Help, is this house is overpriced?

DLL00

Hi everyone! We're looking to move soon and have been lurking here for the past couple of months, trying to soak up the knowledge. We've now found a 3 bed chalet bungalow we really like the look of, but seems rather overpriced. It's hard to find direct comparables in the same area, though, since most of the houses on the street are bigger 'family home' style houses. The closest comparable we've been able to find was a 2 bed bungalow just around the corner, which sold in March for £470,000. It only had two bedrooms and a single garage, and judging by the pictures needed a full revamp inside, but at the same time, it was in a better location (cul-de-sac vs main road) with a bigger garden (judging by google satellite). That being the case, we're not sure how a £200k price difference could be justified, but at the same time, the houses listed by this agent do seem to sell, so it seems odd that they would be as far off as we think they are. Basically, please could we ask the benefit of the forum's collective experience on this? This is our first post so can't post links yet, but this is the house we're interested in: rightmove.co.uk/property-for-sale/property-84613382.html

Many thanks in advance! :j

need_an_answer

https://www.rightmove.co.uk/property-for-sale/property-84613382.html

Ultimately its priced at what the vendor hopes to achieve for it.

Clearly they are never going to consider an offer that's too far off what they have listed it at so if your budget is around £500k to need to discount this one I think

The property sold for £550k in 2016 and has clearly gone through some updating if you compare the pictures.

Whilst you should never rely on what things have sold for previously its my feeling that this whilst possibly a little overpriced is certainly not going to accept offers of 20% below the guide

DLL00

We could afford it at a stretch and of course understand that the vendor can ask whatever they wish. We're more interested to know if people find the price 'reasonable' or if we'd be better off waiting for a more realistic vendor to come along. We like the look of this house and the location is lovely, but at the same time we're not desperate to move and could wait if the consensus is that the price is silly.

RelievedSheff

DLL00 wrote: »

We could afford it at a stretch and of course understand that the vendor can ask whatever they wish. We're more interested to know if people find the price 'reasonable' or if we'd be better off waiting for a more realistic vendor to come along. We like the look of this house and the location is lovely, but at the same time we're not desperate to move and could wait if the consensus is that the price is silly.

Why not wait and see if it sells at the price it is marketed at?

If you think it is over priced it won't sell and then you can offer what you expect when the asking price reduces.

lebowski1980

I grew up in Horsham and know this area well and know that properties do not stay on the market for long.
Although the house sits on the front of the road, this is more a residential through road than a main carriageway so does not suffer from traffic the same as you would get on the brighton road.
It is also a 5 min walk to the town centre and 5 min walk to Denne Hill which is a great bit of countryside.

Not unrealistic for Horsham in my opinion. I sold a 3 bed semi with tiny garden 5 years ago for just under 400k and prices have continued to rise since then.