On average, estate agents in the Colchester area tend to overprice their properties by 5-10%. This is a minefield for the potential buyer!
I take extra care to correctly price properties for our vendors and fully explain our "triangulated" calculations. Without this approach, it would be impossible to consistently achieve over 100% of the asking price. (We're currently achieving 102%.)
Meanwhile, the difference between the asking price and transaction price of most properties is widening. Not because property prices are going down, but because most estates agents overprice to gain the listing. And once they have the listing, they reduce the selling price.
In the Colchester area, it's not uncommon for estate agents to reduce prices on 25-40% of all their listings. The typical price reduction is just above 5%, but some agents have price reductions of 10% or more.
Overpricing and successive price reductions are not the recommended way to achieve the best selling price. However, given the situation, it is a great opportunity for buyers to negotiate a much better price.
But you need the right guidance...
Here's how I can help
Buying a house can often lead to irrational decisions, so it's advisable to seek the help of a neutral friend.
But I'm more than a friend. I'm a property and valuation expert with over 25 years experience in "squeezing" trading professionals on derivative products. And I'm confident in negotiating with other estate agents and vendors.
- I'm happy to help registered buyers understand property prices for the whole Colchester area (CO postcodes), and will provide one full detailed data analysis free of charge.
- For £50, I will provide my full analysis for 5 more properties
- On request, I'll accompany you - as a "neutral friend" - on your second or third viewing.
- For an additional fee, with your trust and verbal agreement, I'll help you negotiate a more favourable purchase price.
Please Note: This service is free and available for our vendors wishing an extra personal support.