Saturday, October 2, 2010

Sellers still want more

Property demand muted

"He says he has recently valued properties for potential clients, not been instructed, and has then seen the property launched on to the market some weeks later at a 40 per cent or even 50 per cent premium to his valuation. "

Posted by letthemfall @ 10:25 AM (1349 views)
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5 thoughts on “Sellers still want more

  • NO SH!T, THANKS FOR CLEARING THAT ONE UP!

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  • Good to see Estate agents beginning to talk down house prices. They must be feeling the pinch now as buyers dry up.

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  • This a big difference from 3-4 years ago. Back then you’d list your house at whatever ridiculously high price the estate agent quoted, then within days you’d be inundated with offers and a bidding war would start. Today it’s the opposite – there are no bidding wars and very few offers. Buyers can’t afford to buy, sellers don’t want to sell cheap. Buyers can’t budge – their finances are limited by the banks – but sellers can change their prices.

    It only takes one cheap sale and suddenly every house on the street is marked down. If you don’t drop your prices, but your neighbour drops his and manages to sell, then your house will look even more expensive in comparison.

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  • Seems to be a complete lack of market forces right now. A big stalemate. It’s almost as if the proportion of investment properties is significantly higher than those who simply want to move house. My other suspicion is that it could be a case that for those properties which are correctly priced are being snapped up before they even hit the estate agents adverts. This is one tool in the estate agents armour to keep prices higher for other special clients, but this won’t work long-term. There’s only so many fools who will/can buy houses at extortionate prices.

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  • @3 miken

    Most must be growing tired of it now. Anyone with a sense of morality, and decency, has had enough. It’s no way to run a country – posturing more than half of the notional wealth of a nation on property! It’s absurd.

    To the Government of this sceptic isle, I say – carry on with this charade, if you wish. But your bluff will be called. And with it will go the welfare of the nation for which you have been entrusted. Quit the manipulation. You have a responsibility to all – not to a percentage.

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