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House is overpriced but we love it

(12 Posts)
LovingTheSunshine Wed 03-Jun-09 19:16:54

Has anyone bought a house that they knew was overpriced? We've seen a house & are going to go back for a 2nd viewing as it fits what we are looking for but we know what the vendors paid for it & they have done zero work to it, apart from decorate. We know they have rejected a very good offer already. We have been looking for a house for over a year & this one has got us excited but we just can not get our heads round what the vendors paid for it & what the asking price is. BTW we know they rejected an offer £15k below askjing price. We can afford the asking pricce but it just feels wrong paying it in this market - but we love the house!! Please help!!!!

whooosh Wed 03-Jun-09 19:20:00

A house is only worth what someone is willing to pay for it...regardless of whether you feel it is overpriced.
If you really love it and fits all the criteria,then it is worth the asking price I guess.If someone else is wiling to pay it,and you lose out it could be another year (and house price inflation) till you find another.

nkf Wed 03-Jun-09 19:22:09

If you love it and can afford it, then why not buy it? There isn't really some abstract thing called the market. It's made up of individuals making individual decisions. It could be right for you.

ouchitreallyhurts Wed 03-Jun-09 19:22:29

did they reject the offer because it was made by someone who couldtn' proceed? if you are in a good position and offered the same (or maybe even less!) they might accept it.

Are you going to be in this house for at least 20 years? If so, buy it.

amidaiwish Wed 03-Jun-09 19:29:01

a house is worth what someone is prepared to pay for it.

that is the worth.

if you want it and are prepared to pay the asking price, that is the value. irrelevant what they paid for it, the market etc....

CarGirl Wed 03-Jun-09 19:29:43

you could make the same offer and it may be accepted, don't go in at full asking price straight away!

noddyholder Wed 03-Jun-09 19:31:32

The value is determined by what someone will pay what the banks will lend and current economics.the surveyor could well slash the valuation when he surveys it and then you may get a further reduction.It is hard if you love it.What is your situation can you wait?

LovingTheSunshine Wed 03-Jun-09 20:47:49

Thanks everyone. I knew a house is only worth what somebody is prepared to pay for it but it is good to see it reinforced on here. The OP whose offer was rejected are living with parents, whereas we have sold & our buyers are in rented. So, the OP are in a slightly better positon than we are. DH is really taken with the property which is lovely to see as he is normally very reserved. Thanks again

amidaiwish Thu 04-Jun-09 07:38:36

but it might be that the other party didn't have their mortgage arranged or somewhat?

i would start at the same offer, see, then creep up if necc.

uberalice Thu 04-Jun-09 07:48:56

We paid well over the valuation price for our house, 7 years ago. The reason we did it was that we knew that it was really in demand and that if we didn't make a ridiculous offer, someone else would get it. No regrets - we have no plans to move, and we have the house of our dreams. We were a bit worried that we might not afford it, but we're quite careful with our finances and it's been fine.

LovingTheSunshine Fri 05-Jun-09 21:13:57

Thanks all, very helpful

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