Do you think this is priced accurately?

ScorpiondeRooftrouser

ReadingTim wrote: »

OK, it's irrelevant because you can only buy what's on the market now. You can't go back and buy the place next door which sold last summer for x grand any more than you can go back and outbid the vendor of the current place you're looking at. You can only deal with whose selling at the present time, and their expectations on price.

Which, as I have already said, is irrelevant. What it sold for last year gives you an indication of how desirable it is. That allows you to fix a value in the current market. If this house was only considered worth half average value last year and is being sold for average value this year with no changes, the chances are you can find a house that has always been considered worth twice as much as this one for the same price as you are being asked to pay.

Don't you see this? Really?

ReadingTim wrote: »

And unfortunately if your estimations of value are significantly adrift of the vendor's expectations, you won't come to a deal, and you ain't gonna buy their house. The idea that the vendor is flying a kite on price but will relent when faced with the 'proof' that prices have only risen x% since he bought, so he's only getting £y is a fanciful as walking into a car dealership and claiming "this only cost £z to make, so I'm only paying cost plus five per cent!" whereupon the dealer rolls over with the words "it's a fair cop gov"

You are talking here about what you might have to pay to secure a particular house. That is a different thing from the market value of that house. If the owner won't sell for the market value but wants more, then in 99.99% of cases you walk away and buy a different house. Very few are unique. If a car dealer sells his cars 10% higher than the dealer down the road, you go down the road.

ReadingTim wrote: »

At the end of the day, you can be as scientific as you like to decide what you're willing to pay, but there's so amount of science which is going to determine what the seller's wiling to accept, and with no agreement, there's no deal. You seem to think there's some objective 3rd party referee which arbitrates based on previously sold prices - there isn't. What is last sold at is no more or less relevant than what it first sold at, and totally irrelevant to what it's currently marketed at.

No, but there is an objective value. Most people don't want to pay more than that objective value. Sellers who want more than the objective value may have to wait months or years for someone to come along who wants their house so much that they pay it; most people who come along in that time will buy a different house that is being sold at market value.

He's not asking "what will I have to pay to secure this house", he is asking "what price would make buying this house a reasonable deal for me, rather than buying some other house." You seem to be coming from a position of someone who wants this one house above all others.

Crashy_Time

90k...at a push.

buggy_boy

Crashy_Time wrote: »

90k...at a push.

Wow increased £10k in a day, I thought you said houses were crashing....:rotfl:

datlex

You know OP all this discussion is irrelevant. If you make an offer and the mortgage value matches it then it is worth that.

Crashy_Time

buggy_boy wrote: »

Wow increased £10k in a day, I thought you said houses were crashing....:rotfl:

Would still be a bit of a crash from original asking price.

buggy_boy

Crashy_Time wrote: »

Would still be a bit of a crash from original asking price.

You increased your valuation by £10k in a day, Can I ask what knowledge do you have of this specific area and specific road, without it you really can't give a very good estimate.... All you ever do on these threads is say I think the house is worth [remove £50k off current asking price], its overpriced.

00ec25

Crashy_Time wrote: »

Th[STRIKE]is[/STRIKE]e opinion of Crashytime has no relevance to what we are discussing now.

corrected for you, no charge

Crashy_Time

buggy_boy wrote: »

You increased your valuation by £10k in a day, Can I ask what knowledge do you have of this specific area and specific road, without it you really can't give a very good estimate.... All you ever do on these threads is say I think the house is worth [remove £50k off current asking price], its overpriced.

Well lets just wait and see what it sells for shall we? Would it really concern you if it dropped in price to get a buyer, and why?

buggy_boy

Crashy_Time wrote: »

Well lets just wait and see what it sells for shall we? Would it really concern you if it dropped in price to get a buyer, and why?

My experience though is if people don't get what they think its worth they tend to take it off the market... Unless we start to see forced sales and an economic outlook of that nature (aka redundancies low employment) we just won't see any sort of major crash.

Crashy_Time

buggy_boy wrote: »

My experience though is if people don't get what they think its worth they tend to take it off the market... Unless we start to see forced sales and an economic outlook of that nature (aka redundancies low employment) we just won't see any sort of major crash.

Unless people stop transacting houses all together (The three D`s plus moving for work and going abroad to live would also need to be cancelled, which just isn`t happening any time soon) your theory doesn`t stand up. House prices are made at the margins, the one`s that do sell, whatever reason the seller has for selling, set the price, so one 50k discount in a street of "No selling for that!" time wasters means their house has dropped in price whether they like it or not.