Jump to content
House Price Crash Forum
Sign in to follow this  
StandupBcounted

Estate Agent's Very Bearish Article

Recommended Posts

Almost missed this little gem in last weeks property supplement covering Southampton and Portsmouth, did anybody else from the area notice it? Tucked away on the inside page, only just noticed it in time before I was about to throw it away! Estate agents are starting to get edgy and exasperated with their lack of sales and loss of commision. ;)

Expert Eye

By Kerry Applin

Of Chapplins Estate Agents

“OBVIOUSLY, we all want to get the best price for our home, so it’s always tempting to ask just that little bit more-particularly when we know that prospective buyers will almost certainly come back with an offer below the asking price.

However, in the current market, asking over the odds is not a good idea.

Buyers are quite simply spoilt for choice. There’s plenty of property on the market at the moment, so an overpriced home will stand out like a sore thumb.

Does this matter? Isn’t it worth taking a punt, just in case? Well, look at it this way.

Would you knowingly pay a few thousand over the odds for your new home? No, neither will anyone else!

If you put your home on the market with too high a price tag, the likelihood is that it will simply remain unsold - until you bring the price down to where it should have been.

The trouble is, you might miss out on the home of your dreams in the meantime.

Worse than that, however, you may also have lost your best chance of making a sale.

Statistics show that properties are always viewed most during the first few weeks they are on the market.

Thereafter, buyer interest declines dramatically, even when prices are later reduced.

Of course, you could always try marketing your home on the basis of ’offers in excess of…’ This is a bit like setting a reserve price at auction - and if pitched at the right level to start with, can often generate interest.

On the whole, however, your best bet is to bite the bullet and accept professional advice on what is a realistic price.”

Share this post


Link to post
Share on other sites

Almost missed this little gem in last weeks property supplement covering Southampton and Portsmouth, did anybody else from the area notice it? Tucked away on the inside page, only just noticed it in time before I was about to throw it away! Estate agents are starting to get edgy and exasperated with their lack of sales and loss of commision. ;)

Expert Eye

By Kerry Applin

Of Chapplins Estate Agents

“OBVIOUSLY, we all want to get the best price for our home, so it’s always tempting to ask just that little bit more-particularly when we know that prospective buyers will almost certainly come back with an offer below the asking price.

However, in the current market, asking over the odds is not a good idea.

Buyers are quite simply spoilt for choice. There’s plenty of property on the market at the moment, so an overpriced home will stand out like a sore thumb.

Does this matter? Isn’t it worth taking a punt, just in case? Well, look at it this way.

Would you knowingly pay a few thousand over the odds for your new home? No, neither will anyone else!

If you put your home on the market with too high a price tag, the likelihood is that it will simply remain unsold - until you bring the price down to where it should have been.

The trouble is, you might miss out on the home of your dreams in the meantime.

Worse than that, however, you may also have lost your best chance of making a sale.

Statistics show that properties are always viewed most during the first few weeks they are on the market.

Thereafter, buyer interest declines dramatically, even when prices are later reduced.

Of course, you could always try marketing your home on the basis of ’offers in excess of…’ This is a bit like setting a reserve price at auction - and if pitched at the right level to start with, can often generate interest.

On the whole, however, your best bet is to bite the bullet and accept professional advice on what is a realistic price.”

And as we've said on this site time and time again, it's in the EAs interest to encourage 'realistic' prices in order to get their volumes back up. Incredible how so many refuse to adhere to this simple logic...maybe they're afraid of losing instructions and so tell vendors what they want to hear.

Just spoke to an EA from Kent who told me the market is dead in his area but he isn't actively telling vendors to lower prices...doesn't want to offend? ;)

Share this post


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...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 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.