Another 'How Much to Offer' question I'm afraid

cymru01

I'm sorry to add to a long list of people asking this question, but here are the details......

3 Bed in Cardiff for sale for £170k
Sold in 2003 for £116,500
Highest price paid in street was £175 at peak in 2007
Most houses sold on street for around £145-170 in past couple of years
Doesn't need any work doing to it

I'm a FTB, no chain. How much would you offer?

Also been offered mortgage from Natwest at 4.59% fixed for 5 years, good deal?

Any help would be very much appreciated.

Thank You

woody252506

Mortgage fixed for 4.59% is a superb rate IMO.

In terms of offering, id start at £140k and wouldnt go above £145k

Robert_Sterling_3

First time buyers with a mortgage arranged in principle are not two a penny. Think of the highest price you would happily pay and offer £10,000 less than that.

Or offer £140,000 and be prepared to settle at £150,000

Jonbvn

Since I live in CF I would say it really depnds where. As an example new build flats in the city centre & the bay are dropping massively. However, at the other end detached houses in good areas (e.g Llandaff & Cyncoed) have generally dropped much less.

In a reasonable area in CF, I would say an average 3-bed should be around 150k?

cymru01

Thanks for the advice. I was thinking of putting in a very cheeky offer of say £130k but I'd have probably been laughed out of the estate agents! So I'll possibly start around £135k and see what they say, I'd be happier not to pay over 140K but that may well be wishfull thinking!

The house is in the Canton area of CF.

woody252506

It also depends on area and how long its been on the market for.

To give you an example of my situation which might guide you (I am a FTB too)

We have seen one we like and are viewing it for a 2nd time. It needs nothing doing and is in a lovely location and would be our home for a long time to come as it has enough space for when we eventually have children. Its a superb house and perfect for us.

Its been dropped 25k already and is on for offers over at the moment. Thats still above our budget so, unless something drastically changes on the 2nd viewing we'll be offering. It will still be 10k under the offers over price and it will be made clear thats our first and final offer as its the max we are prepared to pay and the max we want to lend on a mortgage (Even though we could lend up to 50k more than we are).

That offer takes the property back to its 2004 price for its location and street.

TopKat*1

I agree with alot thats been said here id offer lower and see what they say, make sure u have a figure in your head you will not go over, if they decline wait a few weeks and offer a few k more. But alot of sellers wont budge I am a FTB in the process of buying a repo very cheap, but we have viewed alot of houses made a few cheeky offers and there are still alot of sellers that wont budge on price. Hopefully yours will as they paid alot less for it 2003

Jonbvn

cymru01 wrote: »

The house is in the Canton area of CF.

A reasonable and convenient place to live. Asuming the property is in good repair, 140 to 150k seems a reasonable price.