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The Masked Tulip

Print Out Houseprices Info, Show The Sellers

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I have got into the habit printing out the houseprices prices for the road of a house that I am going to view, taking it along with me and then telling the owner what I think of their estate agent vastly inflated price - "I am sorry, but I worked hard for my money and I really cannot paying you a 100% profit over simlar houses that sold in your same road for half your asking price just 2 or 3 years ago!"

It is interesting to see the reaction of the sellers. Those who did buy just a few years ago and know exactly the difference between their buying price and the now asking price at one thing - they know they are trying it on. But the people who have been in their houses for 5 years or more often have no idea, other than that told to them by their estate agent, that their asking price is simply ludicrous.

A case in point - I looked at a house yesterday on the market for 330K and the house two doors away, completely modernised, was bought for 265K just two years ago. I showed the lady owner the houseprices info and suggested to her that her asking price was unjustified.

Edited by The Masked Tulip

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I have got into the habit printing out the houseprices prices for the road of a house that I am going to view, taking it along with me and then telling the owner what I think of their estate agent vastly inflated price - "I am sorry, but I worked hard for my money and I really cannot paying you a 100% profit over simlar houses that sold in your same road for half your asking price just 2 or 3 years ago!"

It is interesting to see the reaction of the sellers. Those who did buy just a few years ago and know exactly the difference between their buying price and the now asking price at one thing - they know they are trying it on. But the people who have been in their houses for 5 years or more often have no idea, other than that told to them by their estate agent, that their asking price is simply ludicrous.

A case in point - I looked at a house yesterday on the market for 330K and the house two doors away, completely modernised, was bought for 265K just two years ago. I showed the lady owner the houseprices info and suggested to her that her asking price was unjustified.

I would never confront sellers in this manner (although I would the Estate Agent), however, anyone who is intending to purchase a property would be at a disadvantage if they did not make full use of this essential (and free) valuation tool before they purchased.

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So what did the lady owner say? Or did she set the dogs on you in a fit of HPI-induced rage?

She looked shocked, admitted she knew nothing about house prices other than what she read in the papers and was relying on what her EA had valued the property at. I told her that I would no pay more than the 265K that the modernised house two doors away went for 18 months ago as I could not justify it knowing what that house had gone for. I did not tell her though that I actually think it should be LESS than the house two doors away.

I said no more as her husband had died of a heart attack two years ago and hence that was why she was selling. I doubt it was for financial reasons though as the property is in a very good area and there was a fairly new jaguar in the drive belonging to her.

If the house had been sensibly priced at 265K I would have offered 250K. There would have been a sale there and then but not in this over-priced market.

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