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Why are prices still so high?

We want to move, our house is on the market at 30k below what it was in 2007. I look at prices of properties which I know were on at the same price or less in some cases in 2007, I just cannot fathom why the prices are still so high or going up? I see that the sold prices tell a different story. But it is as if people think property prices have continued to boom. Why are estate agents allowing this madness to continue? Prices have fallen, in order to get the market moving, we need to see realistic prices across the board. We have had offers but unfortunately are not in a position to rent before buying our next house, so we can't proceed due to idiotic pricing. What is going on estate agents? Are prices rising or falling?

Asked on Feb 1 2012, House Prices in Loughborough | Report content

Answers (1)

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  • Estate agents aren't completely to blame. Home owners can dictate what asking price they want for their property, often estate agents will advise a price drop, but this is not compulsory. You do get estate agents who will give a high valuation, knowing that is what the vendor wants to hear, but most estate agents would try to be realistic. It isn't good business to have properties sat there not selling, so perhaps people in general aren't being realistic, not laying all blame on estate agents! There is also the fact buyers often try and take up to 10% off the asking price, so some people might be asking a higher price than they are willing to accept. It is advisable to look at properties 10% above what you want to pay and try to negotiate the price down on properties of real interest. Other than that, home owners can ask what they like if they are not in a hurry to sell, that might explain the huge gaps in prices you see. You do have to do a lot of searching for that ideal property for the right price sometimes.

    Answered on Feb 2 2012, Report content

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