Offer advice?

ukcarper

spunko2010 wrote: »

You can always rely on Hoploz to have an anecdote about people "losing out". I'm not entirely convinced that this user is a real person or just a bot repeating the same dross in every thread. Curiously, no mention of those who didn't lose out and got a bargain by playing hard ball.

At least his advice is sound I.e offer what you think it's worth and be prepared not to get it, over the last 2 years prices have increased considerably in the south east with decent property selling quickly at or near asking price. Of course things might have change or this might not be a decent property but all the OP can do is offer what he is prepared to pay and see how it goes.

jimpix12

ukcarper wrote: »

At least his advice is sound I.e offer what you think it's worth and be prepared not to get it, over the last 2 years prices have increased considerably in the south east with decent property selling quickly at or near asking price. Of course things might have change or this might not be a decent property but all the OP can do is offer what he is prepared to pay and see how it goes.

Interesting. I assumed Hoploz is a she. Most estate agents are women aren't they?

Smodlet

It's been said enough already but, just for the hell of it, the price the vendor paid for it has absolutely nothing to do what it is worth now. Would you go into a supermarket and refuse to 49p for a pint of milk because the farmer sold it for 15p? (if he was lucky) Not the best analogy, I know.

The increase could be purely market fluctuation, even if they have not done so much as open a tin of paint, or it may reflect major work that is not obvious on casual inspection, e.g. a full re-wire, re-plumb, new heating system. The fact remains, houses are worth what someone is willing to pay for them. If you do not make a high enough offer, someone else will, probably quite quickly for that price in Hampshire.

AnotherJoe

Can I presume you've never bought a house before ? Because everything you use as justification is an irrelevance. Where I live I could have bought a house for £300k 18 months ago left it empty and sold it today for £400k. Why would I take an off from you of £340k on the grounds I haven't done anything to it or you consider the rise to be "too much".

if I had a low ball offer like yours I'd not only reject it I'd probably not deal with you even if you made a higher offer as I'd know you had highly unrealistic expectations and suspect you might try dropping any higher offer I agreed with you, just before exchange of contracts.

Caz3121

playing detective I suspect I have found the property OP is looking at. It has not had major work done but has been redecorated throughout (comparing previous for sale details when it was on for guide £155k and sold for £150k) Zoopla (which we know is not reliable but does track market trend for areas) shows it as currently estimated at £169k and neighbours either side at £172k and £164k and other similar 3 bed terraces in the same street between £180-£190k but only you can say what you are comfortable paying and the surveyor/mortgage valuer can put a figure on it based on what they would use in lending calculations

System

I am a first time buyer in my late 20s. I believe the market will soon change from a seller's market to a buyer’s market due to economic uncertainty (Brexit, landlord tax relief/stamp duty, etc). Experts are predicting falls of 5% over the next two years.

As for my opening offer of £161,995, I am only using the rule of thumb of current asking price minus 10%. Also I am only looking at houses at this price range because I am only on a salary of £40,000. I do not want to saddle myself with a massive debt at low interest rates. It is all about living within your means at the end of the day.

hazyjo

mrlegend123 wrote: »

I am a first time buyer in my late 20s. I believe the market will soon change from a seller's market to a buyer’s market due to economic uncertainty (Brexit, landlord tax relief/stamp duty, etc). Experts are predicting falls of 5% over the next two years.

As for my opening offer of £161,995, I am only using the rule of thumb of current asking price minus 10%. Also I am only looking at houses at this price range because I am only on a salary of £40,000. I do not want to saddle myself with a massive debt at low interest rates. It is all about living within your means at the end of the day.

So called 'experts' have got it horrendously wrong before.


If you seriously think the market is going to crash or drop, don't buy yet. Simple. Buy later.


My house price has nearly doubled in three years. It's been a funny ol' market the last few years. What they paid is irrelevant. I got a bargain - it does not make my house worth any less than my next door-but-one neighbour who has a near-identical house.


Fix your mortgage for as long as you can and overpay where possible - by the time the fixed rate expires, you will hopefully be earning more and will have paid a chunk off. Are you waiting for higher interest rates then?! Surely now is the ideal time fix a mortgage. Up to you at the end of the day - if you want to wait, wait. Nothing wrong with trying to get a price reduction, I did, but that decision is entirely down to the sellers. If they say no, it's no.


Jx

Grenage

I bought a three bed in 2012 for 140, and sold it for 185 three years later. I had crazy offers of 195-200, but the evaluations came in at the more sensible price of 180, and I was happy with 185.

A near identical house over the road sold for 210 a month ago.

System

I believe house prices will not increase by double figures forever in which it is why I am being very careful during the house buying process. It is a fact that my generation is sat on a mortgage time bomb built from high house prices and low interest rates. My generation has never experienced a rate hike and most would be crippled by a rate increase of 2%. I do not understand how people on lower incomes (£24,000) can afford to buy or rent in Hampshire. The local rental index is £950 PCM and local house prices £183,000.

Hoploz

Thanks for all the compliments. I am in the category of 'bored housewife' if you are looking for a box to tick.

I speak in relation to my own experience buying, renovating, selling, and letting houses in the South East over the past twenty years.

Like everyone else on this forum, I give my opinion when people are asking a question. Any other user is entitled to give another opinion. Spunko we know yours is different to mine, presumably you have different experience to me and I don't have a problem with that. whereas you seem to find it hard to cope with someone having an opposing view for some reason.

The OP will make up their own mind.