Q&A - Can't sell then why not hold off for a year

no jobs in an area = little money = emigration = little or no demand for housing
The only serious buyers for this property are at a price the owner won’t accept (yet).

Good advice once again from the paper of record. The market is certain to pick up in a year and these people shouldn’t even dream of selling their property for less than it’s worth. Even suggesting dropping the price would would be an affront to these poor victims’ dignity :unamused:

Lack of buyers = price is too high
But surely lack of viewers isn’t directly related to price. There’s nothing to stop people viewing and putting in a lowball offer.
Maybe nobody wants it, regardless of price.

The price could be set too high to even attract viewings

Here’s what amazes me.

In 2004, if houses in your area were selling for 300K and then you put your house on sale with an asking of 450K, you’d be laughed at and get very few viewings.

Now, in 2009, houses could be selling for 300K again, yet people insist on putting the houses up with an asking of 450K. Just doesn’t make sense and then people are wondering why there are no buyers?!

The property wasn’t *on the market *if it hasn’t sold after a year and a half. The advice to stop advertising it as for sale is good however, as it frees the owners from futile tidying and frees up space on various servers that might be more gainfully employed.

I heard of someone selling in Monkstown being told by the agent that they were no longer going to advertise their property, as it was unlikely to sell for the next 5 years.

Personally, I think the EA is exasperated by the sticky price demand.

Well EA’s surely must take some of the blame. After all, their first role is as a valuer.

Do a search on DAFT, have a look at the latest 3 bed semis to go on sale in South Dublin.

The prices are absolutely mental, still.

When you see 3 bed semis in Dublin 24 still coming to market at 460 grand, all you can do is slap your head.

I think the practice is still happening where the vendor goes with whichever EA values the property the most.

So the EA then must put the property on the market at the value he came up with and then tries to drop the price over the coming months…

You re probably right, after all this is Ireland.

And yet again we see that a proper record of sale prices is in everyone interest.

If this ‘potential’ vendor knew what equivalent houses were selling for they wouldn’t have totally unrealistic expectations & either would have a sensible asking price, or wouldn’t have their house on the market.

The vendor might not like what the market prices was, but they couldn’t complain if they weren’t getting viewings when they were priced 40% above an identical house down the street.

If EAs were doing their job properly they should be able to advise without breaching any data protection regulations etc., that the market will bear X amount on the property. If the vendor disagrees with the EA, then the EA should realise there is no business to be done, since they will never see a fee.

Human glue. It allows another EA to claim they sold another house for 10k more than his competitor, just to get the business. If you put a legal onus on someone to be truthful, you don’t need to worry about that kind of crap.

The answer i would have given to the question asked would be

if you are hoping for a miracle when selling your property then perhaps you should hope that this estate agent sets up in Dublin… lourdes-estates.com/