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is this normal?
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TrickyDicky
Posts: 666 Forumite
We've only just started looking, but we found a house yesterday that we loved, and put an offer in today that was rejected, saying that he'd take nothing less than asking price.
There are a few factors to consider though:
The house has been on the market 6 days.
They are not in a rush to move, they are looking to upsize.
Looking on houseprices, the only time any house in that area went for his asking price was in september 2007, which is the height of the property price climb, and then it was only 1 house, another around the same time went for 10k less. Other than that, they seem to sell for 35-50k less than what he's asking. He has done it up a bit, with a nice high quality bathroom and small conservatory, but is it really worth the 30k extra?
Just thought Id vent a little. Our offer was 15k under his asking price. We would like the house, and are now expecting someone else to snap it up, as 2 houses we've seen in the last week, which were on the market for less than a week have already sold! We could afford his asking price, but given the area's sales history - I think its a little steep.
Is this a normal process?
There are a few factors to consider though:
The house has been on the market 6 days.
They are not in a rush to move, they are looking to upsize.
Looking on houseprices, the only time any house in that area went for his asking price was in september 2007, which is the height of the property price climb, and then it was only 1 house, another around the same time went for 10k less. Other than that, they seem to sell for 35-50k less than what he's asking. He has done it up a bit, with a nice high quality bathroom and small conservatory, but is it really worth the 30k extra?
Just thought Id vent a little. Our offer was 15k under his asking price. We would like the house, and are now expecting someone else to snap it up, as 2 houses we've seen in the last week, which were on the market for less than a week have already sold! We could afford his asking price, but given the area's sales history - I think its a little steep.
Is this a normal process?
0
Comments
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Can be. The guy probably thinks he can afford to wait as offers have come in so quickly.
The price might be unrealistic but given we don't know the overall value or anything about the place we can't be 100% sure.
Try your best to figure out what it is really worth. It seems you have done that and it doesn't match his perception. There is no deal to be had here.
Suggest you submit your offer in writing (if you haven't already) with a time limit before it expires. Even if it does expire you might get a call if it remains unsold to have a second think. Then move on and look elsewhere.0 -
a) you have only just started looking
b) the house has only been on the market 6 days
Any house is only worth what you want to pay for it - regardless of sales history.
Take an objective view of this house against others you have seen (also go and see any others you are interested in), submit an offer for a value you are happy to pay and leave it at that. If vendor is not in a hurry then he will make a decision when he is ready.0
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