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Hi all, first post....

I put my house on the market just before Christmas, and obviously wasn't expecting anything much to be happening for a while. However I'm getting disheartened every passing day when my phone doesn't ring and there hasnt' been a single viewer or enquiry!! The estate agent we're using is based in a town about 20 miles from us, I used them because they dealt with our last sale very smoothly. I'm wondering.....would I be able to use another agent too, a more local one to get the 'passing trade' and window shoppers? Would I incurr two lots of fees, or would it be a no sale no fee thing? I'm not very good with all this, sorry!

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Hi all, first post....

I put my house on the market just before Christmas, and obviously wasn't expecting anything much to be happening for a while. However I'm getting disheartened every passing day when my phone doesn't ring and there hasnt' been a single viewer or enquiry!! The estate agent we're using is based in a town about 20 miles from us, I used them because they dealt with our last sale very smoothly. I'm wondering.....would I be able to use another agent too, a more local one to get the 'passing trade' and window shoppers? Would I incurr two lots of fees, or would it be a no sale no fee thing? I'm not very good with all this, sorry!

You do realise you are asking for advice on a site called housepricecrash? I'll separate that into it's component units - house price crash. I'm afraid that the most likely response (if any) you get to your post from commenters here will be 'If no-one has come to view your house, are you pricing it reasonably?' In other words, are you trying to acheive A - more than peak 2007 prices B - peak 2007 price level C - 25% less than 2007 peak.

Can I boldly suggest that unless your answer is C, you're not going to receive a huge amount of positive support here. However, if you're keen to discuss why houses aren't selling, what a credit bubble is etc then there might be an opportunity to exchange some interesting points of view.

Edited by rantnrave

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You do realise you are asking for advice on a site called housepricecrash? I'll separate that into it's component units - house price crash. I'm afraid that the most likely response (if any) you get to your post from commenters here will be 'If no-one has come to view your house, are you pricing it reasonably?' In other words, are you trying to acheive A - more than peak 2007 prices B - peak 2007 price level C - 25% less than 2007 peak.

Can I boldly suggest that unless your answer is C, you're not going to receive a huge amount of positive support here. However, if you're keen to discuss why houses aren't selling, what a credit bubble is etc then there might be an opportunity to exchange some interesting points of view.

That seemed a bit reasonable. I was expecting a rant.

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That seemed a bit reasonable. I was expecting a rant.

I have sympathy for people who are pricing their houses reasonably and still struggling to find buyers. While there are precious few of those types of sellers around, we don't know that the OP isn't one.

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I have sympathy for people who are pricing their houses reasonably and still struggling to find buyers. While there are precious few of those types of sellers around, we don't know that the OP isn't one.

I have no idea if my house is overpriced....I don't think it is?? I had it valued at £140,000 and have put it on the market at that, hoping to get an offer of around £130,000. I'm not greedy, I don't want to make a huge profit, just enough to buy my next house. I don't have any family or anyone to ask advice on these matters, thought someone might be able to answer a simple question for me. Obviously not here.....

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I have no idea if my house is overpriced....I don't think it is?? I had it valued at £140,000 and have put it on the market at that, hoping to get an offer of around £130,000. I'm not greedy, I don't want to make a huge profit, just enough to buy my next house. I don't have any family or anyone to ask advice on these matters, thought someone might be able to answer a simple question for me. Obviously not here.....

You may be a victim of the oldest trick in the Estate Agent's book.

They value the house at an inflated price to get the seller on the books. Then after no interest they go back with a sob story that the market has changed etc etc and suggest a price reduction is appropriate.

They sell it for (much) less, but still get their commision. Surprised people still fall for it.

Buy the way, who valued your house. Was it an Estate Agent with vested interest or an independant valuer?

Perhaps we can make a more informed contribution if you tell us how much you paid for it and when, and if you have carried out any significant improvements.

Edited by bumpy

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This is very much a buyers' market at the moment. Just this week there was news that house prices are falling at their fastest rate for two years. Spring is also a time when people bring houses to the market - thus supply is going to increase further while banks are further restricting buyers' access to mortgage funds. The downward pressure on prices is considerable, with houses taking an average of over three months to sell.

In my opinion, taking on a second agent is not going to increase your likelihood of selling your house in this environment. Have a look at RIghtmove for other similar properties in your area. Unless you are 10% under those prices, you can have ten agents acting on your behalf and it wont make any difference.

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You may be a victim of the oldest trick in the Estate Agent's book.

They value the house at an inflated price to get the seller on the books. Then after no interest they go back with a sob story that the market has changed etc etc and suggest a price reduction is appropriate.

They sell it for (much) less, but still get their commision. Surprised people still fall for it.

Buy the way, who valued your house. Was it an Estate Agent with vested interest or an independant valuer?

Perhaps we can make a more informed contribution if you tell us how much you paid for it and when, and if you have carried out any significant improvements.

It was valued by an estate agent, I told them that I wanted it priced to sell, that I wasn't out to make a huge profit etc. I paid £117k for the house back in 2004, and have since had a new good quality kitchen refub, and a brand new combi boiler, new double glazing and general tyding and modernising (was owned by an elderly couple previously).

Edited by TheBorrowers

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This is very much a buyers' market at the moment. Just this week there was news that house prices are falling at their fastest rate for two years. Spring is also a time when people bring houses to the market - thus supply is going to increase further while banks are further restricting buyers' access to mortgage funds. The downward pressure on prices is considerable, with houses taking an average of over three months to sell.

In my opinion, taking on a second agent is not going to increase your likelihood of selling your house in this environment. Have a look at RIghtmove for other similar properties in your area. Unless you are 10% under those prices, you can have ten agents acting on your behalf and it wont make any difference.

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It was valued by an estate agent, I told them that I wanted it priced to sell, that I wasn't out to make a huge profit etc. I paid £117k for the house back in 2004, and have since had a new good quality kitchen refub, and a brand new combi boiler, new double glazing and general tyding and modernising (was owned by an elderly couple previously).

Well, the general concensus is that house prices at present are near or at 2004 prices.

So your house at £117K plus say £2K for kitchen £2K for double glazing £1K for boiler (remember these changes are now old), brings us to £122K.

Its all a bit of a shock and let down, but the bright point is that the house you are about to buy should have sufferred the same in the marketplace, so you are 'loosing' nothing. In fact the the gains are that, if the next house is more expensive, you will need a smaller loan to upgrade and in terms of £ notes it will have dropped more than yours.

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Well, the general concensus is that house prices at present are near or at 2004 prices.

I don't think that's a concensus at all

House price calculator says that were are currently trading at 2006 Q1-Q2 prices. (Though obviously it differs by region)

tim

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Well, the general concensus is that house prices at present are near or at 2004 prices.

So your house at £117K plus say £2K for kitchen £2K for double glazing £1K for boiler (remember these changes are now old), brings us to £122K.

2004 levels are 2004 levels (up to a point, Jan.2004 and Dec.2004 were not at all the same).

As for £5k spent, why should that set the house apart? If it had been £50k on major works then fair enough. Conversely if it had been £0 you'd be well below average spend so expect to take a loss relative to average prices. But at £5k you're round about treading water.

All averages of course. Says nothing about your specific house and location.

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I don't think that's a concensus at all

House price calculator says that were are currently trading at 2006 Q1-Q2 prices. (Though obviously it differs by region)

tim

Do we have an HPC consensus on "concensus"?

Remind me, what were the headlines with the latest Halifax survey? Did anyone post a graph or figures going back a few years?

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Hi all, first post....

I put my house on the market just before Christmas, and obviously wasn't expecting anything much to be happening for a while. However I'm getting disheartened every passing day when my phone doesn't ring and there hasnt' been a single viewer or enquiry!! The estate agent we're using is based in a town about 20 miles from us, I used them because they dealt with our last sale very smoothly. I'm wondering.....would I be able to use another agent too, a more local one to get the 'passing trade' and window shoppers? Would I incurr two lots of fees, or would it be a no sale no fee thing? I'm not very good with all this, sorry!

Prices are at 2004 levels, so firstly make sure you are priced right.

Secondly, unless your agent is *amazing*, dis-instruct them and get a good local agent. No agent wants a 40 mile round trip to do an accompanied viewing, besides which if yours is the only property they have for sale in that area, they will have no possibility of cross selling. You might get lucky and get a Rightmove enquiry, but you have effectively removed many of the agents marketing tools by choosing one so far away.

Thirdly, nobody wanted to view before christmas and the market place was deader than a dodo. The market seems to have picked up a little but it usually takes at least until the fourth week of January or into Feb before buyers really are ready to start looking again in earnest. So relax, it's unlikely much would have happened even in a "busy" market.

Finally there are fewer buyers around, so make sure you are priced right.

Edit: Spending money on a house does not necessarily add value.

Edited by PbroAgent

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The Borrowers - I'm not sure where your property is so is not easy to say where the price is, but whoever had said in one of their posts that property prices are back to 2004 prices, they aren't.

Prices are generally back to around 2006 prices. You would have signed a contract tying you to a certain amount of weeks with your current agent (normally anything between 4-16 weeks). I would drop this agent as they are so far away.

Invite three local agents and ask them for there honest opinion of price, ask to see a list of sellers in the price range of your home, ask them if they have sold similar properties recently.

Also do some of your own reseach via www.nethouseprices.co.uk of other properties that have sold on your road in the last few years and this will give you an idea where should be price wise.

Alternatively, if you were looking to accept an offer of £130,000, drop the price of the property to that amount with your current agent and see how you get on as the market is price sensitive.

Good Luck, and hope you secure the best price possible for your home.

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Prices are at 2004 levels, so firstly make sure you are priced right.

Secondly, unless your agent is *amazing*, dis-instruct them and get a good local agent. No agent wants a 40 mile round trip to do an accompanied viewing, besides which if yours is the only property they have for sale in that area, they will have no possibility of cross selling. You might get lucky and get a Rightmove enquiry, but you have effectively removed many of the agents marketing tools by choosing one so far away.

Thirdly, nobody wanted to view before christmas and the market place was deader than a dodo. The market seems to have picked up a little but it usually takes at least until the fourth week of January or into Feb before buyers really are ready to start looking again in earnest. So relax, it's unlikely much would have happened even in a "busy" market.

Finally there are fewer buyers around, so make sure you are priced right.

Edit: Spending money on a house does not necessarily add value.

This will depend very much on where in the country we're referring to.

Agree with everything else though.

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The Borrowers - I'm not sure where your property is so is not easy to say where the price is, but whoever had said in one of their posts that property prices are back to 2004 prices, they aren't.

Certainly looks like 2004 prices to me :P . (obtained from www.landregistry.gov.uk)

pbrohseprices.jpg

Click to enlarge

post-27256-0-22513800-1294949973_thumb.jpg

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Certainly looks like 2004 prices to me :P . (obtained from www.landregistry.gov.uk)

pbrohseprices.jpg

Click to enlarge

This is a very small part of the UK...and when did PE2 become the centre of the universe? :rolleyes:

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Certainly where we are on cusp of new forest prices are not lowering much. Some people are now reducing by 5k on a 215 asking price and the one we are offering on tomorrow is still at 248 which it had been on market at for 12 month now

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This is a very small part of the UK...and when did PE2 become the centre of the universe? :rolleyes:

That was PE1-7 but then Peterborough has been centre of the universe since forever :lol:

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Thanks for the replies. I had a local estate agent round yesterday, who agreed with me that the property was slightly overpriced, and I've instructed him to put us on the market at £135k with a hope of encouraging offers around the £130k mark. I enquired with my current EA (the one out of town) about fees etc now that I have 2 agents, and they informed me that if I stick with 2 agents, they are putting their fees up from 1.2% to 2%+vat!!!! Wow, what a hike! After sitting with my calculator I'd be better off dropping them altogether even though I'll incurr a withdrawl fee of £250, I dont understand why they've upped their percentage? That was a costly mistake I made before I even start....not enjoying this much at all and I was so excited when I first decided to start the ball rolling.

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Thanks for the replies. I had a local estate agent round yesterday, who agreed with me that the property was slightly overpriced, and I've instructed him to put us on the market at £135k with a hope of encouraging offers around the £130k mark. I enquired with my current EA (the one out of town) about fees etc now that I have 2 agents, and they informed me that if I stick with 2 agents, they are putting their fees up from 1.2% to 2%+vat!!!! Wow, what a hike! After sitting with my calculator I'd be better off dropping them altogether even though I'll incurr a withdrawl fee of £250, I dont understand why they've upped their percentage?

Because it's entirely normal to pay more for Joint agency than sole agency

tim

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Because it's entirely normal to pay more for Joint agency than sole agency

tim

Even though the second EA's fees are only 1% if they're the ones who find my buyer? I don't really understand, this whole thing is baffling me!

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If you think about it - they have to do the same work to try to sell it, but only have half the chance of making the sale and earning commission.

The second EA might be happy with the 1% - perhaps they're desperate for your business or just happy to get a bite at the cherry.

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  • 284 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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