Opening offer on house?

Carrie80

I've recently viewed a 3 bed property, it's only been on the market a month and currently has no offers on it. The kitchen and bathroom will need updating straight away, but we're very keen as it's a lovely family home.

The property is at the top end of our budget £235k and I'd like peoples advice on what offer would be an acceptable amount to put to the estate agent?

We're in an excellent position, we're renting at the moment can move straight away and have a mortgage in place.

hazyjo

You have to compare against sold prices of nearby simiar properties.

For all you know, the EA might have told them it's worth £220k in their opinion, and the seller might have said to put it on for £235k to 'test the market'. Alternatively, it might have been priced to sell, and may end up with offers over the asking price, or a sale at the asking price.

Up to you to do the homework, I'm afraid. No hard and fast rule (although lots will say 'drop them 10-20% as a first offer).

Jx

Carrie80

Thanks for your advice, hopefully this will work;

http://www.rightmove.co.uk/property-for-sale/property-40102343.html

Nynaeve

This went for £230k not so long ago, within 1/4 mile, 3 bed semi in nicer condition IMO
http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=22135164&sale=47443001&country=england

This went for £236k around the same time, again much nicer
http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=21679683&sale=47637428&country=england

I don't think they're too far off the mark with the pricing but you obviously will know the area better. Have prices increased or decreased in your area recently?

Carrie80

Wow those houses are lovely, that's really going to make me have a think about the offer especially as that was only June / July last year.

Unfortunately I do think house prices have gone up in that area so will have to take that into account. A lot of the really nice 3 beds seem to be marketed around £250k - although there's nothing to say that one sold for £236k wasn't up for that price.

millysg1

By only looking at the links above, i would say if you REALLY love it i wouldnt go above 220 but i would aim for 215. Thereofre, i would say an opening offer 205 and explain to the estate agents you have seen a couple very similar houses of a much nicer condition sell for 230 in the last 6 months therefore, you do not believe this house is worth near that amount. See what reaction you get back, they put back a counter offer or may not but then you are in a position to up your offer and at least you have a genuine reason for starting with a low offer.

This is just my opinion, i am no expert, but on the limited knowledge stated above, it is what i would do.