What is a silly offer?

StickMan_3

Morning,

I'm a first time buyer about to place an offer in on a house Woo Hoo! However I don't think its worth the asking price. I've done my research and know they vendor bought the house five years ago for 160k they have renovated it, placed in double glazing, redone the garden and are now asking 205k for it. I was thinking of offering 190k is this a stupid offer? A similar sized house not renovated to the same standard but on the same street sold in April for 170k.

What the precedent on offer % to asking price? Is there a point at which you just don't bother placing the offer?

Stick

DannyboyMidlands

£190k is a silly offer. Its WAY too high. The vendor and agent will think all their Christmases have come at once.

How much do you think it'd cost to rennovate the one that sold in April?

Yorkie1

What the seller originally paid for it and the amount they've spent on improvements aren't the factors for you to concentrate on. Not all improvements increase the house value by the amount spent. Things like surface decor and gardens are so personal in taste that their work is not worth anything to you if you want to change it completely, whereas DG does increase the value somewhat.

Decide what it is worth to you and offer a little bit less than that, giving yourself some negotiating room.

If I were you, I'd compare it with the house on the street which sold only 4 months ago. How much would it cost to bring that up to the standard of the house for sale? Is it comparable otherwise e.g. garage, size, aspect, size of garden?

StickMan_3

Thank you guys. How do I get the details of the property which sold in April? At present I have only done a sold price search so know the address and number of bedrooms but nothing more than that.

somethingcorporate

http://www.zoopla.co.uk/

sold prices.

I'd agree that 190k is way too high. If you end at that price I bet the vendor will be VERY happy.

DannyboyMidlands

StickMan wrote: »

Thank you guys. How do I get the details of the property which sold in April? At present I have only done a sold price search so know the address and number of bedrooms but nothing more than that.

What details do you want? You know the sold price and general state of repair.

Roughly how much would it cost to do it up?

tleefox

Double glazing doesn't cost much - probably £2-£3k at most depending on the size of the house. House prices haven't moved much since last April, so I would start at £165k and go from there.

Dave_6

Hi, this may or may not be of some guidance

I've just had an offer accepted on a property, it was last sold in 2006 (5 years ago) for 160k, we've paid 9k less than that. Since buying though they havent really done much renovation work.

Maybe your area is different but I didnt think houses were massively above 2006 rates right now, infact I thought in alot of places they were under 2006 rates


So going by my purchase I agree with those above, but every house is different I guess and its worth what someone will pay for it.

Check other houses in that road or roads close by and try to find properties that have been sold in 2006 and then again in early 2011. May take a lil while searching on zoopla but see if the 2011 sold prices are higher than the 2006 prices that they originally paid.

It seem fairly priced to other houses in your area? or overpriced

Yorkie1

StickMan wrote: »

Thank you guys. How do I get the details of the property which sold in April? At present I have only done a sold price search so know the address and number of bedrooms but nothing more than that.

Drive down the road and have a look? Google streetmaps / earth? You should be able to tell from the outside whether it's been extended / different basic dimensions etc.

sonastin

somethingcorporate wrote: »

I'd agree that 190k is way too high. If you end at that price I bet the vendor will be VERY happy.

If they are asking £205k, I bet they won't be very happy with £190k. Doesn't mean its not waaaaaaay more than the house is worth though .

Some people really don't have a clue what state the market is in at the moment. Have you used property bee to check how long they've been on the market? If they've not been waiting around several months with no interest yet, they probably haven't got a clue that £180k would be a generous offer.

ukcarper

Dave_6 wrote: »

Hi, this may or may not be of some guidance

I've just had an offer accepted on a property, it was last sold in 2006 (5 years ago) for 160k, we've paid 9k less than that. Since buying though they havent really done much renovation work.

Maybe your area is different but I didnt think houses were massively above 2006 rates right now, infact I thought in alot of places they were under 2006 rates


So going by my purchase I agree with those above, but every house is different I guess and its worth what someone will pay for it.

Check other houses in that road or roads close by and try to find properties that have been sold in 2006 and then again in early 2011. May take a lil while searching on zoopla but see if the 2011 sold prices are higher than the 2006 prices that they originally paid.

It seem fairly priced to other houses in your area? or overpriced

Depend where for all England houses are up about 1% but in the Southeast they are up about 6%.