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andybee33

Ea Advising Against Price Cut - Why?

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Hi,

Some people we know are selling a mews/terraced house on a development near Carlisle due to him changing job. House has been on market for over six month and has had ZERO viewings. He is living in flat down south, she is with kids up here. Not ideal family situation. He called EA yesterday to talk about cutting asking price (it's on at a VERY optimistic (IMHO) 320k at present - at EA advice) and was told flatly by the EA that that wasn't a good idea as the house is a 'niche' property and it will 'find a buyer at this level'.

He was baffled. I'm stunned! What might be going on in the EAs head?

:unsure:

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I've heard similar. Only thing I can think is that EA doesn't want to trigger mass discounting on their properties.

Madness - you'd think they'd jump at a chance to reduce the price thereby increasing the chance of a sale and a commission.

No viewing in 6 months is frankly ridiculous.

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Hi,

Some people we know are selling a mews/terraced house on a development near Carlisle due to him changing job. House has been on market for over six month and has had ZERO viewings. He is living in flat down south, she is with kids up here. Not ideal family situation. He called EA yesterday to talk about cutting asking price (it's on at a VERY optimistic (IMHO) 320k at present - at EA advice) and was told flatly by the EA that that wasn't a good idea as the house is a 'niche' property and it will 'find a buyer at this level'.

He was baffled. I'm stunned! What might be going on in the EAs head?

:unsure:

No viewings in 6 months and EA won't let them drop the price. What a c*ck.

He is supposed to be acting in their interests but clearly isn't. They need to sack him and find another EA who actually wants to work on their behalf so that they can sell their house and start living together again as a family.

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They need to sack him and find another EA who actually wants to work on their behalf so that they can sell their house and start living together again as a family.

Funnily enough, that's what they are planning to do. :)

I thought it was strange though. The area is very cliquey and both the EA and developer are counted in the local 'great and the good' - so maybe that's a factor.

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Hi,

Some people we know are selling a mews/terraced house on a development near Carlisle due to him changing job. House has been on market for over six month and has had ZERO viewings. He is living in flat down south, she is with kids up here. Not ideal family situation. He called EA yesterday to talk about cutting asking price (it's on at a VERY optimistic (IMHO) 320k at present - at EA advice) and was told flatly by the EA that that wasn't a good idea as the house is a 'niche' property and it will 'find a buyer at this level'.

He was baffled. I'm stunned! What might be going on in the EAs head?

:unsure:

Quick guess? Maybe the EA doesn't think it will get a buyer at any price over £250, not in the current market, and thinks they might as well wait until the right buyer comes along. Zero viewings suggests either that the house is grossly over-priced (as in 30%) or that there are zero buyers out there in that market.

Leave a modest reduction for the days when it might make a difference. Speculation about rational account for EA advice.

db

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Maybe totally useless as I live in London. But one local agent that I know of does not recommend to sellers they reduce price on listings and details - if there is as reduction to be had, been on the market a while, then agent will tell indicate to potential buyers that vendors are open to offer and give some indication of amount. Presumably afgter agreeing this with vendors. I just wonder if this is a way of trying not to send out too many signals that some properties (not many, most have sold at or near asking price around here) are to be had for quite a bit under asking price. A way of getting these properties sold quietly without advertising to the world out there.

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I've heard similar. Only thing I can think is that EA doesn't want to trigger mass discounting on their properties.

Madness - you'd think they'd jump at a chance to reduce the price thereby increasing the chance of a sale and a commission.

No viewing in 6 months is frankly ridiculous.

Complete opposite of my recent experience. House on for 400k in the Marches and I told the EA that I was only interested if the vendors were into some hard negotiation. She said she didn't know much about the house but would get her boss to email me with the details.

Next day, email from him advising he thought his client would take 340K!!

I immediately responded with an offer of 300K which was quickly rejected. However, it had only taken a suggestion of wanting to deal to secure an immediate 60K discount.I was surprised to say the least.

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Complete opposite of my recent experience. House on for 400k in the Marches and I told the EA that I was only interested if the vendors were into some hard negotiation. She said she didn't know much about the house but would get her boss to email me with the details.

Next day, email from him advising he thought his client would take 340K!!

I immediately responded with an offer of 300K which was quickly rejected. However, it had only taken a suggestion of wanting to deal to secure an immediate 60K discount.I was surprised to say the least.

Good stuff! Stupid vendors - obviously knew it wasn't worth 400k.

I wasn't suggesting that EAs recommending to not drop the price was common - just that I had heard one similar story.

I would imagine it's unusual.

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Good stuff! Stupid vendors - obviously knew it wasn't worth 400k.

I wasn't suggesting that EAs recommending to not drop the price was common - just that I had heard one similar story.

I would imagine it's unusual.

We need more than ever to maintain detachment , then turn that screw!

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One possibility is simply that the EA is stupid.

For 15 years EA's overpriced, because there was no harm done if they got it a bit wrong on the high side; the property would just sit for a few months till prices caught up. (But if they under-priced, the seller ended up swallowing a loss when it was immediately snapped up).

Now of course the opposite applies, property needs to be under-priced and wait for the market to catch up downwards, otherwise (if over-priced) it just sits there permanently, which is what's happened here.

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. The area is very cliquey and both the EA and developer are counted in the local 'great and the good'

There is your answer right there.

Tell them to change agent, forcing this tool to drop the price doesnt mean that he will actually try and sell it.

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  • 312 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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