Overpriced... I think so - do you?

Jomo

roseland69 wrote: »

I'd offer a lower offer because its overpriced, not just because of the decor (although that would be something too). Its just not feasible that an identical house sold in the boom year for £5 grand LESS than this one is up for now. They are living in cloud cuckoo land as prices in the area have dropped considerably since 2007. I just think some vendors (and who knows, agents too) are in denial that we are in for the long haul of price drops over the next few years. No way would I buy that property at anything like 400K. I may as well make a big pile of money and burn it in front of my eyes. There is another 4 bed detached up for sale on the next road for £365K. Its been up for sale for over a YEAR at the same price. It is slighly smaller but not much - only a few square feet in it. Going to look at that one too. But again, given its been up for sale a long time at the same price either (a) its overpriced (b) there is something wrong with it. (c) the owner has refused every offer, even ones near to the asking price so therefore doesn't appear to want to sell it, even though its up for sale

I agree up to a point but house price reductions differ across the country, some areas have reduced very little so you may need to speak to the EA about this particular point, another reason why houses aren't selling is that people are struggling to get a mortgage!! LOL

Obviously everyone has their own opinion on these issues but no doubt if the seller was desperate to sell they would be more inclined to accept a cheeky offer but it doesn't look that way...they may keep it on for years until that 'buyer' comes along who falls so in love with the place!

Good luck with it though....you never know!

ess0two

Seems its over your budget,wait for it to drop further in future?if the sellers are desperate?
Otherwise view property in your price range.

roseland69

Jomo wrote: »

I agree up to a point but house price reductions differ across the country, some areas have reduced very little so you may need to speak to the EA about this particular point, another reason why houses aren't selling is that people are struggling to get a mortgage!! LOL

Obviously everyone has their own opinion on these issues but no doubt if the seller was desperate to sell they would be more inclined to accept a cheeky offer but it doesn't look that way...they may keep it on for years until that 'buyer' comes along who falls so in love with the place!

Good luck with it though....you never know!

Thanks. If nothing else, i'll be a nice trip out of London on a sunny Sunday afternoon :j I do know prices have dropped out there; and continue to drop. That's some comfort for the future. Not for those selling for sure. But for everyone else looking to buy and people who have been priced out for years its a good thing.

The renting option seems most attractive option for us really in any event. Even for 6 months and then rolling thereafter. We don't want to rush and buy anything just because we are due to exchange/complete here. We'd rather take our time and get it right as the next home we buy is destined to be our family home for some years to come. We have a substantial deposit to stash away... for the rainy day!!

Idonex

Depends. All the houses we've seen at 400k (which incidentally was their peak price too) in London have gone for 390k-400k. One went for 415k. So either everyone is crazy or house prices in Z2 haven't dropped much at all.

In fact we have had our flat valued recently (actually last week again) as part of mortgage re-negotiations and the identical flat next door went for 192,500 in mid 2007 and two surveyors (real ones instructed by banks, not an agents valuation) value our place at 185k...

roseland69

Idonex wrote: »

Depends. All the houses we've seen at 400k (which incidentally was their peak price too) in London have gone for 390k-400k. One went for 415k. So either everyone is crazy or house prices in Z2 haven't dropped at all.

This property isn't in London. The place I live in - which we have just sold - is though. We are moving away.

London tends to hold its value better because of where it is I think (depending on borough of course). The person buying our place has done so with the aid of a rich parent. There are a lot of rich parents, per square mile, in West London! :cool:

But again, the area we are looking in, well prices have fallen. Which is just as well!

But having lived in London for 20 years, we felt the time was right to branch out into the sticks!!

gjchester

All I can offer is a friends recent experience. They saw a house and his wife loved it. The sellers are a couple divorcing and want the most for it possible, they were adamant it was full asking price or nothing was happening. Both were going into rented and there was no rush to move. Friends offered full asking price and they are all going ahead.

Friends current house was sold STC within 2 weeks of them deciding to move, to the 2nd buyer who offered the full asking price, and you have to wonder what this supposed price crash, and depression is really doing, given both were sold at the full asking price. Property is still selling and from what they were told sales are picking up, (probably a spring / summer bump)

The point is it doesn't matter a fig what price comparison or search engines say, the seller is the final voice. If they are not in a rush to move then why should they accept less? We may be in a downward trend but unless they have to move in a set time there's nothing that can force a seller to accept less. By all means try a low offer, but in this case it's pretty clear they won't accept it.

Sure the Vendor may be optimistic with pricing but it's his house and in his interest to get the most for it. You sound as if you are not looking to buy a property in a set area, your looking at one property in the area. If you've fall in love with it you'll just have to stump up, if you don't want to pay the asking price, given you know they will be looking at that or very close, start looking elsewhere.

ad44downey

If the vendor isn't realistic move onto the next property. And let the vendor's property rot on the market for years to come.