How to research property?

mogwai

We've found a home we like, but can't get much info on it, and what its prob worth??

Zoopla estimates it at almost 200k less than what it is on the market for, and the other plots around it on the estate are either smaller or there isn't much info on them as they were sold in the 90s..

So where else can we get info on what its worth from? Its based in chigwell...

Thrugelmir

Compare it to other properties in the local area.

sirmosh

Zoopla is often miles off, although 200k sounds a bit much even for Zoopla. Mind you, a local house worth £1.5mil+ with acres of land around it is listed as a mid-terrace on Zoopla.

All you can really do is look a properties in the general area and consider what they've sold for/are asking for.

mogwai

ok, i had a look on mouseprice and it seems to be more realistic there. Also, looking at other similar houses, maybe it is a little overpriced..

Another Q: if we make a cheeky offer (92% of asking price) can we still say that its a conditional upon vendor taking it off the market, or is that pushing it? EA has told us she is looking for more like 94 - 100% range..

GAH

Make your offer on the condition that its taken off the market, the wrost the vendor can say is No.

Every vendor is different.

hazyjo

Ignore 'guestimate' sites. Zoopla overvalued the house we bought (in Brentwood) by nearly £200k.

I grew up in Chigwell Row, btw

I wouldn't consider 92% particularly 'cheeky'. If properties are fast moving though (which they tend to be in the nicer parts of areas like Chigwell), they might not have to drop that much.

Definitely check out sold prices in the area, not just that road. Might be able to advise on comparison roads if you don't mind saying whereabouts it is.

Good luck!

Jx

mogwai

Thanks! Its deja vu, this happened on the last prop we liked a couple of weeks ago, 2 other buyers have put in offers higher than ours and the vendor has not accepted those but is negotiating with them..



Its on @ 799 and we offered 730 - are we being unreasonable? Have seen other properties similar spec, perhaps a little smaller at 720 - 740 mark..

mogwai

hazyjo wrote: »

Ignore 'guestimate' sites. Zoopla overvalued the house we bought (in Brentwood) by nearly £200k.

I grew up in Chigwell Row, btw

I wouldn't consider 92% particularly 'cheeky'. If properties are fast moving though (which they tend to be in the nicer parts of areas like Chigwell), they might not have to drop that much.

Definitely check out sold prices in the area, not just that road. Might be able to advise on comparison roads if you don't mind saying whereabouts it is.

Good luck!

Jx

Its grovewood place, next door to manor road i think!

hazyjo

Grovewood Place is actually 'Woodford Green' so make sure the EAs aren't selling it as 'Chigwell'. Bit sneaky if they are as that would knock a fair bit of value off.

Jx

mogwai

No, they are marketing it as Wgreen but since Ive been looking mainly the other end of WG, I keep referring to it as the chigwell place!

Have been looking at comparables in WG, I think £750 would prob be a decent price for it, not a bargain but maybe its not the climate for bargains, esp in these areas..

hazyjo

My opinion is they're trying to cash in on the Repton Park tag. Personally, I woudn't pay anywhere near that for something which is basically in/just outside Woodford Bridge. It's not the best part of Woodford Green.

If you do a map search of Woodford Green for houses over say £600k, you'll see there's only one other 4 bed nearby over that price on at £615k (I presume the one you're looking at is the £799k).

Nearest others are on Manor Road and in Repton Park. They will always command a premium.

The other 2 up on that side of the M11 are both 6 bed houses. (Still overpriced.) Would rather buy the other side of the M11 anyway.

If you're spending that much, IMO there are far nicer places to spend your money.

I think it's the Monkhams Estate in Woodford Green which commands the highest prices.

Would also look at Buckhurst Hill, Loughton, Brentwood (if not too far out) and Epping (maybe South Woodford too). Would much rather buy a townhouse/other styled house on the Theydon Grove estate in Epping!

Good luck.

Jx