Overpriced house?

[Beaniebeemer]

I've seen a house I quite like. The main pull being that it's literally a two minute walk from DD's school. It's been on the market for about 3 months now. The problem is that it is overpriced by about £20-£30k. It's on for £280k but it's not worth more than £250k-£260k. They had it on originally for £295k. Should I even bother looking at it?

Is three months a long time in your area? Where I am, houses get snapped up within days.

If it is a long time, the owners might be open to offers to try and get rid. Or they might be stubborn buggers who are holding out for their price.

It's definitely worth viewing but be honest with the LA when you go and see it. Tell them you think it's over-priced and get an idea of how open the seller is to offer.s

Pictures?

Definitely. If you like it, put in an offer of £250k and say that's all you're willing to pay for it. They might have some wiggle room when it comes to price - I think most sellers do.

Make an offer - nothing to lose!

I would go look at it (maybe in a few weeks time) and then if I liked it i would offer £255,000
If they refuse I would leave my offer on the table for 3 months hoping they see sense.

there are always sellers with no grasp on reality. A property we know has been on the market coming up two years because it's simply not worth the money they insist on asking for it.

Put a sensible offer in but be willing to accept not all people are realistic or sensible

Going against the grain - its may be overpriced, particularly to you but you don't know if someone else would be willing to pay the price at some point - maybe to go on the waiting list for the school, maybe to be so close they're pretty much guaranteed a place, it ticks all their boxes etc. All you can do is view it, decide what you think it is worth and make the offer. If its not accepted, leave it on the table to see if the seller eventually changes their view of value or is perhaps sees something they want to buy and is willing to take a lower offer.

Thank you for your opinions. I think if it had been priced realistically it would have sold. Houses in this area at that price are usually pretty sought after. I love the idea of doing the school run in two minutes!! It being as close to the school as it is could be seen as a negative by some people. It's a big infants/juniors with c. 600 kids so the road at drop off and pick up is v v busy. It's a 1950s semi on a small estate of similar houses. They have it on with a local agent and purple bricks. It originally went on with purple bricks the bought the other local agent in about 6-8 weeks later - makes me think they are hoping to sell it at sky high money for a cheap fee but in bringing the local agent in also that they were serious about selling.

It's not a hard school to get into given the fact that it's a three form entry. I live 0.9 of a mile away from it currently as the crow flies. I just want an easy school run life given I'm going to be doing it for the next 8 years

Every house I've ever seen that's on with Purple Bricks is overpriced. I have seen one sold board with them. I suspect the vendors think they are being canny, but are perhaps now realising their mistake. Go and view it via the agents.

A house is only worth what someone is prepared to pay for it. Go and see it and put in an offer if you like it.

I have seen a property that the vendor is trying to sell for 25pc more than they paid for it in Feb last year. New build flat. On the market for 2 months now. Doubt if there's any point offering what it's actually worth as the vendor's pricing strategy suggests to me that they won't be reasonable.