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Larry Livingstone

Fishing For Idiots !

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Right Freds Dead said in last few days that sellers are "fishing for idiots", I thought that about summed up what I've seen recently, here is a particular example that will make you laugh...or possibly cry!

House in Barking, neighbour to a close mate of mine was on last year for 280k. 3 bed semi in one of the nicer roads of the Upney area. The best offer they got was 260k after a few months on market, they turned this offer down. They subsequently lost the house they were after, and took it off the market to come back in 2006.

I notice it is back on the market this week, so a quick search on rightmove shows the property being marketed at 320k.

Are these Estate agents for real ?

If look at the average prices on upmystreet.co.uk 260k would be a good price. When I checked sold prices in this postcode since last year I found that 260k was a fair offer. (not providing post code)

I realise the media and halifax et al have talked up houses this year, but seriously this is a mockery. Since the 260k offer market fundamentals have surely only got worse with lenders rates increasing, unemployment rising ...and Barking detiorating almost by the minute.

My Dad calls it flying kites, I think RFD hit the nail on the head with the phrase "fishing for idiots!"

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Friend in Swindon has 4 bedroom house on market for £289K - 3 months ago this was on at £299K

It does have a lovely big garden and double garage, but its near a electricity pylon and other houses in a better location are on at around £275K

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Both the asking price and bid price are meaningless it only the sales price that counts because only then is there a commitment.

They're far from meaningless! If an asking price can rise 15% in a flat market based on EA valuation, then it's pretty clear EA's have been the main drivers in the massive HPI!

We do our research on this site, but many people when driven by desire to own may just jump in at any cost! Another notch on the chart for EA's.

I have my own family telling me their own house is worth 380k because the similar unsold one down the road is on at 365k, when last year it was valued at 325k - asking prices create perception - this is not meaningless.

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They're far from meaningless! If an asking price can rise 15% in a flat market based on EA valuation, then it's pretty clear EA's have been the main drivers in the massive HPI!

We do our research on this site, but many people when driven by desire to own may just jump in at any cost! Another notch on the chart for EA's.

I have my own family telling me their own house is worth 380k because the similar unsold one down the road is on at 365k, when last year it was valued at 325k - asking prices create perception - this is not meaningless.

Your parents will only know the actual value of what their house is worth if they sell it. If they valued it last year and the answer was 325K then that is probably closer to what it would sell for than you parents guess especially as a similar one sold for 365k but you will only know for sure if they sell it. What your parents think their house is worth doesnt matter, it only what they sell it for that counts. I may think its worth $1 but they wont accept it (unless there stupid) and in the same way they may want 500k but unless there are some real fools they wont get it. In the end they will get the market price because thats what the market price is and maybe its why the land registry and home indexes are so different from rightmove et al.

Fools can be easily tricked by EA's and thats their problem but EA's cant drive up the market price. EA's have always been around and people have always been conned (they didnt just appear 4 years ago). HPI in most western countries cannot be explained EA's.... (hint INTEREST RATES)

Edited by DONT PANIC !!! DONT PANIC !!!

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Your parents will only know the actual value of what their house is worth if they sell it. If they valued it last year and the answer was 325K then that is probably closer to what it would sell for than you parents guess especially as a similar one sold for 365k but you will only know for sure if they sell it. What your parents think their house is worth doesnt matter, it only what they sell it for that counts. I may think its worth $1 but they wont accept it (unless there stupid) and in the same way they may want 500k but unless there are some real fools they wont get it. In the end they will get the market price because thats what the market price is and maybe its why the land registry and home indexes are so different from rightmove et al.

Fools can be easily tricked by EA's and thats their problem but EA's cant drive up the market price. EA's have always been around and people have always been conned (they didnt just appear 4 years ago). HPI in most western countries cannot be explained EA's.... (hint INTEREST RATES)

:rolleyes: thanks for the economics lesson i didnt ask for!

Im pretty sure EA's werent pricing properties 20-30% over land registry prices last year, at least in Barking they werent. The fact they are trying to now suggests to me they are trying to drive the market higher. If some plonker beleives the hype and offers 300k for the property i posted about, and it sells,then they will have been successful in driving up real prices ...geddit?

Oh forget it, cant be bothered typing anymore to a tit like yourself, your avatar does you justice you jibbering fool...hope some others found the anecdote interesting.

Edited by Larry Livingstone

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Im pretty sure EA's werent pricing properties 20-30% over land registry prices last year, at least in Barking they werent. The fact they are trying to now suggests to me they are trying to drive the market higher.

EA's cant drive the market. Have you noticed that there is a HPC in Australia and the US are you seriously saying that British EA's could have saved the day and avioded a crash. I agree that some EA's may try to drive the market but it wont work... only a few unlucky sods will get caught.

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EA's cant drive the market. Have you noticed that there is a HPC in Australia and the US are you seriously saying that British EA's could have saved the day and avioded a crash. I agree that some EA's may try to drive the market but it wont work... only a few unlucky sods will get caught.

Thats a fair point and a much better post, thankfully youve limited yourself to a few sentances. Im not saying British EAS can save the day, merely pointing out they they are having a good go at the moment. Like many others in my generation i hope they fail miserably.

Edited by Larry Livingstone

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EAs are just like the drivers of futuristic johnny cabs. they seem to have a genuine repartee' but its just a pre programmed set of statements triggered by a series of common buyer commands.

when questioned off track and off topic, johnny cabs like EAs tend to twist around until they smoke and blow up laughing, resulting in a macarbe detached jawbone which is still animating trying to tell you the obvious about some ugly, dank end terrace with entrance vestibule..

111recall2.gif

post-1333-1152838878_thumb.jpg

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They're far from meaningless! If an asking price can rise 15% in a flat market based on EA valuation, then it's pretty clear EA's have been the main drivers in the massive HPI!

We do our research on this site, but many people when driven by desire to own may just jump in at any cost! Another notch on the chart for EA's.

I have my own family telling me their own house is worth 380k because the similar unsold one down the road is on at 365k, when last year it was valued at 325k - asking prices create perception - this is not meaningless.

This is unquestionable.

Watch some property porn the other night. Property Ladder me thinks. The EA's valued it at £720K, £770K and £790K. I think I know which one they went with ;)

There should be independent valuations done coz this is taking the f*cking piss.

If an accountant submitted accounts and they were down, then they would be looked into for fraud?

If a doctor was operating and knew the problem was somewhere in the brain. Could he just cut somewhere and think 'well its ROUGHLY' in this area?

EA's are just SALES PEOPLE who imho know as much about the valuation of a house as the local butcher!!!

Father Fred (ex-EA) and MILDURA are decent though :)

TB

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This is unquestionable.

Watch some property porn the other night. Property Ladder me thinks. The EA's valued it at £720K, £770K and £790K. I think I know which one they went with ;)

There should be independent valuations done coz this is taking the f*cking piss.

If an accountant submitted accounts and they were down, then they would be looked into for fraud?

If a doctor was operating and knew the problem was somewhere in the brain. Could he just cut somewhere and think 'well its ROUGHLY' in this area?

EA's are just SALES PEOPLE who imho know as much about the valuation of a house as the local butcher!!!

Father Fred (ex-EA) and MILDURA are decent though :)

TB

Its funny, I asked my parents that question if they had 3 EA valuations which would they go for say ... 330 360 and 380 ... guess what the answer was! I think I read here that some sales are falling through as surveyors are starting to disagree with EA valuations, here here!

Does anyone know if the new seller packs will take that power away from EA's ie will surveyors be required to value propertys in hips before EA's ?

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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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