Can anyone help re: house price increases please?

LicoriceStick

Second viewing confirmed it is very much a house we can visualise being our home for the long term (until the care home!) Appreciate it's not an exact science so going to offer 15k under the asking/offers over price.  Fingers crossed x

youth_leader

Good luck.  I hope the chain completes quickly and you can instruct your surveyor,  if you want.  Will you also pay for a valuation?

I offered in the October, vendor's solicitor had Covid and didn't open the file for five weeks - I completed in the March.  Hopefully everything is almost back to normal time scales and you could be in during the summer.   

LicoriceStick

youth_leader said:

Good luck.  I hope the chain completes quickly and you can instruct your surveyor,  if you want.  Will you also pay for a valuation?

I offered in the October, vendor's solicitor had Covid and didn't open the file for five weeks - I completed in the March.  Hopefully everything is almost back to normal time scales and you could be in during the summer.   

We are chain free. Sellers have separated and the EA has told us there is no chain on their sides.  Again fingers crossed on that front x  We have a surveyor.  Not sure about paying for a valuation.  Not sure I want to know if we are paying over the odds!

LicoriceStick

If they accept our offer of course.

lookstraightahead

LicoriceStick said:

Second viewing confirmed it is very much a house we can visualise being our home for the long term (until the care home!) Appreciate it's not an exact science so going to offer 15k under the asking/offers over price.  Fingers crossed x

Best of luck. 

dander

My theory is "offers over" happens when the seller and estate agent disagree over value of the property, and "offers over" ends up being a compromise where the sellers agree to come down a bit from their over-ambitious figure to a more realistic asking price if the estate agent agrees to have it as "offers over". Some people may never get realistic, and decide to turn down offers, but others will gradually come to terms with the idea that if the house hasn't sold for X weeks and there isn't a massive queue of people wanting to see it, that maybe they should accept a reasonable offer. Personally as a buyer, I'd treat "offers over" just like any other price, and offer what I think is a reasonable offer. 

Sarah1Mitty2

LicoriceStick said:

Hello,

New to the forum and looking for some advice if anyone can help?  We've seen a house we like (East Midlands).  It is on at offers over £450k.  A very similar house in the same road sold last August for £427k but since then there has been so little activity in our particular area I have nothing else to compare it with.  How could I find out how much house prices have increased (or not) on average since September?  ONS data suggests percentage increase in the East Midlands was 8.6% to January 2023 but I'm assuming that most of this increase was in the first eight months of the year and it has slowed since then.  So difficult to decide where to pitch an offer (if we decide to). 

Thanks in advance for any advice.

Are you using PropertyLog to track price movements?

TheJP

LicoriceStick said:

youth_leader said:

Good luck.  I hope the chain completes quickly and you can instruct your surveyor,  if you want.  Will you also pay for a valuation?

I offered in the October, vendor's solicitor had Covid and didn't open the file for five weeks - I completed in the March.  Hopefully everything is almost back to normal time scales and you could be in during the summer.   

We are chain free. Sellers have separated and the EA has told us there is no chain on their sides.  Again fingers crossed on that front x  We have a surveyor.  Not sure about paying for a valuation.  Not sure I want to know if we are paying over the odds!

House for sale as part of a separation means it will likely take longer to complete as you are dealing with 2 sellers who may not like each other right now and difference of opinion on value as each will have a figure in their head as to what they want from the sale. 

Postik

dander said:

My theory is "offers over" happens when the seller and estate agent disagree over value of the property, and "offers over" ends up being a compromise where the sellers agree to come down a bit from their over-ambitious figure to a more realistic asking price if the estate agent agrees to have it as "offers over". Some people may never get realistic, and decide to turn down offers, but others will gradually come to terms with the idea that if the house hasn't sold for X weeks and there isn't a massive queue of people wanting to see it, that maybe they should accept a reasonable offer. Personally as a buyer, I'd treat "offers over" just like any other price, and offer what I think is a reasonable offer. 

I noticed a while back around here it was the more "low end" estate agents that did "offers over".  But then more recently the estate agent that I used who is more "high end" got on the band wagon and started doing "offers over".

I hate it as a selling strategy.  When I sell something I state what the price is.  When someone asks if I'll do it cheaper I say, "No, this is the price, if you want it for less I'd rather not sell it."  If people were realistic about what their property is worth and just specified the price they wanted for it, things would be a lot more straight-forward.

On the plus side, perhaps "offers over" has put an end to people adding £25k on to the price knowing that people will try and knock £25k off.  But again, if everyone was realistic and just stated the price they wanted there would be no need for that.

LicoriceStick

Sarah1Mitty2 said:

Are you using PropertyLog to track price movements?

Just started doing this.