When to put an offer? And how much?

tulipz

We are planning to buy our first home soon and we've been actively looking..

We found a property that is lovely and is around 10-15 min walk to 2 BR stations.

The asking price is £280k. I looked up on Zoopla for sold prices and found that the property next door (same size) was sold for £245k in June 2010. Though the property is nice, well looked after. .. we are okay with walking away from it rather than pay a foolish price to get it......

This property was put on market on 15-July-2011. Should we try offering £245? How much do you think we should go up to? Or shall we play the wait game ?

Any relevant advice welcome...

hazyjo

Don't forget the stamp duty's at £250k. That's not to say nothing sells at over this price, but seeing as next door went for under that figure, they're probably pricing way above so someone actually pays the £250k and thinks they've got a bargain. If you think it's worth £245, go in lower than that, or make it very clear that's your one and only, final bid at that price, or say £250k. What have others sold for? Anything over that £250k level?

Jx

tulipz

Thanks for the reply..

The properties around it (in the same street) were all build together in the 70's....perhaps like a venture...so they are all quite similar. Here are some sold prices in that street (for properties similar in size to the one we are interested in)

June 2010 - £245k
Mar 2008 - £250
Mar 2006 - £228
Oct 2005 - £225
Oct 2003 - £249

hazyjo

If they're all within the last 5 years, I wouldn't pay a penny over £250k.

Of course, the owners might be totally deluded, in which case you might have to play the waiting game. Nothing wrong with leaving an offer on the table, telling the agent to contact you if/when they drop, then just keep on looking. Something perfect's out there.

Jx