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Original poster

Asking price are still very high and sellers are still thinking it is 2020

125 replies

BroglieBoy · 05/09/2023 18:05

A 3 bed house was listed in Wokingham for £700K in June this year. It was then reduced to £650K then to £600K and then very recently reduced to £550K.

House is a Probate with 2 individuals.

The house looks fine and needs some modernisation. New carpets, new decoration new kitchen units.

The house next door which is a 4-bed house was sold in June 2023 for £492K.

I would expect the estate agent to be aware of the recent sold prices in the area( in fact recent sold price of the adjacent property ) and market it accordingly.

How come the estate agent thinks they can market a property that is smaller than the adjacent property, but market it for more than the recently sold prices, especially in a falling market?

OP posts:
Crucible · 05/09/2023 18:07

Because an agent may know that someone got a steal, gave the buyer a discount for a reason, just to keep a chain going and not lose a dream.house. myriad reasons. Hope that helps.

gillygeey · 05/09/2023 18:07

Sometimes the EA gently suggests a price but sellers want a certain price

DirkWearsWhiteSocks · 05/09/2023 18:12

I think our neighbour has thought 300k for the next home, 100k for cruises and 100k each for the two kids which makes the asking price 600k.

It's got nothing to do with the tired bathrooms, the shabby kitchen and the dangerous bodged electrics.

illiterato · 05/09/2023 18:19

DirkWearsWhiteSocks · 05/09/2023 18:12

I think our neighbour has thought 300k for the next home, 100k for cruises and 100k each for the two kids which makes the asking price 600k.

It's got nothing to do with the tired bathrooms, the shabby kitchen and the dangerous bodged electrics.

There is a LOT of that where we are- empty nesters selling up big houses and price seems to be based more on what they feel they need to buy something else and have a retirement fund than what it’s worth. That said it’s kind of tricky because a lot of these houses are unique so it comes down to what the buyer likes and they all went up so much during covid with London money coming down that arguably everything is overpriced.

Postapocalypticcowgirl · 05/09/2023 18:21

The agent can only do what the sellers instruct them to - it may be the sellers who are deluded or just not very motivated to sell?

Original poster
BroglieBoy · 05/09/2023 18:22

I would expect Estate agents to do their due diligence and advise the seller. 🤔

OP posts:
Viviennemary · 05/09/2023 18:23

A lot of sellers are delusional especially in a falling market. They might be lucky and somebody comes along and pays an inflated price.

Thurlarder · 05/09/2023 18:24

Well if the sellers want to hold out for a higher price then that's their lookout, isn't it. If someone wants to pay it then good for them, if not it'll just sit on the market til they lower it.

Snowflake2023 · 05/09/2023 18:25

Because EA will sometimes say anything to get a listing.

In 2019, our house was valued at 600k. EA swore that the house would be easy to sell at that price. Sat on the market for 6 weeks, not one viewing. Pricing was waaaaaay off. I challenged the EA on the price once we'd had it revalued by another agency and he admitted as much. He was so sheepish he released us from the contract 6 weeks early.

This is a sliding market, there's no denying that now. People are holding on to the 'but in my area prices are fine', but its just going to ripple. This is a 3 year slide not a short burst. There's a lot of people in denial, some EAs will say what they need to, others may challenge an owners view of what they think their house is worth.

MintJulia · 05/09/2023 18:26

In the end, it is up to the vendor how much they will sell for. You don't have to agree with them, you can just laugh and walk away.

The estate agent can only advise the vendor.

£550k doesn't sound outrageous for a 3 bed in Wokingham, even if it does need redecorating. How large is the garden?

BarbaraWoodlouse · 05/09/2023 18:29

DirkWearsWhiteSocks · 05/09/2023 18:12

I think our neighbour has thought 300k for the next home, 100k for cruises and 100k each for the two kids which makes the asking price 600k.

It's got nothing to do with the tired bathrooms, the shabby kitchen and the dangerous bodged electrics.

For every seller setting the price for what they’d like to get there is a buyer thinking the price should be what they have to spend.

Ultimately every house is worth what someone is willing to pay for it.

Thingsthatgo · 05/09/2023 18:30

I find it strange that people get annoyed about this. Maybe they are just testing the market, not that bothered about selling but if they get a good price they will. Maybe they want to buy a particular house, and can only achieve that with a certain selling price... if they don't get that then they'll stay put.
I feel the same about charity shops... if they want to charge a tenner for a secondhand primark tshirt, good luck to them! They probably won't sell it, but that's not my problem.

bellac11 · 05/09/2023 18:46

You must be aware of threads on here where someone is advised about the price of their house and why its not selling - only to be met with 'we cant sell for less than xxx'

People have a view in their heads which they get stuck with and dont move from it.

Original poster
BroglieBoy · 05/09/2023 18:49

MintJulia · 05/09/2023 18:26

In the end, it is up to the vendor how much they will sell for. You don't have to agree with them, you can just laugh and walk away.

The estate agent can only advise the vendor.

£550k doesn't sound outrageous for a 3 bed in Wokingham, even if it does need redecorating. How large is the garden?

The garden is a reasonable size. With respect to decorating, the walls are as rough as popcorn and not smooth.

I still feel 550K for a 3 bed house is too high, especially for 1200 sqft.

OP posts:
Katmai · 05/09/2023 19:02

The estate agent is marketing it at the price stated by the vendors. If it is a probate sale, it is up to the executors to obtain the best price possible for the beneficiaries of the estate. Maybe one wants to sell and the other wants it kept in the family and is insisting on such a high price to prevent the sale. No way of telling.

Poontangle · 05/09/2023 19:07

What's it to you, OP?

Is this a house you want to buy, but can't afford?

HopefulSeller · 05/09/2023 19:11

Well I’m about to put my house on the market and it’s not greed and a cruise that is fueling me! It’s whether I’ll also be able to buy another house in the new location.

So I’ve agonised over the price to sell, and have put it on the bottom pricing in the area at the moment.

However I’ve no idea if it will sell. But if I put it on at say half price I’ll only be able to buy a garage…

Motorina · 05/09/2023 19:14

There's a newbuild in an area I'm sort of looking in. Listed June 22 at £575k. The sale has obviously fallen through. Relisted at exactly the same price.

Another in the same development remains unsold.

September 23 is a different world from June 22. It astonishes me that they've listed it at the same price.

MintJulia · 05/09/2023 19:23

I think OP, you should leave it until Christmas. If the house hasn't sold by then, the vendors may be more amenable to a lower offer.

KievLoverTwo · 05/09/2023 19:53

BroglieBoy · 05/09/2023 18:05

A 3 bed house was listed in Wokingham for £700K in June this year. It was then reduced to £650K then to £600K and then very recently reduced to £550K.

House is a Probate with 2 individuals.

The house looks fine and needs some modernisation. New carpets, new decoration new kitchen units.

The house next door which is a 4-bed house was sold in June 2023 for £492K.

I would expect the estate agent to be aware of the recent sold prices in the area( in fact recent sold price of the adjacent property ) and market it accordingly.

How come the estate agent thinks they can market a property that is smaller than the adjacent property, but market it for more than the recently sold prices, especially in a falling market?

That's the sold price of the other house plus 10%.

5-10% under is what most buyers are offering in areas where houses aren't flying off the shelf.

Assuming they are prepared to take those offers, maybe it's not so wildly overpriced?

Give0fecks · 05/09/2023 20:09

@illiterato this is exactly what we have where we are. It is driving me insane!! We are trying to upsize but the bigger houses are staying on the market for ages wildly overpriced, because the are owned by boomers who are mortgage free and don’t have any pressure to sell.

I have enquired about whether one in particular would be open to offers, as it had been on since June 2022, not dropped it’s price at all in that time, and they wouldn’t even let me view. The state agent said they haven’t had any viewings in months but that’s what they feel its worth.

gillygeey · 05/09/2023 20:39

The trouble with putting it on overpriced is that reductions don't like great. I mean if I saw a house reduced by 20% in a few months I probably still see it as overpriced or less desirable.

Original poster
BroglieBoy · 05/09/2023 20:47

Poontangle · 05/09/2023 19:07

What's it to you, OP?

Is this a house you want to buy, but can't afford?

I can very well afford to buy a house for up to a max of 650K. However, I don't want to overpay just because I can afford it 😀
My problem is how to find the true value of a property. You can base it on some recent statistics and based on what I am seeing some of the houses that are coming onto the market are still way off in price.

OP posts:
blueboatsgreensea · 05/09/2023 20:49

Well it's their home, and if they aren't bothered about selling unless they get the price they want then it's no skin off their backs.
It might mean they won't sell the property, it if by chance there's a buyer who wants a specific type of house, and there aren't others available, they might very well pay.

KievLoverTwo · 05/09/2023 20:50

gillygeey · 05/09/2023 20:39

The trouble with putting it on overpriced is that reductions don't like great. I mean if I saw a house reduced by 20% in a few months I probably still see it as overpriced or less desirable.

I saw one yesterday reduced 90k since March, 35k of which was in the last 3 weeks, bringing it down to 290k.

It just makes the sellers look greedy, and now they also look desperate.

Probate, of course.

(Another problem house, terrible flow)