Price ranges

Cara79

Hi all

Just wanted to pick your brains.

We like a house & considering putting in an offer. The house is on for £220k - £250k

Now what does that mean????

Obv the agent said they want close to 250 but then they would say that.

Other similar properties r on for 225. Altho this is bigger than similar ones.

Vendor bought it for 250 in 2008.

Thinking of going in at 215. Expecting to get rejected.

What do u think to ranges of £30k difference??

Praying we get it
Cara

GreenFly_2

Are you in Scotland? As rules differ and highest bid wins if not its a buyers market so be cheeky and ask the lowest you think they will accept. Has the house been on the market for long?

Cara79

It's in England. Been with agent since beg of aug but my bro found on zoopla it was first listed in feb '12.

Just getting so excited & hope we get it!

ruggedtoast

Price ranges are annoying, the vendors only look at the top of the range and buyers look at the bottom.

We once offered on a house that was worth £215k (under prevailing market conditions), and was on at a range of £220k - £240k.

We made a few offers and went up to £215k as a best and final offer. The agent said that they wanted at least £230, much more than any house had ever sold for in the street in a falling market.

I was pretty dumbfounded to be honest as I couldnt believe they seriously thought they could get that much, we thought we were offering almost asking price. Then the agent basically said they'd over valued it to get the instruction and would try and talk them down.

Weeks later they did accept our offer but by that time our circumstances had changed. I dont think they ever sold it and eventually gave up trying to move.

Yorkie1

2008 was a time when property was, generalising hugely, quite a bit more expensive than now.

Have you looked at nethouseprice.com (I think it is) to see what similar houses have actually sold for recently? If they are on at £225K then they probably won't be selling for that.

oldskoo1

Best of luck but be prepared for disappointment, sorry.

We recently moved and convinced ourselves several times the offers we put in on various houses simply couldn't be refused, they were.

What you think is reasonable in your head isn't for the sellers.

Best advice i could give is massage the figures to get your max budget for your perfect house. I.e. extend the mortgage term and use some more savings you may have that your would have used to renovate (if possible).

It's important to not go over your max. But if you are talking 5k, perhaps 10k, it's not worth loosing the house you love for about £15 a month extra on the mortgage.

I agree on the price, it should be worth less than 2008. But don't get too caught up with paying over the odds, if it's a short term house they it matters more but you buy a house that you love to live in, 5k over what it's worth isn't that much of a problem.

Cara79

Thanks. I know what you're saying. To be honest we can afford 350 but due to our circumstances we don't want to go over 250 as I want to be a sahm. So we can afford 250 without increasing our mortgage at all.

It's just that we don't believe it's worth 250 as u can get a detached for that price & semi-det's are around 220/225. Can't compare to the rest of the street either as they're all 3 bed. It's just this one has had a massive 2-storey extension to make it 4 bed with nearly 30ft lounge.

Aw well I guess time will tell. We've agreed that our top is 235 & just hope it fits in with the vendor! Fingers crossed.

Cara79

Will look at nethouseprice - thx for that

TrickyDicky101

If detached are going for only £15k more then I would seriously consider that rather than a semi. Due to neighbour problems in our last house (a semi) we had to move and we now have a detached. Not being kept awake until3am by music/shouting/screaming is bliss.

dimbo61

Moving home is very expensive and you need to take your time to find the right property.
Dont pay £235K for a semi if you can get a detached for under £250K that needs work doing on it or you could add an extension in the future!