How much is this house really worth?

Cissi

It's impossible to say how much it's "worth". You may decide, based on your research and the fact that it hasn't sold in 18 months, that it's worth £450k at most, and this may well be true - but I think it's unlikely that the vendor will bite your hand off. If they've already reduced it from £550 to £499,950 then it's possible that they're now not prepared to accept much below asking price. That may mean that they'll end up staying there for a very long time and even take it back off the market in the end - all depends on their circumstances!

We sold up back in 2005 and rented while looking for our "perfect forever" house. Suited us at the time as interest rates were high and paid for our rent. We felt that prices in the area were over-inflated and did make a number of cheeky offers which were rejected - many of those houses never sold, as the vendors clearly weren't desperate to move (but other buyers agreed with us that the prices were too high).

The house that we ended up buying had been on the market for over 2 years, initially at 1.6M (we're in the outskirts of London, this is a 4-bed detached house, not a mansion). When it was dropped to 1.45M we went to view and made a cheeky offer of 1.25M which was rejected. They accepted 1.3M from elsewhere and found their own dream retirement home. The sale fell through, and our 1.25M offer was accepted - 14% below the latest asking price and more than 20% below what they were first asking. Just to say that it can pay off but you need a lot of patience, timing and luck. If you're looking to purchase in a particular village where houses don't come up for sale very often then you may have to wait for a long time before a similar deal comes up...

pimento

There doesn't seem to have been much of a price drop in the village over the past five or so years. We've viewed the two closest at £465k and one is on an estate and the other is smaller overall and would require more work doing than this one which is really in a move in condition by dint of the fact that it's only two years old.

Our criteria are quite tight in that there's a certain area that we would prefer to live, mainly for convenience reasons (walk to the gym, walk to the station, etc.).

I don't want to insult the vendor with a very low offer and I am prepared to walk away if I have to but by the 'eck, this house buying lark is not for the faint hearted. )

Hudson1984

in that case I'm going to be insulted unless you give me £10,000 right now!
are you going to?
are you bothered?
this is basically the same thing. Who cares who you insult this is a financial decision you have to think with your head the decision you make now is what you're going to have to pay off.

mummyroysof3

I would offer less than what you would want to pay at first but I can't offer much help really as that's 3 times want we can afford to spend lol

mrsmortenharket

That's near me.
They're a good estate agents.
Many houses are being sold in that street/area as they're closing the Christmas tree farm & building more houses.

Anyway, that house is nice.

I would go in with £450,000.

Good luck.

DGJsaver

It`s the estate agents who turn you down who make out it was was an insulting offer , to be fair, the vendor probably just most times says no!

ghosti

this seems to be the house for you then

if the house is only 2 years old and you kow the address, then you'll know how much it was sold for on the land registry 2 years ago right?

it also says the house was put on the market end of feb at 510k then dropped to 500k beginning of may

starbarboy

pimento wrote: »

120 views and only one opinion? OK then, here's the link. Does anyone else have an idea? Is it overpriced?

http://www.rightmove.co.uk/property-for-sale/property-26157162.html?premiumA=true

What do you think it is worth - you have asked others for their opinion but have yet to offer your own.

The fact that it has been on the market for over 18 months suggests it is (or was, since they have dropped the price) overpriced. However, whether they will accept a lower offer purely depends on their motivation to sell.

There is ultimately no right answer - just decide how much you are prepared to pay, deduct a small margin from that (say £10,000 or so) then make that offer - if they accept great, if not at least you will know where you stand.

Unfortunately, as your post highlights, it is never easy to know how much to offer. It is even more difficult when you are asking people on a forum who don't know your local area or property market. Hence why you may not be getting the answers you want.

Best wishes

Stephen

pimento

ghosti wrote: »

this seems to be the house for you then

if the house is only 2 years old and you kow the address, then you'll know how much it was sold for on the land registry 2 years ago right?

it also says the house was put on the market end of feb at 510k then dropped to 500k beginning of may

The house was built two years ago in the site of the previous house which was demolished. It sold for £210k I think but they then had to build the new house so it doesn't really tell me anything.

ghosti

current owners, demolished and built the new house? otherwise there would have been a sale somewhere to the current owners i would have thought. unless its not been updated on the land registry..??