Is this normal?

scoops82

Hi


I have had my eye on a house that went up for sale about 3 weeks ago at offers over £145k - the house needed complete modernisation. They had an open day and it is still on the market.


Today the house is on the market at £160k.


I rang the estate agent who said they had received some bids but they didn't quite meet the £160k they were looking for. I'm not sure I believe them as why wouldn't you market at £160k in the first place?


This house in in the street I would like to live in but at £160k it takes it out of my price range.


Has anyone else seen house go on the market and then go up in value just 2-3 weeks later? Is this normal?


Thanks
S

Cash-Cows

This sounds more like they have changed from offers over to just putting it on the market e.g. Now offers under. If you're still interested put an offer in on what you think it's worth. Worse that will happen is a rejected offer.

scoops82

Thanks - I may well do - it just seem like a big jump in value to me

rosie383

Around here things like that are happening. Not usually within weeks but certainly jumps of £20-40k or more within a few months.

pinkteapot

Offers over £145k and a normal price of £160k are pretty much the same thing. They probably want £150-155k.

The vendor probably posted on here about not selling and was told that, if you're not in Scotland, "offers over" is a stupid way to price a house.

Hoploz

I've seen this before near me. A house was on for OIEO 600k, they had an open day and I assume they had offers and got greedy as it subsequently increased to 625k. It sat on the market for ages till it eventually went through at 610k.

So a bit similar, but the figures are a very different % to your example

pinkteapot

Just to add I've seen it in reverse quite a bit. A house would come on at £500k, then a few weeks later change to "Offers over £475k". Which to my mind is exactly the same.

stator

Probably too much interest from people making what they consider "silly low" offers. If you were thinking between £145k and £160k then definitely worth a look.

AdrianC

"Offers over" a low price to drag the punters in on the open day, hoping for a flurry of interest and people fighting each other for it.

They didn't get that. Oh, well. Back to a more normal sales strategy.

scoops82

It just seems odd to me, I am finding it hard to gauge the true value as another house in the same condition in the same road went for £127.5k in May 2014 but in August 2014 but another at the top end went for £180k within a week. My limit is probably £150k ish.


The link to the house is below


http://www.rightmove.co.uk/property-for-sale/property-51055670.html


Another house on the same street but a completely different style of house went on the mark at £315k only to be reduced to £300k and now £285k, the link is below.


http://www.rightmove.co.uk/property-for-sale/property-33478272.html

AdrianC

scoops82 wrote: »

My limit is probably £150k ish.

So offer £150k ish, and see what the vendor says. If they say no, then you know they want more money than you can afford. If they say yes, you've bought a house. Congratulations.