Feel like I overpaid for a house

Zoopla can be really inaccurate. It values my house at less than I paid for it 2.5 years ago even though property has gone up in value in the area. I think it’s because the algorithm takes into account the sold prices of nearby properties - which works if all properties nearby are similar in value, but not if there an array of different house types/values and only cheaper ones happen to have gone on the market/sold.

You havent overpaid. You paid more than you expected to but still well.wothing the valued range. You hit the midpoint.

If you were the seller, would you feel ripped off because you didn't get the top end of the valued range?

Pulling out would be silly regardless as it will likely cost you that much in rent to start looking all over again.

I think it sounds like you have got a bit pre-occupied about whether it is officially a 'bargain' or not and perhaps just having doubts now. you feel a bit more committed. A couple of things might help you here (they may not, but it is the kind of thinking that helps me).

1. Valuations are not much of a science, they are an estimate at how much people will be willing to pay for the house. There is not an exact value of how much a house is worth, as it is so variable, it is just a best guess at what is reasonably expected people will offer

2. If you are getting a really good bargain, someone (ie the seller) is probably losing out. If you are paying a fair or reasonable price, noone is getting ripped off.

3. If you are a mortgage buyer, the mortgage supplier will value it too.

It doesn't sound like you have overpaid as such, unless you feel the house is not what you want. If you feel you don't want it I would recommend that you give yourself a set timeframe (say a week or two) to see if these feelings change. If they do, then great, if they don't then perhaps you need to let them know. However, from what you have said in earlier posts, it just sounds like you are a bit disappointed with the process and that is affecting your feelings about the purchase of the house

More reassurance will come from the mortgage valuation - as long as they feel it’s valued correctly I would focus on the long term picture and it sounds like price aside it’s the right home for you and the family ?

I understand what you’re feeling OP and buying is stressful.

However, if this is a house you are going to live in, the key thing is if it will make a happy home for you. I think we view our homes too much as investments when they are not the same as second properties/investment properties - they are homes.

It doesn’t sound as if you have overpaid. So, provided you are still keen to live there and it’s affordable, don’t let this take the shine off for you

If you go ahead and get a valuation done with your survey, that valuation will be shared with Zoopla who will match the same value . That's pretty much the only time it's a bit more reliable.

Give it a few days and if you don't have the love for the house then pull out. You are not committed until exchange. Pulling out after a few days is not dishonourable as no one will have spent any money yet.

I have also noticed people like to believe they are smarter than the average house buyer - they want to believe they have got a bargain or tricked the sellers -
plying games, pretending they don’t really like the house etc.

you are annoyed because you wanted a bargain - now you don’t think you have got a bargain so you are annoyed.

but again it comes down to whether you want the house or not.

Are you serious?

Buying a house is not like buying a dress or a chair in the sales. It’s a negotiation between what someone will offer and the other person will accept. You didn’t get it for the lowest end of the price range, but you didn’t pay the highest either.

Buying a house is a huge emotional and financial commitment.

The house is only worth to you what you are willing to pay for it.

If you don’t believe the house is worth what you offered withdraw and apologize for wasting everyone’s time.

There is no exact science in valuing a house. It could go back on the market and either fetch more or less than your offer.

A house is only worth what someone is willing to pay! If you feel like you've overpaid for it and it's not worth what you've offered then withdraw. I wouldn't pay too much attention to the zoopla valuations.

OP, you say, “I do want the house for a long term home.” So you like the house, you’ve got it, and in the great scheme of,things, a few thousand either way is neither here nor there. Be glad you have the house - by the time you come to sell it, the small amount extra you paid will be lost in the mists of time. You’re still under the guide price - nothing to worry about. Enjoy your new home!

i've always found the opposite, they overvalue

@luckycat888 arey ou in England/Wales? If so also remember that the survey may change the picture a bit. But if the survey doesn't have many issues it may help reassure you that you're doing the right thing.
If it helps, I paid 15K more than my first offer on the house I bought last year, and I'm pretty happy with it.

A house is worth whatever someone is willing to pay for it.
If you plan to live in it for a while the value is immaterial really.
Do you like it? Do you want to live in it? Can you afford it?
If the answer is yes to all these questions I don't think there is any problem

You can withdraw offer. But we overpaid for our house (another came up in the same road for much cheaper, quite unusual as there are only 15 and they don’t sell often). We took the view that we were buying a home not a house and would need to rent if not paying a mortgage. It has increased in value (we’ve been here ages, though, it dropped initially) but it is still our home and it was worth paying for that.

Oh, and forget Zoopla/Rightmove valuations.

I had a huge amount of work done (kitchen extension, central heating, double glazing, rewiring etc) but the estimated value on those sites is based on what I paid for it plus the average increase in value locally since I bought - it's meaningless. Because the price I paid reflected the work.it needed.

And the average increase in values includes the properties that have been renovated, not just the 'underlying' increase in house prices like-for-like.

You're not overpaying - you're paying what you were willing to into get the house?
A house is a boy worth what someone will pay for it.

You aren't overpaying if you spend a bit more to.buy somewhere you love, rather than somewhere that is a 'bargain' but doesn't make you happy to live there.

My house makes me smile when I think about it, and is so comfortable even when.i am.not thinking about it. The layout, the location, the garden that isn't too small but isn't too big.

It came with a greenhouse, which I would probably never have bought for myself. I enjoy trying to grow tomatoes in summer, and sometimes in winter sit there reading a book.

It wasn't a bargain, it was a reasonable price.

Is this your next home? Can you afford to buy it? Could you get something nearer your ideal if you don't buy this one?

When you say "overpaid", have you actually paid or exchanged contracts, or have you just had a verbal offer accepted?
It's not binding until you exchange contracts so you can either pull out or renegotiate at any point until then.
Better to do it sooner rather than later so you don't mess the sellers around.