Previous Sale Price - Does it matter??

rscott4563

kingkano wrote: »

Which is it 2006 or 6mths?? (its 2008 now so something bought in 2006 we're talking atleast 13mths).

If someone is willing to pay this price then its the right increase. If they can't sell it they will realise its too large an increase and reduce it. You can try offering whatever you think its worth and see what happens. You seem to have all the answers so why ask us? It doesnt matter if we think its a large increase or not.... we aren't the ones who will be considering your offer!

I just discovered sainsbury only pay £1 for some chicken breasts and they sell them to me for £4. They don't even package them or anything. I think its a large increase but I have !!!!!! all change of doing anything about it!

Wow, I'm sorry for posting! I thought forums were about discussing things, getting other peoples points of view and generally throwing about ideas & opinions.....apparently not here....I do appologise....

I said 6 months and 2006 and if you read my post I also said till it went back on the market.......hence its been on the market now for 7-8 months...I didn't say it was now 6 months since it was previously bought.

All I was looking for was some other comments and info, perhaps some similar stories of people who had been or are in the same situation or just some suggestions of whether this seems a resonable price rise over the time period?

Nevermind... :rolleyes:

carpetbelly

What the owners paid for their property in the whole grand scheme of things does not matter. Whether that was last month, last year, 10yrs ago. That's what they felt the property was worth and that's the agreement they came to with the previous owners for whatever reason.

You have to say to yourself, giving current market conditions, what other similar properties in the area are up/selling for, what am I willing to pay for this property and would I be willing to walk away if the price gets a bit higher than I'd like.

What profit someone will make on the property is no concern of yours to be brutally honest. The only concern you have is 'do I want this property' and 'what's an acceptable price for me to pay that they'd be willing to take'.

dweeby

carpetbelly wrote: »

What profit someone will make on the property is no concern of yours to be brutally honest. The only concern you have is 'do I want this property' and 'what's an acceptable price for me to pay that they'd be willing to take'.

You beat me to it.

My parents first property cost them £900 (worth ~£125k now), a fact that is totally irrelevant!

Equally, a property that is marketed at less than a previous sale value does not always make it a bargain...

pinkshoes

So do we get a rightmove link so we can be nosey and critisize all the rooms etc...??

Phirefly

rscott4563 wrote: »

it is on a major road (the busiest A road in the county)

Eeek! I'd be more concerned about THAT than what the vendors paid for it. That and the fact they're moving on so quickly...

and go on - link for us? my 3.30 home bell feels like such a long way away....

carpetbelly

pinkshoes wrote: »

So do we get a rightmove link so we can be nosey and critisize all the rooms etc...??

lol I was also hoping for this... I mean, who doesn't love Rightmove for being able to nose around people's houses from the comfort of your own home (or even work hehe)

wolvoman

Actually I have to disagree here with most posters and say that the previous sale price (especially more recent sales) is a good guide for buyers.

Of course you need to take into account local factors and the actual property spec itself and how it might have changed, but it's still an independent valuation of a property. After all what better way to value a property than the ACTUAL price someone paid for it.

How is the OP to know if that particular house is worth the current asking price? The EA will inflate the value, the valuation will likely just agree with whatever size mortgage you're applying for.

If you know the market in your area rose by x% over a period then it gives you some gauge as to whether an asking price is realistic or not.

Phirefly

Sold prices can be misleading.



Heres are the sold prices down tha Wharf over the last year and a bit. These houses are all near-identical ('cept ours is far lovelier aesthetically speaking, natch). #8 isn't a semi, its mid terrace.

Now only somone with inside knowledge is going to know why #2 seems so out of step with the others. *cough* stamp duty *cough*

carpetbelly

Of course you need to take into account local factors and the actual property spec itself and how it might have changed, but it's still an independent valuation of a property. After all what better way to value a property than the ACTUAL price someone paid for it.

But things change. Not referring specifically to the OP here but you do not know why someone paid what they did for a property. What needed doing that wasn't cosmetic. What if any discount was received. Quick sale needed.

And what does the price someone paid for it have to do with the price you pay for it? You need to look at the local market (and yes, no harm in looking at the market check the previous prices but they're not gospel) and come to a price you're happy with as well as the people selling. This is the key.

If you wish to buy a property you need to get the people to sell to you at an acceptable price for both parties.

Going back to the OP though, without knowing the local market (no idea where you're talking about) I cannot really comment on the pricing of the house you're looking at. The only thing that you've said that puts me off is the property is on a very busy A road. I'd be loathe about living next to a road like that.

Rick62

If I was buying I would always look at comparables of similar properties and of that particular proprerty if it had sold previously as part of my assessment of a fair price and for negotiating strength.

So for instance if I wanted a place in Annies Wharf (post 19) I would now know to be looking at £135k to £140k, so if someone was asking £150k I would have a solid basis for negotiating lower.