Invisible price drops

4 houses for sale in our estate, priced at 370kX2, 375k and 360k.The 360k has no side entrance. One of the 370ks just went sale agreed, it has only been on the market for about 2 months the others a bit longer.
The interesting thing is that the house that sold actually went for 350k and not the 370k quoted,seller is sticking to the 370k story the other sellers appear to be of the opinion that if he got it why can’t I.
Are such drops every recorded anywhere, or do they just become invisible

If you’re a potential buyer you can take now that the asking price is now the ceiling…a reference point for you to negotiate your way as far south as you can. Any official stats based on pre-sale valuations or asking prices is going to give false hope to sellers and maintain the general sense of denial.

Argee totally with the statement about pre-sale valuations or asking prices being different to what is actually paid for a house but we in ireland have no way of finding out about this unless the EA will tell you.
We should have a system like America where you can go down to the local county office and find out how much each home was purchased for in your area

In the UK you simply look it up over over the interthingy.

Lord no, how would that benefit the developers?!?!?! :laughing:

I think a lot of the stickiness on the way down will be as much to do with pride as has to do with denial.
Some people have been preaching the old “property only goes up”,etc mantras for so long that facing reality will be a bitter pill to swallow,particularly in the company of those that *they *have been advising.

There used to be a website detailing actual selling prices (not asking prices) back in 2000/2001. I don’t know where they got the figures, but the correct figure for what I paid for my place was on it.

I’ve searched for the site recently, but its gone.

Regarding sellers sticking to a story of what they achieved, there was a story in the IT property supplement a year or so ago with a headline aloong the lines of “Sssh! Don’t tell the neighbours”. The journo told the story of how he bought his house in Ranelagh for under the asking price, but the out-going owners asked that they not tell the neighbours how much they actually paid.

Too true. I spoke to a Bear Stearns employee I know back when the first property drops on ESRI were reported. He responded “but property only goes up, doesn’t it?”

Naturally, this was before his employer and the rest of the world became familiar with the word ‘subprime’

It takes months for those prices to show up online and they don’t always come up. My house went up on it about 3 months after I bought but another house that had gone sale agreed when I 1st saw mine has never appeared.