What is my home worth, what to offer, downvaluations - tips

mbga9pgf

2 more links for the original post

http://www.ourproperty.co.uk/ land registry info back to 1995
http://www.home.co.uk (has extensive house price graphs and stats)

both worth a look.

I personally HATE zoopla, they use quite a bit of data that skews the value, for example, they assume just because you have added a conservatory, X thousand will be added to the value. It doesnt consider the quality of any changes made.

neas

A house was bought at the top of the peak 01/2008 for 205k..... it was on market for 205k... but after viewing i commented that the sellers expectations were too high ... they dropped asking price day after to 195k..

Problem is i want to offer 170k... :P. Why? Lets see:

1. Seller is jobless and has spent alot of money on house... and personally commented they are 'living off savings' = Distressed... or going to be soon
2. House been on market 2.5 months
3. Next door reduced asking price to 170k.. and sold or is in process of selling. Its less quality decoration but has bigger kitchen than one i want to offer on.
4. owners have half stopped decorating house... stairs and landing need carpeting... one room has had original floorboards treated... whereas other two rooms have laminate and carpet... its halfway finished.
5. Owenrs have half stopped some sort of loft project. They've replaced roof and velux window (unsure if they got building regs approval - will be a question i ask)... but again its half finished (not a big deal but something offputting for other buyers)

Our 'maximum' is 170k in a sense because next door sold for 170k (asking price)... so we believe the property next door is worth prob 180k.... but we want to knock them down due to position and works still need completing.

I realise if we went in at 170k.. they'd try and push us up... at which we'd walk away..... But i feel if i offered less (say 165k) they'd laugh at it :P

Any advice?

teakbank12

neas wrote: »

A house was bought at the top of the peak 01/2008 for 205k..... it was on market for 205k... but after viewing i commented that the sellers expectations were too high ... they dropped asking price day after to 195k..

Problem is i want to offer 170k... :P. Why? Lets see:

1. Seller is jobless and has spent alot of money on house... and personally commented they are 'living off savings' = Distressed... or going to be soon
2. House been on market 2.5 months
3. Next door reduced asking price to 170k.. and sold or is in process of selling. Its less quality decoration but has bigger kitchen than one i want to offer on.
4. owners have half stopped decorating house... stairs and landing need carpeting... one room has had original floorboards treated... whereas other two rooms have laminate and carpet... its halfway finished.
5. Owenrs have half stopped some sort of loft project. They've replaced roof and velux window (unsure if they got building regs approval - will be a question i ask)... but again its half finished (not a big deal but something offputting for other buyers)

Our 'maximum' is 170k in a sense because next door sold for 170k (asking price)... so we believe the property next door is worth prob 180k.... but we want to knock them down due to position and works still need completing.

I realise if we went in at 170k.. they'd try and push us up... at which we'd walk away..... But i feel if i offered less (say 165k) they'd laugh at it :P

Any advice?

Hi
It's irrelevant what it was in 08 or what they want now tbh, it's worth what someone/you want to pay for it BUT more importantly how bad you want the house.

For info
Our house purchased 05/05 at a reduced price of £175k from £180k as owner had to sell.
Rocketed to £200k in 2008.
We decided due to health/personal reasons we wanted to move location in UK late in 09, put house on market for £180k & prepared to drop a couple £k but we were not desperate to move.
Sold house early Feb 10 to first of 3 cash buyers who visited same day (both of the other two wanted it & were probably prepared to offer more).
We liked the first buyer & shook hands on the deal (i'm not into guzumping etc).

We are happy, buyer is happy, but more importantly we have found our dream house at new location & paid a little over the odds for this reason.

Money is not everything, money can't buy happiness or health.

So you offer what you want to pay depending on how bad you want THAT house, all the best in your decisions.

Edited to add: You can severely upset a seller by offering TOO low & they could then refuse to sell it to you even if you upped the price.

neas

Unfortunately the 170k is prob our max due to not wanting to overextend our finances... there are other houses on market with 10-15k less asking price.... they go quicker... so we just need to wait till they drop another 10k again :P

CloudCuckooLand

bump.......

Cannon_Fodder

bumped again...

geoffky

i have had a offer of 180 k accepted with sellers paying stamp duty from a original asking price of 300k (39%) drop......but i have waited and waited to pounce...

teakbank12

geoffky wrote: »

i have had a offer of 180 k accepted with sellers paying stamp duty from a original asking price of 300k (39%) drop......but i have waited and waited to pounce...

If you are a first time buyer you can avoid Stamp Duty on a property up to £250k.
If you have to pay it's only 1% on that price which is £1,800 so thats fair enough if sellers offering to pay it.

nollag2006

bump bump bump

camman

hi there just wanted a little help with how low to put an offer in on a house.

its on the market for 118,000. we are first time buyers with a reasonable deposit and ready to start moving asap. The home needs lots of cosmetic work doing to it, and bringing upto date, along with new kitchen , bathroom, and a small amount of damp proof course. also double glazing is very old and could do with sorting in the future. Next door sold for about 99,000 last summer, they have a smaller drive but same house. house has been on for about 7 months and the current owners have split up so thats the reason for sale. So just wanted any advise of what is a good offer to start with. was think along the lines of £97,000.

any advise would be great