Thinking of putting an offer in, but....

Moneyminded

You liked the house enough to go and see it in the first place even with the current price tag. If you love it and could see yourself living there thats the main thing. If you can't see yourself living there then move on.

If you do want to put an offer in the next question is, how much is it worth TO YOU? Can you afford it at the asking price? Would you feel like you are getting value for money? If not, what feels fair to you? If you are looking at this house as an investment only then yes the price makes a big difference, if you intend for this to be your long term or forever home that's all that matters.

Good luck if you do decide to go ahead

Crashy_Time

jimmyjammy001 wrote: »

Welcome to the crazy UK housing market, where buying a house 5+ years ago means you can now sell at a 50%+ increase, if they are advertising at that price then likely hood is that they will probably not accept anything lower than 5-10% off asking price, best to move on as someone will probably buy it for a crazy price and wonder why they're in negative equity straight away.

Unfortunately doesn`t work for everyone though..

https://www.rightmove.co.uk/property-for-sale/property-34637855.html

https://www.propertylog.net/

Can you imagine just sitting there year after year so woefully overpriced and wondering why no one wants it?

Crashy_Time

warby68 wrote: »

Its probably the older sale price which needs explaining - could have been something peculiar about the sale at the time (someone buying in or selling at a discount) rather than the current asking price. The latter is judged by comparables NOW and not a previous selling price.

You won't get a deal by trying to factor that historic price in, only by what supply and demand allows you now.

"Supply and demand" now says that this is a laughable Kite Flying price and there may be some other issues going on in the sellers head?

Sales volumes for England
September 2015
80,192
September 2016
76,114
September 2017
78,082
September 2018
68,839
September 2019
61,633

Skiddaw1

Crashy_Time wrote: »

Unfortunately doesn`t work for everyone though..

https://www.rightmove.co.uk/property-for-sale/property-34637855.html

https://www.propertylog.net/

Can you imagine just sitting there year after year so woefully overpriced and wondering why no one wants it?

Wonder why there are so few internal pics for that first house (the Isle of Wight)?

Crashy_Time

bookblogger wrote: »

Interestingly the house had sold last summer, but the buyer pulled out citing his 'relocation plans had changed'. If they are a divorcing couple, then this sale presents a high risk of it not going through.

The viewings are being carried out by the EA, not the vendors, so difficult to ascertain vendor reaction, BUT the EA who accompanied the viewing lied twice when asked 'how long have the vendors lived here' to which she replied 'oh many many years', so I called her out and said 'when according to land registry they only bought the house 21 months ago....and when asked reasons why they were selling she replied 'oh they're just looking for a change' which makes me think 'divorcing couple' or 'couple who want to flip the house and make £200k profit in just 21 months'.

Gut instinct tells me something is not entirely rosy here. To buy a house and then to put it on the market just over a year later, does smell of a waring couple, but then I'm speculating and the EA is not going to tell us the truth. They'll just want a sale.

@Overdash - we checked on zoopla and the range is £350k-£450k. We're prepared to put in a offer of a similar house sold on the same street 4 months ago for £433k, but even that feels uncomfortable....

I think we'll choose to wait this one out and see what happens...thanks all for your replies.

Many people were lulled into believing that the property boom would last forever...

https://www.thetimes.co.uk/article/property-queen-beeny-has-millions-in-collapsed-estate-agency-sc92m89rc?wgu=270525_54264_15794497799864_e91a552065&wgexpiry=1587225779&utm_source=planit&utm_medium=affiliate&utm_content=22278

I don`t think you should encourage people who are obvious Kite Flyers, they need to experience the reality of sensible offers, it will be much healthier for them in the long run, better than hanging on for years hoping for silly valuations to bear fruit.

bookblogger

We have since found the original listing (thanks to Property Log) from May 2019 when the house was listed at £450k. It was removed Sold STC and the new listing appeared on 8 Jan 2020 at £480k.

Yes, we like the house and see much potential for it to be our forever home.

We've been thinking about your advice re. what the house is worth to us - thank you! We don't feel like we'd get value for money at £480k, but considering an offer of £440k-£450k...wish us luck!

Crashy_Time

Skiddaw1 wrote: »

Wonder why there are so few internal pics for that first house (the Isle of Wight)?

Not sure, someone could maybe e-mail the agent and ask?

Mickygg

OP they obviously have priced right as you have gone to see it and are going to offer on it.

There may be many reasons why they bought it cheap such as divorce, death, job move forcing quick sale etc etc. That is irrelevant.

I had similar on my last house I bought where it was on market, sold stc then fell through and several months later put back on market with 5% increase despite no local increase in house prices in that time. I still viewed and bought it. Wish I hadn’t.

AnotherJoe

Agree with AdrianC, you are totally overthinking it by your concern with what it last sold for.
Let say instead of £285k it was double that, does that mean it's now a bargain and you should snap it up at £450k ?
It's worth what the local market makes it worth. What it sold for previously is irrelevant.
FWIW there are any number of reasons why a low price may be registered which have nothing to do with what it's market price was at the time.

AdrianC

bookblogger wrote: »

We have since found the original listing (thanks to Property Log) from May 2019 when the house was listed at £450k. It was removed Sold STC and the new listing appeared on 8 Jan 2020 at £480k.

Sold STC, or actually sold through to completion, with a LR entry for the sale?