supported from the top down - it ultimately needs a foundation (FTBs).

  10. Overheard a couple of EAs queuing in my local supermarket (N2 London) - they were suggesting that business is effectively over for the year and has been for several weeks. They both agreed that there had been more business throughout November last year but this year had been dead.

    I can confirm that very little is selling around here with little quality stock (that isn't absurdly priced).

    I suspect that many 'unforced' vendors have withdrawn from market, presumably in anticipation of attaining their absurd asking prices during Spring Bounce 2011©™ <_<

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