House Prices - paying close to asking price realistic now?

mpr87

It's a difficult one to judge and I guess there are many factors involved.



I'm a ftb currently going through the conveyancing offer.



When we first saw the house we are purchasing online it was advertised at £170,000. Having looked at prices in the area for the same type/style/condition house that had sold in the area in the last 6 months we saw that they had all sold at around £165,000 and felt this would have been a fair offer.



Just before we arranged to view the property the asking price reduced from £170,000 to £166,500



When we viewed the vendor said they had received offers around £160 which they had declined, Now he could easily have been telling fibs nut knowing how houses are selling in the area and realised the asking price was a fair amount for this type of house in the area we offered £165 and it was accepted. Since then another house around the corner of the same type that was up for 170 has also sold within weeks so I'm glad I offered near the asking price.

bertiewhite

I read through this thread fully expecting a comment from Crashytime but - no!!!!

bhughes1986

At the minute I think it depends on the house, area, sellers price in relation to their intention (quick sale/no qualms about waiting).

We accepted an offer on our house in recently; they offered £10k below asking and we met halfway so they got £5k off. This was on a £200kish property and we priced it realistically. Got pretty much what we were expecting after a couple of weeks on the market.

Other houses in our area are still for sale after 6-12 months so they are either overpriced or are receiving offers that are too low for them.

rash.m2k

The past 2/3 weeks though I'm seeing properties come onto the market with more realistic prices, the ones with unrealistic prices have been on for ages - or simply not sold and removed from the market.


Also it depends on the price of the property, with the help to buy, stamp duty and low interest rates a couple on 25k each can potentially get a 200-250k mortgage - so a £200 extra per month isn't going to phase them (I think?) which may translate to an extra 50k on the asking price. This combined with the low number of properties has skewed the market.

But any properties above this range say £300k+ are definitely more difficult to sell - some do sell, but properties I've been looking up to 500k seem to simply be taken of the market and don't appear on sold prices. The cheeky EA still marks them as STC on rightmove, lying gits.

AdrianC

rash.m2k wrote: »

The past 2/3 weeks though I'm seeing properties come onto the market with more realistic prices, the ones with unrealistic prices have been on for ages - or simply not sold and removed from the market.

I bet if you'd been looking more closely, you'd have seen that all the time.

Sensibly priced places sell quickly.
Overpriced places linger.
'twas ever thus, except in the heights of a bubble...

ReadingTim

AdrianC wrote: »

I bet if you'd been looking more closely, you'd have seen that all the time.

Sensibly priced places sell quickly.
Overpriced places linger.
'twas ever thus, except in the heights of a bubble...

It's almost as if buyers and sellers have different perspectives on what's a "realistic" or "sensible" price.... :rotfl: