Feel like I overpaid for a house

OP there were multiple interested parties so of course there was competitive tension on the price. There is no such thing as a bargain when you're buying a house.

If you like it buy it if you don't then pull out.

There might be grounds to negotiate a bit if something major comes up in the survey.

In todays market for housing, it is normal to pay above the asking price.

My Dsis offered €50,000 over the asking price recently and was outbid. It is a supply and demand issue.

Ok. The point is though that if you liked the house then you wouldn't be fretting like this. Just move along before everyone spends more money and while the other buyers are still on the scene.

The first chain we were in with 5 houses in it collapsed. Two months later the vendors of the house we purchased had us over a barrel because it we’d have agreed to just about anything they asked.

What makes you so sure the EA lied to you about there being a cash buyer? You were welcome to stick to your original offer and say you weren't prepared to go higher. But you didn't. You offered more and you got the house which was what you presumably wanted

I don't understand this, to be honest. When it comes to buying a house, there is lots of 'haggling' going on in many cases. If you're not happy about it now and think it wasn't worth paying more for it, just withdraw and start looking again?

Can you afford it?
Do you still want it?
That's what matters

Massively overvalues, in this area at least. Put mine at £40k more than estate agent did, and I’d searched a couple in the next street it overvalued by a ridiculous amount compared to what they were up/went for.

If you check out the valuation on Rightmove, it will be more realistic. The difference in my own house is £15k with Zoopla being the higher value.

If your first offer was your "best and final" then you should have made that clear at the start when putting the offer in.

The idea that you "overpaid" just because there was a process of (very normal) negotiation between parties after the starting point offer was entered is an unusual way to think about it.

I'm going to go against the grain here. You've got cold feet, so just pull out. If you really wanted this home then you wouldn't be worried about a few £k here or there that you can clearly afford. They had another offer, so let them take that one instead. Nobody lost any time or money, but if you start dithering around and pull out 6 weeks down the line after surveys etc then you'll have put everybody out and be wildly unreasonable. You have a window here to do only what YOU want.
"Sorry, I've thought again since sending the higher offer and the house doesn't work for me after all. I'm pulling out of the sale altogether and will look for a property that suits my family better."

Houses are only worth what you want to pay for them. Unless you’re buying it as an investment property to make money then if you like it and can afford it, what does it matter if you’ve overpaid.

It's a house, not a pair of last season's jeans.

Do you like it? Do you want to live in it? Can you afford it? Then it's worth it.

I think basing house buying on ‘it was a bargain’ would logically end up with you buying a shit tip in a hell hole in the back end of beyond. Liverpool council sold derelict houses for £1 back in 2015, with mixed results I’m sure you would have classed them a good deal Personally I would rather buy a property that met my needs, in an area in which I wanted to live and pay a fair price for it.

You can't proceed with a house purchase just to be nice. If you've changed your mind you can of course pull out. Don't proceed out of politeness.

If your main criterion is getting a bargain then you are unlikely to end up buying a house you actually want to own. It sounds like you have had a fair price accepted. In the grand scheme of house prices the difference is insignificant.

We overpaid for our last house. The sale price had been agreed but the vendors were splitting up and so they kept adding sums on for things that should be included (basic pendant light fittings, curtain rails, toilet roll holders and towel rails that were all fixed in place). It was worded that if we didn’t fork out for them they’d put the house back on the market. We had no choice but to agree to it as I was 8 months pregnant and we’d sold our house to first time buyers. No way could we have gone through the process again after previous chain collapsed two months earlier.

Finance has no room for sentiment.

EA says another offer, asks you to offer more, guides you with how much, it’s less than the “other offer” and yours was still accepted.

the other offer didn’t exist. You got played. If you want to feel like you got a good deal, don’t trust the EA who gets paid more the high the sale value.

pull out, use it as a lesson, drive a bargain harder than the EA.

my first house - 9k less than asking
2nd house during the peak - I paid asking
my house im in now - £25k less than asking

be prepared to walk away. If you’re not they’ll have you over a barrel

You could have put in a lower offer and risked losing the house. So if you really want the house you need to live with that being the value. And from what you say it doesn’t sound like you have overpaid.

it’s only worth what someone is willing to pay.

Wait and see what the survey says. You may find they value it at less and have to drop your offer.

I think some buyer's regret too. It'll be okay - I felt like this too, around overpaying, but I'm laughing now as the house prices in my area have massively increased since.