Jump to content
House Price Crash Forum

The View From The Other Side


Recommended Posts

I'd agree wholeheartedly that most EAs are disinterested. However a more stringent system may mean that the rubbish don't make the grade & so don't get work! However in the last week I've had two very different experiences with EAs. My situation sold 5 bed detached in SE England 18 months ago, cash in bank. Now looking for 3/4 bed in rural mid Ulster with no joy. OH now suggesting moving to his home City south of Lough Neagh and he'll travel to work so we visit local agents...

Agent 1: office dirty, he looks a mess, doesn't get up from his desk. We enquire about one property and get the usual he's not seen it, doesn't know how long it's been on market, doesn't know RV, doesn't know sq ft. We might be able to view it but not at a weekend or evening ( even after explaining we live 11/2 away & both work). We enquire about a site with FFP- no plans, no planning ref no. Saying " we wouldn't have that sort of info".

Agent 2: no office but excellent website, I make an e-mail enquiry, get text reply within 30 mins, sorry he doesn't have internal photos, explains why with a valid reason, suggest I drive by and take a look, he'll get hold of vendor in mean time, calls back following day asking when I'd like to view but advising vendor v keen to sell close to asking price even at over RV.

In my view many EAs fall into the job as wearing the suit looks attractive @ 17. A bit like car sales if they are interested in the product the buyer gets a good service, if not they don't!

Link to post
Share on other sites
  • Replies 328
  • Created
  • Last Reply

Top Posters In This Topic

Valuing a house is not rocket science!!!

http://www.templetonrobinson.co.uk/about/index.php

Pricing a home shouldn’t be guesswork. Often sellers can initially be enticed by agents trying to buy market share with the oldest “trick in the book”... telling you what you want to hear.... A higher valuation with a low commission. Once you have committed to selling through their agency they come back later and reduce your valuation in order to secure their fee, ultimately damaging your saleability, costing you more time, money and unnecessary stress .

The key to pricing a home is called a Comparative Market Analysis (CMA), and it’s not magic. A Comparative Market Analysis (CMA) is an evaluation of comparable, recently sold homes, not those on the market for sale! Comparables are recently sold homes that are similar in size and style to the home you’re trying to sell. This is the most important step: the wrong comparables yields the wrong price range and will seriously damage saleability and price in the long run.

Type: do not compare apartments to houses.

Neighbourhood & school district: only evaluate comparables in the same neighbourhood and school district as your home.

Date of sale: In a fast-changing market, more recent comparables are best. Don’t go back much farther than three months.

View, waterfront access: don’t compare waterfront homes to homes not on the water, or homes with great views to homes with partial or nonexistent views.

Size: comparables should be within 15% of your home’s square footage.

Number of beds and baths: exclude properties with significantly more or fewer bedrooms and bathrooms. If your home has 4 bedrooms, comparing homes with 3 or 4 bedrooms is ok; comparing to homes with 1 or 2 bedrooms is not.

• Age and style of home: if you have enough homes to be picky, exclude homes built at different times and in different styles.

Condition of home: don’t chose homes that vary greatly in condition from your home. For example, don’t compare a fixer-upper to a recently remodeled home.

Garden size and usability of land: plot size is a significant factor only when the difference is large. To calculate a fair value range for your home, multiply the average price-per-square-foot of your comparables by the square footage of your home. This will provide a baseline for the market price.

If your home has characteristics that make it more or less desirable, adjust the value up or down to account for them. For example, does it have a better view, a big garage? These differences can affect the value of your home.

Templeton Robinson agents work on several deals per month, so they’ve got a great sense of pricing guidance because they know what’s selling. Once you agree on a list price, your agent will guide you through the selling and closing process.

Link to post
Share on other sites

Irish News yesterday reports an (ex?) Estate Agent called Joseph Taylor, trading as Taylor Property Management on the Falls Road, has been made bankrupt by his creditors. His property portfolio was believed to run into 'several million pounds'.

He got into financial difficulties after the bubble burst, defaulted on a number of properties and had around 40 properties reposessed.

BTW Cairns were appointed to sell the properties for 'any reasonable offer'

This may be old news.

Edited by Shotoflight
Link to post
Share on other sites

No , willy, they are 'experts' who are called upon by all levels of the media to give us unbiased objective information regarding the health and sustainability of the housing market and do so at every given opportunity. I , for one, believe every pearl of wisdom that utters from their sensitive caring omnibenevolent mouths . :rolleyes:

Link to post
Share on other sites
  • 4 weeks later...

Conveniently located (above a takeaway) – how to decode estate agents' sales patter

Estate agents are notorious for talking up their properties in order make a sale. Now one has broken ranks by publishing the true meaning of their jargon.

http://www.telegraph.co.uk/finance/personalfinance/houseprices/10096451/Conveniently-located-above-a-takeaway-how-to-decode-estate-agents-sales-patter.html

Estate agent speak

“Ideal for the first-time buyer or as a buy-to-let investment”

Translation

“The property’s small and in a terrible area ”

Estate agent speak

“Tremendous scope for improvement. A real blank canvas”

Translation

“Derelict”

Estate agent speak

“In need of some updating and offered with no onward chain”

Translation

“An old lady has recently died in the house and it hasn’t been decorated since she originally moved in 50 years ago”

Link to post
Share on other sites

Want to sell your house? Hire an attractive estate agent

Home buyers are more likely to put in a good offer if the estate agent is good looking, according to a new study.

http://www.telegraph.co.uk/finance/personalfinance/houseprices/10103052/Want-to-sell-your-house-Hire-an-attractive-estate-agent.html

Attractive estate agents don't just secure a quicker sale than their less genetically-blessed counterparts – but they secure higher selling prices too.

Link to post
Share on other sites
  • 2 weeks later...

Estate agent mortgage brokers are a lousy deal for homebuyers UK - mostly

An estate agent is the agent of the vendor; a mortgage broker is, supposedly, the agent of the buyer – surely this is a conflict of interests?

http://www.guardian.co.uk/money/blog/2013/jun/15/estate-agent-mortgage-brokers-lousy

It is difficult to libel estate agents, as they have practically no reputation to defend. But there is a sub-species of the estate agency world whose reputation is managing to sink – somehow – even lower than the shiny-suited guys in the front office: the in-house mortgage adviser.

Virtually every young housebuyer has had the uncomfortable experience of being reluctantly prodded, like a lamb to the slaughter, into the arms of the financial adviser. It was his job (and they are nearly always male) to push an endowment mortgage on to the unsuspecting buyer, and when that wheeze was no longer possible, to sell critical illness or income protection policies. And all the time they would be insisting they are your best mate, toiling away to find the best possible deal for you.

Britain is, sadly, already entering another property spiral, pumped up by the moronic Help to Buy scheme. And even more sadly, the chances of proper estate agency regulation are as far away as they always have been.

Edited by Shotoflight
Link to post
Share on other sites

Majority of first time buyers get help from parents

http://www.wilson-nesbitt.com/news-updates/general/6998/Majority-of-first-time-buyers-get-help-from-parents

According to new research by the Council for Mortgage Lenders, 64 per cent of first time buyers in Northern Ireland and the rest of the UK got financial assistance from their parents to complete their house purchase last year.

Existing home-owners, referred to as second steppers, have also had to turn to their parents to fund a house move, with 26 per cent saying they would need help from family or friends.

Half of second steppers can't afford to move

http://www.wilson-nesbitt.com/news-updates/general/6999/Half-of-second-steppers-can-t-afford-to-move

A survey by Lloyds TSB has revealed that 55 per cent of second steppers; existing home owners wanting to move to another property, cannot meet the deposit requirements.

Link to post
Share on other sites
  • 3 weeks later...

Thought I would add to this thread with an update of how life as an EA is treating me these days. Unfortunately I have nothing very interesting to announce as sales transactions are still very low and at least 75% are repo sales. Thankfully there is less fighting with vendors to put their house on at a realistic price which gives us a fair chance of selling their property. I guess that 5 years of hardship have left even the most optimistic house owner with a sense of bleak realism that their house is only worth what someone is willing to pay right now. Buyers have the power but there is still too few of them around our way.

I often wonder why none of our competitors have gone out of business as there simply aren't enough sales to sustain all of us in this area. Then I look in one of their windows as I was passing one day and I see that they have posters selling concert tickets and cashing cheques. Diversification at its best!! I have decided to take a leaf out of their book and sell cheap cigs from my receptionist's desk. Business is booming, estate agency is back!! :rolleyes:

Link to post
Share on other sites

I often wonder why none of our competitors have gone out of business as there simply aren't enough sales to sustain all of us in this area. Then I look in one of their windows as I was passing one day and I see that they have posters selling concert tickets and cashing cheques. Diversification at its best!! I have decided to take a leaf out of their book and sell cheap cigs from my receptionist's desk. Business is booming, estate agency is back!! :rolleyes:

Reduced hours - let some staff go

Rentals

Co-ownership

Diversify - double job

Bank forbearance with business

Link to post
Share on other sites
  • 2 weeks later...

I would love to know more about what is actually selling, and at what price.

The reason I ask is that prices don't seem to have dropped much for a while, and indeed I see quite a few houses coming on at what I consider to be ridiculous prices (semi's at £200K for example), but it doesn't look like anyone's buying them.

Would any of the EA's here be able to give an idea of how much a 3 bed semi in Belfast is actually selling for?

With regards to repo's....how does a buyer go about finding repo's?

Link to post
Share on other sites

I would love to know more about what is actually selling, and at what price.

The reason I ask is that prices don't seem to have dropped much for a while, and indeed I see quite a few houses coming on at what I consider to be ridiculous prices (semi's at £200K for example), but it doesn't look like anyone's buying them.

Would any of the EA's here be able to give an idea of how much a 3 bed semi in Belfast is actually selling for?

With regards to repo's....how does a buyer go about finding repo's?

Many of the surveys give a break down for house types in each area. However the variance across parts of Belfast is vast.

There is no specific list for repos. You are best to check the different auction pages of specific sellers such as Colliers.

Link to post
Share on other sites

I'm still not sure whether to buy or rent.. Such a huge & tricky decision..

There are different times in your life for both.

The way I look at is wanting to have a house paid off well before one retires. Therefore you work 20 years back from that. Then you have the stage in the cycle to look at. Are we approaching or close to the top or approaching the bottom. With a number of recent, even the gov official reports showing prices levelling and even rising, one could assume this would be a good time to buy.

However, its not for everyone and for some renting may be the best option.

Link to post
Share on other sites

There are different times in your life for both.

The way I look at is wanting to have a house paid off well before one retires. Therefore you work 20 years back from that. Then you have the stage in the cycle to look at. Are we approaching or close to the top or approaching the bottom. With a number of recent, even the gov official reports showing prices levelling and even rising, one could assume this would be a good time to buy.

However, its not for everyone and for some renting may be the best option.

House paid off at 47 (20 yrs from retirement)

Average FTB 37.

Good luck with that.

Britain in longest wages squeeze since Victorian era

http://union-news.co.uk/2013/07/britain-in-longest-wages-squeeze-since-victrorian-era/

Edited by Shotoflight
Link to post
Share on other sites

I'm still not sure whether to buy or rent.. Such a huge & tricky decision..

First time poster, long time lurker!

Thanks to this forum, I feel reasonably confident that my recent decision to purchase a house is not a moment of madness. Here are my reasons to buy:

1. I'm buying a home. I'd like it to be an investment, but in reality it's where I'll live for x amount of years.

2. I can afford it. Seems like an odd statement, but its true. I have a deposit saved and my mortgage is just over 3 times my salary. My monthly payment is about 25% of my take home pay.

3. Who knows where prices are going, but I think they've reached affordability. I still expect more stagnation, but as I say I'm buying a home.

4. My rent is £100 a month more than my mortgage. Yes I know there are additional costs with owning, but I'm not getting my rent back and I can't decorate, replace the shower etc. I could probably rent alternatives, but now just feels like the right time for me to buy.

No one on this forum can tell you whether you should buy, so ask yourself this: can I afford it, am I likely to move anytime soon, how secure is my job, what impact will kids, marriage or divorce have on me?

Link to post
Share on other sites

Welcome and enjoy your new home.

Don't know how comfortable I would be personally at 25% take home on just the mortgage with rates at 0.5% but each to their own.

My rent is about 12% of take home and I make a few quid a month on savings interest. I'm happy enough.

Going to 27% on the next mortgage from nothing, scary biccys :) Long fixed biccys of course..

Really depends what your circumstances are and where you are in life, in 2002 I took out a 102.5% mortgage consuming 30% of take home, and while that'll make people recoil in horror it was almost prudent at the time! The mortgage advisor said i was crazy for not taking the maximum which I think was nearly half of take home "Everyone else does it!" :rolleyes:

Just over 10 years later the entire thing was paid off, time to do it all over again ;)

Link to post
Share on other sites

Going to 27% on the next mortgage from nothing, scary biccys :) Long fixed biccys of course..

Really depends what your circumstances are and where you are in life, in 2002 I took out a 102.5% mortgage consuming 30% of take home, and while that'll make people recoil in horror it was almost prudent at the time! The mortgage advisor said i was crazy for not taking the maximum which I think was nearly half of take home "Everyone else does it!" :rolleyes:

Just over 10 years later the entire thing was paid off, time to do it all over again ;)

Good for you. Care to share how you managed to pay off your mortgage in 10 years?????.....

Link to post
Share on other sites

Good for you. Care to share how you managed to pay off your mortgage in 10 years?????.....

That's the circumstances and where you are in life bit, was 21 and salary doubled in that time, was also living by myself for most of the time and although I didn't scrimp I mostly carried on living as if I was on the original salary and saved the rest. Then when did get married it was to another saver, job done.

That said it's not going to happen this time about, don't expect the salary will ever increase again, kids etc

Link to post
Share on other sites

That's the circumstances and where you are in life bit, was 21 and salary doubled in that time, was also living by myself for most of the time and although I didn't scrimp I mostly carried on living as if I was on the original salary and saved the rest. Then when did get married it was to another saver, job done.

That said it's not going to happen this time about, don't expect the salary will ever increase again, kids etc

Please don't take this the wrong way. I haven't bothered to read your comment history either, but what are you doing here?!?

Link to post
Share on other sites

Don't take the above post the wrong way 'Sure Thing'. You are very welcome to post in this Forum.

Yeah I'm fine with it, been here longer than 2009 blow ins ;)

What am I doing here? Discussing the current situation regarding housing in NI and in this instance how I've personally muddled through with what someone commented was a high percentage of income spent on a mortgage.

I'm not espousing what I said as support for buying at any price or taking a stupid risk just trying to say that depending on the circumstances it sometimes makes sense to just get on with your life. In addition to the paying it off, I recently sold it (yes, I sold a house!) for less after inflation than I bought it for over 10 years previously and it needed significant money spent on it at that time too, does that make you feel better or allow me to fit in here as it is more on message? :)

Link to post
Share on other sites

Yeah I'm fine with it, been here longer than 2009 blow ins ;)

What am I doing here? Discussing the current situation regarding housing in NI and in this instance how I've personally muddled through with what someone commented was a high percentage of income spent on a mortgage.

I'm not espousing what I said as support for buying at any price or taking a stupid risk just trying to say that depending on the circumstances it sometimes makes sense to just get on with your life. In addition to the paying it off, I recently sold it (yes, I sold a house!) for less after inflation than I bought it for over 10 years previously and it needed significant money spent on it at that time too, does that make you feel better or allow me to fit in here as it is more on message? :)

I see you took this quite thick after all. nevermind. carry on!

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 441 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.