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TheCountOfNowhere

Open Days....why So Many ?

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I've been going through the shires counting the price drops ( should change my name to the Count of Price Drops ) and I noticed something which I think is significant....there are so many open days now being listed.

Surely this is a sign of the EAs/Vendors getting desperate.

Is anyone else seeing this phenomena?

Edited by TheCountOfNowhere

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Just the latest American trend to impress the house sellers......

Any option of a potential sale is welcome and if not much interest is sparked then the agent can get their friends and family to go round to look like their work is generating interest...

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Just the latest American trend to impress the house sellers......

Any option of a potential sale is welcome and if not much interest is sparked then the agent can get their friends and family to go round to look like their work is generating interest...

Best avoided then ?

Last time I attempted to view a house someone else turned up claiming it was an open day. It was obviously a set up.

I drove off and told the EA to shove it, havent viewed a house since.

Edited by TheCountOfNowhere

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I've been going through the shires counting the price drops ( should change my name to the Count of Price Drops ) and I noticed something which I think is significant....there are so many open days now being listed.

Surely this is a sign of the EAs/Vendors getting desperate.

Is anyone else seeing this phenomena?

We'll know when they're really getting desperate, as there'll be a yard sale in the front garden at the same time ;)

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My experience in London tends to be the opposite of what's talked about in this thread. Open days are what agents were doing when people were falling over themselves to buy early last year. They were setting up open days, and getting 15-20 people through the door, and usually multiple offers.

Once the market calmed down about this time last year, the open days stopped. Worryingly, they are now making a comeback in a few cases.Hopefully that won't last.

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Yep - open days in SE and London are v common - especially in hot markets. Sold my house recently on first day on market via an open day. Nothing underhand about it (at least in our case), it was just that with a young family and full house it was far more convenient for us to do viewings on a single day rather than spreading them over a few weeks.

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Yep - open days in SE and London are v common - especially in hot markets. Sold my house recently on first day on market via an open day. Nothing underhand about it (at least in our case), it was just that with a young family and full house it was far more convenient for us to do viewings on a single day rather than spreading them over a few weeks.

Even when the houses have been listed for sale for 9 months ?

:lol::lol::lol:

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Definitely nothing underhand going on:

http://www.rightmove.co.uk/property-for-sale/property-50504713.html

3 bedroom detached house for sale Sandown Park, Tunbridge Wells, Kent

£550,000

http://www.rightmove.co.uk/property-for-sale/property-50506447.html

3 bedroom detached house for sale Sandown Park, Tunbridge Wells, Kent

Guide Price £367,000

This is clearly the same house.

Nothing underhand, definitely, nothing underhand.

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Definitely nothing underhand going on:

http://www.rightmove.co.uk/property-for-sale/property-50504713.html

3 bedroom detached house for sale Sandown Park, Tunbridge Wells, Kent

£550,000

http://www.rightmove.co.uk/property-for-sale/property-50506447.html

3 bedroom detached house for sale Sandown Park, Tunbridge Wells, Kent

Guide Price £367,000

This is clearly the same house.

Nothing underhand, definitely, nothing underhand.

The £367,000 price appears to be a special offer only available to the oldies, count.

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The £367,000 price appears to be a special offer only available to the oldies, count.

Oh right you are...so the price is £367K if your old and £550K if your young.

Good luck with that.

:lol::lol::lol::lol::lol:

It's like discount time at the barbers,.

Edited by TheCountOfNowhere

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It's worse than that. It's a lifetime lease if you're over 60!

So it's £367,000 for (let's be honest) a 21 year lease (on average) or £550k if you want to buy it?

Both are insane asking prices.

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This house has been on sale for some time (don't have property bee, so can't tell): http://www.rightmove.co.uk/property-for-sale/property-34638900.html?premiumA=true. It's had a price drop and an open day about a month or two ago, still hasn't sold.

Meanwhile, https://houseprices.io/ tells me that transaction volumes for this town (Wellingborough) has been falling month on month.

Yet, if I search for other houses in this town I am seeing more and more open days for other houses.

All this suggests is that desperate EA's in this town are using London tactics with open days to create a fictional frenzy, when in reality there isn't any.

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Yet, if I search for other houses in this town I am seeing more and more open days for other houses.

All this suggests is that desperate EA's in this town are using London tactics with open days to create a fictional frenzy, when in reality there isn't any.

Yeah, that's exactly what I mean.

You used to occasionally see an open day round this way, but now seeing a few listed every day.

I cant imagine anyone is going to them, why would you, you can book in for a time to suit you and have a guided viewing.

Agents dont do much for their money but thats the very least I expect.

The idiots in london queuing up to buy houses need their heads examined.

The EA business needs to be heavily regulated....just like the bankers and financial institutions that now own many EA chains.

Edited by TheCountOfNowhere

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My theory is that it might be a good way to close the sale quickly and at high price. If you have an unusual property, and it is unique, and difficult to value, then this is the way.

If anyone looks at auction psychology - auctions tend to make people over pay, because of the competitive element. People don't like to lose - quite irrational and illogical.

Open days create the auction atmosphere, because of the presence of other potential bidders in the same room. People respond to peoples faces and looks, and make judgments even though they don't know them. That's why they choose good looking people on TV adverts, and they are putting up pictures of people who work in shops/businesses on public corporate notice boards. "Mike is your store manager and always happy to help".

Open days - It is a low cost idea, and worth a try if you are a seller.

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I actually sort of get the open day thing.

In theory when you sell a house it should be a considered planned decision.

In actual fact, in my case at least, it's been a very much knife edge decision and once you start down the road of marketing you do move. May be a sherry down at the local EA is enough to be the straw that broke the vendors back. :wacko:

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My theory is that it might be a good way to close the sale quickly and at high price. If you have an unusual property, and it is unique, and difficult to value, then this is the way.

If anyone looks at auction psychology - auctions tend to make people over pay, because of the competitive element. People don't like to lose - quite irrational and illogical.

Open days create the auction atmosphere, because of the presence of other potential bidders in the same room. People respond to peoples faces and looks, and make judgments even though they don't know them. That's why they choose good looking people on TV adverts, and they are putting up pictures of people who work in shops/businesses on public corporate notice boards. "Mike is your store manager and always happy to help".

Open days - It is a low cost idea, and worth a try if you are a seller.

It seems sellers aree attempting them, en masse though.

I seem the listing come up as "open day" then 2 weeks later I usually see "price reduction" :lol::lol::lol:

Which says to me, last deperate roll of the dice.

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Definitely nothing underhand going on:

http://www.rightmove.co.uk/property-for-sale/property-50504713.html

3 bedroom detached house for sale Sandown Park, Tunbridge Wells, Kent

£550,000

http://www.rightmove.co.uk/property-for-sale/property-50506447.html

3 bedroom detached house for sale Sandown Park, Tunbridge Wells, Kent

Guide Price £367,000

This is clearly the same house.

Nothing underhand, definitely, nothing underhand.

It's interesting you flagged this one, I thought these 'Homewise' people were prevalent across the entire country but maybe not. I see loads of them round here in Kent. The gist of it seems to be, you can buy a house at 2/3 of the asking price but when you die Homewise will have it off you and sell it for the full asking price.

It's a really good indicator of a house that won't sell becuase it's overpriced in the first place. The vendor becomes desperate and thinks some sucker will buy it through Homewise. I've yet to see *any* Homewise SSTC listings.

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On the topic of open days, an elderly relative who used to live in London had one on the advice of the EA and hated it. She kicked everyone out of her house and told them to sell it normally. Apparently she hated the idea of 10+ people rummaging through her cupboards at the same time.

It is certainly a trick that agents use, sadly I think we'll see more of it, even if/when there is a downturn. Once the seed has been cast, agents won't pass up the chance to engineer false interest.

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2 open days I kept an eye on recently. Counted 25 viewers in 2 hours. Mix of families, developers et al. Both sold within 2 weeks and 1 I know went about 10% over asking, the other not sure yet.

Whether you like it or not, the bank taps are wide open right now.

Edit: To add, this week alone 3 houses which were on market for some time and sold in last few months have seen the developers move in with bulldozers. Not seen activity like this since before the financial crisis. No doubt will start showing in data soon too. If I get chance I'll try and post pics over wkend.

Edited by R K

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How I would suspect open days are supposed to work is....one property available, low supply and a number of punters (the more the better) that create a high demand will pump up the price between them......all in competition with each other.........lots fall for it.....the best deal is buying something cheaply that nobody wants, before they realise they want it, because everybody now wants it. ;)

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This house has been on sale for some time (don't have property bee, so can't tell): http://www.rightmove.co.uk/property-for-sale/property-34638900.html?premiumA=true. It's had a price drop and an open day about a month or two ago, still hasn't sold.

Meanwhile, https://houseprices.io/ tells me that transaction volumes for this town (Wellingborough) has been falling month on month.

Yet, if I search for other houses in this town I am seeing more and more open days for other houses.

All this suggests is that desperate EA's in this town are using London tactics with open days to create a fictional frenzy, when in reality there isn't any.

It works in London, when prices are rising strongly and you find you are in a queue of 30 people to view a property. However, these EAs are probably doing it just to show the vendors they are still trying hard for a sale, but without lots of potential buyers they won't be creating a frenzy and risk putting off any potential buyer who does turn up to view a deserted property.

I don't believe the EA getting his mates round to fake interest actually happens, we all agree the average EA is lazy and doing this seems like just too much work for probably no return.

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Edit: To add, this week alone 3 houses which were on market for some time and sold in last few months have seen the developers move in with bulldozers. Not seen activity like this since before the financial crisis. No doubt will start showing in data soon too. If I get chance I'll try and post pics over wkend.

Perhaps its a new EA wheeze, buy it now or we will knock it down. Seems a bit drastic.

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