What to offer?

skintchick

We live in an area where the market never really deflated, and is certainly picking up well again.

We've accepted an offer on our house, and have found one we like, but are usnure what to offer.

Agents round here have inflated prices for spring. A house in our road which differs from ours only in that it has converted the garage into a room is on for 25k more than ours!

The house we like is on the market for 400k. I've checked, and nothing in that street has sold for over 360k, and that was in December 2009.

Ok so the market has picked up a bit since then, but by 40k worth?! We don;t think so.

However, this is the best house we have seen in our budget (I have looked at everything) and we really want it.

We are going back to see it on Saturday, will be my third visit and OH's second, then we will need to make an offer.

Where should we pitch it? We don;t want to be too low as we want to be taken seriously, but we don;t want to pay the asking either as we think it's too high.

however, we will be gutted if we lose it.

It needs new windows as some have blown, and upstairs needs some sorting out as they have done a rubbish room split so you have to walk through one to get to the other, hence it is marketed as a 3 bed when they have it set out as a 4.

Other than that there is nothing obviously wrong with it except the awful kitchen worktops!

Where would you suggest pitching our initial offer?

skintchick

83 views and no advice? Surely someone has an opinion?

Chinkle

Maybe cos people are fed up of "what should I offer" type questions.

If you've done your research on local house prices, know your own circumstances and made a judgement about what situation the vendor is in - then it's down to you to decide.

You are best placed to come up with the offer, not anyone here.

Cannon_Fodder

I agree with Chinkle. You are a poster with 12,000 posts, so you should know how to search, and have probably already seen Chickmugs excellent thread on the subject of pricing/offering.

Also, maybe you confused people.

You live in an area that never really deflated. Yet it is picking up well...what is it picking up from, if it never deflated?

As you haven't specified roughly where, no-one has jumped on the location as somewhere they know about.

Then there's the blown windows, rubbish room split, awful kitchen worktops, but you love it, will be gutted if you lose it, and there is nothing wrong with it.

I'm not sure anyone wants to try and unravel the muddle that is your brain at the moment. Poor OH !

skintchick

How rude!

As on another thread I posted a while ago, I was told I could ask such advice on here, I did so.

As you say, I've been round MSE a while, and have posted a lot in the past, so I know we are to be nice to all Moneysavers.

To clarify:
The market didn;t drop like a stone here when it did in the rest of the country, by which I mean prices didn't really fall. However, not much came on the market for people to buy but when it did, it sold quickly, as usual. By picking up, I meant houses are now coming onto the market.

By 'nothing wrong with it', I meant it is not falling down, there is nothing obviously structural (subject to survey), and although there are things WE would change, that the EA recognises most people would want to change (bedroom split), and that need doing (windows) I do not know if you can use those things to justify offering a lower price, and if so, how much lower?

The area is Henley-on-Thames if that helps.

My brain is not a muddle thank you. Yours appears to be if my post was so confusing to you - if people wanted clarification on anything all they had to do is ask. And if people are fed up of the same kind of questions they can always leave the board. When I was on DFW people asked the same things all the time, but we always helped them, because sometimes we want answers individual to our circumstances, no matter how helpful a sticky on the subject.

I had heard this boards was unfriendly but I thought that had been sorted out.

bbford

Skintchick you have been thanked 14,410 WOW!
You obviously have contributed greatly to MSE, the comments made on here are unwarranted - Ignore

Cannon_Fodder

Sorry to burst your bubble but the market did drop like a stone in Oxfordshire;

[IMG]http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/default.asp?g=1&gt=1&a=Oxfordshire&s=01 January 2007&e=01 February 2010&t=1[/IMG]

Yes, it has clawed back some, but its still well down from peak.

Nationwide agrees with Land Registry, showing -10% from peak for a Henley-On-Thames postcode.

Hopes that helps you avoid overpaying.


ps. I don't suppose there were many people left who hadn't answered your earlier thread http://forums.moneysavingexpert.com/showthread.html?t=2344903

...where you were given direct link to Chickmug's excellent thread. http://forums.moneysavingexpert.com/showthread.html?t=1907059

nodebt_2

I guess you're just looking for some helpful opinions rather than actual advice as you seem to have done your homework. How about starting at 365k, slightly more than 10% off and see how your offer is perceived. I can understand you not wanting to pay over the odds for the property but as you've looked at so many already, at some point you are going to have to decide exactly what that property is worth to you. I think that's how I will try and look at our next purchase when we eventually have an offer on our house. Set a maximum figure, agreed with your OH, and be prepared to walk away if they want more. I believe that if its not meant to be then there will be something else around the corner. Hope this helps. Good luck and let us know how you get on.

skintchick

Cannon Fodder. Oxfordshire may well have dropped but Henley is a different matter. It's like a bubble here, well protected from things because it is so desirable.

Thank you to the helpful and nice posters!

Nodebt, that's useful thank you. We do have a maximum in mind because we cannot afford to be mortgaged to the hilt as I am not working (we have a young baby) and we have to afford this out of OH's wage only until we sell our other property (sorry, I sound like a right posh nob don;t I? We're not though! OH and I didn;t live together before we married so we still have his house at the moment).

So 365k wouldn't be utterly dreadful then? I had thought 370 and OH thought 375 but looking at past prices I feel the house is overpriced BUT BUT BUT we really like it.

Gah. I don;t like this housebuying lark.

nodebt_2

Like everyone on here always says they can only say no! You might regret going in too high to start with as you can't back down, whereas a steady climb might just get you the house. God its stressful isn't it and as we haven't moved for nearly 20 years my head's already all over the place, having lost one sale and now in throws of changing estate agents! However, I remain as always optimistic that my dream house is just waiting for me!