Help! Think we offered too much!

Renonewbie

Hello, 
Me and my boyfriend had verbally agreed an offer of £250,000 on a house just before the coronavirus situation worsened. The asking price was £265,000. However, as my boyfriend was furloughed and my own job seemed at risk we unfortunately made the decision to pull out. 
We loved it straight away, and perhaps got over excited. Now I've had some time to think it over, I think we may of gone in too high. It needs ALOT of work doing to  it, and comparing it to what the other houses sold for nearby.
My question is, once this is all over, and fingers crossed our jobs are still in place and secure, would it be wrong to go in with a lower offer?
First time buyers so any advice would be appreciated.  Thanks! 

kazwookie

No harm in making the offer at a lower price, but the vendor may not accept.

Mickygg

Not wrong at all to offer a lower offer. We are currently in a very different world compared to 2 months ago.

Until things settle down though and over coming months we all learn the impact of house prices its impossible to know if they would consider a lower offer or whether a lower offer would be reasonable.

Crashy_Time

Yes that sounds reasonable IMO.

Thrugelmir

Perhaps the vendors own situation may have changed. Impossible to look ahead with any certainty. 

MobileSaver

Renonewbie said:

My question is, once this is all over, and fingers crossed our jobs are still in place and secure, would it be wrong to go in with a lower offer?

It's not "wrong" to try again with a lower offer but I wouldn't get your hopes up unless you happen to hit lucky with a desperate seller.

My own view is that as the housing market has all but come to a standstill then as each month goes by the pent up demand will be increasing while the building of new homes is significantly decreasing; once the lockdown is over there could be three or more months worth of people who would otherwise have bought now all vying to buy at the same time from a reduced number of properties.

There are, of course, a huge number of variables involved. For example, after the enforced lockdown will the number of couples who moved in together for lockdown and found they liked living together (so buy one property instead of one each) be more or less than the number of couples who found it all too much and split/divorce once lockdown is over? Toss a coin, methinks.

TuppenceWorth

For example, after the enforced lockdown will the number of couples who moved in together for lockdown and found they liked living together (so buy one property instead of one each) be more or less than the number of couples who found it all too much and split/divorce once lockdown is over. Toss a coin, methinks.

I think we all know the answer to this 

bucksbloke

Try your luck, but I don't think that house prices are going to drop as much as people think. There is talk today about mortgages coming back on the market already, and with interest rates so low - it is likely to increase demand.