Offers in Excess of

Noneforit999

raygcon said:

The house my friend viewed was 550k offer over. I told him to view and put offer of 525, he ended up getting the house for 532.5.  And that is from the first week the property being in the market.

In the current climate, the seller hike the price expecting to get good profit while still asking for more. Don't bother by that. At the end of the day, the house worth the amount the buyer is willing to pay. Ask yourself if it's overprice or not, because other buyers will feel the same.

In terms of EA rejected offer, that's ok. Give it a month, if the house is still on the market then you can try again. If it's gone that means there are people who is willing to pay that or more. Simple. Even if it's gone, keep an eye on it because there is no guarantee it will go through, you might have a chance to snap it again. The house I view previously was on the market for 575k, the EA won't even let us view if our budget does't match that. We ended up viewing it and did not put any offer as the house need so much work it doesn't even worth 500k ( for me ). The week after the price went down straight to 525k and sold for around 510k. You will be surprised how many buyer think the same, but again, it's up to the state of the house.

I'm talking purely from  the seller and buyer perspective ( as I'm doing both ). 

Many factors involved and anecdotal stories from one person are not representative of the market as a whole.

Where we are, £550k is 4-5 bed detached territory and therefore there would be less buyers overall than those looking for a 3 bed semi so you might find the same thing where due to there being less demand, you can get it for less than the vendor thinks.

However, a 3 bed semi is in high demand where we are so its another ball game and people are offering well over the guide.

In London however where £550k might buy you a 2 bed apartment, you might find the same thing as a 3 bed semi where we are and multiple bids over the guide.