House went on the market for 850,000 over a year ago,
We sale agreed at 780,000 about 6 months ago,
Seller pulled out about 3 months ago and agent told us there was a higher bidder and asked if we wanted to go into a sealed bid situation…no chance…
Agent rings us last night saying that new buyer is dragging his heels and wondered if we are still interested…(dragging their heels means they have pulled out)
Yes, we are still interested but not at 780,000, market has dropped over the last 6 months so we offered 700,000!!
By the way, the attitude to agents has changed. I talked to one agent yesterday who told me to ignore asking prices and that if we are a cash buyer and our budget is 700,000 then we should look at houses advertised up to 900,000.
The other agent told me it’s a buyers market and prices certainly have come down.
Over the last 6 months the agents were still pricing everything too high but now they have tons of properties stuck on their books and realise that getting a sale at a lower price is much better than getting no sale at all. So expect prices to come down and keep coming down for a while, there will be lots of drops between now and the end of the year. Agents are sick of showing the same house for up to a year and getting no bids so they will start bringing prices down to get their sales in!!!