FTB unsure if house is worth asking price

FTBHelp

I am a FTB in Scotland and worried that I may "overpay" on a property I really like. Many people have said to me a house is only worth what you feel it's worth to you, but I'm still worried that I'll pay over the odds that will affect me in the future. The house I really like has a home report value of £238k and listed for offers over a significantly reduced price. My partner would happily pay that price as he loves it, and we intend to stay in it for a significantly long time, if not forever, but you never know what the future holds. The houses around that area don't seem to be valued near £238k, and the house next door sold for £220k at the same time the home report was done.

I'm just worried that if we ever need to resell at any point, and we dont know when or why, we wouldn't be able to as the house has been on the market for a while so obviously the public don't think that that house in that area is worth that at all.. any other FTBs have this worry or am I literally stressing too much?:(

Crashy_Time

With everything that is going on politically and economically at the moment, plus the fact that interest rates need to rise, I would say that factoring in a loss on any property you buy just now is pretty much a given. IMO you should look around for longer and bargain a bit harder on property that you do like. If the alarm bells are ringing already it will be over-priced.

glasgowdan

we intend to stay in it for a significantly long time,

Get a feel for how much interest there is in it if it's new to market. If it's been on for 8 weeks or more then offer a bit below home report.

Oh, and the standard advice on this forum applies - ignore Crashy time!

Pixie5740

How much have similar properties in the area sold for in the last 6 months?

FTBHelp

To be honest there's been no real house movement in this immediate area as people seem to have bought the houses when they were built and stayed put. Only house price with a house of similar size was next door last year and it was £220,000. I really like this house and I'm really not wanting to lose it but on the other hand I feel like this.. I'm quite a worrier and stresser so don't know if I'm over thinking this.

Crashy_Time

glasgowdan wrote: »

Get a feel for how much interest there is in it if it's new to market. If it's been on for 8 weeks or more then offer a bit below home report.

Oh, and the standard advice on this forum applies - ignore Crashy time!

And be aware that many of the people giving advice have recently bought, and like to re-enforce the idea (mainly to themselves I think) that property prices won`t dip too much.

Bob_Bank_Spanker_2

Crashy_Time wrote: »

And be aware that many of the people giving advice have recently bought, and like to re-enforce the idea (mainly to themselves I think) that property prices won`t dip too much.

Have they dipped?

Mickygg

Crashy_Time wrote: »

And be aware that many of the people giving advice have recently bought, and like to re-enforce the idea (mainly to themselves I think) that property prices won`t dip too much.

And be aware that many of the people giving advice have not bought for years and instead waited, and like to to have fantasies that property prices are going to crash, (definately to themselves and hope others listen to such nonsense) and have been preaching this fact for years.....whilst house prices have risen year on year.

Jon_B_2

If you intend to live there for a long time this conjecture is all entirely irrelevant. Just buy it if you love it and you feel it is worth it.

[Deleted User]

The sale price can depend a lot on circumstances and human factors too, like how patient the seller is. It isn't necessarily as clear cut as the popularity of the area.

I suspect you've already checked, however you may find that Zoopla or possibly the Registers of Scotland can give you a bit more historic house price data for the area you're looking at.

Good luck.

Chanes

glasgowdan wrote: »

Oh, and the standard advice on this forum applies - ignore Crashy time!

Hmmm, I kind of worked that out quite quickly, for every cloud there's another cloud kind of posts gave it away. BUT it still doesn't stop people being baited and getting into arguments with him...the same arguments over and over!