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crazypabs

EA Just told me to wait to buy

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I just went to view a house, renting not buying, and you could have knocked my socks off when he said we are in for a massive fall in prices and to wait for 3years before buying.

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5 minutes ago, crazypabs said:

I just went to view a house, renting not buying, and you could have knocked my socks off when he said we are in for a massive fall in prices and to wait for 3years before buying.

Ha ha ha. Love it. Where about are you crazypabs? Was he young? Some of them are going to be priced out now big time and seeing 'older' people buying places he can only dream of. Fair play to him.

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Just now, Sperm Donor said:

Ha ha ha. Love it. Where about are you crazypabs? Was he young? Some of them are going to be priced out now big time and seeing 'older' people buying places he can only dream of. Fair play to him.

Poole is where I am. The agent has had his own independant agency for over 15years and has been agent for more than that i believe. He must have been about 40yrs old so experienced several crashes.

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I'm in Poole and in my immediate area nothing - and I mean nothing is selling. There are less houses on the market than I've ever seen. The overpriced few that actually are for sale have been hanging around for months. EA's must be tearing their greasy hair out.

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1 minute ago, juvenal said:

I'm in Poole and in my immediate area nothing - and I mean nothing is selling. There are less houses on the market than I've ever seen. The overpriced few that actually are for sale have been hanging around for months. EA's must be tearing their greasy hair out.

Agreed, but the problem with Poole and area is that it is such a desirable area that this tends to support prices when all else falls. People actually want to live here.

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Low sales havent been a problem for EAs when they can make up random fees to gouge tenants. Its the ending of those fees which is really going to hurt when sales are minimal.

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37 minutes ago, crazypabs said:

I just went to view a house, renting not buying, and you could have knocked my socks off when he said we are in for a massive fall in prices and to wait for 3years before buying.

Further along the south coast close to Southampton here. I am seeing 2 most satisfying developments:-

1. Rents are coming down. I moved a couple of months ago and my last rental place has not been rented out and is now £150 less pcm (small 3 bed terraced town house). That landlord has now been without rent for 4 months. The place we are now in was an increase of 200 pcm however is much larger (4 bed detached); it was reduced by £100 pcm from its original price. We met the landlord and he was overjoyed when we took it off the market (been on for 4 months). Our research showed that rents seem to have reduced across the board by approx 15% in the past 2 years.

2. House prices are coming down. In several conversations with letting/estate agent types we heard several anecdotes of 10 – 20% reductions in asking prices. However one in particular was where the wife was told of a seller who was not impressed by the £100k reduction recommended...I posted this previously, she didnt ask the original price so I cant comment on the percentage drop. Shame.

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36 minutes ago, crazypabs said:

He must have been about 40yrs old so experienced several crashes.

He may have left school in the mid nineties so missed the 80/90s crash although may have remembered it. Would have been working during the 2008/9 'wobble' though. Interesting development all the same.

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1 hour ago, crazypabs said:

Poole is where I am. The agent has had his own independant agency for over 15years and has been agent for more than that i believe. He must have been about 40yrs old so experienced several crashes.

Hopefully, he'll sell to boomers as normal, yet warn people such as yourself to stay away. That would restore some balance.

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1 hour ago, crazypabs said:

I just went to view a house, renting not buying, and you could have knocked my socks off when he said we are in for a massive fall in prices and to wait for 3years before buying.

Why would an eEA say something like that? They're not the most altruistic folk, and this advice, on the face of it, is counter to the expected advice from an EA. Me thinks he's trying to spook you so you do indeed take the rental, and he can get paid this week. 

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1 hour ago, crazypabs said:

I just went to view a house, renting not buying, and you could have knocked my socks off when he said we are in for a massive fall in prices and to wait for 3years before buying.

Sounds like he was saying what he thought he needed to say to get you to sign the rental contract.

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1 hour ago, crazypabs said:

Poole is where I am. The agent has had his own independant agency for over 15years and has been agent for more than that i believe. He must have been about 40yrs old so experienced several crashes.

Last proper crash was early 90s.... he would have been a teenager!

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3 hours ago, crazypabs said:

I just went to view a house, renting not buying, and you could have knocked my socks off when he said we are in for a massive fall in prices and to wait for 3years before buying.

If hes a rental agent then why would he want you buying?

95% of EAs have been in the business less than 10 years.

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31 minutes ago, spyguy said:

95% of EAs have been in the business less than 10 years.

That is why the coming crash will be so very brutal.  The current crop of E.A.’s can’t sell or negotiate, they are shelf stackers for third rate Government schemes and buyers greed.

 

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2 hours ago, spyguy said:

If hes a rental agent then why would he want you buying?

95% of EAs have been in the business less than 10 years.

Since 2008 wiped most of them out you mean :lol:

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5 hours ago, Bruce Banner said:

Sounds like he was saying what he thought he needed to say to get you to sign the rental contract.

Even if he decided he wanted to buy, I doubt he'd choose to be homeless in the meantime! He might have opted for a 6 month contract instead of 12 months, but I doubt this is a problem for a letting agent.

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8 hours ago, crazypabs said:

I just went to view a house, renting not buying, and you could have knocked my socks off when he said we are in for a massive fall in prices and to wait for 3years before buying.

He just told you what he thought you wanted to hear (as a person who is renting).

...but the market is almost frozen, yes. The uncertainty makes everyone want to hold on yo real assets (like houses). The only ones trying to sell are people who ask insane prices - they probably think it's worth the risk.

Estate agents must be fairly desperate these days. Life must be quite challenging without that unearned percentage...

I'd feel sorry for them if I had ever met one who wasn't scum. Couldn't have happened to nicer people :)

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12 hours ago, crazypabs said:

Agreed, but the problem with Poole and area is that it is such a desirable area that this tends to support prices when all else falls. People actually want to live here.

Why is Poole such a desirable area and why people actually want to live in Poole?

Edited by rollover

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15 hours ago, crazypabs said:

Agreed, but the problem with Poole and area is that it is such a desirable area that this tends to support prices when all else falls. People actually want to live here.

Slightly off topic... What fees are involved in this tennancy?

Partly because that may be your EAs motivation. Also I'm tempted to leave my current rental (done direct with landlord via freeads so no fees). I will inevitably incur fees with next rental via an agency, and would like to get an idea of how much.

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9 hours ago, chronyx said:

Since 2008 wiped most of them out you mean :lol:

Wasn't instant like that.

Doing great til 07/08. Then transaction dried up.

Some swallowed their pride and started doing lettings, ripping of tenants.

Now that fess are banned this year, the real winter comes.

 

 

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18 hours ago, crazypabs said:

I just went to view a house, renting not buying, and you could have knocked my socks off when he said we are in for a massive fall in prices and to wait for 3years before buying.

Lettings estate agent whose commission is based upon rentals not sales advises "rent, don't buy".  Hmm.

16 hours ago, Bruce Banner said:

Sounds like he was saying what he thought he needed to say to get you to sign the rental contract.

Indeed.

I very much suspect that if you had walked into the Estate Agency and asked to speak to someone about buying a house they would not have said "actually mate, don't bother - give us a ring in 3 years' time..."

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At least it shows that falling prices are on the radar of estate agents.

For the last 15 years any suggestion of prices falling would have been met with a puzzled look of "does not compute"

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25 minutes ago, Habeas Domus said:

At least it shows that falling prices are on the radar of estate agents.

For the last 15 years any suggestion of prices falling would have been met with a puzzled look of "does not compute"

They are always acutely aware of whether prices are rising or falling, it's their livelihood, just don't expect them to be honest about it. 

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  • 295 Brexit, House prices and Summer 2020

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