House we like is on the market at £495,000. Our offers of £465,000 and £475,000 were rejected. When considering a higher offer, we did some research and discovered the house next door sold only 2 months ago for £160,000 less. Google Earth shows that the houses are virtually identical in size but the one next door has a slightly larger garden. Rightmove shows that, inside, it was in need of modernisation and according to the EA (who asked the vendors), the owners were divorcing and were heavy smokers . But probably nothing more than £20,000 worth of work. Zoopla estimates the house value as £445,000 to £465,000 (but we know Zoopla isn't all that reliable).
I had a chat to our builder neighbour, who felt we shouldnt be paying more than £400,000 for it. He was horrified at the overpricing, particularly as the area isn't as nice as where we are now in the same town and the houses aren't as much here comparatively (none available right now but talking recent sales). He also said that we'd find it hard getting a mortgage due to the massive difference in prices.
So... what should we do next? We like the house but are very confused as to what is best.
Any suggestions?
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Property/DIY
Overpriced house?
ButterflySandwich · 22/01/2014 21:53
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