Should we imediately increase our offer?

Leah26

Cash-Cow wrote: »

This is why when I sell my house I'm going for 'offers over'. At least buyers know the score and I will know if it the price is too high or not when i don't get any offers.

Our EA told us that the whole offers over usually means you get offers less than the offers over asking price anyway.

KateLiana27

What's it worth? ie, what have similar houses actually sold for? Or, how easy would it be to get a similar house for the price? We can't answer that question for you without knowing the area, the market, and the house in great detail.

If it's a £210K (or whatever) house that is genuinely underpriced for a quick sale, they have every right to expect full asking and will probably get it. In this case, yes, increase your offer and soon.

If it's a £189K house, then no, you shouldn't increase your offer.

Decide what you think a fair price is, offer that, and walk away if they don't take it.

Lovelyjoolz

tyllwyd wrote: »

You haven't said whether you think £199K is a high/medium/low price for a house of that type in your area?

If they've already dropped £30K they might well feel that they've already stated their minimum price and they don't want to go any lower.

Its difficult to calculate if this is a good price or not, as it's a 3 bed (plus attic room) bungalow in a road otherwise full of 3 bed 1930's semis. There aren't many bungalows in this area at all, so perhaps they are counting on achieiving such a good price because of a lack of comparable properties.

KateLiana27

How does it compare to the sold prices of the 3 bed semis?

Lovelyjoolz

KateLiana27 wrote: »

How does it compare to the sold prices of the 3 bed semis?

Its priced about £30k more than a 3 bed semi that sold in April this year. This is according to findaproperty.com - I can't find any data on houses sold since then.

There's not a huge amount of land with the bungalow. Decent front garden, but a pretty small space at the back. The house has already been extended sideways (an ensuite added to the master bedroom) so you can't go out any more.

twokcc

So its been on the market for 4wks at lower price and not sold yet- so doesn't sound as if its such a bargain that buyers are falling over themselves to buy.
IMHO would not make an increased offer just advise estate agent that you will leave your existing offer on table for next 7 days and put pressure back on seller. He has already moved on and hopefully be aware that house prices are only likely to go down, if he turns you down it may will be that future offers will be even less than your's.
Good luck

ruggedtoast

Lovelyjoolz wrote: »

Its difficult to calculate if this is a good price or not, as it's a 3 bed (plus attic room) bungalow in a road otherwise full of 3 bed 1930's semis. There aren't many bungalows in this area at all, so perhaps they are counting on achieiving such a good price because of a lack of comparable properties.

You want to make the largest purchase of your life and you aren't sure whether or not it is priced correctly?

KateLiana27

Lovelyjoolz wrote: »

Its priced about £30k more than a 3 bed semi that sold in April this year. This is according to findaproperty.com - I can't find any data on houses sold since then.

There's not a huge amount of land with the bungalow. Decent front garden, but a pretty small space at the back. The house has already been extended sideways (an ensuite added to the master bedroom) so you can't go out any more.

If the conditions are similar (ie the semi wasn't a fixer-upper), I would say it is probably still overpriced. I wouldn't pay £30K more for a bungalow, unless I really needed one (eg mobility issues).

Lovelyjoolz

ruggedtoast wrote: »

You want to make the largest purchase of your life and you aren't sure whether or not it is priced correctly?

And your point is?

Lovelyjoolz

KateLiana27 wrote: »

If the conditions are similar (ie the semi wasn't a fixer-upper), I would say it is probably still overpriced. I wouldn't pay £30K more for a bungalow, unless I really needed one (eg mobility issues).

Thanks KateLiana, precisely my thoughts too. But as I've never paid any attention to the price of bungalows in the past, I really didn't know if they generally go for more or not, and there's not enough of them listed for sale right now to make an accurate assessment. It doesn't help that the Land Registry doesn't separate out bungalows from other property types, so they get listed in with other detached houses. And here in Cardiff, detached houses range from £140k to several million, so LR figures are as useful as a chocolate fireguard.

I like twokcc's suggestion: I'll go back to EA tomorrow and do exactly that. Thanks