Estate agent repeatedly emailing us after viewing offering discount - what's the market like where you are?

[wtfwillhappen]

I'm beginning to get annoyed as she's emailed several times. This is the second price drop and her whole attitude is basically like she's doing us a massive favour and we should be thankfully snapping it up. It is still massively overpriced in my opinion and bluntly we're just not keen enough.

We went off it massively after a second viewing which left us lukewarm, and then after some digging saw it was priced about 20 - 25% higher than two neighbours sold for last year. We let her know we felt it was very overpriced.

Estate agent came back with the agency market analysis document saying oh well we only look back 6 months so this is a reasonable price, not a year and the market is still hot in this specific area. Maybe it is, but we aren't interested in this property anymore. Now she's emailed again offering another discount.

Is stuff like this a common scenario with the current market? What are things like where you are?

Where we are houses are sitting unsold and are being reduced every couple of months.

I’ve just seen today that a couple of houses that had sold a couple of months ago are now back up for sale.

I’m on RM at least once a day. Everything seems over priced and it’s just not shifting.

Offer 30% less than the asking price?

Sellers are wildly ambitious with their valuations and aren't realising that mathematically, interest rates drive values.

They aren't pricing in that a borrower who could afford 600k 2 years ago can probably only afford a 400k mortgage now.

Selling vvv quick. My friend and a neighbour sold within 24 hours. But both houses were well priced in a center of a market town with parking....

Hugely depends on which end of the market. Lower end is fairly buoyant. Top end ( 2-3 mill) is dead because not that many cash buyers ( there was a covid influx of big London money which pushed everything up) and even people with a chunk of equity can’t afford a massive mortgage at current rates. However, v few forced sellers at that range so they just quietly get taken off the market when they don’t achieve the desired price.

Hmm the problem might be the way you've worded it.

Saying "no thank you it's over priced" to me implies you do want it at the right price... so they're trying to find that lol if you're not keen regardless of price maybe make that clear

We sold our house within two weeks, and our buyers sold their flat within 2 days. We were warned that the market is very slow at the moment, so feeling very thankful things seem to have moved quickly for us. We did however price very competitively as we could afford to sell at a reasonable price rather than needing to hold out for a higher offer.

I thought that would just be a good way to fall out with the agent/ get blacklisted if future properties come up?

I don't want to burn bridges.

Interesting!

Yes at the right price I think we would still be keen. But have zero interest in arguing the price down to what I consider realistic. So I take that to mean we're not invested enough to fight for it, I guess.

In terms of numbers, property went on market at 1.2 million. Has dropped in three increments of 50k.

Neighbours went on market at just under 800k and via bidding war went to 850k in one case. Other which has much bigger/ better outdoor facilities went on at 1.1 million and sold at under a million. Both last year.

I think this current place is worth around 850k at best which would probably just cause huge offence so it's not worth arguing fruitlessly about.

Market is not moving much currently which is probably why they are trying to get you interested. We tried to sell recently but gave up, people would view but no offers. Also an identical house sold 6 months ago at a price we would be unable to achieve right now, I think prices 6 months ago must have been about the peak though and its already come down

Also an identical house sold 6 months ago at a price we would be unable to achieve right now, I think prices 6 months ago must have been about the peak though and its already come down

That seems to be the case everywhere I have looked at, prices coming down or staying about the same, but nowhere going up.

But she's delivering what you seem to want - a big reduction in price without having to negotiate. Another couple of emails and you'll have it in the bag.

There is no way someone who started out pricing a property at 1.2m would accept 850k, realistically.

And what I think she is trying to do is chide us into believing we'd be getting a really great deal. She's making a big thing out of how the seller would be prepared to accept 1.05m like that's an amazing bargain and we're very lucky this opportunity is presenting itself. It's irritating.

I think she's trying to stir up a bit of FOMO.

Well why did you go to view it if it's completely out of your price range?

She's doing her job. You sound quite disparaging, as if you're somehow getting one over on her with your slippery tactics.

fgs she's doing her job which is keeping someone who seems to be interested in the property up-to-date with the price reductions. If reading an email is so irritating for you that you need to start a MN thread, just email her back and say you see the property at £850k so she only needs to get back to you if that's an offer the vendor would accept.
It's not burning bridges. It's standard behaviour.
ETA - in our area the £850 to £1.5m properties are still selling in a matter of weeks. The properties between £400 - £500k have slowed down ... except for some interesting period properties which are going to closing dates.

Well why did you go to view it if it's completely out of your price range?

It isn't out of our price range.

But we're not going to pay 1.2m - or even 1m if the seller graciously agreed to that figure - for a property worth 850k.

Obviously.

Erm, ok.

Email her then and state your complete lack of interest in the property, regardless of price, and that she can take you off of her list of potential prospects.

Problem solved.

You sound quite disparaging, as if you're somehow getting one over on her with your slippery tactics

Slippery tactics?

Er, no. I looked at publicly available records of property prices. Quite straightforward really.

Tbh you have a really snotty tone, looking down your nose at someone employed in a sales role doing actual sales activities.

If you're not interested let her know that definitively and stop wasting her time.

You are taking this WAY to personally.

If you don’t want it at any price then just tell her then it’s no longer on your short list.

If you do what it at a lower price then just go on reading the emails. Or just tell her that your price for the property would be around £ x - y and ask that she gets back to you if her clients expectations change.

I cant stand wooly fudgy people !!

its either - thank you but no thanks - not interested
OR
we are only interested at £850 k to leave on the table

thats it. Its not rocket science

WAY too

Phone the estate agent and put it her that like a lot of buyers you do your research and no one (me) is saying that the property isn’t worth the price it’s on for, and that you may kick yourself in a few months time, but you only want to pay £840,000 to £850,000.

tge property is beautiful, it has this, it has that, but the negatives of the property (which you could make allowances for) bring you back to the figure you have quoted.

We love that street, and a house that hasn’t got the negatives you would happily pay more for, sadly for this beautiful house, this is where WE are comfortable with and we really, really don’t want to offend or upset anyone making a formal offer of £825,000-£840,000 maybe £850,000 total total max.

Good luck