Over valuing property can be like 'mugging old ladies'! The market has gone peculiarly quiet in places, buoyant in others, but in general, prices have remained fairly static.
There will always be an element of 'negotiation value' added to the asking price and also 'enthusiastic value' to help things along at the valuation, but some of the prices I am seeing are eye wateringly over the top and that is distorting the look of the market.
Rightmove, Zoopla and On the Market are riddled with reduce reduce reduce! Whatever happened to using the 'moment of impact' and being 'fresh to the market' as an asset to the property?
The downside to this frivolous activity is that people are losing their onward properties and quite frankly, dreams are being shattered.
Some unscrupulous agents are blatantly lying to gain the instruction, not a lot different to 'mugging old ladies'!
Is gazumping a bad thing? Gazumping is not illegal but some describe it as unethical. Gazumping is where the price has been agreed and then another bid may come in higher acquiring the property and this can happen right up until exchange. We as estate agents are obliged to put these offers forward and the vendor decide's what is best. Sometimes they will stick with what they have agreed and other times they will take the higher offer.
I have a strong background in Auction's and an Auction is a very good way of achieving the best price for your property. It only takes two bidders in the room and the price can spiral up and up and sometimes out of control. It's a simple case of whoever wants it more will pay for it with the wining bid taking home the front door keys. So what is wrong with this in a more controlled situation such as advertising your property and inviting offers.
The people who describe gazumping as unethical are usually the people on the losing side. I am very sure that if these same people were selling their homes, they too would want the best price possible. I've heard it said and written recently in the press that estate agents have tactics where they play people against each other to make a higher offer to earn more commission. This is rather insane, because no estate agent is going to risk destabilising their sale in order to earn few extra pounds, it simply isn't worth it.
It is the system that allows Gazumping to take place, because either side can withdraw at any time bringing huge amounts of uncertainty to the process. And most sellers, if asked, do want to know if someone else liked their property enough to want to offer more, so at least they as the seller can decide. So yes, agents should continue putting the offers forward, no matter when they come in and hand it back to the seller to choose.
You would think the housing market wouldn't be affect by Brexit, but unfortunately it has! You would think it is just our borders, immigration and import and export businesses is what Brexit is all about. Actually not really, Brexit has reached every aspect of our lives and is impacting the housing market.
In essence, while the money is flowing, the banks are still lending and the people are able to get mortgages then technically the housing market should be moving forward. But it seems to be stagnating and I think the fundamental reason is psychological. Brexit brings about change and with change brings uncertainty and with uncertainty peoples natural reaction is to wait. Wait to see what happens, wait to see if the value of their property will be affected. Brexit is a huge thing and even though there are so many good arguments for both sides, no one can predict the outcome for potentially years to come, it is just too big!
The point is to stay on the housing ladder. The problems arise when you sell up and come off the market altogether because getting back in is where the unknown lies. Waiting is just a waiting game and no one is winning. If you get moving, you might sell a bit cheaper and then you will also buy a bit cheaper, it's all relative!
Welcome to Astley & Co Estate Agents.
We are an independent estate agency based at 310 Constitution Hill, offering sales and lettings services to Norwich and the surrounding Areas.
We pride ourselves on the trust and transparency that we show to our customers and always provide our customers will the gold standard service they require. At Astley & Co, we do things a little differently, in the sense that we advertise our fees to you up front. We do this for a number of reasons, firstly for you to see how much your estate agents fees will be, before you even need to pick up the phone to speak to us. We offer some of the lowest rates in the region, and because we have told you our service fees up front, you can feel safe knowing that your agency fees won't change.
We also believe only in honest, realistic valuations for your property. We won't overvalue your property, just to obtain your instruction, only to reduce the asking price within the first 2 weeks of your home being on the market. We provide honest and trustworthy advice on how you can improve the value of your home, and will offer our guidance during both the selling, and buying processing of your home.
Another way in that we are different to most estate agents in Norwich and Norfolk, is that we offer a referral scheme which is open to everyone. If you recommend our services to a friend, family member or colleague, we will pay you £100 cash upon the successful completion of their sale.
We are always on hand to answer any questions you may have, either by phone or email, or through our social media channels, so please if we can help in any way, get in touch with us!
Astley & Co Estate Agents
310 Constitution Hill,
Tel: 01603 415182 | Email: email@example.com