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Will Ea's Now Get Real With Sellers?

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EAs in my area must be persuading ppl to lower their prices, as I got a (group) email/advert from a local agency yesterday saying

"You’ve got 7 days to “Make Me an Offer I Can’t Refuse”

on any of the following properties

from 11th – 18th October 2010"

This is followed by a set of 25 pictures ... of perfectly OK local family houses.

The prices of these 25 houses not even specified on the advert!!

I would estimate that in this selection of 25 on offer, the price range is 'lower-end' to 'mid-range ie £100k to £300k. (For £300k, or less, u can get a detached 4 bedroom round here. While £150-£180 buys a nice 3 bed-semi. And sub £100, a 2 bedroom flat conversion. )

"Top end" (£300k-£750k) have not yet resorted to this kind of "bargain basement" sales technique, tho are also starting to panic now, as winter approaches. Eg I went to view a new-to-market, 'biggish', ("top end"), house a week ago. ,(Viewed with the EA as the elderly owners were out.) After looking around, I had to say that even taking into account the property's size, location & large plot, it was still way over-priced IMO .. & guess what .... EA agreed with me!

He said it was the owners who had insisted on marketing at that price. He said he had already warned them they would have to reduce the price by 10s of £thousands (rather than a couple of £thousand). However, to me it was at least £100k over-priced ... or more ... tho hard to say with houses which have no equalivalents in same area. (Only worth what someone will pay I suppose?)

Prices are definitely starting to fall noticeably here. Will be interesting to see what will be the resulting prices next spring/summer, as vast majority of ppl here work in the public sector ....

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I doubt it. Sellers will still go with the agent who suggests the highest price, not one which is most likely to sell it.

Yup -- and they will be directed towards the fraudster Mortgage "Brokers" /Bent Moneylenders to take out LIAR LOANS - and thus keep the whole Ponzi/Pyramid Scam going... :rolleyes:

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I doubt it. Sellers will still go with the agent who suggests the highest price, not one which is most likely to sell it.

But quite simply, those EA's will be out of business if they're spending money trying to sell something and not actually selling it!

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  • 415 Brexit, House prices and Summer 2020

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      • down 5% +
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