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Jadoube

Unusual Phone Call From An Ea

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I had an unusual call from an EA yesterday.

Background: last December my job was to relocate so I put my house on the market. A suitably low asking price and being willing to accept offers further below it meant that I got within 2 days of exchanging when - whoof the job move was called off.

At that time the EA told me that any future sale would inevitably be at a lower price, which seemed perfectly sensible. (He's an old school EA with much experience of previous house price crashes)

Yesterday this same guy calls me to say that if I happen to want to move he has a buyer for me, at December's full asking price.

No not green shoots, although this EA seems to be getting a lot of sold boards in the neighbourhood. Both the December buyer and this new one are recently divorced women with teenage children and keen to buy a house close to the good local state school.

Others have said it before. I take this as an indication that while averages, standard ratios and so on might be adequate for discussing economics the reality is that not everywhere is the same. There are different markets according to the circumstances of each neighbourhood.

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Sounds like a good time to STR, if you can be bothered with the hassle.

Yes. Decided I couldn't be bothered with the hassle last December. I don't really do finanical planning, too lazy - but I live in houses.

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Others have said it before. I take this as an indication that while averages, standard ratios and so on might be adequate for discussing economics the reality is that not everywhere is the same. There are different markets according to the circumstances of each neighbourhood.

A great point that often gets missed.

In one town you are likely to get areas or specific types of property that have fallen 20% others will have stayed the same, come lucky few may even see an increase. It is impossible to use a "one % fits all" approach to calculating any price falls.

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I had an unusual call from an EA yesterday.

Background: last December my job was to relocate so I put my house on the market. A suitably low asking price and being willing to accept offers further below it meant that I got within 2 days of exchanging when - whoof the job move was called off.

At that time the EA told me that any future sale would inevitably be at a lower price, which seemed perfectly sensible. (He's an old school EA with much experience of previous house price crashes)

Yesterday this same guy calls me to say that if I happen to want to move he has a buyer for me, at December's full asking price.

No not green shoots, although this EA seems to be getting a lot of sold boards in the neighbourhood. Both the December buyer and this new one are recently divorced women with teenage children and keen to buy a house close to the good local state school.

Others have said it before. I take this as an indication that while averages, standard ratios and so on might be adequate for discussing economics the reality is that not everywhere is the same. There are different markets according to the circumstances of each neighbourhood.

Am I the only reader who has felt the need to express any pity for the poor swines who were (probably bitterly) disappointed and out of pocket (survey,mortgage applications, legals) when you kicked them in the nuts 2 days before exchanging contracts and pulled out of the sale?

Poor bleeders. Did you feel bad to let them down? It's hardly their fault that your job change did not come off and you felt obliged to renege on the sale accordingly. Thank goodness the cost of the HIPs pack will go some small way to reduce time wasting vendors and leave the market to serious people.

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Am I the only reader who has felt the need to express any pity for the poor swines who were (probably bitterly) disappointed and out of pocket (survey,mortgage applications, legals) when you kicked them in the nuts 2 days before exchanging contracts and pulled out of the sale?

Poor bleeders. Did you feel bad to let them down? It's hardly their fault that your job change did not come off and you felt obliged to renege on the sale accordingly. Thank goodness the cost of the HIPs pack will go some small way to reduce time wasting vendors and leave the market to serious people.

I was very aware of it. Hardly in a position to do anything different, I could hardly move 500 miles to a place where there no longer a job for me. It is an aspect of house buying/selling that matters a lot, and would of course have been different under the Scottish system. Under that system a buyer usually ends up paying the full whack of professional fees just to put in an offer, and usually has to put in many offers before one is irrevocably accepted.

As it happens the only one who lost out was me. I still had legal fees hips etc and was the only one who didn't get to move. I understand the chain of 6 all exchanged shortly afterards. My EA found another house for my buyer. He appeared to have a back pocket full of folk willing to accept realistic prices.

An interesting comment on modern communications - the whole chain knew about the problem before my EA could inform others down the chain. Why? Facebook. My buyer's daughter kept her page assiduously up to date so the children of those buying their house knew about it before bedtime the day I knew.

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A great point that often gets missed.

In one town you are likely to get areas or specific types of property that have fallen 20% others will have stayed the same, come lucky few may even see an increase. It is impossible to use a "one % fits all" approach to calculating any price falls.

Bad point. these same houses in good areas will have gone up the most in the last ten years. Ultimately the gap between them and the real world prices will be so great that they wont sell....untill their prices drop in line with reality.

This is the same dillusional comments I hear from home owners regardless of where they own a house. No one wants to admit they are not as well off as they are telling everyone they are.

Edited by TheCountOfNowhere

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Bad point. these same houses in good areas will have gone up the most in the last ten years. Ultimately the gap between them and the real world prices will be so great that they wont sell....untill their prices drop in line with reality.

This is the same dillusional comments I hear from home owners regardless of where they own a house. No one wants to admit they are not as well off as they are telling everyone they are.

Agreed. These people just cannot accept that their properties are not be worth as much as they would like them to be.

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Bad point. these same houses in good areas will have gone up the most in the last ten years. Ultimately the gap between them and the real world prices will be so great that they wont sell....untill their prices drop in line with reality.

This is the same dillusional comments I hear from home owners regardless of where they own a house. No one wants to admit they are not as well off as they are telling everyone they are.

And, most people that own a house/proberdee wherever it may be will generally regard it as being in a good area, as their taste is, of course great. So they won't accept they live in a turd area and take more off than anyone else.

I would hazard a guess that housing on council estates(privateley owned) will really nose-dive. Housing in other areas will be different and more uniform in its plummet to affordablilty.

Edited by pie-eater

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