What should I offer on a £271k house?

stressed_FTB

I know what you mean, we have just bought our first house and felt bad about offering too low. I slept on it and then thought: why feel bad? They are obviously putting it at that price because they know it will go under the threshold. Remember: A house is worth what people are willing to pay for it, NOT what the EA's asking price is. Our house was on for £145,000. I put in an offer of £120,000, knowing it wouldn't be accepted but we were FTB and property had been on the market a few weeks. I'd heard if you don't feel embarrassed about your first offer, you are offering too much and went with £120,000. They declined and said they wouldn't go lower than £135,000 so a 10k drop. I then said I wouldn't go higher than £124,995 and after 2 days thinking about it they accepted.
You should do that sort of thing and definitely don't pay more than 250k for it

Prosaic

Thanks for your replies...this is our 3rd time round for buying property I should know better- it's just that we've had an offer, and got swept up in the idea of this new house

Glad i came on here before jumping in with an offer- I was going to go straight to 260! :eek:

I'll re-visit the street today and sleep on it

fivemice

Good luck!

Prosaic

Quick update- checked out the neighbouring houses today- one is a 3 bed semi, exactly the same WITH conservatory- sold for 240k last Aug!

Why the 271 price tag for ours in the next road I wonder?

Anyway phoned the EA and said I liked it but had to work out finances as could never meet the asking price. Asked how long it had been on the market & he said that they had tried to sell last year, had found their new house but no one had ever made an offer so they ended up losing it. He also said price had been reduced since last year

any thoughts?

Thanks for all the help by the way

fivemice

Perhaps yours has nicer decor?
I'd go in at 240k, and mention that house to the EA.

irnbru_2

Prosaic wrote:

any thoughts?

Houses only ever go up?

You want to make sure you can exchange and complete very quickly.

Aim for 240K. Let them negotaite a reduction in their next house price.

Get your property sale completed.

Make sure your buyer does not mess you around.

If you're wondering why you should aim for 240K. Ask yourself how much intertest rates have risen between last August and now.

Bluelad_2

Toots wrote:

Conservatory - could be £3k job from B&Q or £27k from, say, Finesse conservatories.

Could be massive difference in quality of fittings (e.g. Kitchen & bathroom)

The houses in the next road to ours are selling for £20k more and look essentially the same. In fact their garages look a bit narrower. I personally think our road is much nicer but evidently EAs don't agree.

Toots

Surely if house prices are selling for 20k more it's the buyers that don't agree not the EA's

Musn't forget that buyers dictate the market price not EA's.......and I'm not an EA!!!!

shelly

We are looking for houses at 250K+ but our budget is 250K. If we see one we love then we'll offer 250K on paper and do the rest as "cash for fixtures and fittings" so we avoid the stamp duty.
Maybe you could do the same if you think its worth over 250K?

Doozergirl

I missed your post last time round, prosaic. Did you take it any further?

You don't get if you don't ask you know. That offer of £240k should be on the table with the firm reason being that you and anyone else can see that exactly the same house sold last year for that price.

However, if they've already dropped the price, I don't hold out too much hope. They have an overinflated idea of what it's worth and it will take some hammering

There's a house near me been on the market for a good 9 months. It was on at £238,000. They have just dropped the price to.........

£235,000 :wall: What difference is that going to make to anyone? It's still £30k more than any other like it.