FTB- Offers in the Region of

Sk1990

Dear all, 

I just wanted to see if I could get some advice on a property that I would like to view. It is listed OIRO £315000, I am a first time buyer with a MIP. I just wanted to gather your thoughts on what would be an appropriate figure.
The House was last sold for 280,000 in December 2020.
Thanks in advance for any responses!

comeandgo

Well if it was in my area you would be looking at having to offer about £350k to get a look in but maybe the area you want to buy in is run down and £300k would get it.  Show us a link and you may get better advice.

Sk1990

comeandgo said:

Well if it was in my area you would be looking at having to offer about £350k to get a look in but maybe the area you want to buy in is run down and £300k would get it.  Show us a link and you may get better advice.

Thank you for the response.

https://www.rightmove.co.uk/properties/122163452 That’s the house that I am looking at.

comeandgo

It looks lovely, good luck with it.  I will let a local comment on the prices in that area.

eddddy

Sk1990 said:

I just wanted to gather your thoughts on what would be an appropriate figure.

I guess the appropriate figure would be slightly more than other offers (assuming you're prepared to pay that much).


I would always have a discussion with the estate agent, and ask questions like "How much do you think I'd need to offer to get my offer accepted?".

It's not in the EAs interest to overstate a figure. For example, if an offer of £300k is likely to be good enough, saying that you need to offer £320k might make you walk away - so the EA loses a a potential offer of £300k or £305k or whatever.

I usually get sensible answers from EAs to questions like that - but some EAs can be a bit foolish.

Sk1990

Thank you for the comment, both have been very helpful and I shall make sure I ask that question when I view the property.

Noneforit999

We live in Medway as it goes.

St Mary's Island seems to be a 'sought after' area looking at prices, the average 3 bed Semi seems to go for £30-£40k more than most of the surrounding places.

The only downside of the area is that its close to the Medway City Estate so the surrounding roads are often very busy during mornings and evenings.

I am just guessing but I would suspect its going to have a fair amount of interest, especially with two off road parking spaces which is unusual for a 2 bed new ish house. 

What is your maximum budget?

Give the EA a call to ask the interest in the house. If there is genuinely a lot of interest, you will find they are doing an open day rather than individual viewings. Go and have a look at it first, then work out what the maximum figure is.

Again, I could be wrong but based on it being a more desirable area, having off road parking for two cars and being a new ish build, my bet would be that you are not going to get it for the guide price or below. 

Sk1990

Noneforit999 said:

We live in Medway as it goes.

St Mary's Island seems to be a 'sought after' area looking at prices, the average 3 bed Semi seems to go for £30-£40k more than most of the surrounding places.

The only downside of the area is that its close to the Medway City Estate so the surrounding roads are often very busy during mornings and evenings.

I am just guessing but I would suspect its going to have a fair amount of interest, especially with two off road parking spaces which is unusual for a 2 bed new ish house. 

What is your maximum budget?

Give the EA a call to ask the interest in the house. If there is genuinely a lot of interest, you will find they are doing an open day rather than individual viewings. Go and have a look at it first, then work out what the maximum figure is.

Again, I could be wrong but based on it being a more desirable area, having off road parking for two cars and being a new ish build, my bet would be that you are not going to get it for the guide price or below. 

Thank you!
I live around this area and it is quite sought after, however since it was previously bought in December 2020 for 280,000 I’m hoping the rise won’t be too much.
Our max budget is 325,000 so if it went too far over the guide price I think I would have to be out of the running.
Going to see it on Wednesday so will have a better idea then.

theoretica

Do you know anything about the previous sale and the sellers?  Buying and then selling so rapidly does happen, but often it can be because the purchase was not someone wishing to make it their home, but perhaps someone who saw the opportunity to buy it cheaply and make a profit.

Sk1990

theoretica said:

Do you know anything about the previous sale and the sellers?  Buying and then selling so rapidly does happen, but often it can be because the purchase was not someone wishing to make it their home, but perhaps someone who saw the opportunity to buy it cheaply and make a profit.

At the moment I do not know, it will be one of the questions I’ll be asking when I view.
As it was so recent, I know that house prices have shot up rapidly but surely they can’t be looking at that much of an increase!

JamieJ89

I'd be keen to hear how this ends up OP, I myself am looking at similiar areas (as well as Maidstone and surrounding areas) in the forthcoming few months so this would be really interesting for me..

Good luck.