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Estate Agents - Stand Up For Yourselves

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Lenders can look forward to a year of growth even if house sales fall to zero. The debt mountain they created has achieved a momentum of its own. All they have to do is tweak interest rates or loan conditions and the underlying debt will creep up. Alternatively, they can shove another 5% on credit cards and force people to consolidate their debts with a bigger mortgage. The only risk for them would be falling prices because this would trigger widespread debt default.

Estate agents by contrast face starvation with property prices at their current levels. What are they doing about it? Not very much from what I can see from this feeble effort.

http://www.myfinances.co.uk/News/property/...#036;322975.htm

I am happy renting but if any of you Estate Agents are serious about enticing me into the market, then you will have to convince your vendors to stop putting price tags of £400K an £80K hovels. The lenders can live with silly prices but I suspect you guys are having an increasingly hard time.

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Lenders can look forward to a year of growth even if house sales fall to zero. The debt mountain they created has achieved a momentum of its own. All they have to do is tweak interest rates or loan conditions and the underlying debt will creep up. Alternatively, they can shove another 5% on credit cards and force people to consolidate their debts with a bigger mortgage. The only risk for them would be falling prices because this would trigger widespread debt default.

Estate agents by contrast face starvation with property prices at their current levels. What are they doing about it? Not very much from what I can see from this feeble effort.

http://www.myfinances.co.uk/News/property/...#036;322975.htm

I am happy renting but if any of you Estate Agents are serious about enticing me into the market, then you will have to convince your vendors to stop putting price tags of £400K an £80K hovels. The lenders can live with silly prices but I suspect you guys are having an increasingly hard time.

You'd betta believe it. It will be starting to hurt ever so slightly. An EA told me that a property I enquired about would probably be sold in 2 weeks time. I shall let you all know. :rolleyes:

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I am happy renting but if any of you Estate Agents are serious about enticing me into the market, then you will have to convince your vendors to stop putting price tags of £400K an £80K hovels. The lenders can live with silly prices but I suspect you guys are having an increasingly hard time.

Dog,

The main issue as i see it (working for an EA in Surrey) is there are plenty of people out there buying at the moment. Yes of course there is the usual tat which is overpriced where we will need a miracle to sell it but there have always been properties like this all through the boom. Our current problem is lack of any decent houses to sell. Now I realise that this will not be the case all over the country and I am fortunate (?) to be based in the South East where there seems to be a steady stream of money out of London. For the record I don't expect a dramatic HPC in the way often described on this site but am somewhat puzzled to find out how many people are desperate to buy right now. What i expect to happen is a few years of virtually no growth that will even things up (very) slightly.

OK ready to be shot down and abused now!!!

M

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Dog,

The main issue as i see it (working for an EA in Surrey) is there are plenty of people out there buying at the moment. Yes of course there is the usual tat which is overpriced where we will need a miracle to sell it but there have always been properties like this all through the boom. Our current problem is lack of any decent houses to sell. Now I realise that this will not be the case all over the country and I am fortunate (?) to be based in the South East where there seems to be a steady stream of money out of London. For the record I don't expect a dramatic HPC in the way often described on this site but am somewhat puzzled to find out how many people are desperate to buy right now. What i expect to happen is a few years of virtually no growth that will even things up (very) slightly.

OK ready to be shot down and abused now!!!

M

I dont there is any case for you to be abused :)

But (theres always a but) you say that the problem is a lack of decent housing to sell... well if the price was lower on the not so decent housing then people would buy them as do'er uppers and they would sell. Its all about pricing.

I dont mind buying a shell which is structurally sound, i dont mind putting in a kitch and bathroom, redecorating etc so long as the price is right initially. I sure as hell wont pay £160K for a property that was 80K just 5 years ago and then go and fix it all up.

Simple really, its the price.

:)

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ISimple really, its the price.

:)

Yep, couldn't agree more!

I often read on here about EA's forcing prices up but most of the EA's i know spend a good deal of time trying to get seller's to lower their expectations. Before we go any further i accept that a lot of EA's are responsible for giving optimistic prices to seller's, but please recognise that if i as an EA were to start giving figures 10% lower than the EA next door we would never get any houses to sell.

The theory being if you haven't got the house on the market you definitely won't sell it. It's better to have the house at an unrealistic price and hope you can persuade the seller to bring it down. However, often what happens is EA takes house at too much money, can't sell it, seller thinks EA is cr*p so goes to EA next door at same price until reality kicks in!!

M

A decent property in my book would be one that's being sold for the correct price. If it's not up to scratch, then your unscrupulous profession (I use the term 'profession' loosely btw) should consider giving it a lower valuation and refuse to market it if the vendor objects.

A great idea in theory, and one i have no problem with, however most of the sellers i deal with would just wander down the High Street til they find someone to market their house for the price they want.

EA's are a spineless bunch you see and generally do what their clients tell them!! :D

M

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...and that's why ordinary people should abstain from purchasing property until EAs evolve into vertebrates... :D

That is a perfectly reasonoble position to adopt but i really have diificulty accepting that EA's are responsible for todays price levels. An EA is paid by the seller to get the best price possible

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Don't take it personally M. As a society, we're all responsible to some degree. Some more than others, that's all...

Agreed, and i realise i'm gonna be much nearer the top of the list than the bottom!! :lol:

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About two-thirds of the way up IMO. I would place politicians and bankers at the top of the pile tbh.

Thanks WA, that's the best news i've had today!! :) (i thought it'd be worse than that!)

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but please recognise that if i as an EA were to start giving figures 10% lower than the EA next door we would never get any houses to sell. It's better to have the house at an unrealistic price and hope you can persuade the seller to bring it down.

Well known EA tactic in Oz, called 'buying the listing'.

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Well known EA tactic in Oz, called 'buying the listing'.

been around a fair while here as well!! In my experience (most) sellers are looking for 2 things: highest price & lowest fee!!

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The main issue as i see it (working for an EA in Surrey) is there are plenty of people out there buying at the moment. Yes of course there is the usual tat which is overpriced where we will need a miracle to sell it but there have always been properties like this all through the boom. Our current problem is lack of any decent houses to sell.

OK ready to be shot down and abused now!!!

That’s pretty much as I see the market at the moment – lot’s of old tat overpriced making the new ones look good and sell fast

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There is a Darwinian bias towards stupidity in the property world. A vendor will get valuations from four agents. Three will suggest a selling price of £100K and then a teenage 'sales consultant' in a shiny suit will suggest £150K. Guess which agent gets the propterty?

Then you say 'Ah but the house won't sell because too expensive'. Wrong! For every stupid seller there is an even more stupid buyer.

In the property world it is survival of stupidest.

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Isn't it basic economics - supply & demand? When eventually buyers won't / can't pay the asking prices then the market will adjust. Why blame the EAs? - they only reflect the buyers' wishes - no one is forced to pay the asking prices. Houses are no different to the share market - fashionable shares can fetch way beyond their worth eg dotcom bubble, and value shares go unwanted except by the likes of Warren Buffet and other canny investors.

Quality property in quality areas will always sell because there will always be a demand fron someone (not necessarily FTBs or other deserving cases) but that's the way of the world which isn't a fair place. I've considered STR but wouldn't risk being out of the owning market yet. As in everything, timing is crucial. Regrettably we live in a "property owning" culture not the rental scenario as on the continent. Until / unless we change (unlikely) I would be very cautious of going rental on a permannet basis.

No amount of deprecation of EAs, VIs, int rates, RightMove etc will change the fundamentals.

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Isn't it basic economics - supply & demand? When eventually buyers won't / can't pay the asking prices then the market will adjust. Why blame the EAs? - they only reflect the buyers' wishes - no one is forced to pay the asking prices. Houses are no different to the share market - fashionable shares can fetch way beyond their worth eg dotcom bubble, and value shares go unwanted except by the likes of Warren Buffet and other canny investors.

Quality property in quality areas will always sell because there will always be a demand fron someone (not necessarily FTBs or other deserving cases) but that's the way of the world which isn't a fair place. I've considered STR but wouldn't risk being out of the owning market yet. As in everything, timing is crucial. Regrettably we live in a "property owning" culture not the rental scenario as on the continent. Until / unless we change (unlikely) I would be very cautious of going rental on a permannet basis.

No amount of deprecation of EAs, VIs, int rates, RightMove etc will change the fundamentals.

Tulip bulbs!

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However, often what happens is EA takes house at too much money, can't sell it, seller thinks EA is cr*p so goes to EA next door at same price until reality kicks in!!

M

may i add this,

seller then comes to the idea that instead of selling, the seller then decides to "rent out" the property, but then realises that nobody can afford the rent that is required to cover the sellers morgage - thus property stands empty.

currently on my street there are at least 4 property's standing empty that HAD been for sale, and are now for rent. but nobody is renting them.

IMO - we are in a stalemate, but my question is, for how long ?

I'm renting cheap, and i'm not going anywhere. how long do you think some of these sellers are able to wait

Edited by Disillusioned ftb

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You'd betta believe it. It will be starting to hurt ever so slightly. An EA told me that a property I enquired about would probably be sold in 2 weeks time. I shall let you all know. :rolleyes:

Please report back about this!!!

And after a month when the property is still available, it is your duty to wind the EA up. No need to be rude but a few questions as to why hasn't it sold yet as you said it would... blah blah... oh is the market slowing down then... blah blah... maybe they should reduce the price.... :lol:

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Please report back about this!!!

And after a month when the property is still available, it is your duty to wind the EA up. No need to be rude but a few questions as to why hasn't it sold yet as you said it would... blah blah... oh is the market slowing down then... blah blah... maybe they should reduce the price.... :lol:

:lol: Will do. I think the EA will be contacting me before I contact him! But, the price is not too OTT. Needs work and I still think its way overpriced. It could go though. It is a nice house. But in 2 weeks? We shall see.

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:lol: Will do. I think the EA will be contacting me before I contact him! But, the price is not too OTT. Needs work and I still think its way overpriced. It could go though. It is a nice house. But in 2 weeks? We shall see.

You seem confused WAL. In one breath it's not priced OTT then you say it's way overpriced.

So if it 'could go' and it was YOUR house to sell would you change the price?

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You seem confused WAL. In one breath it's not priced OTT then you say it's way overpriced.

So if it 'could go' and it was YOUR house to sell would you change the price?

Irrelevant. Not priced OTT (considering the current ludicrous asking prices). EVEN SO, it is still too much IMO. Does that make it crystal clear for you WAP? Btw, I am confused, often, hence the medication. ;):unsure:

Oh, and it could go to someone ignorant amateur BTL who thinks it will be worth 50k more next month - after a lick of magnolia and some laminate flooring.

AND, yes I would drop the price in a falling market. I dropped the price of my house in Oz considerably whilst chasing the market down.

Edited by Winners and Losers

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I dont there is any case for you to be abused :)

But (theres always a but) you say that the problem is a lack of decent housing to sell... well if the price was lower on the not so decent housing then people would buy them as do'er uppers and they would sell. Its all about pricing.

I dont mind buying a shell which is structurally sound, i dont mind putting in a kitch and bathroom, redecorating etc so long as the price is right initially. I sure as hell wont pay £160K for a property that was 80K just 5 years ago and then go and fix it all up.

Simple really, its the price.

:)

100 Chuz. When I first started looking I had one sleaze 80s power dress woman EA tell me that their were no more low price opportunities, and that "those days are over" while showing me a complete piece of shite in a far flung council estate Public Transport free location that was only 15K less than a piece of shite in a halfway decent location. I don't believe that she put the 10% under offer for the decent location, but I also don't think she expected me to walk away, since she was really pushing for me to offer on the shite property instead...

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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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