If you brought in 2006, would you expect...

RedfordML

a + or - if you where marketing your house today?

Reason I ask is the house at the top of our current shortlist was sold for £184,950 in 2006, today on the market for £200,000 - to me this seems overpriced considering the neighbour sold for £174,950 in 2011 - although amitted it does not have a conservatory and it needed more 'work' (painting etc).

Here is a link to the house - what would you offer?

http://www.rightmove.co.uk/property-for-sale/property-34865836.html?premiumA=true

Would love to hear peoples suggestions!!!!?

DannyboyMidlands

I think that in most areas of the country I'd be expecting a -

How long has this one been on the market?

If a few months I'd offer around £165k, leaving room to increase a bit.

If a few weeks I'd wait for a while before making an offer. Let the vendor soften up a bit.

kaylz39

We bought in 2006 when the market went boom and would definitely be expecting to sell lower.

Were actually looking to move now and have decided to rent this house out as we know we will be left with negative equity. Houses in our street have sold recently for up to £20k less that what we paid

Definitely a buyers market!

I think like most sellers nowadays, they're going to desperately try to get what they paid for it but they will probably find it on the market for 2 years!

DRP

RedfordML wrote: »

a + or - if you where marketing your house today?

Reason I ask is the house at the top of our current shortlist was sold for £184,950 in 2006, today on the market for £200,000 - to me this seems overpriced considering the neighbour sold for £174,950 in 2011 - although amitted it does not have a conservatory and it needed more 'work' (painting etc).

Here is a link to the house - what would you offer?

http://www.rightmove.co.uk/property-for-sale/property-34865836.html?premiumA=true

Would love to hear peoples suggestions!!!!?

are you comparing apples and oranges a bit here?

ie. comparing the asking price today with the sold price in 2006?

Even back in 2006, most houses weren't selling at the asking price. If the vendor sells for somewhere around 90-95% of the current asking (about right in today's market), it'll be exactly the same as the 2006 price.

ukcarper

According to land registry the average price of a detached house in Norfolk was £212k at the beginning of 2006 rising to £229k at the end it was £212k in June this year.

RedfordML

I was thinking along the lines of a first offer between £174,950-179,950 (£177,500) with the aim to pay no more than £182,500 - dont want to feel like I am offending but at the same time, I wouldn't want to over pay...

Turnbull2000

It all depends where you are. In London, I’d expect at least at least 30% more than what I’d paid in 2006, ideally 40%. And a friend who sold her 3 bed terrace in Whitley Bay, North Tyneside for 185k in 2007, was back up for sale at 210k (with no improvements) and just recently sold.

DannyboyMidlands

RedfordML wrote: »

I was thinking along the lines of a first offer between £174,950-179,950 (£177,500) with the aim to pay no more than £182,500 - dont want to feel like I am offending but at the same time, I wouldn't want to over pay...

Offending? Who's gonna be offended? It's just negotiation. I'd be hoping to pay £175k tops, ideally £170k. Hence starting lower. I would also probably give it another month before doing anything.

Cross you fingers that the vendor isn't a friend of Turnbull.

PasturesNew

I'd expect to pay about the same/less. As it's a fairly new house they can't have spent a fortune doing major work to it ... just a dab of paint.

Zoopla says that one's worth £3k more than what it was bought for - this is a calculation based purely on the changes in value in that area since the last sold date.

RedfordML

Danny really respect your views, you have given some excellent advice not only on this thread but others!!

You have given me hope that a deal can be done!!

LisaLou1982

Completely depends on area.

I bought a house in the Midlands in 2006 and sold it in 2010 for less than i paid. If i were selling that same house today, based on compaibles in the area i would expect to get margainly more than what i paid for it.

The house im in now is worth more than i paid for it in 2010. But not excessively

A friend of mine lives in St Albans - i was shocked at the % increase in properties over there. But theres little coming up for sale and its a buyers market there - if you want the property you gotta pay the pennies so they say