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Advice needed regarding First time purchase
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It's difficult to say really, some areas are certainly back to that sort of level but it does depend where it is. If you like it, and are planning to live there fairly long term it will obviously have an impact on what it is worth to you-as opposed to a btl investor looking to make a quick buck. I think starting low and being cautious is the way forward, do you know anything about their circumstances? It might be an idea to have a bit of a friendly (nosy) chat if they show you round, maybe ask where they're moving to and see where it leads you? If they're desperate for a quick sale they might bite your hand off at £165k, you just never know.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
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All the indices agree we're now currently back at 2004 prices and that selling price as a proportion of asking price is about 88%.
So I wouldn't offer more than 160K, myself, to start with, and certainly not offer more than they paid - probably less, to allow for the fact that in the few months it takes for the transaction to go through, prices will probably fall by another 5% or so.0 -
carolt, you think that prices could fall that much (in a reasonably desirable area) in a matter of months?
Our situation is that we dont know how long we will be there for, possibly 2 years or maybe more. Our biggest dilemna is just that. We wouldnt want to buy something and have to sell up in 2 years (to emigrate for example) and be left in negative equity!
But the house is lovely and we could probably settle there...i used to be indecisive but now i'm not so sure!!!"For those who understand, no explanation is necessary. Those who don't understand, dont matter."0 -
The thread in the other house price forum on todays house price info advises we are now back at prices from Sept 2004 so your research looks to have landed you in a good position for making an offer backed up with excellent evidence.I beep for Robins - Beep Beep
& Choo Choo for trains!!0 -
If its just come on to the market then it sounds like they are holding out for £175k. But you could still make an early offer if you really want it. Quite difficult to give you a price without specifics but offer what you feel is a fair price.0
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