What offer is realistic on a house?

harri_dav

Hi,

Just looking for your opinions on how much a person should offer on a house with the details below.

House was listed at £350,000
House has been on the market for 14 months.
After a year, it dropped in price to £325000.

The house isn't in need of work/renovation and has good outside space. I would also have to sell my house if I was to buy this one.

Love to hear everybody's suggestion.

duchy

Is your own house even on the market yet ?

desperate_times

Depends if you are ready to proceed. At one extreme if you were a cash buyer with no chain and no mortgage ready to go then under 300. But if you haven't even put your house on the market yet then not got much to negotiate with and whatever you agree is not very meaningful as unlikely to take it off the market for you. Perhaps assume you can get it for 300 and try to sell yours if really interested. Have a chat with agent and see if he kind guide you as to what might be possible.

harri_dav

Thanks for your feedback. The house isn't on the market yet but could be put on tomorrow if needed. It's back to that question of do you risk selling somewhere you are happy living on the off chance that you find somewhere better down the line? We need a bigger place but the house mention above is the only one that's sparked any interest in the past year since we've been keeping an eye on the local market, problem is, at £325k it's more than we wanted to pay at this stage in our lives.

johnswife

Is it worth ringing the EA and asking what sort of offer the vendors are looking for? I did that before I offered and was told the minimum they were expecting so offered slightly more and got it.

circuit

harri_dav wrote: »

Thanks for your feedback. The house isn't on the market yet but could be put on tomorrow if needed.

Are you sure? It will take the agent 1-2 weeks to set up the listing, take photos and do the floor plan/ EPC. Until you're taking viewings, you're not in a good position to ask for discounts.

rachhh

circuit wrote: »

Are you sure? It will take the agent 1-2 weeks to set up the listing, take photos and do the floor plan/ EPC. Until you're taking viewings, you're not in a good position to ask for discounts.

It can actually be done in a day. I set up 2 such properties today, the valuer (with appropriate photography training) took pictures during the sign up appointment, 30 mins to set up the advert and there's a 28 day grace period for marketing without an EPC so we booked them in for next week. On the market within 2 hours of the valuers leaving the appointments, so it is very possible

desperate_times

It doesn't really matter if it takes a day or two weeks. Your house is not sold so offers are meaningless and you don't really know how much yours is worth until you try. If you are really keen stick yours on the market and see. If you get an offer you don't have to accept it. If you get a great offer then you are in a good position to negotiate on the house you want. If not then not much lost really. Just a bit of time showing some people around.