No idea what offer to put in...

[Horrow]

Looking at buying my first house but have no idea what a house is worth and what offer to go in at.

If I posted the house on here, I take it people wouldn't be able to help because they don't know the area?

I went to look at it but not sure it is worth what they're asking.

AIBU to be completely terrified of paying too much? Not sure what to do...

Have you looked at Rightmove / Zoopla for recent sold prices in the area? Has it been on the market for a while? Does it need lots of work? There are lots of factors to consider.

Doesn't the survey report give you a market value?

Your mortgage provider will need to know this figure in order to give you an offer.

It will have a price, you don't have to guess.

The EA will have priced it according to local prices.
You could try offering 10% under if you think it's worth less, and negotiate from there.
Or, if you really want to be sure of getting that particular house, offer what the EA thinks it's worth.

Look at what similar houses in the area have sold for to give you a general idea. How long has it been on the market? If a while they might be more amenable to an offer. Offer what you think it's worth to you. You can always up your offer if you go in low and they reject it.

PS give us a link anyway. You never know 😀

Ooh let's see

Aylsham Road, Norwich
www.rightmove.co.uk/property-for-sale/property-77278565.html

I'm not from Norwich and will be relocating so I don't know the area that well. We like the house and it's good for DHs work. Just not sure it's worth 357... it's been on the market a couple of months I think.

It sold in 2003 for 137 😢 what an increase! Can't believe our housing market at the moment...

What’s your position? Do you have an AIP? I’d probably offer £325 and expect it to be turned down. Like anything, a house is worth what someone is willing to pay. We held out for a year to get the full asking price for ours because we weren’t in a hurry and we knew it was worth it. It depends how much the vendors want/need to sell.

A house is worth what someone is prepared to pay and thats the rangle the agents will go for. Depends how much you want it. If you put in a low offer you may be lucky (unlikely at this early stage) or someone else will pay . The name of the game. Do your homework as advised. If you dont think its worth it, that means its not worth it for you, not for someone else.

It's a buyers' market at the moment. I'd offer £325k and expect to pay around £335/340.

I think it probably is overpriced, it's marketed as a 4 bed but really it's a 3 bed. What do 3 beds sell for in that area?
If you're moving area have you considered renting first then buying?
You can get to know the area and go and see potential houses. I'd do that rather than potentially make a mistake.

It’s lovely! I’d buy it - it’s really nice

@StripeyDeckchair it's definitely a 4 bed. It has 4 pretty decent sized bedrooms :)

I can only see 3 beds and a dressing room op.

The floor plan only shows 3 as far as I can see?

Sorry, the study is set up as a lounge (it's a decent size) and the lounge is set up as a bedroom.

I didn't see the floor plans sorry.

I’m from Norfolk and know that area well. It is a super busy road and a main link road into the city.
I would say it’s overpriced and more realistically £300-310k.
Norfolk since the A11 was fully dialled has increased in price massively.

It’s on with two agents and it’s already been reduced once - are they keen to sell or can they afford to wait? Why is it no chain - is it probate? The agent should be able to give you a steer on the vendor’s situation, previous offers etc.

Houses don’t sell often in that area, which could be an indication it’s a good place to live. The last one was for 285k in 2015.

I like it and the quirky shape. I reckon they’ve reduced to 357,500 because they’re hoping to get 355. Was there anything obvious on viewing that would make you offer less - old central heating, damp, double glazing etc?

If all was ok I think I’d probably start at 340 and make it clear 345 was my best and final offer, unless I adored it.

Ahhh the comment about the very busy road would put me right off!
Is renting until you know the area an option?

@Horrow Have you visited the house? I only mention it as my friend recently relocated and relied heavily on Rightmove and EA recommendations.

She had an offer accepted but by the time she got up to see it, she realised it was not suitable (layout just felt wrong, situated opposite a tyre place which was noisy and rooms not as big as they looked)...she had shelled out for surveys by then and lost money pulling out.

I would definitely ensure you've physically visited anything before putting an offer in.

Good luck

I know the area, though it’s not where I live.
Those are nice houses.
Location is walkable into city, if you do 15mins trot.
Is the end of terrace by the church?
I assume you’re ok with the Aylsham Road- I wouldn’t be, but I’m pretty traffic noise phobic.
Area is ok.
Norwich as a place is lovely, lots going on.
Have you checked the parking? There have been further restrictions put on Aylsham Road just recently. Shorter time limits or something.
I wouldn’t take vendors word for where you’ll be able to park.

Price?
My finger is not clearly on that pulse.But it seems on pricey side to me.

Have you thought about schools?
I’ll post this now, and see what else is selling

I think it's sneaky describing that as 4 bed/2 reception rooms. It is, but only if you include the breakfast room as a reception room and then use one of the study or lounge as a bedroom. So I would be looking at the top end of 3 bed/lower end of 4 bed for comparisons.

I like it, though! Good luck.