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You've got to wonder why so many Estate Agents are so thick to over value prices just to secure the contract with the vendor when there is little to no chance of the property selling for months until they subsequently manage to persuade the vendor that they've screwed up and should reprice the property. I read somewhere recently that the gap between listing and (original) sale price has widened to 30% !! A waste of everybody's time

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I put in an cash offer to buy a detached property outright at the same price what the seller had originally purchased. The seller had moved away from the area for good so he was not returning. The EA dismissed our offer and now the property still stands vacant, taken off the EA hands by the vendor. I doubt his will ever sell at the price he wants, because he has a couple of properties adjacent for just below his price.

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9 minutes ago, Crash&Carry said:

You've got to wonder why so many Estate Agents are so thick to over value prices just to secure the contract with the vendor when there is little to no chance of the property selling for months until they subsequently manage to persuade the vendor that they've screwed up and should reprice the property. I read somewhere recently that the gap between listing and (original) sale price has widened to 30% !! A waste of everybody's time

When you have only a couple of properties to sell you will do anything to have a listing (too many agents).

In larger agencies there is the agent who gets instructions and gets paid to do that, and then the poor agent who has to sell the house.  

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3 hours ago, d2thdr said:

I put in an cash offer to buy a detached property outright at the same price what the seller had originally purchased. 

Put a polite letter through the properties doors detailing the offer, after all they have no scum fees now - I received similar when my 'Sold' board didn't change for months.

 

 

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I think the market has definitely softened (Plymouth) The BTL buying has slowed considerably.

vendors have looked at the direction the market was heading a year or two a go, with BTL panic buying before stamp duty increased, they have extrapolated that out to now and ended up with kite flying prices. Asking £220k for houses worth 185k.

seems the trend is ask £220k, get zero interest. And pretty quickly in a few weeks drop to 200k, eventually 190k, then get a sale somewhere between 170-189k.

its crazy that there is such a huge gap between initial asking prices and the real clearing level. 

but thankfully time is on our hands, you look pretty silly asking 220k for months on end when next door and up the road sells for 170k. 

By September time reality will have sunk in. not much point even viewing properties until then. Sales are through the floor. Few will actually get a mug buyer.

local wages are low and constrained by MMR. 170k is a stretch for most. 220k is just not happening. 

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  • 415 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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