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Are Agents/sellers inflating prices at the moment?

A house on this street was bought 05 at 475k; was marketed in 10 at 745k, withdrawn having failed to sell and is now back on the market at 875k. It has not been improved or extended. Using a land registry calculator I can't see any justification for this asking price. Having watched the market I observe that there are houses languishing on the market for months and months because asking price is mightly ambitious. Why do agents bother marketing a property that is going to take ages to sell if ever because it is over priced?

Asked on Dec 3 2013, House Prices in Harrow | Report content

Answers (1)

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  • Agents do over-value property, mostly to get properties on thier books. But it tends to stem from greedy people, agents often have to pander to the ego of the property owner. Some people think if the price tag on their property is huge, it must be accurate, the reality is some don't care if thier property sells. Some just want to show others a big price tag, not realising how funny it is to see! It does however confuse the market and this makes it difficult for decent estate agents, as they don't over-value propety, they wish to sell, not just advertise.

    Answered on Dec 4 2013, Report content

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