What would you offer?

[CountessFrog]

Flat on the market for a year, no offers.

Last sold 2015 for £270k, now marketed at £435k. Locally, prices have risen well, applying the percentage rise in price, the flat should currently cost £305k.

It’s in a good position, better than average. It’s small though. We don’t think it’s worth anything near £435k. Estate agent described seller as ‘keen to sell’ and ‘open to striking a deal.’ Yet they haven’t reduced the price in a year.

If you liked it, and you knew the above info, what would you offer?

Offer what you want to pay/what you think it is worth.

If its significantly less than asking they will probably reject

Yes, I’m looking for a figure that people would go in at.

Cant be too keen to strike a deal if been sat for a year. £379k with scope to go to £399k? But if basing it on £305k that seems high offer.
Does Zoopla give you a guide price?

What have similar flats in the area sold for?

@CountessFrog

Yes, I’m looking for a figure that people would go in at.

How can people give you a figure without knowing anything about the property?

Are you cash buyers? Which part of UK?

We would have £200k as a deposit, The rest is on a mortgage. Its in the south in a holiday destination. Small two bed flat with one bathroom, no outside space, parking space.

Zoopla guide price was £340k but it’s in a block and not much has sold in that block recently so hard to know.

(It’s a holiday let, the finance is in place so we are not part of a chain - I don’t want to overpay because the rental income has to cover the running costs, and there’s a mortgage on it.

370k

I'd start at £350k.....in order for your numbers to stack up on the rental, what's the max you can buy it for? X

I wouldn’t even bother. You’ll end up paying too much for it. The vendor must not really care about selling if they have such an inflated asking price

I think we can make it work from £380k but I’m concerned that’s still way overpriced and way under the asking price.

I guess they aren’t bothered about selling it!

I’d probably look elsewhere. Sorry that’s probably not helpful but I find that when property is listed at too high a price there’s no point bothering as the sellers aren’t realistic about what the property is worth. I would say wait until it drops in price but after being on the market at that price for over a year they’re probably not fussed about selling,

I don't think there's a price that the seller will accept that won't mean you're not over paying for the flat.

Is there any other similar flats locally to compare with, either for sale or recent sales?

Bear in mind that your mortgage provider aren't going to give you more than they think it's worth. So no point offering 380 if it's actually only worth 340. The bank will decline your mortgage

They could still get a mortgage as the OP has a £200k deposit but she doesn't want to be overpaying on the flat just to satisfy someone else's inflated sense of it's value unless they can't find something else they like locally, really really want it and are happy to potentially lose money if they have to sell without having time to wait for a buyer who's also happy to pay the high price.

You’re all right. We could buy it but we are just giving our deposit away IMO.

I think we will wait it out!