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desperate housewife

Wishful Thinking

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There is a house for sale just around the corner from where I am currently renting and since I really like the area I thought I would give the estate agent a call and find out how much the house was. Anyway the sales person wasn't available and said they would call back. In the meantime I had a look on the internet and was shocked to see this house is up for just over £274,000, it is a 3 bedroomed terraced house. The reason I am shocked is that one of these very same houses a few doors down sold in January this year for £200,750, and this one was completely refurbished by a developer. Surely the estate agent must have access to this information and how can they value an identical house nearly £74,000 more. It is madness.

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Guest prudence

They are valuing in a market where they know that the vendor will almost certainly have to sell at a discount. They are thererfore pricing so high so that an interested buyer puts in an offer 20 percent below the asking, after a bit of negotiation they agree to buy at 15 percent off and they are happy thinking they have done well .... when in fact they are still being screwed.

If you are interested put in the offer you want to submit, ignore the asking price. If it's not accepted tell the agent you will leave it on the table and if the vendor ever wants to reconsider they are welcome to come back to you. If they do, then knock a bit more off your offer, they may well accept because the fact that they came back to you shows they are desperate - and you end up with the property you want at a price you are happy with. If it doesn't work out like that, no real loss, surely. The market is going to continue favouring buyers for a long time, IMO. You have just got to change your mindset to one where you feel completely in control of making the largest purchase most of us are ever likely to make, rather than some spivvy estate agent....

Edited by prudence

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Will certainly do that Property Dreamer, at the moment I can't remember what house no it is, but will be driving by shortly and will take a note of that. Also I take on board what Prudence said about the asking price etc, I did also think of that, but thought it would be about £220,000 to £230,000 so negotiations could be made, the thing is there is another house on the same street which is about the same asking price but this is a five bedroomed house and it has been up for sale for about 4/5 months. These estate agents can't be doing their homework. I would post the links to both houses, but I haven't a clue how to do it.

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Guest prudence
Will certainly do that Property Dreamer, at the moment I can't remember what house no it is, but will be driving by shortly and will take a note of that.  Also I take on board what Prudence said about the asking price etc, I did also think of that, but thought it would be about £220,000 to £230,000 so negotiations could be made, the thing is there is another house on the same street which is about the same asking price but this is a five bedroomed house and it has been up for sale for about 4/5 months.  These estate agents can't be doing their homework.  I would post the links to both houses, but I haven't a clue how to do it.

the estate agents don't have to do any homework. They act for the sellers and simply want to get the maximum amount. It is up to potential homebuyers to do their homework, understand the games that are being played and the psychology of the situation - and in a buyers' market take control. You may end up not getting this house at all, getting it for more than you think you should be paying for it, or getting it for what you think is a fair price. Whatever, you should take control............

Edited by prudence

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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