what are your thougts on this?

crisp

I have seen a property on a road I like. The road is quite a short road (about 40 houses) so only 2 or 3 come to market each year.

The property itself is a 3 bed house, that is let out and needs some improvement from my external viewing.

I got hold of the sold prices for the road and I found the two most recent sales were from 2005 at £250k and £210k.

When I called the agents this morning, I was astonished to learn they are marketing it for £375k. I really cant believe it should be over £300k as there are bigger houses on better roads adjoining for lower amounts.

Should I forget it or view and offer what I think its worth?

lynzpower

you might want to view it to check that the interior isnt done out in solid gold

pigeonpie

this is called Greedy and there's a lot of it about as not much for sale.
View and offer what you are prepared to pay, but don't necessarily compare with the 2005 prices.
I saw one house that is £70k more than anything in the same road has ever gone for (and they aren't that special) but then again, only 2 have been sold in 3 years. Always told don't buy the best or more expensive house in the road, but what do you do if there's nothing else for sale? Are you in a hurry?

crisp

we rather buy sooner rather than later.

it was quite funny on the phone.

"so how much is it?"
"£375,000"
"sorry did you say £375,000 or £275,000?"
"its £375,000"
"Oh. That seems high. Are you sure its not £275,000?"
"No its let and newly available"
"I had a look from outside and it needs work. I will have a think about it"

Yes its greedy. Makes you wonder if they really do what to sell!

natwill_3

There have been two like that where I live, both reduced by 20k after 2 months and then 2 months later off the market...people are not stupid and in West London will not pay!. Asking 345, similar sold this year 285K...pure greed

Frankly I wouldn't bother...far too much of a hike...might be a last ditch try by a BLT investor to get out while the going is good.

How long has it been on market, I would wait and see personally

Many people look on the internet and at prices sold for so it is harder I hope to hike up too much!

jamminjamaica

this makes me mad!! people can be so gready and sometimes the estate agent makes the people believe that they can achieve that amount and then they expect to get it.

sounds unrealistic

natwill_3

I agree...I saw a flat on a certain road on the market for 310k...3 months later (today) neighbours want 350k...hello????

theGrinch

yes I have seen similar a house which was priced at £75k more than any house that had sold on the market. the EA could give no reason why this was. I visited and it was not extraordinary.

6-months on the owners cant shift it. I spoke to the vendor and he still wants the high price, cause the agent said thats the value. when EAs raise expectations it helps no one.

WesternExpress

Sounds really greedy to me and would you want to be paying out 1.6 times the repayments than the people who bought in 2005 are paying (and they weren't really cheap prices either) just to give someone else a little nest egg.

real1314

theGrinch wrote:

yes I have seen similar a house which was priced at £75k more than any house that had sold on the market. the EA could give no reason why this was. I visited and it was not extraordinary.

6-months on the owners cant shift it. I spoke to the vendor and he still wants the high price, cause the agent said thats the value. when EAs raise expectations it helps no one.

Hmm, helps no-one? Or does it help the agent to shift half a dozen properties near-by that are a lot "cheaper" than the over-priced property?
I'm sure some EAs LOVE vendors who want to market at the highest valuation+20% as it makes naiive buyers think that i) Prices are rising, better get in quick ii) the property they've looked at for 20% less than that one is a BARGAIN!! Offer full asking price ASAP!!.