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 Topic: Online estate agents
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28/11/2014 at 7:14am
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Is there a saving, for some there maybe but I would argue that a Bricks and Mortar agent would get more for your property than, selling online, so there is no real saving.
Of course the value of the property has to be factored in, a property worth £750k would be worth selling online, typical Estate agent would charge 1.5% so £13,500 with the vat.
But a property worth say £150k would cost £2,750, so not really worth the online saving.
There are some Estate agents around here that advertise a set fee, say £2k not sure if they have an upper limit on property value though.
What I have noticed though, is that many properties that start of with either an online board up, or one of the set fee estate boards up, of switch to one of the more local Estate agents, usually after the property has been on the market for 6 months or more.
We downsized in 2013 from a 3 bed semi, to a 2 bed terraced, the market was slow at that time, and it took us 12 months to sell, we dropped our price by a good £20k and lucky for us the house we were buying agreed to drop by the same amount, it is tricky selling and buying when the market is in decline, but a property will only sell for what the market is prepared to pay.
The house that we bought in 2013 had been on the market for 4 years, and had come down by £50k from it's original asking price, lucky for the seller they had no mortgage.
House prices in our area have dropped massively since 2008 maybe a 25% drop or so! to when they were at there peak, but since last year are starting to rise again.
When I think about all the costs involved, Solicitors, Estate agents and removal etc, as an overall % of the sale, it not such a huge cost, providing that you have plenty of equity in the property.
Post last edited on 28/11/2014 09:06:24
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28/11/2014 at 12:24pm
Location: Derbyshire
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One option that some people use when fairly desparate to move house is to trade in their old property for a newbuild via the Builders of the new development. On paper this may look like a good idea, but the truth of it is that often only plots that are hard to sell due to position or design are included in the deal, no other discounts or freebies will be offered like they would be to a no trade in buyer, and the valueation of your old property given by their appointed estate agent who works on contract for the builder, is one that is 'priced to sell' and often the lowest valueation with selling costs then deducted to equil a very low market price. It may look a good deal, but the builder is in a win-win situation all the way, clearing his own slow moving stock at full asking price, buying in cheap property to renovate and sell on at a profit, and clearing out the risk of a non completion of sale if a client cannot sell their own property in time.
Julia
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Just love to be out amoungst Nature and Wildlife
Celebrating 37 years of Caravanning in 2019, Recently Considered Retiring, but Totally Addicted for Life!
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