Asking price to final selling price

mkdon

Where can one get informationa and official stats on the above


Seems the asking prices are way off these days

Is anything done to regulate these shower of muppets we can real estate agents

davo10

mkdon wrote: »

Where can one get informationa and official stats on the above


Seems the asking prices are way off these days

Is anything done to regulate these shower of muppets we can real estate agents

Regulate who?

EA's don't determine what the final price is, the market/bidders/buyer does. Asking price is just a guide or a minimum price that the seller thinks they will accept at the time the property is first advertised.

If you want to understand the property market, educate yourself, learn about the economics of supply and demand, factor in the over 50% of buyers who are cash buyers, increases in employment and wages, improved credit flow, lack of alternative rental accomadation etc and then apply it to the Irish property market, to blame EAs for house prices going up is like blaming your local garage owner for the price of a barrel of crude oil going up.

mkdon

davo10 wrote: »

mkdon wrote: »

Where can one get informationa and official stats on the above


Seems the asking prices are way off these days

Is anything done to regulate these shower of muppets we can real estate agents

Regulate who?

EA's don't determine what the final price is, the market/bidders/buyer does. Asking price is just a guide or a minimum price that the seller thinks they will accept at the time the property is first advertised.

If you want to understand the property market, educate yourself, learn about the economics of supply and demand, factor in the over 50% of buyers who are cash buyers, increases in employment and wages, improved credit flow, lack of alternative rental accomadation etc and then apply it to the Irish property market, to blame EAs for house prices going up is like blaming your local garage owner for the price of a barrel of crude oil going up.

Disagree the estate agents are fueling this

You must be an estate agent yourself hahah

Ha Thabks for stating the obvious!!!

Anyway still didn't answer the question at hand

Asking prices v final selling prices where do I get the stats .Surely there is a website which tracks initial sale price to final sale price information

davo10

mkdon wrote: »

Disagree the estate agents are fueling this

Wow, EAs are to blame for property increases? Hard to know what to say to that.

punk_one82

Estate agents clearly aren't to blame for the final price a house is sold at. Other countries do force estate agents to detail how they came to their guide price, as well as documenting every conversation they have around price to show where they started and how they got to where it ended up. Under quoting house prices is an obvious problem that can be addressed.

DubCount

You can get data on actual selling prices from www.propertypriceregister.ie . I have never heard of stats on asking prices v selling prices, but that would be pretty hard to come up with as asking prices are often changed as more/less interest comes in on a particular property.

Wesser

EA s can use techniques to achieve small increases in the price but the vast vast majority of price increases are due to external factors such as increased demand and no increase in supply, and higher employment rates.

For all the houses I bid on, I never felt under pressure from an EA to bid.

There is no website that will do that for you. You have to do it manually by going to the ppr website and then working back to the ad.....

Wesser

EA s can use techniques to achieve small increases in the price but the vast vast majority of price increases are due to external factors such as increased demand and no increase in supply, and higher employment rates.

For all the houses I bid on, I never felt under pressure from an EA to bid.

There is no website that will do that for you. You have to do it manually by going to the ppr website and then working back to the ad.....

topper_harley2

Daft shows original asking price, PPR shows selling price. Nothing has both as far as I know.
Neither are 100% reliable though.

Perhaps a gap in the, ahem, market!

CreativeSen

I just bought, went 15% over the ask. I was expecting and budgeting for 20% so ultimately im happy.

I never felt that I was being put under pressure by the EA or that she was holding back on info or in any fueled the price hike. The asking price wasnt artificially low, it was comparable to similar properties in the neighborhood and similar properties in similar type locations throughout Dublin.

Ultimately the reason it went over was down to the fact that there were 3 people that wanted to buy it and we were in competition with each other.

heebusjeebus

I'm selling at the moment and my EA has been nothing but professional.
He gave me a guide price for the apartment which I felt undervalued it. I decided on putting it up on the market for more than the EA suggested.

He's not been underhanded or been disingenuous to any bidders or potential bidders for the property so don't know where the OP is getting his views from.

amcalester

mkdon wrote: »

Disagree the estate agents are fueling this

You must be an estate agent yourself hahah

Ha Thabks for stating the obvious!!!

Anyway still didn't answer the question at hand

Asking prices v final selling prices where do I get the stats .Surely there is a website which tracks initial sale price to final sale price information

It's not an initial sale price though, the original asking price is nothing more than a suggested price to start bidding at. Even if you bid the asking price he seller is under no obligation to accept.

If you wanted to you could offer less than the asking price and see how you get on.

super_furry

There are cases where properties are being under-priced to drum up interest. I say one blatant example myself in Blackrock, Dublin where a cottage was under-priced by about €100,000. It was listed at €350,000 and when we went to a viewing it's no exaggeration to say that there were more than 100 people there. The estate agent was clearly acting the bollocks and put it to sealed envelope bids at which stage we removed our interest but the Property Price register tells me that it sold for €503,027.

The best way to do the detective work yourself is to look at the prices on the Property Price register and search the addresses on google. You'll get the original URL of the listing there and if there isn't a cached version then you can use the URL on archive.org like I did here https://web.archive.org/web/20170313164708/https://www.daft.ie/dublin/bungalows-for-sale/blackrock/24-st-vincents-park-blackrock-dublin-1401448/

In fairness though, that was one of a only two or three times in six months that I felt the estate agents were taking the piss. You get the disinterested ones for sure but in my search, most that I came across were decent.

Sleeper12

mkdon wrote:

Where can one get informationa and official stats on the above

You can't.

This is nothing new. If demand outstripped supply then price goes over asking price.

If supply is greater than the demand then final sale price is usually lower than the asking price

ThisRegard

mkdon wrote: »

Disagree the estate agents are fueling this

When we were selling we wanted to EA to get as much as possible over the asking price, otherwise we would have felt they weren't doing a great job.

When we were buying we wanted the EA to accept our offer as quick as possible and not hang around waiting for others to get back to them.

2 sides of the same coin.

Askthe EA

Wesser wrote: »

There is no website that will do that for you. You have to do it manually by going to the ppr website and then working back to the ad.....

Daftdrop.ie

Compare the register with daftdrop and you see the difference.

Final sale price still has little to do with the EA... We dont reach into your pocket and take your money.

TeaBagMania

Askthe EA wrote: »

We dont reach into your pocket and take your money.

Yep, gonna disagree with that

Askthe EA

TeaBagMania wrote: »

Yep, gonna disagree with that

Feel free to explain how we do?

Interested Observer

Askthe EA wrote: »

Feel free to explain how we do?

I'm not asking this in an antagonistic way, if you are an estate agent can you make any comment on phantom bids on properties? I'd be happy to accept a reputable EA wouldn't get involved in that sort of thing but from your experience is it an issue in the industry?

omb0wyn5ehpij9

Interested Observer wrote: »

I'm not asking this in an antagonistic way, if you are an estate agent can you make any comment on phantom bids on properties? I'd be happy to accept a reputable EA wouldn't get involved in that sort of thing but from your experience is it an issue in the industry?

But even if there is a phantom bid, nobody is forcing you to bid higher than the phantom bid, and spend that money

Interested Observer

BDJW wrote: »

But even if there is a phantom bid, nobody is forcing you to bid higher than the phantom bid, and spend that money

Are you in some way trying to suggest it's an acceptable practice?

Askthe EA

Interested Observer wrote: »

I'm not asking this in an antagonistic way, if you are an estate agent can you make any comment on phantom bids on properties? I'd be happy to accept a reputable EA wouldn't get involved in that sort of thing but from your experience is it an issue in the industry?

Obviously, I don't know every agent but I've worked in 3 agencies (of varying reputations) and have NEVER seen it. I have never even seen a suggestion of it. It simply isnt worth the risk. If you were to get caught and lose your licence well, thats your career gone isnt it?

Remember, €10,000 is a lot of money to a buyer but to an agent its worth a fraction of a fraction. (10,000 / 100 *1.5% = €150, and thats pre tax. €90 say.) Thats for the office. The agent will probably make a percentage of that.

Even if they were to do it, a buyer needn't increase their offer if they feel its too high. If buyers didnt offer as much the property would sell for less or not at all and we would see an adjustment in the market.

I genuinely feel that people look for someone to blame when things don't go their way and the EA is the easiest target as the vendor is faceless. Ultimately, we work for them and they make all the final decisions.

Askthe EA

Interested Observer wrote: »

Are you in some way trying to suggest it's an acceptable practice?

Clearly hes not. But making the valid point that a property is only worth what someone is willing to pay. Nobody can reach into your pocket and take your money.

Interested Observer

Askthe EA wrote: »

Obviously, I don't know every agent but I've worked in 3 agencies (of varying reputations) and have NEVER seen it. I have never even seen a suggestion of it. It simply isnt worth the risk. If you were to get caught and lose your licence well, thats your career gone isnt it?

Remember, €10,000 is a lot of money to a buyer but to an agent its worth a fraction of a fraction. (10,000 / 100 *1.5% = €150, and thats pre tax. €90 say.) Thats for the office. The agent will probably make a percentage of that.

Even if they were to do it, a buyer needn't increase their offer if they feel its too high. If buyers didnt offer as much the property would sell for less or not at all and we would see an adjustment in the market.

Thanks for the reply. To be honest I didn't really suspect it was common practice, just interested to get a view on it.

Askthe EA

Interested Observer wrote: »

Thanks for the reply. To be honest I didn't really suspect it was common practice, just interested to get a view on it.

No problem. When you look at the figures and the cost benefit analysis, does the risk outweigh the benefit? Absolutely.

Ive seen purchasers jump offers by €15,000 to shake off other bidders. Obviously, if a bid jumps that high one would get suspicious but it happens a lot. Normally its when a bidder has some sort of attachment to a particular property (mam lives up the road, work is within walking distance etc. Some houses are worth more to some than they are to others.

An EAs dream is when two or three of those types of bidder get involved.

ionapaul

super_furry wrote: »

There are cases where properties are being under-priced to drum up interest. I say one blatant example myself in Blackrock, Dublin where a cottage was under-priced by about €100,000. It was listed at €350,000 and when we went to a viewing it's no exaggeration to say that there were more than 100 people there. The estate agent was clearly acting the bollocks and put it to sealed envelope bids at which stage we removed our interest but the Property Price register tells me that it sold for €503,027.

The best way to do the detective work yourself is to look at the prices on the Property Price register and search the addresses on google. You'll get the original URL of the listing there and if there isn't a cached version then you can use the URL on archive.org like I did here https://web.archive.org/web/20170313164708/https://www.daft.ie/dublin/bungalows-for-sale/blackrock/24-st-vincents-park-blackrock-dublin-1401448/

In fairness though, that was one of a only two or three times in six months that I felt the estate agents were taking the piss. You get the disinterested ones for sure but in my search, most that I came across were decent.

What is wrong with setting the asking price well below the amount you'd expect to get? I'd probably favour this if I were selling and thought that more viewers => more interest => bidding war. I don't think is 'messing around' or shameful practice or anything; are there any reasons why this kind of practice shouldn't be allowed?

Askthe EA

mkdon wrote: »

shower of muppets we can real estate agents

I'm changing my avi as we speak..........

mkdon

Excuse the French but I have found there to be a lot of phantom bidding and malpractice going on as it is in EA interest to squeeze as much money as poss for house.

Where is the regulation

This is my frustration

davo10

mkdon wrote: »

Excuse the French but I have found there to be a lot of phantom bidding and malpractice going on as it is in EA interest to squeeze as much money as poss for house.

Where is the regulation

This is my frustration

What proof have you of this, or is it anecdotal?

Apart from an EA actually telling you that bids are phantom, I fail to see how you could definitively say you have experience of phantom bids.

The main beneficiary of "squeezing" money out of a buyer, is the seller, if you someday sell a property, you will appreciate that benefit.

Trumpian claim.

Interested Observer

mkdon wrote: »

Excuse the French but I have found there to be a lot of phantom bidding and malpractice going on as it is in EA interest to squeeze as much money as poss for house.

Where is the regulation

This is my frustration

How can you tell? What malpractice?

super_furry

ionapaul wrote: »

What is wrong with setting the asking price well below the amount you'd expect to get? I'd probably favour this if I were selling and thought that more viewers => more interest => bidding war. I don't think is 'messing around' or shameful practice or anything; are there any reasons why this kind of practice shouldn't be allowed?

You're wasting the time of, in this case, hundreds of people and creating a false illusion of what the actual price is. Stuff like that leads to the impression that the estate agent is being dishonest and it's practices like that which give them such a bad name.

Thankfully it's not common place.