Skip to main content Skip to footer

If house prices are going down, why are so many over priced?

Don't estate agents get fed up of paying to advertise rubbish property at high prices? Wouldn't it be better to market close to a price which is achievable?

Asked on Jan 24 2012, General in Manchester | Report content

Answers (1)

Was this question useful? Yes 2 No 0
  • There are several reasons, but the key ones are: 1. Any property that was constructed in 2004-06 or sold in 2006-07, was likely bought at the peak of the boom period and therefore most owners are now in a position of considerable negative equity, as much as 30-40% in some cases. 2. Estate agents will frequently over-value properties in order to get clients to sign with them, market the property at an unrealistic price and then recommend to the seller that they drop their asking price after it fails to sell. Marketing at a realistic price will often achieve a quicker sale, but it also makes buyers question whether something is wrong with the property and why comparable properties are so much more expensive.

    Answered on Feb 24 2012, Report content

Didn't find what you were looking for? Ask a question

More General in Manchester questions on AskMe

See more AskMe Q&A about General