Gorgeous house - been on same price for a year and convinced vendor won't budge but overpriced?

[louby78]

Seen an amazing house which fulfills our needs perfectly. Basically the guys wife died and it was his family home so he's selling. It was on last summer till Christmas with another agent and he took it off till spring. Basically he told us (without telling us the price it was on at last year) that people thought it was too expensive/overpriced. We asked the agent how much it had been on with (remember it was a different EA) and the vendor told her it was on for £40K more than it was now and that's why he dropped.

Anyway, through the power of the internet and whilst searching for the council tax banding my DH discovered the details (PDF) of it when it was on the market last year (date July 10) and it was exactly the same bloody price!!!

Our house just been spruced up before it goes on the market and we have told EA we really like this house but are not in a position to make an offer but will be in touch in the next month. What do we do about the price? I really want it but obviously overpriced if nobody bought it last year at this price but then I worry is he too attached and not wanting to sell really? He hasn't found anywhere yet and hasnt even looked which doesn't sound positive but it really is a pretty big place and too much for him on his own.

My DH wants to take 12% off - he's worked out there was a 2% drop since last summer and then a cheeky 10% as is more expensive than other houses on the road. But for me I love it and it would answer our problems. Know i don't want to spend too much on a house and then come unstuck in current market.

Any advice?

Your DH thinks he's being clever right? If the owner isn't going to budge, in your opinion, I can't see how an offer of -12% will win it for you.

It's not obvious that it was over priced. Sales were generally sluggish last year and perhaps there were peopel who viewed who couldn't sell their's or could not get a mortgage. Perhaps the vendor is holding on because he is still emotional about the house.

I also don't think that the EA was telling the truth that the vendor lied to him/her. EAs would know what it was on for previously.

I hope you get it though.

Nothing to lose from making an offer of 12% below. But if he won't sell it for less than it's on for and would rather wait till someone comes along who can offer him that (whether that's you or someone else), then it's not overpriced. Things are only worth what someone is willing to let them go for, and if he'd rather keep it than accept less, then that's that.

Re the price change thing, could he possible have dropped it first with the first EA before taking it off the market?

Where is it - I love a bit of house porn??

Hi there, try not to let your head rule your heart! Although that is very difficult when you find 'the one'. It's likely to be the biggest purchase of your life. If you do feel that it's over priced then offer what you feel is the max you are prepared to pay for it, obviously when you are preceedable. I would have thought that given it's been on twice then he is pretty keen to sell but then maybe he took it off hoping for a surge of spring buyers. Round where we live all of the realistically priced houses seem to be selling in weeks if not days. It's the ones which are over priced that are lingering on the Market so he would be a fool not to accept a decent offer but then people do get greedy!

Your right about emotional attachment being a big hurdle to someone selling the family home. If it were me, I would offer what I thought right and try and open negotiations. If he's not interested at the level at which you are prepared to be at then all you can do is leave it, let him see if other offers come along, and chance that he may come back to you in a few months.

Lots of people aren't that desperate to sell, whatever their circumstances. Lots of people have a certain price in their head that they will sell for and won't budge. I would advise to keep looking, get your own house under offer and find a seller who really wants to sell - we did eventually after many months and from viewing to completion it was 7 weeks! The seller was an elderly lady recently widowed. However, we pulled out of a transaction when a survey showed that the house needed significant work and the sellers wouldn't come down 5% needed to cover the costs. We walked away they are still on the market as the house detoriates further as they are too old to look after it.