Was just having my afternoon cuppa and catching up on some work at the deli near my house when I realised two estate agents were having a fat chat at the next table. Unfortunately I didn't catch the names of either of their companies, but I gathered that both are pushing property in the northern suburbs and on various wine/golf estates out Somerset West way.
At first neither of them wanted to talk about the deathly state of the market, a bit of professional rivalry I suppose. But soon they cracked and the tales of woe started. And did they start. I had to write down one part verbatim, it was too priceless not to pass on as it came from the horses' mouths (always knew that shorthand course would come in handy!):Estate Agent A: "What people are asking, they're just clueless, still."
Estate Agent B: "They should show the selling price. Completely different."
EAA: "Completely different, the asking and the selling. I mean what they're selling for now was what they paid three years ago."
EAB: "Four years."
EAA: "Absolutely. They've lost all the money they made in the last three years."
EAB: "Totally."
EAA: "I mean you'd have to be absolutely f$%^&%#g mad to buy now."
EAB: "But people can't sell, hey, because they're not dropping their price, like, 40 percent!"
EAA: "You'd have to be mad. I know okes who are buying, they're fucked."
EAB: "Nice for us, hey?"
[A short embarassed laugh.]
26 November 2008
Overheard At The Deli: "I mean you'd have to be absolutely f$%^&$%g mad to buy now."
The following report was sent in by reader Bean Counter:
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4 comments:
Classic stuff - nice sleuthing Bean counter :-)
I deal with estate agents on a daily basis and there has been a major change of attitude in this industry.
The majority of agents openly agree that prices are down bigwith some saying that prices are 30% from the peak.
This is totally contrary to what their bosses and frachisor say on daily basis in the media.
Reality has finally come to this industry filled with lies and deceit.
I think it is completely understandable. The agents on the ground need to earn money to pay bills so they have no choice but to try to convince sellers to have market-related prices.
On the other hand, their bosses are not struggling to make ends meet so they are trying to talk the market up since bubbles, as opposed to distress selling, is where they make real money.
A friend of mine works in the bridging finance sector: one of the houses they supplied finance of about R500,000 for just sold on auction for R130,000. That's what's the real world looks like now...
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