Should I overpay or withdraw from sale?

bouicca21

What's the market like? If it has started to rise then sold prices, being several months out of date, might not reflect current values.

jacko74

bouicca21 wrote: »

What's the market like? If it has started to rise then sold prices, being several months out of date, might not reflect current values.

Well given the prices already quoted (£85-£90k for a 2 bed house) I think it's safe to say we're not talking about London or the SE here, so not likely to be a property hotspot with rampant HPI. So I very much doubt prices could have shot up drastically in a few months

Honestly, why do some people, especially on here, refuse to accept that a property may just be overpriced and instead grasp at any straw to try and justify stupid asking prices.

alchemist.1

jacko74 wrote: »

Well given the prices already quoted (£85-£90k for a 2 bed house) I think it's safe to say we're not talking about London or the SE here, so not likely to be a property hotspot with rampant HPI. So I very much doubt prices could have shot up drastically in a few months

Honestly, why do some people, especially on here, refuse to accept that a property may just be overpriced and instead grasp at any straw to try and justify stupid asking prices.

It's only stupid, if someone isnt willing to pay it.

You know aswell i know, that prices have being going through the roof outside London and the South East aswell over the past year.

jacko74

alchemist.1 wrote: »

It's only stupid, if someone isnt willing to pay it.

You know aswell i know, that prices have being going through the roof outside London and the South East aswell over the past year.

I don't deny that ASKING prices have been going through the roof, even in my desolate and grim part of the world that is northern England.... what I'm also seeing is record numbers of properties getting withdrawn from the market once the deluded, time wasting vendors realise their houses are worth nothing like what they thought.

marksoton

jacko74 wrote: »

Honestly, why do some people, especially on here, refuse to accept that a property may just be overpriced and instead grasp at any straw to try and justify stupid asking prices.

I'd say that's highly inaccurate. Virtually every day an OP is advised on this one bit of the forum that their price expectations are unrealistic by multiple posters.

kate5555

I'm in the north east.


I've had a good look at the comparable sales again and wondering if just saying 85-90k for a 2br was not enough info for a fair comparison. In the past year 4 house have sold on the same street - 3 for around 85k and 1 at 135k. All were 2 bedroom houses. However searching in 0.5 mile radius around the house, there were 18 2br houses sold, lowest price 82k, highest price 160k and average 108k. 9 3bed sold, lowest 85k, highest 160k, average 117k. All semi-detached, in varying conditions obviously. I can't think of any reason why there is such a wide variety in sold prices in just 1 year.


Looking at what's on the market now, there are only 3 listed at under 100k. Most comparable 2 or 3 bed properties (still within 0.5 miles of the original property) seem to be asking for 110-115k. The ones at around 115k would need significant redecoration and don't have a conservatory which are 2 keys factors that made me choose this house.


I am not grasping at straws but genuinely interested to see if you still think it is overpriced given further information. Thanks

iantojones40

How well do you actually know the area? Within a 0.5 mile radius of my current house there is a council estate where I honestly wouldn't venture onto even during daylight never mind at night where 2 bed properties can be had for below £70k... then there's also the olde worlde part of my village where 2 bed properties can cost well over £250k.

kate5555

iantojones40 wrote: »

How well do you actually know the area? Within a 0.5 mile radius of my current house there is a council estate where I honestly wouldn't venture onto even during daylight never mind at night where 2 bed properties can be had for below £70k... then there's also the olde worlde part of my village where 2 bed properties can cost well over £250k.

There are worse and better areas in the 0.5 mile radius but I have excluded them in my comparison - either because they are terraced houses or because it was obvious they are part of a nearby new build estate. Other than thoses areas I don't think there is a huge difference within the radius that would impact the sale price that much.

bouicca21

Well given the prices already quoted (£85-£90k for a 2 bed house) I think it's safe to say we're not talking about London or the SE here, so not likely to be a property hotspot with rampant HPI. So I very much doubt prices could have shot up drastically in a few months

Honestly, why do some people, especially on here, refuse to accept that a property may just be overpriced and instead grasp at any straw to try and justify stupid asking prices.

Consider my feathers ruffled. I was not refusing to accept that the property is overpriced. I have no idea whether it is or isn't, just offering a possible scenario because I know that there are areas of the country where prices are rising.

kate5555

Just heard that my revised offer of 120k has been accepted so I'm going ahead with the sale. I'm feeling less worried about the survey report thanks to advice on here. Thanks everyone for your helpful comments