House prices- unreasonable expectations from vendors on price

[cupofdecaf]

We've recently tried to buy 4 houses in the same area (one after the other as a family home).

The first they decided they wanted more money after accepting our offer. Their reason being they needed more. Estate agent said our offer was what they valued it at (but not what the vendors wanted it marketed at). Taken off the market because they couldn't sell it.

Second house we offered the same as someone else and higher than a 3rd offer but the vendor turned them all down and waited until someone offered a bit more and they took that. Thought fair enough. Estate agent said we'd offered a fair amount and had the higher offer not come along we'd have got it given our position.

Third house the estate admitted after some pushing that the house wasn't worth the asking price but the vendors were in no rush. They'd just stay until the house had risen in value to what they wanted. Our offer was rejected even though the agent said it was fair in her view. Been on at its current price since March.

Fourth house. We're getting frustrated at this point. No one else interested in this house, no curb appeal but it's got the space we want. Agent admitted to me he's over priced it by 50k but we think it's worth even less because he's obsessed with the idea you could build another house in the garden (from my research planning is unlikely to be granted) so he's added a bit for that 'development opportunity'. He's given the vendor false ideas of what the house is worth.

We want to move and there's so few houses coming on. The second house I agree he did get more so fair enough, it's a sought after village so someone's just paid more to get it and therefore that's the value. The others though we're finding vendors think their houses are worth 10ks more than they are and won't see that the house isn't selling so it's over priced.

Doing my bloody head in. Any advice?

I appreciate the frustration but I'm not sure that there's anything to be done. You have to remember that for the seller, it's not only a question of getting the right price but whether that is a price they would sell at (rather than staying put). If they would rather wait in the hope of getting more, that's up to them. All you can do is make yourself as attractive as possible as a buyer.

I agree with Brian.
Just let the EA know you are ready, and committed, and, if any of the vendors change their minds you might still be interested, but that you aren't able to raise your offer, and then keep looking.
As we all know in the logical side of our heads, any house is worth what one person will offer. It is frustrating when there aren't many houses available that tick your boxes. Also a bit chicken and egg in some cases - we, for example would quite like to move, but there is so little in our price band and area to buy at the moment, we don't want to sell ours until it is looking likely we can find what we want, so therefore we haven't marketed ours, which adds to the fact there are few houses available. Very frustrating if you are in rented accommodation of course.

Just stop viewing houses you consider overpriced, and tell the agents why. You can only buy a house on which you can agree a sale price with the vendor. If you can't, it may as well never be on the market as far as you're concerned. You'd only be missing out on opportunities that were never really there.

Maybe you've just had a bad run of luck, but it's worth considering that ultimately the agent is trying to keep both sides happy. They may well just be telling both you and the vendors what you want to hear.

Thanks I hadn't considered the agents might be saying one thing to us and another to the vendor.
Will just have to keep looking.

The thing is, a market is made up of buyers and sellers. If (for reasons logical or delusional or anything in between) the vendors want to hold out for £x, that’s their prerogative. A good agent might manage that better, but there you go. I went to a viewing today where the EA’s chat included “And that’s a nice tree”.

(On a £800k house, I might add.)

@TheWayTheLightFalls

The thing is, a market is made up of buyers and sellers. If (for reasons logical or delusional or anything in between) the vendors want to hold out for £x, that’s their prerogative. A good agent might manage that better, but there you go. I went to a viewing today where the EA’s chat included “And that’s a nice tree”.

😂😂😂 honestly, every dealing with estate agents is like walking into an episode of Stath Lets Flats!

Unrealistically priced houses round here are either not selling at all, or going under offer and then coming back on the market. It may take some time for sellers to adjust their expectations. And if interest rates go up, as they well might, there will be a lot more adjusting for them to do, all downwards.

We had this last year and just gave up on some houses - they mostly sold a full year later for an offer in the region of or less than the amount We offered. At the time they were adamant they could get more - there is no changing some people’s minds. Good luck. Sounds like you have had particularly bad luck.

We offered asking price on a property that was subsequently down-valued by more than £100k by the bank’s Valuer. owner of property refused to negotiate on price at all and we could not put in the extra funds ourselves to fund the difference needed so we had to walk away. 3 months later and the sellers are still stubbornly holding out for the asking price. So, yes, I believe that there are unrealistic and frankly greedy sellers out there.

Sympathies OP but of course it’s understandable that that sellers want the best price they can possibly get. It’s equally understandable that you want to spend as little money as possible. They are opposite sides of the same coin.

I think sellers are unrealistic and I've seen alot stc that have come back again. I've also seen alot where they are really overpriced.

@user1471538283

I think sellers are unrealistic and I've seen alot stc that have come back again. I've also seen alot where they are really overpriced.

Some I've seen have been little short of bonkers. Like,150 grand's extra worth of bonkers on a house on my road that's worth, I'd judge, around 300 grand tops. They gave up trying to sell pretty quickly, possibly just flying a kite. But the Zoopla 'valuation' also says over 500 grand, like I said, totally bonkers. It is stated to have last sold in '06 for 350,000. On this road, that would have got you a house masses bigger on a plot twice the size even in 2019 when we came here. So definitely something odd going on there.

Lots like this round where we are (Devon). People thought they could get extra £££ but turns out they can't, and they're taking their sweet time to realise it. I think the peak here was about a year ago, and I know of people who rejected very good money then and are having to accept less now (if they have to move). It's actually quite sad in the case of older downsizing types, because the estate agents have given them false expectations.

We shall be the downsizers in the next year or so, and moving area. Although it's likely to be a slightly cheaper area, there's not much on the market and everything for sale is priced at the top end of wishful expectation. When we had two valuations, the agents admitted that pricing was hit and miss now, especially if the house is at all individual, but the range spanned £150k difference!

This is the same everywhere. My neighbor next door is currently trying to sell her current home and move to Wiltshire. She placed her property on the housing market some time ago but is still waiting to sell and move there however.

She contacted a couple of estate agent offices in the area but also made up her own flyers advertising the house for sale too. If you mount a easy to read sign that clearly advertises the property is for sale, that may help speed up things. A up to date colorful photo of the house also helps.

@XingMing

We shall be the downsizers in the next year or so, and moving area. Although it's likely to be a slightly cheaper area, there's not much on the market and everything for sale is priced at the top end of wishful expectation. When we had two valuations, the agents admitted that pricing was hit and miss now, especially if the house is at all individual, but the range spanned £150k difference!

That's my impression- locally to me, some prices seem reasonably in line with the national and local increases in house prices in their category in the last 2 years, and are selling, though not quickly. Others are just stark raving bonkers (and are not selling after over 8 months).