Property price market correction???

kasu_78

Hello everyone
I used propertysnake.co.uk website in 2008 when I bought my flat in South West London area. This website information helped me in estimating my initial offer which was way lesser than the asking price (knocked down over 90k) and it was accepted.

Do you know whether we have any similar source of information so that I can understand how much the asking prices are inflated in a particular area?

I am currently looking for a bigger house and I had viewed a property which we liked very much. The asking price is way over the average price of that street ( more than 150k). I used online Pricing tools (found on the sticky thread of this forum), Zooplankton, Mouseprice but none of them priced that property as the asking price. All of them are showing little over street's average price and this is after inputting the factors like recently renovated & extended. Per records, the seller had bought this property last year for a very low price I.e., around 300k less than the current asking price and that price is lower than the current average price of that street. The seller had renovated the ground floor to make it open living floor with an open reception/kitchen and also extended the living space into the garden. He also converted the garage into an utility room. He also erected a double bedroom in the loft as the second floor. Overall the house looks fab but it has no storage capacity. No wardrobes in all four bedrooms and no other ways of storage!!!

I would love to make an offer but not at the current asking price but somewhere closer to "reasonable" price. Any help please?

Thanks
Kasu

Mallotum_X

Offer £8.35. It's as likely to be accepted as trying to low ball with a bunch of stats.

stator

You could always pay a professional surveyor for a valuation

Online tools are never going to be very accurate. Suggest waiting for the seller to get more realistic. If it's new to market they won't accept low ball offers.

junglejim2

Your 2008 purchase was made in a buyers market, that's why you saved bundles.
Offer what you think is reasonable, see what the reaction is.

eddddy

Hi kasu_78

It's the mindset and circumstances of the seller that will determine what offer is acceptable - rather than statistics.

For example....

1) If the seller is desperate to move or in financial difficulties, they might accept a low offer. Perhaps more so if you can move quickly.

2) The seller may be thinking "If I get a full asking price offer, I can move to the house I want. If I can't get full asking price, I wont bother moving."

... or many, many other possibilities.


So it might be more worthwhile quizzing the EA, to try to understand the seller better. (But from your description, it sounds like the seller may be a developer.)

The_Earl_of_Streatham

Consider, too, that all property transactions involve the buyers paying more than they should have and the sellers accepting less than they'd have liked. Just ask them.

kasu_78

Thanks for your responses. Much appreciated. Although this property has been removed from the market, I will have to rely on estate agent's information to udnerstand the seller's situation and play by their feedback for my next interested property.

I wish we have a similar website like propertysnake to get a rough idea...

Thanks once again