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Concept of Market Value?

madmish00
madmish00 Posts: 315 Forumite
edited 23 February 2011 at 4:52PM in House buying, renting & selling
We have just had an offer on out property which was originally on the market at £109,950 and we dropped to £99,950 just after Christmas. The offer is for £90,000. Zoopla indicates £94,612. We paid £98,000 ad realise the market has dropped since we bought so were prepared to accept this (begrudgingly!)
This is our property.
http://www.rightmove.co.uk/property-for-sale/property-32119340.html

BUT

I have just spoken to the agent to put in an offer on the property we like and was astounded by the response! The property is marketed at Offers in Excess of £169,950 but when speaking to the agent she has said the vendor will not consider offers less than £180,000! This house went on with a local agent back in Feb 2010 at £215,000 and was moved to the new agent in September at £179,950. It then reduced in November to £169,950. I don't understand why they would reduced the marketing price if they still won't go lower than £180,000. But, the Zoopla value is £196,879.
They have had several offers in the low £160,000's which they have rejected

(Link removed as per advice)

The problem I have is I know people will say walk away as there are other detached properties going between £155-170k but we LOVE this one. It ticks every single box and the location is unbeatable for us. There isn't a single other property on the market in the area that we like. But that said we can't afford to go to 180k

I just wanted opinions really on whether you think the vendor is being at all realisitic (given that the Zoopla estimate is so high) or whether we should stick in a best and final offer at £169,950 and see what happens. I don't want to move for the sake of it to somewhere that I don't 100% love but at the same time we have had no interest apart from the one viewer who has put the offer in so we don't really want to lose them
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Comments

  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    Zoopla is not very accurate. Take the link out for the house you are interested in if you want negotiating advice - it is otherwise a waste of time as agents do visit these pages.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • dippy
    dippy Posts: 290 Forumite
    madmish00 wrote: »
    I have just spoken to the agent to put in an offer on the property we like and was astounded by the response! The property is marketed at Offers in Excess of £169,950 but when speaking to the agent she has said the vendor will not consider offers less than £180,000!

    Contact the Office of Fair Trading. The agent/seller are not allowed to misadvertise the asking price for the property.
  • BoGoF
    BoGoF Posts: 7,099 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    dippy wrote: »
    Contact the Office of Fair Trading. The agent/seller are not allowed to misadvertise the asking price for the property.

    What utter garbage when it comes to house sales
  • Doozergirl
    Doozergirl Posts: 33,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 23 February 2011 at 4:58PM
    Have you tried to get the people up yet that have offered on yours? You wouldn't normally accept the first offer.

    And then whatever they go up by, you can go up by on the one you're looking at. If £170k is the top of your budget and there is nothing else that even matches this, then I'd consider trying as hard as you can to get the people offering on yours to pay more and see if you can persuade this vendor down with sickening flattery. It looks like everything has been done with great care and attention to detail and there is value that people sometimes don't appreciate in that. It's nice not to have to redo things that haven't been done quite correctly!

    I'd ignore Zoopla. It's pretty much useless. Ultimately, if your survey on that house comes back with a lower valuation then you'll have the right ammunition to try and knock them down.

    It's been a pretty quiet winter but I've noticed quite a lot of the properties I've been watching on RM go under offer in the last few days. There's hope for you! Your house looks really well presented for sale and it's been done tastefully too.
    Everything that is supposed to be in heaven is already here on earth.
  • We tried to get our buyer up but they aren't budgeting. Feels like we ar being shafted at both ends to be honest at the minute. There is quite a bit of work to be done on the one we want and the feedback from other viewers has been 'lot of work' and 'too open plan'. I did ask what the point was of putting on at £169,950 if they have no intention of accepting anything near that but the agent reckons they are selling 50 properties a week and some are going for £20-30k above the marketing price. They obviously don't know anything about the local area as the only properties flying in our area are the ones over £500k
  • I had a look at the link before you moved it.

    Have a look on here:

    https://www.houseprices.co.uk

    Number 1 is a semi, sold Aug 10 for £150k
    Number 9 is a semi, sold Oct 07 for £162k

    There are both close by and look similar apart from the fact they are semis. There are a few other sales on that street to compare to too.

    It looked like it was to a pretty decent standard inside.

    If it were me I would extend that comparison to the streets nearby too. See what else has sold.

    From that rather limited info, £180k seems a bit high, but not much. £170k seems fair. But ultimately it comes down to how much you got, how bad you want it and how bad they need to sell.

    If you really can't spend any more, then this is all irrelevant anyway. Just tell the EA it is your max price. Until you find something better your offer is open and walk away. Start looking for that nicer property.
  • dippy
    dippy Posts: 290 Forumite
    BoGoF wrote: »
    What utter garbage when it comes to house sales

    Just because it happens a lot in property sales just shows how the whole system is crooked. Does not make the practice any more right.

    Secretly tape the estate agent admitting this and send the recording to the OFT and any association that the EA may be part of, such as ARLA.

    This is one reason why a lot of people are asking the government to license EAs. It's one of the most crooked professions in the world.
  • There are both close by and look similar apart from the fact they are semis.
    Looking at the deeds to the property it was at one time a semi. The upstairs is identical to Number 9 (which as you say sold for £162k in 2007 and is currently on the market for £165k since Jan last year). The downstairs has been extended at the back for a new bigger kitchen and the old kitchen is now a utility. The garage has been converted to a dining room.

    I am just gutted at the minute. I thought market value was what someone was prepared to pay at any given time and given the offers put forward so far I would say that is in the region of £165k

    The only other comparable in the area which indicates a higher prie is 18 Calverhall Way which sold for £169,950 in June last year
  • Secretly tape the estate agent admitting this and send the recording to the OFT and any association that the EA may be part of, such as ARLA.

    When I raised the point with the agent she was quick to point out that is is not on the market at £169,950 it is on for Offers in Excess of that price. I just find it ridiculous in the current market
  • dippy
    dippy Posts: 290 Forumite
    madmish00 wrote: »
    We tried to get our buyer up but they aren't budgeting. Feels like we ar being shafted at both ends to be honest at the minute. There is quite a bit of work to be done on the one we want and the feedback from other viewers has been 'lot of work' and 'too open plan'. I did ask what the point was of putting on at £169,950 if they have no intention of accepting anything near that but the agent reckons they are selling 50 properties a week and some are going for £20-30k above the marketing price. They obviously don't know anything about the local area as the only properties flying in our area are the ones over £500k

    It's a basic truth of bargaining. If you want to get your desired price, you have to be willing to walk away.

    If you want to play safe, you're certainly going to get your house but you'll also get shafted in the process.
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