FTB Help needed

jaelato1

Hi All,


My husband and I are currently looking to buy our first house and it hasn't been the most pleasant experience so far. We have found a house we like and its on the market for 230k, EA told us the seller want 225k and we offered this (This was after 2 offers that was rejected), long story short EA came back again saying seller now wants 227k but we stood our ground and said No(mainly because no house has ever even sold for 225k we are offering on that street) but left the offer on the table but letting them know we will keep looking.

We have found another house two streets from property one but was initially on the market for 270k in dec 17 but it has being reduced to 250k currently, I think it is still overpriced (no house on that street sold for more 230k till date).

Hypothetically speaking, how much would you offer for a house like that (its not my dream home but will do)

Thanks

csgohan4

offer what you think the house is worth, don't be bullied by the vendor/EA and don't' overstretch yourself

ACG

As above really.

There are many different factors when pricing a house, similar property sales is one of them, but when was the last sale? If it was 12 months ago, then house prices may have gone up since then.

Has this property recently been gutted and renovated? If so, that could be boosting the value.

A prime example here is in May last year I sold my house for £155,000. I bought it for £84k 4 years earlier (although it was a doer upper). No similar properties had sold for anything about £135,000 at the point I sold mine. Less than 12 months later and there are now a couple up for around £170-185,000.

When you make an offer, a surveyor will go round and value the property. If they come back and down value it, you can use that to your advantage to try to bring the price back down. But ultimately, if you think it is overpriced then I would stick to your guns.

jaelato1

Thanks Guys. We'll put in our offer tomorrow