Found our perfect house but it's overpriced

[Squitch]

Overpriced as in the EA has given it a ridiculously high price, not in that we can't afford it.

I have done some obsessively loads of research and I feel that it has been priced £35k over the market value (if not more tbh). It is a 30's semi and others on the same road go for about £145/155k, this one (although it has been extended) is on the market for £210!!!! It is quite a big extension and I would have snapped it up if it had been on for £175k and would probably go up to £185k (I REALLY love the house). However, its been on the market for a year, with no price drop and when we went to view the owner insinuated that he wouldn't drop the price.

The EA it is on the market with is notorious locally for overpricing. What would be my best strategy for approaching this. I've never bought a house before! Do i put in a really cheeky offer of 175? (although this it ISN'T cheeky as thats what its worth). I just want to scream at the EA, its their bloody fault that this bloke has not had ONE offer in the year its been on the market (although he should have realised and stopped being greedy).

I also sort of know the seller (well my friends mum knows him), he is probably early 70's and has just got divorced. According to my friends mum, his ex-wife is the one blocking the sale at anything but the asking price. They have both bought other properties (so will have mortgages on the new ones) so will be, I expect, wanting the sale of this house to cover the majority of their new mortgages.

Don't really know why I'm posting just wanted a bit of a mini rant. This is the PERFECT house for us and I know that if it was with any other estate agent it would have been snapped up.

So, do I put an offer in now, or wait and see is he does drop the price (in which case I suspect it will only go down to £200, and then he will definitely expect to get that) or....oh I don't know....beg him?

If its been on the market for a year, you will not be the first person to have been interested in it, so I'm guessing that they're not budging on the price simply because they're not in a hurry to sell it. If the husband and wife have already bought properties elsewhere, they don't need to sell it, its not as if they're waiting for the equity - in all probability if they're in their 70s there probably isn't a mortgage on it and whatever they sell it for will be their nest eggs. How do you know there haven't been other offers on it? I would expect that if you really want it, you're going to have to pay over what you think its worth. Make an offer and see the reaction you get. As people often say on here, a house is only worth what someone is prepared to pay - but that doesn't mean a seller has to accept that. Its down to you in the end - either its perfect and that is worth paying over the odds for (and the long term consequences of that) or its not - and then you have to be prepared to walk away.

It does seem interesting that there have been no offers. If other houses which are not extended get around £150k and it costs, say, £50k for a big extension, then looking at it like this, the asking price doesn't sound completely bonkers.....

This is the problem with looking at sold prices - I never know if I am comparing apples with oranges. Certainly our bitter lesson is that it currently seems cheaper to buy a done/extended place, than to get a do-er upper.

Obviously I have no idea about your local market, but if you love it that much and you plan to be there for a long time, could you offer 10% off asking - £189?

They cannot have avoided seeing that houseprices are falling. They may get less if they wait another year.....

It wouldn't surprise me at all if the estate agent has advised them to drop the price and they've said no.

If they are not that bothered about selling you may find them difficult during the process as well eg slow to respond.

If it's been on the market for a year and the price hasn't been dropped then they clearly aren't interested in selling, or in this case one of them isn't interested in selling. Make an offer if you want but you can pretty much guarantee that unless you're prepared to pay close to the asking price they won't sell. In your situation I would make one sensible offer and remind the agent that the information you've gathered shows that it's a sensible offer. Tell them that it will be the only offer you make and if they reject it walk away.

I agree with others - they obviously aren't that interested in selling so will almost certainly turn down your offer. I think you just have to make your offer, leave it on the table and walk away. It's so frustrating, but you're better off getting on with your life and looking for another house than paying well over the odds for this one, no matter how much you love it.

We are in a similar position and its soooooo frustrating. I think a lot of people are unrealistic as to what house prices actually are and don't actually want to sell their house. As others say you probably need to make an offer and then move on. Easier said than done though I know!