Another offer related question

khanji17

We are looking at a house, it has been on the market with one agent since August 2019, then the vendor changed EA and went on with a new one in Dec/Jan. First it was listed for £450K, then relisted for £380k. We are thinking of putting an offer in (I'm not sure if I can post the property link here). There hasn't been much for sale similar to this in the area.But the houses (mostly new builds) which came to the market, get sold quickly as well.
My question is, what would you offer for such a property? I am thinking 10% below the asking price, but keeping in mind it has been on for so long, can I go even lower? The owners are an elderly couple, who find this house to be too big for them and want to move to another city in a smaller property.

hazyjo

Have you actually viewed it yet?

khanji17

Yes I have, twice

hazyjo said:

Have you actually viewed it yet?

sst1234

Can you give details of street and town etc and someone can post the rightmove link. Impossible to say without seeing the link.

Unicorn_cottage

Lots of questions need to be asked...why the £70k drop?

khanji17

Newlands Lane, Marston Green. 
It has been taken off rightmove from the old listing, but I have the 'no longer available' link, but can't post here I guess?

sst1234 said:

Can you give details of street and town etc and someone can post the rightmove link. Impossible to say without seeing the link.

sst1234

https://www.rightmove.co.uk/property-for-sale/property-76419919.html

Is Newlands lane a particularly sought after part of town? Not much has sold there in recent years and the house you are looking at seems to be overpriced compared to others in better in condition in other streets. Something has changed for the sellers to drop the price by so much. And to be fair, you would need to spend £30k or so to improve the house to a reasonable standard. You could go in with something around £355k if you are proceedable with a max of £360k. 

khanji17

Not sure if the street is sought after but its one of the streets where we're looking to buy. I couldn't find much in the area that went recently which could be compared to this property. I believe it was very overpriced to start with, as it needs work, but after testing the waters for few months, the vendors reduced the price. It was reduced t £380k in March, making me puzzled, what to offer as don't want to overpay.

bucksbloke

Hope you like plane spotting as that is just about as close as you can get to the runway. 
Not for me, I would need to completely redecorate every room. 

gwynlas

It is on Rightmove but the one above it is totally refurbished at a price of £410. I think I would put an offer in on that one as it would be cheaper and easier than getting all that work completed.
Whoever advised then on original price must have been hoping for a hefty commission.

khanji17

We quite like planes, have been in the area a few times at different times of the day and heard the planes fly pass, this is the middle of the runway so noise is not that bad.
We also plan to redecorate the whole house, will easily cost us around 25k to 30k to bring it into 2020. Hence the question about offer.

bucksbloke said:

Hope you like plane spotting as that is just about as close as you can get to the runway. 
Not for me, I would need to completely redecorate every room.