Asking Price!! Is it fair??!!!!

RedfordML

Love this property...

http://www.rightmove.co.uk/property-for-sale/property-23790981.html

...but the asking price baffles me and is unfortunately £35k over our budget but...

I have done a bit of research and the house was purchased for £180k in Aug 2008, I thought prices in Norfolk had dropped not risen huge %'s??!!

Others have sold since 2006, same property type, 4 bed detached:, same/v similar style etc on the SAME RD, ESTATE...

2006 - 192k, 198.5k & 215k
2007 - 210k
2008 - 180k (The ACTUAL house)
2009 - 219k

Average (6 properties) £202,416

Can anyone advise on this property and it would be ideal for me and my family however I would not even put a call in due to the asking price...

Is this a gross increase or have I got things wrong!!

:beer:

Fire_Fox

What has sold since 2009, even if you have to widen the search area and look at larger and smaller houses? The crash has affected different parts of the country in different ways.

Conservatory and kitchen could be new. Listing says "The property has been improved and updated over recent years ..."

little_miss_muppet_face

What a lovely house. Inside and Out.

McKneff

to be honest, I really dont think prices paid in the past are rellevant.

Compare them with properties around at prices now but what people paid for houses is their business.

Just my opinion.

Why not go in with the offer anyway and say it is at the top of your budget and it will be a final offer.

If they say yes, then yippee, if they say no, then you arent any worse off, it's always worth a shot, they may be desperate to sell.

Strapped

Nice...but exactly the same as so many others on the same estate, I'd guess. Nothing that you couldn't do yourself so don't set your heart on this one if it's overpriced.

N1AK

Tools like Zoopla are great but they only tell a part of the story. Changes in the property (renovation, extensions etc) and area can make a big difference to value.

Having said that, it is just as possible that the seller is asking for a completely unreasonable amount because that is what they want for the property (even if that isn't what it is worth).

Better_Days

It can be useful to have a look at the 'see more properties like this' on RM to get an idea of the AP of similar properties.
1/2 a mile
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE%5E1810908&minPrice=200000&maxPrice=260000&minBedrooms=4&radius=0.5&includeSSTC=true&_includeSSTC=on
And then a mile
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE%5E1810908&minPrice=200000&maxPrice=260000&minBedrooms=4&radius=1.0&includeSSTC=true&_includeSSTC=on

Worth also brwosing through the sold prices
http://www.rightmove.co.uk/house-prices/detail.html?originalIncode=&outcode=&incode=&country=england&locality=&buildType=1&propertyType=0&landRegTenureType=ANY&year=2&radius=0.5&sortOrder=descending&locationIdentifier=POSTCODE%5E1810908&referrer=detailPage&columnToSort=DEED_DATE

I don't know the area but I do know some of the agents. Abbots base their fee on initial AP and over-value - they come high up on the 'most reduced tab' on Zoopla.

In your case vendors may be hoping to recoup cost of improvements, but in the current market they may be waiting a while, although as has pointed out there can be local 'hot spots' which may be dependent on schools, transport links etc. Property has already had one price drop from £239K

DRP

RedfordML wrote: »

Love this property...

http://www.rightmove.co.uk/property-for-sale/property-23790981.html

...but the asking price baffles me and is unfortunately £35k over our budget but...

I have done a bit of research and the house was purchased for £180k in Aug 2008, I thought prices in Norfolk had dropped not risen huge %'s??!!

Others have sold since 2006, same property type, 4 bed detached:, same/v similar style etc on the SAME RD, ESTATE...

2006 - 192k, 198.5k & 215k
2007 - 210k
2008 - 180k (The ACTUAL house)
2009 - 219k

Average (6 properties) £202,416

Can anyone advise on this property and it would be ideal for me and my family however I would not even put a call in due to the asking price...

Is this a gross increase or have I got things wrong!!

:beer:

Remember it is an *asking* price - they can ask whatever they want and if the market is such, they will sell.


The story of a house in the area i am looking:

House on with EA1 for 250k, sold within about 6 weeks ....

~2 months pass whilst sale progresses, but then falls through.

House on yesterday (unchanged) with EA2 for 280k and vendor rejects a 250k offer.

It's a funny business!

McKneff

Wow, that is one nice house, up here in north Yorkshire you wouldnt get any change out of £300k for that.

Wobblydeb

That is a really nice looking house! Not much advice other than you can but offer and hope no-one else has the money and desire to bid higher than you.

I've got one that beats it hands down though ...... check this out ..... it was bought as a 3 bed for £160k a year ago...

http://www.rightmove.co.uk/property-for-sale/property-38074253.html

Strapped

http://www.rightmove.co.uk/property-for-sale/property-22042134.html?premiumA=true

Within 1/2 mile and £70k cheaper (admittedly bit smaller and single garage...but still £70k less).

ETA: What's being built across the road from the house in the OP?