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Asking price to final selling price

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    #32
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    super_furry wrote: »
    You're wasting the time of, in this case, hundreds of people and creating a false illusion of what the actual price is.

    But there is no illusion of what the final price will be, that is set by the market and only becomes reality when the highest bid is accepted.

    Every day bidders get stuck in to bids on properties they want, if there is more than one bidder who wants it, the bids can increase beyond a level either the seller or the EA could invisage at the start of the process.


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    #33
    super_furry
    Registered Users Posts: 27,322 ✭✭✭✭super_furry


    davo10 wrote: »
    But there is no illusion of what the final price will be, that is set by the market and only becomes reality when the highest bid is accepted.

    And the estate agent knows that market and will have a more than reasonable idea what that highest bid will be.


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    #34
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    super_furry wrote: »
    And the estate agent knows that market and will have a more than reasonable idea what that highest bid will be.

    Maybe a few years ago, I suspect a lot are surprised what properties are selling for now, especially in Dublin.

    I really don't get the umbridge people take to properties going for well above guide, the reasons for this are well known. The shoe is always on the other foot when you sell. Just ask yourself, in a market where supply is low, would you accept the guide price on your property while knowing that bidders would pay you much more?


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    #35
    super_furry
    Registered Users Posts: 27,322 ✭✭✭✭super_furry


    davo10 wrote: »
    Maybe a few years ago, I suspect a lot are surprised what properties are selling for now, especially in Dublin.

    I really don't get the umbridge people take to properties going for well above guide, the reasons for this are well known. The shoe is always on the other foot when you sell. Just ask yourself, in a market where supply is low, would you accept the guide price on your property while knowing that bidders would pay you much more?

    I think you're conflating two very different issues here. I'm not taking umbridge at all to houses rising in price and selling for above the asking price. That happens and especially in this market I'd expect most houses to go for 10% to 15% about that price.

    Like I said earlier, it's dodgy estate agents who massively undervalue properties that are the issue here and I don't for a second buy the idea that they're caught by surprise when a property sells from nearly 50% above the guide price - particularly in the more sought-after areas in Dublin. If they are being caught out by those prices then they're bad at their job.

    Having now come through the whole near-year long process of house-hunting and then buying a house I now know in hindsight which estate agents were acting the bollocks and trying to drum up interest by wasting people's time.

    But like I said, thankfully it's a rare enough occurrence.


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    #36
    omb0wyn5ehpij9
    Closed Accounts Posts: 16,095 ✭✭✭✭omb0wyn5ehpij9


    Interested Observer wrote: »
    Are you in some way trying to suggest it's an acceptable practice?
    Askthe EA wrote: »
    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.

    Exactly what I meant.


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    #37
    CreativeSen
    Registered Users Posts: 90 ✭✭CreativeSen


    super_furry wrote: »
    Like I said earlier, it's dodgy estate agents who massively undervalue properties that are the issue here and I don't for a second buy the idea that they're caught by surprise when a property sells from nearly 50% above the guide price - particularly in the more sought-after areas in Dublin. If they are being caught out by those prices then they're bad at their job.

    A certain amount of personal responsibility must come in to play here as well. You cant just push responsibility solely on the EA. Nobody is forcing you to hand over the cash and if the price goes above your limit the likelihood is that it would have gone above your limit anyway as it is a "more sought after location".

    If i saw an ad for a 3 bed house in Ranelagh for 350k I wouldnt even bother looking at it because nothing in that area is going for less than 450k and even at that price there is something seriously wrong with them!


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    #38
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    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

    Rubbish! If you have evidence, I implore you to report the agents involved to the property REGULATOR (www.psr.ie) If not, all you have is supposition and innuendo brought about by discontent at being overbid.


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    #39
    jimmycrackcorm
    Registered Users Posts: 14,339 ✭✭✭✭jimmycrackcorm


    super_furry wrote:
    Like I said earlier, it's dodgy estate agents who massively undervalue properties that are the issue here and I don't for a second buy the idea that they're caught by surprise when a property sells from nearly 50% above the guide price - particularly in the more sought-after areas in Dublin. If they are being caught out by those prices then they're bad at their job.


    A cursory glance at the PPR for what nearby properties went for would give some indication of the pricing range.

    Of course the will be variances, but it would be interesting to see current examples.


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    #40
    Wesser
    Registered Users Posts: 1,813 ✭✭✭Wesser


    If you have real evidence if phantom bidding then report them to the prsa.

    But you may find that phantom bids are in fact real bids.


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    #41
    Henbabani
    Registered Users Posts: 214 ✭✭Henbabani


    Askthe EA wrote: »
    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.
    Looks like most of the property prices are going down...


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    #42
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    Henbabani wrote: »
    Askthe EA wrote: »
    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.
    Looks like most of the property prices are going down...

    I would say stabilising. Certainly in Cork.


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    #43
    LirW
    Registered Users Posts: 4,825 ✭✭✭LirW


    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

    Weren't you the guy who's interested in Finglas?
    I've been to a lot of viewings there, around a year ago and they were always pretty busy (they did around 3 open viewings within 10 days).

    The thing is the EA works for the vendor. People who sell have their expectations on what to get. The EA get's a percentage fee but a huge difference in sale price means just a few Euros more for the EA. There are dodgy lads out there alright, but the big auctioneers are professional enough to not risk their job or reputation over a few Euros, especially in an area with a decent demand.

    Sometimes it's really hard for people to accept that there are a lot of other parties with a similar or higher budget that want that particular house too. Just the way it is.


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    #44
    mkdon
    Registered Users Posts: 419 ✭✭mkdon


    LirW wrote: »
    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

    My prob

    Weren't you the guy who's interested in Finglas?
    I've been to a lot of viewings there, around a year ago and they were always pretty busy (they did around 3 open viewings within 10 days).

    The thing is the EA works for the vendor. People who sell have their expectations on what to get. The EA get's a percentage fee but a huge difference in sale price means just a few Euros more for the EA. There are dodgy lads out there alright, but the big auctioneers are professional enough to not risk their job or reputation over a few Euros, especially in an area with a decent demand.

    Sometimes it's really hard for people to accept that there are a lot of other parties with a similar or higher budget that want that particular house too. Just the way it is.
    Really? Where and what evidence?


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    #45
    mkdon
    Registered Users Posts: 419 ✭✭mkdon


    Henbabani wrote: »
    Askthe EA wrote: »
    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.
    Looks like most of the property prices are going down...

    Really? Where and what evidence?


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    #46
    Henbabani
    Registered Users Posts: 214 ✭✭Henbabani


    mkdon wrote: »
    Henbabani wrote: »
    Askthe EA wrote: »
    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.
    Looks like most of the property prices are going down...

    Really? Where and what evidence?
    Look at daftdrop.ie
    You can see that most of the accommodations decreased the prices.


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    #47
    LirW
    Registered Users Posts: 4,825 ✭✭✭LirW


    mkdon wrote: »
    Really? Where and what evidence?

    If you make a complaint against an EA they have to show the whole bidding history because it's the law to keep the history and show them to the official regulation bodies. They can check this pretty easy if a bid is real or made up.
    In a climate like this you can't afford damage to your reputation as your EA, you could also lose your licence over that. A bid of 5k more is around 30 euros after tax more in the pocket of an agent and noone who has the slightest amount of professionalism is going to risk their job or company over a few Euros.

    Again: EAs work for the client, they work to get them the best deal. Ultimately the EA receives the instructions from the vendor and the vendor agrees on a sale. If you'd have someone bidding against themselves and they'd drop out of the sale and there would be no second highest bid you'd most likely lose a client and with them a fee.

    As sleazy as EAs are, for them a house is just a number, they have to deal with this every single day. Not denying that there are black sheep but most of them just do as they are instructed.


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    #48
    mkdon
    Registered Users Posts: 419 ✭✭mkdon


    Henbabani wrote: »
    mkdon wrote: »
    Henbabani wrote: »
    Askthe EA wrote: »
    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.
    Looks like most of the property prices are going down...

    Really? Where and what evidence?
    Look at daftdrop.ie
    You can see that most of the accommodations decreased the prices.
    Mate is this the site?
    http://daftdrop.ie/ Is not opening u sure that is the link?


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    #49
    Henbabani
    Registered Users Posts: 214 ✭✭Henbabani


    mkdon wrote: »
    Henbabani wrote: »
    mkdon wrote: »
    Henbabani wrote: »
    Askthe EA wrote: »
    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.
    Looks like most of the property prices are going down...

    Really? Where and what evidence?
    Look at daftdrop.ie
    You can see that most of the accommodations decreased the prices.
    Mate is this the site?
    http://daftdrop.ie/ Is not opening u sure that is the link?
    That's the address.
    Something is happened to the website. Maybe tomorrow he'll be back online.


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    #50
    alastair
    Registered Users Posts: 19,309 ✭✭✭✭alastair


    Henbabani wrote: »
    Look at daftdrop.ie
    You can see that most of the accommodations decreased the prices.

    It shouldn’t really need to be said that a site dedicated to highlighting dropped price property is not going to give an overall picture of the property market. Its niche focus is there in the name. Most properties are growing pricier, not cheaper, irregardless of those that drop their asking price.


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    #51
    Wesser
    Registered Users Posts: 1,813 ✭✭✭Wesser


    Agreed. Also.... it doesnt state the actual selling price. Which is the data that the Op wants.

    Like I said. You have to do that manually.

    Many closing prices will be in excess of the dropped price on daft drop....and in excess of the original asking.


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    #52
    KellyXX
    Registered Users Posts: 365 ✭✭KellyXX


    Its getting worse too. I put a bid on a 2 bed apartment in Swords that was 15k above the asking price. I found out later it sold for 30k above the asking price. Another 1 bed apartment near where I am now went for €30k above the asking price too.
    I dont see the point in even looking at asking prices anymore.


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    #53
    Cyrus
    Registered Users Posts: 20,089 ✭✭✭✭Cyrus


    im going to say this again

    asking prices dont matter unless its a new build.

    look at what similar properties in the same area have actually sold for and that will be a better guide of what the property you are looking at is likely to hit


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    #54
    CorkonianBoy
    Registered Users Posts: 31 ✭CorkonianBoy


    Unfortunately I think vendors often make either of two mistakes - 1) they listen too much to the EA which results in too low a listing price because the EA wants to get the property sold ASAP and move on, or 2) the vendor pays no attention to the EA and lists for a ridiculously high price which results in the property sitting on the market for a very long time and getting stigmatized every time the price gets lowered a tiny bit every month or two.  I am not always a fan of EA's but I think not listening to their advice is a big mistake.


    I think part of the problem with asking vs. selling prices is that many vendors are trying to take advantage of the booming market and list for unrealistic prices.  They may not have a genuine interest in selling other than the hope some foolish buyer pays their aspirational price.  Unfortunate that more EA's don't turn down such business as it does not help the market.


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