From an article in today's London Lite entitled "Asking prices slashed as home sales slump to lowest since 1995"
Miles Shipside of Rightmove said: " ... in the current market sellers should price below their competition to avoid a larger price drop later in the year."
I tell you, sooner or later, people will think that the estate agents are trying to talk prices down ...
Tuesday, 8 April 2008
Blame the estate agents (2)
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8 comments:
I have my house on the market for what is a reasonable price. I will not be dropping it to suit the estate agents' particular brand of panic. The house is worth what I am asking, so I'll sit tight. I'm in no hurry.
Given the tight market as far as commission based estates agents are concerned a sales a sale.
Longrider, your house is worth exactly what someone is prepared to pay for it. However you are right in that you don't have to sell at the price.
Longrider's view is exactly the problem here; vendor's inflated views of the 'value' of their house which just isn't supported by ability or willingness to pay from Buyers. Your idea of 'worth' or 'reasonable' bears no relation to what a buyer is prepared to pay.
It's not about estate agent's panicing, it's about them saying if you want to sell you have to be realistic and price according to what the current market will bear. If you don't need to sell, sit on it and wait for the cycle to turn.
"The house is worth what I am asking": to whom?
Anon, as you don't know what I am asking, your assumption that it is inflated is off the mark(assumptions are foolish at the best of times) - it is pitched in the middle of the asking price band for identical properties in the same location.
It is worth what I am prepared to sell it for and not a penny less. There is no chain, and I already own the house I am moving to, so I can wait. What will not happen is that I will be forced to drop my price in response to a panic in the market. The price is the price - if buyers either will not or cannot meet my asking price, I'll hang on to it - I don't move in response to others' agenda.
The property in in a sought after area - so, you want my house? You pay the price I am asking. Vendors have a say in this as well as buyers.
Forgot to add:
"...your house is worth exactly what someone is prepared to pay for it."
Too simplistic - it is worth what I and the buyer agree. If the potential buyer thinks it is worth £15k less than I am asking, we will not agree, so no sale. If the buyer wants it, then it is worth what I will sell it for.
"I already own the house I am moving to, so I can wait."
Now that is good planning!
Indeed. I'd like to move in the summer, but if not, it won't be the end of the world.
Interestingly, I was in a similar position about ten years ago. The house was on the market for a few months and the market was pretty stagnant. Consequently a potential buyer thought it would be okay to make a derisory offer. Naturally, I refused. We spent time and money renovating the property. I simply will not bow to suggestions that I lower my price to make it "more realistic". The price is the price - take it or leave it. If I sound harsh, it's experience speaking - it taught me that it's a cut throat affair, and I plan to look out for myself and get the price I want.
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