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Ketterinboy

Estate Agents

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Hi im new on here, i have been looking to buy a house over the past few months and have made 2 offers at 10% under asking price, both rejected. Im wonderin if this is a really blessing. I have decided that property prices can only go down. So today i told my estate agent i was giving up and will continue to rent until i can get a reasonably priced property! They are none to pleased with me and infact told me that there is no way that house prices would fall and infact by summer will be up by 5 to 10%. Do all estate agents lie constantly or is it just when they work??????

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They are relying on you buying to pay for thier wages. Do you think they'd discourage you from buying? ;)

EDIT: Welcome to the site, I hope you find the info you are looking for.

Edited by Raven

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EA's want to panic FTB's into buying so you can expect the odd hissy fit when the result of previous panic measures have forced the market to the point where people are walking away.

This needs to continue until the EA's start panicking themselves, then there will be a change in attitude and pricing.

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we are at a very piviotal point.... will we or wont we see a spring bounce... will prices fall will they continue to stay level etc etc. Here at HPC we are watching the crash in slow motion in great detail....

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I have a very similar story to yours Ketterinboy.

Up until very recently we were also looking, not getting very far as the only stuff on the market was overpriced, crap or both. We worked out that even after ignoring fees, renovation/redecorating costs and selling costs, over a three year period a property of the sort we want to buy would have to appreciate by 3.5% a year to break even when compared to renting a similar one.

It doesn't make sense!

I put this to a Foxtons EA, continuing with the property market being a giant pyramid scheme and that house prices were a matter of opinion and debt was real. He gave me all the blah blah about having "busiest December in the companies history", "offers above asking price", "I know its crazy, but prices are still going up".

Eventually he shut up, but I did think, if you are so busy then why are you wasting your time persuading me how strong the market is.

So we will continue to rent, maybe prices won't fall, but I know I am currently saving money - a lot of it and still living in a nice house, much to the EA in question's annoyance.

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We all know not to buy now.

The trick is you need to be very patient it's not something anyone ever needs to rush into.

Just bide your time until you KNOW it's right to buy, and even then, only buy something you’re certain is exactly what your looking for.

It's not even worth thinking about just get your money elsewhere.

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Hi im new on here, i have been looking to buy a house over the past few months and have made 2 offers at 10% under asking price, both rejected. Im wonderin if this is a really blessing. I have decided that property prices can only go down. So today i told my estate agent i was giving up and will continue to rent until i can get a reasonably priced property! They are none to pleased with me and infact told me that there is no way that house prices would fall and infact by summer will be up by 5 to 10%. Do all estate agents lie constantly or is it just when they work??????

They are not "your" estate agent, they are the agent of the seller, tasked with extracting the maximum amount of money out of you.

S.

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They are not "your" estate agent, they are the agent of the seller, tasked with extracting the maximum amount of money out of you.

Indeed, always be very clear exactly who EA's work for, you have a surveyor and solicitor on your side, sellers have agents, banks, politicans and the whole of the media working for them :lol:

Edited by BuyingBear

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You should have told the EA this:-

'If house prices will be 5-10% more expensive, then why don't you take all your

savings* out of your savings account and go and buy as many as possible'

*assuming they have savings - or 100% mortgage - s/he can't lose!!

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They are none to pleased with me and infact told me that there is no way that house prices would fall and infact by summer will be up by 5 to 10%. Do all estate agents lie constantly or is it just when they work??????

Say to them this then, you are willing to buy so long as they agree to cover any loss you might make if the market falls (which of course won't happen according to them).

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Hey great idea, im goingto ring my bank now and ask them for a ridiculous mortgage on the grounds they reckon property will go up!!! wonder what they will say...

Yes!

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The ironic thing is that they are probably simultaneously trying to convince their sellers that prices can only go down (and that therefore they should slash the asking price to get a quick sale). An interesting exercise would be to somehow pose as both buyer and seller with the same EA, and see what different story you get.

frugalista

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The ironic thing is that they are probably simultaneously trying to convince their sellers that prices can only go down (and that therefore they should slash the asking price to get a quick sale). An interesting exercise would be to somehow pose as both buyer and seller with the same EA, and see what different story you get.

Of course this is reflected in the wider media, how do they publish articles and press releases explaining the need for sellers to "be realistic" and reasonable whilst at the same time publishing news about the latest leap in the Ponzi index and how the future is all bright and onwards and upwards. Surely a seller will think "great, I will simply wait and also add £10k onto the asking price, times are good, the spring/summer/autumn/winter bounce is just round the corner, even the BBC says so"

P.S. this would go a long way to explain the stagnation and low transaction volumes, widly diverging future expectations between sellers and buyers, the media bull$hit v. reality.

Edited by BuyingBear

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Well, a 10% below asking price offer is pretty pathetic on your behalf if you don't mind me saying so. In a NORMAL market offering 90% of asking price is about normal but in a market that is about to see the biggest crash in history - The Economist mag says that the property bubble is the biggest in history - then your 90% offer is simply way too high.

Personally, I would offer 30% below asking price if I was looking to buy now and even then I would still think I was offering too much. Remember, if you are not embarassed by your offer you are offering too much!

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I'm ashamed to say I too have put in an offer this week, we complete on our STR house on Friday and it would have been nice to move into our new home soon rather than later.

Anyway before Christmas the people were living in their home, which is up for £320k, I offered £300k

They have now moved out of the house, they have downsized to a flat. So it's been stood empty for 4 weeks, no other offers. I went back and suggested that my offer was still available.

He said no but he would take £310k, I BET HE WOULD lol

The EA was worried about me going into rented accomodation because I was going to waste £12k in rent and would still have to pay £310k this time next year and if I bought now I would save £22k, 10 thousand off the asking price and £12k rent.

I thanked her for her concern, IF I make another offer on that house in Spring it'll be for £280k

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The EA was worried about me going into rented accomodation because I was going to waste £12k in rent and would still have to pay £310k this time next year and if I bought now I would save £22k, 10 thousand off the asking price and £12k rent.

I thanked her for her concern

That's a funny definition of saving, how about £300k's worth of bank interest, or does that not count in the happy little land of EA's?

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I'm ashamed to say I too have put in an offer this week, we complete on our STR house on Friday and it would have been nice to move into our new home soon rather than later.

Anyway before Christmas the people were living in their home, which is up for £320k, I offered £300k

They have now moved out of the house, they have downsized to a flat. So it's been stood empty for 4 weeks, no other offers. I went back and suggested that my offer was still available.

He said no but he would take £310k, I BET HE WOULD lol

The EA was worried about me going into rented accomodation because I was going to waste £12k in rent and would still have to pay £310k this time next year and if I bought now I would save £22k, 10 thousand off the asking price and £12k rent.

I thanked her for her concern, IF I make another offer on that house in Spring it'll be for £280k

What the HELL are you doing!!

You rent for a thousand pounds a month? Why?

Your going to offer £280K? How much do you earn? £80K+?

You're going out with the tide mate.

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What the HELL are you doing!!

You rent for a thousand pounds a month? Why?

Your going to offer £280K? How much do you earn? £80K+?

You're going out with the tide mate.

This is the only property to rent in our area for under £1250 a month with the bedrooms we need http://www.rightmove.co.uk/action/publicsite.PropertySearch

And it has no garden, no fridge, no cooker and I would have to replace the bath before I'd step foot in it. Oh and It's going to be sold this time next year so we'd have to go through the whole bloody process again.

We have Unilever in this area who bring over 50 employees a year and that seems to be the local agents justification for rents being higher than average.

I'd rather buy at £200k, really I would and tbh we will have to wait because nobody is willing to accept our cheeky offers, of 10% off :(

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  • 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%



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