Owning your own home

How can agents get value so wrong?

It's deliberate.

Because they're mainly chancers who know less about property prices than someone who spends an afternoon with the internet and a spreadsheet?

What does zoopla say for the property?

Eeeeesh, that is truly miserable. Sorry to hear it. Does make me feel a little less alone at least.

@EstelleGetty are you free of them now? Never again.

It's deliberate.

Undervalue, with a progressive fee structure, so that when it goes for 20% more, they take 3% - 5%, instead of the kick in the shiny-suited face that they deserve?

Yes. I’m unsure where their involvement came from (whether PPL were through the broker who we have used before or new mortgage provider Nationwide), but I would be inclined to change either if I had to use them again. A seriously painful and expensive process with 2 mortgage payments at variable rate. Thank you very much Natasha you fucking fuck.

Thoughts and prayers being sent your way @ReekBlefs

Possibly that, yes

I was more thinking price it low, get more people interested, more will get emotionally invested in it, you'll get more bids, price will be driven higher than had you priced at the market rate to start with because there are more bidders in the mix.

Maybe if you price by £25 / £50k under that strategy can work. Setting price at £150k under sale price, I think you surely end up deterring bidders who feel nervous about going that far above valuation.

I think you surely end up deterring bidders who feel nervous about going that far above valuation.

Maybe, but it's pretty easy to look at equivalent properties that have sold recently nearby to get a feel for what a place is actually likely to sell at. Anyway, it's academic as you wouldn't sell to these people anyway. You are trying to attract a frenzy of people who can buy and sense there might be a bargain (there isn't.).

Your example house listed at £850k sold for £1m+, right?

(it's also a much less risky strategy to underprice than it is to be market rate or over priced)

I think as well there is some mad pre-Christmas price inflation going on.

A house on my street was bought this year, minor renovations, and has a price mark up of roughly a 1/3 of its last sold value having just been put back on the market. I cannot understand.

The recent sales on the street have made me feel much better about the feeling we paid 2% over market at the time. (which still represented a c 5% reduction from listing).

If I'm looking at the right house (on trading places?) it seems the last one on that road sold for 875k, so the pricing choice doesn't seem completely unreasonable. Someone's completely lost their head - interesting to see what the mortgage company makes of it.

Think it depends where it is, Partners place in N5 went under offer after a week a few k over asking, place we are interested in was on the market for over a year, similar properties in the same blocks will sell but only if priced at the going rate, some sit there for months or get reduced after the first 3 weeks (evidently they flew off the shelves and prices increased rapidly from 2017-2018) not in an undesirable area either and TMH territory.

guess covid means flats are not in demand but people still want more space or a better location, not everyone has ‘village’ or ‘good schools’ in their top 5 property needs.

if this is far-east london, walthamstow onwards, it sure seems like a big price hike, but the area is very bubble-like at the moment. Buyers might be looking at the projected price-hike, feel like it's now or never and worth the gamble. They might also be sitting on a load of deposit that needs using.
Or there is a subsanbtial re-development potential that the buyer has spotted, has the means to realise quick, for cheap, etc.

10 years ago you couldn't buy in Hackney central because the news that it was hotly tipped had travelled all the way the the Evening standard front page.

It's also that the Walthamstow specific estate agents deliberately price under. They priced ours under by a good £25k (at the very bottom of the market!) for the reasons @Howard stated - get people invested, get a bidding war going. I hated it.

@stappard yes on Leybourne Road. @glws in Leytonstone.

Anything with 'period features' that has some future potential to be a reasonable family home seems to get extremely fizzy in E11 and E12 at the moment.

'period features'

I still lol at a post that someone made several years ago saying that he'd gone to see a place with period features.

He then said that his wife hates it when he calls her that.

It is a terrible, terrible joke, and I think of it and giggle every time I see that phrase.

Fuck you, now I’m giggling at that.

Maybe I should stick our place on the market…

£1m+ 58 sq m Studio flat in Battersea Power Station.

Bargain.

https://www.rightmove.co.uk/properties/60220732#/
10x the size and half the price*

*Offers over, so who knows what it will sell for.

And go where?

another LFGSS gaff on TMH?
not gonna dob out the owner

https://www.themodernhouse.com/sales-list/powell-road/

not-so-subtle clue in one of the photos

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good spot!

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I was looking for some SUV keys next to that fruit bowl

Strathtummel