Asking price for a house has increased!

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putsch

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I've been looking at a particular house for sale online for a few weeks - price expensive but perahps manageable. I tried to get to view it but couldn't go along on the offered day and despite follow up the estate agent never came back with an alternative appointment.

I've been away for two weeks and I look online to see the current status. Turns out the asking price has increased by 9%. In the current market I find this difficult to understand - I'd very much welcome views from posters as to what might be going on.....Would it be a bidding war among a number of bidders? I'm trying to assess whether its worthwhile following up - the new price is beyond my limit.
 
Re: Increased house price!

I would say from what you have posted that the vendors now know they will have to drop the price. Therefore, it seems they have simply stuck the price up and when an offer is made they will have the 9% buffer to drop. Unless this is an extra ordinary house work on the original price as the base price and make your offer relative to that.
 
Re: Increased house price!

Wonder if they have increased the asking price to allow for reduced offers. As buyers are now offering a percentage under the asking price, this way, they may get closer to their original asking price. :confused:
 
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Re: Increased house price!

I have seen a house exceed the asking price and i have seen several houses get around the asking price - all were in good condition and in dundrum/ Ballinteer. I haven't seen anyone change the price on the website though. I think it depends on the area - some areas seem to be holding their prices better than others.
 
Re: Increased house price!

The EAs in many areas are in denial that the market has shifted downwards, and they refuse to advertise lower asking prices for the properties on their books. Simple as that - in other words they are trying to control something they don't even own.
 
Re: Increased house price!

If the house is in a desirable location then it's not hard to believe that the house has gone up in value.

The reports of house prices going down is based on averages. It does mean that every house in the country has gone down.
 
Re: Increased house price!

Whilst the topic of discussing the House market going down is temporarily banned on AAM, I would dearly love to see half a dozen examples of house prices that have increased in the last 6 months compared to 2006 prices.
 
Re: Increased house price!

we have just been successful on a house which we paid 30K over the asking price for
 
Re: Increased house price!

Successful and 30k over the asking price don't go together.

You have paid more than they wanted. Not very good negotiating.
 
Re: Increased house price!

I'm trying to assess whether its worthwhile following up - the new price is beyond my limit.
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the only thing that really matters is what offers are on the house, so keep an eye on it and stick to your own budget, it's all you can really do.

Simple as that - in other words they are trying to control something they don't even own.
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Theres quite a large hole in your argument - EA's don't own the properties so they have no authority to lower prices. Why would EA's not want to lower prices, surely they want to sell, it's no use having high prices and nothing moving.

I would dearly love to see half a dozen examples of house prices that have increased in the last 6 months compared to 2006 prices.
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Its the exception rather than the rule but there are cases where its still happening.

You have paid more than they wanted. Not very good negotiating
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You negotiate to get what you want, its hard to comment without knowing the facts.
 
Re: Increased house price!

I didnt mean to put the person down, its just not the way I would operate. The time of offering a house at one price and expecting it to be sold for higher is well and truly over.

But having said that I have seen many a frenzy of buying in the last 2 months where you get 3 couples in a showhouse and they will outbid each other just because they want to win. Later on they pull out becuase they realise they can't afford the house.

I am sure in this case the person got a wonderful house they truly wanted and are happy to pay over the advertised price.
 
Re: Increased house price!

Fair enough, that day is gone in the vast majority of cases for sure, but there are ones here and there that go agains the grain. Location location location is more prevalent now than ever.
 
Re: Increased house price!

30,000 over the asking price sounds way to high in a downmarket,is it possible that you were stiched up by the estate agent? what drove the price so high?
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EA's don't hold guns to anyones heads.
 
Re: Increased house price!

Thats true, they are just trained in manipulation. Still don't blame them, its the buyers problem. If they are not schooled in negotiation and able to spot a grift its their fault not the EA.

Examples of Grifts -

Ring Ring, hi can I make an appointment to view a property? Oh you don't have anything until thursday and then your doing me a favor? ok thanks see you thursday.

Come Thursday, the property has 3 people viewing it and intense interest!!! A definite Grift. Designed to generate interest. I know 2 EAs in Wicklow who regularly do this.

As I have said, get 2 or 3 couples in a room and they will bid till their kids are on the street selling coal to pay the mortgage.

This is how you end up paying 30k over the odds, paying a booking deposit for house you just saw on a Sunday drive and getting locked into a house off plan at one price while the house in the next phase is 100k cheaper. Delgany anyone???!"!!
 
Re: Increased house price!

Putsch,
Sounds like there is somthing going on there, EA might be trying to drum up demand, by restricting viewing etc and then when he has buyers hooked the price goes up, why I wonder!!!! The EA's are under pressure it can not be denied and I cant say I am very sorry for them, it will take every trick in the book to keep the plush offices open for the next 12mnths, it will surely sort out the men from the cowboys!!
 
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