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LuckyOne

An Honest Estate Agent .....

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At the risk of offending some who might feel that I am giving credit where it isn't due, I thought that I would post this little gem which arrived in my inbox from an EA in Herts.

I actually find it quite refreshing and am willing to overlook the "draconian lending" bit.

My guess is that this EA is one of those that will survive the next few years.

http://johncurtis.briefyourmarket.com/Newsletters/The-First-John-Curtis-Newsletter/A-lot-is-reported-about-house-prices-in-the-media-.aspx

A lot is reported about house prices in the media...

The Halifax produce property price indices monthly and regularly point unsurprisingly to a meandering national market plagued by low volumes and draconian lending. It seems mildly ironic that a lending institution should be producing such stats, perhaps they should add an apology?

But the biggest problem in the Home Counties is not house prices, its ASKING prices, which are being driven by an unholy trinity; desperate agents, over ambitious sellers, and the mistaken perception that the good times are here again.

The real bellwethers of the economy are property buyers. Clearly if they’re not spending here then the chances are they won’t be spending elsewhere! As agents, we know when they’re drawing their horns in, and they are doing precisely that!

They’re not disappearing but simply telling us that they think things have gone too far. A quick check of most web databases shows that more than half of properties are now showing some kind of price reduction. Many are wimpy ones designed to keep sellers happy and do not produce tangible benefits. But where agents and sellers are deciding to actually bring a property into a range of new buyers suddenly they’re seeing action. It’s what buyers are waiting for. There is no science to making a successful move, but it is an art. The right agent for you will always discuss the facts about the market today and back up recommendations on price with comparable evidence, and determine with you the precise audience of buyers to target to maximise your sale price. We are market makers!

The wrong agent is the one that suggests an unrealistic initial asking price (often to get your business) after which he will recommend price reductions. The truth is that price reductions are a necessity when markets correct, but make them at the right time, for the right reasons, rather than flying the kite in the first place which often leads to an unimaginative sale price.

Traditionally when market corrections occur it takes circa three months for sellers to twig that they have to alter their perception, but the issue here is that because agents are so desperate for business they’re going to be badgering a seller when they see that a property isn’t selling with the instructed agent. If you’re a seller and an agent is ringing you daily what are you going to do, reduce the price or give the new agent a chance at the same price. Chances are you will stay at same price and waste even more time.

If moving is on your agenda this Autumn, get the correct advice now. Otherwise it could be next Autumn before you move!

Of course, moving advice and sensible, yet optimal price structuring is available confidentially from our offices in Harpenden and Wheathampstead.

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It is not ironic at all that the runner of a ponzi scheme produces a monthly "results" chart for its punters.

It is the mainstay of keeping the ponzi going.

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At the risk of offending some who might feel that I am giving credit where it isn't due, I thought that I would post this little gem which arrived in my inbox from an EA in Herts.

I actually find it quite refreshing and am willing to overlook the "draconian lending" bit.

My guess is that this EA is one of those that will survive the next few years.

http://johncurtis.briefyourmarket.com/Newsletters/The-First-John-Curtis-Newsletter/A-lot-is-reported-about-house-prices-in-the-media-.aspx

I'll take your John Curtis and raise you Chris Wiley EA:

Brave New Prices -

for a Tough New Market!

Fortune favours the brave and many of our clients have plucked up the courage and reduced their advertised prices - in reaction to the hardening economy which is now well and truly reflecting in the prices buyers can afford to pay. Although our original asking prices were carefully set, it’s clear the market has taken a turn for the worse so we and our clients are responding accordingly. These decisions have not been taken lightly. Each and every seller has their own particular needs and plan but, by and large, each trusts that if they are selling to buy another, it’s all relative, or all about the differential in price. If they can’t ‘balance their books’, things won’t stack up, they simply won’t sell and we won’t expect them to.

So come on you sellers in limbo - swallow that bitter pill and reset your price. It’s the remedy for sure. We’ve made a move - so you can move too!

Hardly a day passes without learning of High Street retailers going bust, mass job losses, low earnings growth, pension cuts, higher taxes, higher inflation, youth unemployment and increased levels of personal and national debt. Neither can we ignore the dire financial challenges facing the NHS and concerns over who’ll pay for our care in later life. All the while we live under the shadow of the dark economic cloud hovering over Europe. Not a good scenario - so when asked if we can expect an increase in house prices any time soon, the answer has to be ‘How?’

The latest statistics announced by The Halifax indicated a 1.2% house price rise in June, despite an overall drop of 3.5% for the year. This rise could well be attributed to London prices which, thanks in no small part to foreign investment, remain similar to those being paid at the height of the market in 2007. Supply and demand is also playing its part in sustaining these figures. In these tough times fewer properties are coming on to the market and with a steady demand, this is preventing a steeper slide in prices.

How then, in the midst of all this doom and gloom, can we possibly lead our page with such a bold announcement of sales activity? Here’s how... For more than three years, as the economy has deteriorated, house prices have fallen too. Even though it’s been a bitter pill to swallow, sellers needing to sell have had to reduce their prices to the point when they have once again become attractive to buyers. Many of these buyers have either been sitting tight on their funds or sold their own property a while ago, to wait and watch for these inevitable reductions. All of a sudden there’s a status quo - sensibly priced properties are selling to well placed buyers at the time of year when everything is looking its best. The good old British weather may be uncertain this summer, but one thing’s for sure - with sensibly set prices - sales will sizzle!

He quite often posts a bearish little 'market commentary' alongside his ads in the local rag - all good for undermining sentiment and like you say I reckon he'll be one of the last men standing too.

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I'll remain happy, to be unforgiving.

Every EA we talked to for over a decade swore blind house prices would never drop.

[The Bradford and Bingley even printed this on their literature. Their main product was the BTL mortgage. Before being bailed out to the sum of 50 billion]

When the subject of high house prices was broached, I found them all to be nasty spiteful deaf, greedy, stupid, rude and vindictive in the main. Obviously.

Find me one that says the average house price should be no more than 2.5 times salary of an individual.

As they were around 1997.

Otherwise F"ck em.

When they do drop back to that level of affordability, personally I would like to see all First Time buyers, attempt to cut out the Estate Agent completely.

Maybe we/fubra should set up a website, that gives clear, concise information, and downloadable forms, on how to sell your house.

Which is completely free of all costs. For the seller and the Buyer.

And people are allowed to advertise their homes for sale on this website. In a similiar format to Right Move.

[i mean come on. How hard can it be?]

I will do everything possible to avoid them, when house's are affordable once more.

Edited by Milton

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I'll take your John Curtis and raise you Chris Wiley EA:

He quite often posts a bearish little 'market commentary' alongside his ads in the local rag - all good for undermining sentiment and like you say I reckon he'll be one of the last men standing too.

It may hearten you to know that Chris Wiley is an anagram of Wisely Rich.

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It may hearten you to know that Chris Wiley is an anagram of Wisely Rich.

:lol:

As well as Lie, Wish, Cry

Edited by Deckard

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When they do drop back to that level of affordability, personally I would like to see all First Time buyers, attempt to cut out the Estate Agent completely.

Maybe we/fubra should set up a website, that gives clear, concise information, and downloadable forms, on how to sell your house.

Which is completely free of all costs. For the seller and the Buyer.

And people are allowed to advertise their homes for sale on this website. In a similiar format to Right Move.

[i mean come on. How hard can it be?]

I will do everything possible to avoid them, when house's are affordable once more.

It's not hard, but the Estate Agent act http://www.oft.gov.uk/about-the-oft/legal-powers/legal/estate-agents-act/ can be restrictive. There is an exemption if you are merely 'publishing advertisements or disseminating information' , but you may still have to consider the Property Misdescriptions Act 1991, and ensure that the advertisers adhere to it.

I suspect that one day soon the property portals will open up to private sellers. In these times with precious few buyers, I think you will see a rise in property buyers who offer 75% of the market price and sell on at their leisure, most likely renting out in the interim.

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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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