Comparing with the house down the road...

Qwerty0987

So the house we're considering is on sale for 5k above the exact same house down the road that is further away from a train track, has pvc windows instead of old wooden ones, old furnishings and decor (kitchen, bathroom etc). That house sold for that rate (415).

So surely this house we're considering should be sold for a lower value than that? But it's already had an offer. So our natural instinct would be to go in for asking price but we don't think it's worth it especially considering the house down the street. 

So my question is, despite there already being an offer on the table, can we still go for a low price especially considering we're first time buyers and ready to move?

Comms69

Qwerty0987 said:

So the house we're considering is on sale for 5k above the exact same house down the road that is further away from a train track, has pvc windows instead of old wooden ones, old furnishings and decor (kitchen, bathroom etc). That house sold for that rate (415).

So surely this house we're considering should be sold for a lower value than that? But it's already had an offer. So our natural instinct would be to go in for asking price but we don't think it's worth it especially considering the house down the street. 

So my question is, despite there already being an offer on the table, can we still go for a low price especially considering we're first time buyers and ready to move?

You can offer whatever you like, just expect a no in response.

lincroft1710

You can offer whatever you want.

Whether or not your offer is accepted is a different matter. Also, nothing personal, but some vendors don't welcome FTBs as they tend to be over cautious, often leading to delays in the purchase process.

Qwerty0987

lincroft1710 said:

You can offer whatever you want.

Whether or not your offer is accepted is a different matter. Also, nothing personal, but some vendors don't welcome FTBs as they tend to be over cautious, often leading to delays in the purchase process.

I assumed being a first time buyer would go towards our favour

eidand

Think of it this way ... the vendor is selling a house, there is demand for that house at whatever price they want.
The fact that you think it's too much is irrelevant. You have two options, make a decent offer even if it's above what you think the house is worth or find another house. It's quite simple, really.

Comms69

Qwerty0987 said:

lincroft1710 said:

You can offer whatever you want.

Whether or not your offer is accepted is a different matter. Also, nothing personal, but some vendors don't welcome FTBs as they tend to be over cautious, often leading to delays in the purchase process.

I assumed being a first time buyer would go towards our favour

It has very little benefit to a seller tbh. Often FTB have unrealistic expectations, which would put me off more so than the promptness of any move. 

RelievedSheff

Qwerty0987 said:

lincroft1710 said:

You can offer whatever you want.

Whether or not your offer is accepted is a different matter. Also, nothing personal, but some vendors don't welcome FTBs as they tend to be over cautious, often leading to delays in the purchase process.

I assumed being a first time buyer would go towards our favour

Nope. First time buyers tend to be indecisive, nervous and unrealistic with their demands and expectations. They can be a vendors worst nightmare.

I certainly wouldn't expect any money off because you are a first time buyer. 

Salemicus

You seem to think this is a matter of abstract fairness. It isn't. Property prices are constantly changing, due to supply and demand. Another property selling for £415k (how long ago?) doesn't mean this similar house can't sell for £420k. A difference in price of 1.2% is nothing.

If your bid is significantly less than other people are happy to pay, why should the vendors accept your offer? Would you, if you were the vendor? Not being in a chain and being proceedable is attractive to vendors. Being first-time buyers is not, because they tend to be clueless.

Incidentally, bidding £415k for a house with an asking price of £420k is not a low offer.

Mickey666

eidand said:

Think of it this way ... the vendor is selling a house, there is demand for that house at whatever price they want.
The fact that you think it's too much is irrelevant. You have two options, make a decent offer even if it's above what you think the house is worth or find another house. It's quite simple, really.

Exactly.  A house has no 'list price' and is only worth what someone is willing to pay and what the seller is willing to accept.  Because different people have different needs/wants/expectations/dreams they will have different opinions on what it's worth to them.

Buyers should not concern themselves too much with what the seller wants, only what they want themselves - because the buyers will have to live with their decision, not the seller.

Mickey666

Qwerty0987 said:

lincroft1710 said:

You can offer whatever you want.

Whether or not your offer is accepted is a different matter. Also, nothing personal, but some vendors don't welcome FTBs as they tend to be over cautious, often leading to delays in the purchase process.

I assumed being a first time buyer would go towards our favour

A FTB has the theoretical advantage of being able to move quickly because they don't have a house to sell themselves and are therefore a type of 'cash buyer', but as pointed out, this 'advantage' can be negated if they are not decisive, question everything and generally slow things down.

As with the matter of pricing, buyers should not fool themselves into thinking they have some sort of inherent advantage (eg being a FTB or knowing the house down the road sold for £5k less) that the seller should accept and then get all indignant when they don't.  House buying/selling can be an emotional and irrational business!

MysteryMe

Offer what you are comfortable with. Unless I have missed something we don't know whether the other offer is at asking price or not.