House advertised at £379,000 but on market since Nov 14

[MelonOfTroy]

What would you make your opening offer? It's a nice house, vacant possession and recently renovated to a good standard.

The agent is being very cagey about whether a lower offer would be accepted but I'd like to go low really.

It's been a while since I've done this so are there any percentages people normally work to?

If you're not absolutely in love and want to play the long game then i'd start at 20% with the clear indication that you're still looking at others but at that price you'd commit. I'd also make it clear it was a serious offer with evidence of finance, timescale you could work to, solicitors details etc.

I would check out all other recent comparable selling prices too (on rightmove theres a sold by postcode where you can see actual sold prices). Thats a better indication of market value than estate agent price.

This house

Just noticed the price I put in the title was out by £10,000.

Thanks M, it's helpful to get another perspective

Now I've delved a bit more i think it appears quite high. If you search sold prices on the postcode pO14 3H two similar properties completed in 2007 for £240k and £285k. Looking at the market in that specific area prices appear to be only slightly up for houses since 2007 prices, maybe 10%. based on not that many sold prices.

My revised thoughts would be about £320k tops. In a slightly wider search PO14 area various similar build style 4 bed detached properties are on at £320k/ £325k and were similar sold prices in 2007.

Is there anything that means this specific area should have such a premium that neighbouring streets aren't seeing?

That is a beautifully presented house.

But WHO is the fruit fir?

why is it so expensive??

It's on a very quiet no through road facing fields with horses etc but still 15 mins walk to an outstanding junior school.

We currently live a few streets away in a 3 bed bovis box (1980) which sold prices indicate would indicate is worth about £260000.

I can't link on phone but there's re a couple of 4 beds locally which are similar in price

Another contender

On a busy village road near the Coop

It does seem on the expensive side. There is a site where you can find out how much it last sold for. I have been on that but can't remember what it was. I'd wait and see if anything else similar came on the market. I wonder why it's vacant possession. That could be an indicator of how much the owners want to sell. You could try fishing at the estate agents.

It looks suspiciously as though this is a developer selling. It hasn't been on for that long - have they had any other offers do you know?

Wow I thought that but it was last sold in 2011 so not wildly recently but it has definitely been renovated all through quite recently.

I've just wandered past, I might have to be keep an eye out for the neighbours and ask a few questions

Its only been on a few months, at a really slow time, so you cant use that reason alone for submitting a really low offer.

Have a look on mouseprice.com
It lists all houses, prices last sold and then uses inflation %s to give a price for today. Relatively accurate as long as there hasnt been major works since the last sale.

iys been on the market for longer than since Nov.. The current owners brought in 2007 for £240k so unlikely developers.

It could have been inherited then renovated. The colour schemes and the staging scream developer/developed to sell. It doesn't look like a family home someone has vacated.

Also, the EPC is poor - which indicates they may have decorated, but not necessarily 'renovated' to a particularly high standard. Have you checked what the status is with the fields? Are they protected in any way, or are they pencilled in for development at some point?

Interesting points - I hadn't really considered the EPC, I'll have to have a look at development plans too. The road is on the edge of the village so I guess it's a possibility that the paddocks may be developed in the future.

I'm wondering if this www.rightmove.co.uk/property-for-sale/property-50284298.html might be a better proposition as you're not paying for someone else's finish, it is on a busier road though.

I prefer the first one you posted a link to. That last one needs a new kitchen - look at the tiling in there too - there is at least one room with an artex ceiling and the whole house needs redecorating. It is also SSTC.

If you could get the first one for a good price then it would be worth going for. As for the EPC it might need better loft insulation and cavity wall insulation, both of which are available subsidised or sometimes free and often houses get marked down for relatively minor things.

If it's been on that long without an offer it is a) overpriced or b) overpriced and the owners are not in a hurry to sell so will not take a cheeky offer. If you want it, I would definitely not go as low as 20% off; they will just laugh.