It's your home. It's your castle. You've lived in it for some years, you've spent money on it and it's just the way you like it.
Its value goes up. Its value goes down. It's only an adjustment in the property market and even though you know the value will go back up again, it still feels like you've lost money.
But then again, if the value of your property has dropped, then what about other, more expensive houses? If their value has dropped too, then the difference in price between your house and something bigger has just got smaller.
It must be time to move!
Because the housing scene is a bit tougher these says, you decide to market your property before finding something you set your heart on so you don't miss out on it if you're not in a good buying position. Being in that kind of position also means you're taken more seriously by sellers and agents when it comes to making an offer.
You approach some local estate agents who come along and provide you with valuations. They all differ quite significantly, something that surprises you. Surely they should just know what your house is worth? But someone tells you that often an estate agent will undervalue property so that it sells quicker in order for them to earn their fee sooner. Other agents overvalue on purpose in an attempt to flatter you in to instructing them over and above their competitors. That'll be why there's a disparity then, you now realise.
Now it's time to talk money - in particular, the agent's fee. Let's assume your home is worth around 180,000, the average price of a typical UK property. The first agent smiles and quotes you just 1.5% ... plus VAT. Total: 3240. The next agent smiles even more and tells you they're the best agent in the area, but expertise like theirs will cost a little more: 1.75%. Plus VAT. Total: 3780. And the last agent you let into your house works for a company with a network of offices up and down the country ... and they don't just use paper when they print sales particulars - they print them on high quality glossy card. So because of those benefits, they're looking for a fee of 2%, plus VAT, or, in real terms, 4320.00.
Back in 2007 when you bought your property, you went for a 90% mortgage on 200,000. Now the value has dropped by 10%, that's your equity gone. Thank heavens you've got 25,000 in savings, then, and you're prepared to use that right now because - barring market adjustments - property values always go up in the long term, right? And it's worth investing those savings right now because the 250,000 property you've got your eye on would have set you back 275,000 four years ago.
Ah. But here's the catch. You've got extra expenses to think about: stamp duty, solicitors fees, removal costs and the like ... and over and above all that comes the estate agent's fee. Which, if you think about it, works out to a pretty good hourly rate just for coming round, snapping a few digital pictures and uploading them onto Rightmove. Er, Probably not.
Oh dear. The greedy estate agent has scuppered your plans to better yourself and to fulfil your ambitions. If only there was another way, a selling solution that provided just the same facility as the greedy High Street chaps but at a far lower cost? eMoov.co.uk is an online estate agents that is helping people to sell their homes without over charging you thousands of pounds unnecessarily. Have a look. Estate agency is changing. We think you'll like it. With estate agents fees from just 99 you will certainly like the new low cost and it might just be the difference between moving and not moving!
Its value goes up. Its value goes down. It's only an adjustment in the property market and even though you know the value will go back up again, it still feels like you've lost money.
But then again, if the value of your property has dropped, then what about other, more expensive houses? If their value has dropped too, then the difference in price between your house and something bigger has just got smaller.
It must be time to move!
Because the housing scene is a bit tougher these says, you decide to market your property before finding something you set your heart on so you don't miss out on it if you're not in a good buying position. Being in that kind of position also means you're taken more seriously by sellers and agents when it comes to making an offer.
You approach some local estate agents who come along and provide you with valuations. They all differ quite significantly, something that surprises you. Surely they should just know what your house is worth? But someone tells you that often an estate agent will undervalue property so that it sells quicker in order for them to earn their fee sooner. Other agents overvalue on purpose in an attempt to flatter you in to instructing them over and above their competitors. That'll be why there's a disparity then, you now realise.
Now it's time to talk money - in particular, the agent's fee. Let's assume your home is worth around 180,000, the average price of a typical UK property. The first agent smiles and quotes you just 1.5% ... plus VAT. Total: 3240. The next agent smiles even more and tells you they're the best agent in the area, but expertise like theirs will cost a little more: 1.75%. Plus VAT. Total: 3780. And the last agent you let into your house works for a company with a network of offices up and down the country ... and they don't just use paper when they print sales particulars - they print them on high quality glossy card. So because of those benefits, they're looking for a fee of 2%, plus VAT, or, in real terms, 4320.00.
Back in 2007 when you bought your property, you went for a 90% mortgage on 200,000. Now the value has dropped by 10%, that's your equity gone. Thank heavens you've got 25,000 in savings, then, and you're prepared to use that right now because - barring market adjustments - property values always go up in the long term, right? And it's worth investing those savings right now because the 250,000 property you've got your eye on would have set you back 275,000 four years ago.
Ah. But here's the catch. You've got extra expenses to think about: stamp duty, solicitors fees, removal costs and the like ... and over and above all that comes the estate agent's fee. Which, if you think about it, works out to a pretty good hourly rate just for coming round, snapping a few digital pictures and uploading them onto Rightmove. Er, Probably not.
Oh dear. The greedy estate agent has scuppered your plans to better yourself and to fulfil your ambitions. If only there was another way, a selling solution that provided just the same facility as the greedy High Street chaps but at a far lower cost? eMoov.co.uk is an online estate agents that is helping people to sell their homes without over charging you thousands of pounds unnecessarily. Have a look. Estate agency is changing. We think you'll like it. With estate agents fees from just 99 you will certainly like the new low cost and it might just be the difference between moving and not moving!
About the Author:
Fed up with paying high estate agents fees? Join the growing number of people turning to Internet estate agents eMoov.co.uk. eMoov will visit you to obtain full details of your property including great looking photos and will then advertise it on all of the UK's top 25 property websites including Rightmove. Selling fees start from only 99. What are you waiting for?. This article, Fact: Greedy Estate Agents Are Preventing Sales Rather Than Encouraging Them is available for free reprint.
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