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If house prices have not risen since 2006/2007, why are people asking these prices in 2012/13 regardless of market conditions?

If house prices have not risen since 2006/2007, why are people asking these prices in 2012/13 regardless of market conditions? I live and work in Blackburn and am trying to sell my house, with a low asking price due to rows over planning, and for quick sale. But others are asking for higher prices than people were selling for in the boom times. I just don't understand this? It is surely putting people in negative equity? Also not much is selling in my area, so why don’t the estate agents lower the prices? The greed of estate agents in this area is repulsive!

Asked on Jan 17 2013, House Prices in Blackburn | Report content

Answers (1)

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  • Estate agents do not get paid until they sell the house. Where some estate agents do let themselves down is by trying to grow their market share of houses for sale through going over the top on their guide prices. House owners are only human and can get quite myopic if someone tells them that their pride and joy is worth a lot more than reality. You are correct that house prices have effectively not risen since 2006 / 2007. If your house is on at a low asking price then you should achieve a sale more quickly than your neighbours.

    Answered on Jan 18 2013, Report content

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