Vendors relisting with different agents?

[Fifi1010]

I've seen a house listed numerous times , it's never gone SSTC. it's 415,000 and I don't think it's worth that amount it's now with a 4th estate agent. They have listed the same property since August 2022. I'd say the old agent had better photos so I'm not sure why they have bothered. Is it even worth looking or will they likely be stubborn over price? They haven't reduced it once just relisted with different agents.

What about a RM link?

I expect they want that price, won’t budge on it and get pissed off with the agents when they say they need to reduce and chop and change every 3 months

Completely agree, it’s too expensive but they won’t drop the price so keep blaming the estate agent when it doesn’t sell.

As above! greedy, unrealistic sellers...

They have unrealistic expectation and blame the agents rather than the fact that their property is overpriced.

I had that with one of the houses I viewed: it had been on the market for months and it needed a lot of work so I wasn't certain that it was worth anywhere near the asking price and I continued searching for a bit.

The house then went with another agent. Was told they were in a hurry to sell.

I had a second viewing and made an offer with the first agent (as per their contract) at 5% under asking price which I thought was already generous.

It took two weeks and a lot of chasing for them to get back to me with a negative reply.

House still unsold.

This. I wouldn’t even bother with them.

I agree. Don't waste your time.

I'm stalking a house like that. It's just swapped agents this morning.
It's on for 600k, would have sold for that in lockdown.
It's worth probably 400k.
They've done a lot of work a long time ago and badly. So in their head it's had a lot of investment, idyllic garden etc. The reality is a renovation project done on the cheap 20 years ago with a few newer bits. The whole thing needs gutting - plumbing, heating, render, roof, etc.
But they want top money for the house in their head not the one they are selling.

I'd be concerned at 4 estate agents since August and would think it's price or problematic sellers. Would definitely p
I do know someone who's just moved estate agents because the first one was properly vetting potential buyers and 3 offers fell through. There are legitimate reasons for changing agents but 4 times in 9 months I'd be sceptical.

Looking at the sold price they bought for 315k in 2018 so I think they really want the 100k increase in equity I think it's why they are so fixed on the amount. It was probably worth that in June 2022 but the market round here started slowing in August.

Rather foolish of them in a falling market as they become less and less likely to achieve their preferred sale price as time goes on. I doubt all 4 agents are poor so much more likely an unrealistic seller.

Yeah I have a house like that in my area - on at 275 with 4 different agents over the course of a year but unfortunately really only worth 225-235 at most. I viewed it hoping to go in cheeky at 250 last year (before I realised even this was really over-pricing) but the sellers couldn't budge at all- they paid 260 six years ago so they overpaid then, and they need that money to be able to move (they're just 'moving sideways' rather than 'upgrading') so can't take offers. I feel really sorry for them actually, totally stuck in the house they can't afford to improve but this money gets you almost nothing round here so their alternatives are non-existent if they take the hit.

It's worth putting in an offer at what you can afford happily and what you think it's worth, even if a lot lower than what they're asking. The only way that vendors will get it into their heads that they've unreasonably overvalued is by people doing this. 🤷🏼‍♂️

There's a house near us which has been on the market about a year, with a variety of local agents. The seller is convinced it's worth what he's got it on for but we viewed it and it's just not. It HAS come down from £1m to £945k over that time so he is moving slowly, but that's still wildly overpriced. Local agents roll their eyes when you mention the house I have discovered.

Another house nearby has been on the market for about five months. It's a lovely house but needs a lot of work and was already on near the top of the local market. It has just changed agents and reappeared for 150k MORE! We think they have been told it was underpriced compared to some other local houses, but they appear to be in better condition (and the photos of this house, which we've also viewed, are very flattering). I have no idea what that pricing strategy is, other that maybe trying to find the small number of buyers actively looking to spend more than £1m and refusing to look below (do they exist?), but I met that buyer too and he didn't seem remotely grabby, so it's a mystery.

@Leftoverssandwich there was one like that near me as well! Crazy overpriced, like 25% more than similar houses were going for in the same road, and it had practically no garden, backed straight onto a railway line etc. But it was in Dulwich, darling, so of course it was worth £1.5m.

On the market with local agent for three months, then remarketed with somebody else, then off market and back on at £1.6m, with some tiny online-only agent who was on about the second page of Google hits for their name. So obviously the vendors had exhausted local agents. Still didn’t sell, as far as I can tell from RM.