What to offer

poppysarah

What to look at

First I've look at previously sold prices - last ten sale on the same road.

1 26/11/2008 £90,000
2 21/05/2008 £100,000
3 10/03/2008 £66,711
4 13/06/2007 £124,000
5 14/12/2006 £113,000
6 11/08/2006 £124,995
7 11/04/2006 £128,000
8 22/07/2005 £115,000
9 09/02/2005 £110,000
10 30/01/2004 £76,000

So peak is 128k. so 17% below peak would be 107k

House next door is being sold for 84k (or less)

So what's a fair offer on a house that they've got on for 129k?
Bearing in mind they think the peak price last year would have been 145k cos they had it valued at that.

Other houses on for 132k nearby unsold since May 08, another on at 115k (after 13k reduction) has been on since Jan 08.

Oh and they paid 59k for it in 1999.

So is 100k a fair offer?

Kez100

It looks to me as if you cannot use this information without getting to the bottom of the march 08 sale. That figure there don't add up. Is that property split into flats?,in a very different state of repair, or perhaps was it a repossession ?

Don't bear in mind the £145. It's a red herring unless this house is incomparable to the others (in which case scrap the comparisons). No house has ever come near that - you can see that. Their house is still on now at more than the maximum ever sale price. They can think what they want but don't let it sway you at all. It may mean they won't sell but looking at what you say and the evidence it won't be long before another one in the street is on the market.

I'd be looking at 80-90k tops when you see the two later 2008 sales and it has since fallen a lot. I would also be considering the reason behind the 67k. Then again this house might be perfect to move in to, it may be extended, and the 90 and 100k houses dives, so comparison figures in an internet post is not enough for advice to be given on offer value.

poppysarah

There's no house that's hugely different. The 66k one only had coal fires so the bloke had to get the gas mains laid. and it probably needed some other upgrading too. I knew the people selling it and they took a huge drop off their asking price because they'd got to move to another house for family reasons - so very much a forced sale.
But still - the last two 90 and 100 - and this one about to sell - 84 - shows a def decline in prices in the area.

MissMotivation

The 129k asking price seems hugely optimistic in comparison to the sold prices. Is the property similar to the 2 other properties that are nearby? How long have they been on the market for and have they reduced at all since coming onto the market?

poppysarah

The ones currently on sale - 115k one is in a quasi but hasa big front garden with parking for two cars, and a bigger back garden, and is probably the same floor space inside.
The 132 is fairly similar to the 129k one - but perhaps with bigger front gardens again.

the 129k one doesn't quite do it for me. It's a shared drive without room to park a big car on the front (small car wouldn't block the shared drive) and no garage (one selling for 84k has a proper drive on the front and a garage)

The 115k reduced 13k after a few months - but it was def for sale when we were looking last January.

MissMotivation

poppysarah wrote: »

The ones currently on sale - 115k one is in a quasi but hasa big front garden with parking for two cars, and a bigger back garden, and is probably the same floor space inside.
The 132 is fairly similar to the 129k one - but perhaps with bigger front gardens again.

the 129k one doesn't quite do it for me. It's a shared drive without room to park a big car on the front (small car wouldn't block the shared drive) and no garage (one selling for 84k has a proper drive on the front and a garage)

The 115k reduced 13k after a few months - but it was def for sale when we were looking last January.

In that case I can't see any issue with offering £100,000. Can I ask why you aren't offering on the £115,000 one though?

poppysarah

MissMotivation wrote: »

In that case I can't see any issue with offering £100,000. Can I ask why you aren't offering on the £115,000 one though?

I don't like the next door but one neighbours.

MissMotivation

poppysarah wrote: »

I don't like the next door but one neighbours.

Fair play especially considering my comment on the other thread about researching an area before commiting to living there!

poppysarah

MissMotivation wrote: »

Fair play especially considering my comment on the other thread about researching an area before commiting to living there!

Absolutely. One of their lads is a horror when he's with his gang of mates. Who hang outside the house playing football. Our PCSO won't go without a proper copper to the house. (hmmm, sounds like she goes a lot... ;-) )

The sale sign for this one is actually half way up the road at the moment - I can have a very good guess at how it got there.

MissMotivation

poppysarah wrote: »

Absolutely. One of their lads is a horror when he's with his gang of mates. Who hang outside the house playing football. Our PCSO won't go without a proper copper to the house. (hmmm, sounds like she goes a lot... ;-) )

The sale sign for this one is actually half way up the road at the moment - I can have a very good guess at how it got there.

Mmmm.....probably best to steer clear from this one then! I would try the offer on the other one at 100k...what have you got to lose?

poppysarah

MissMotivation wrote: »

Mmmm.....probably best to steer clear from this one then! I would try the offer on the other one at 100k...what have you got to lose?

Actually I'll give their EA an email to let them know where their sign has disappeared too...

yeah, don't know whether to write it out for their EA so they can see how I've arrived at that figure (using the price stats maybe...) or just verbally explain it...