Massively overthought this... What would you offer?!

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Honestly no idea how EAs are valuing places at the moment! We are in the South West...

OK so in a nutshell my question is, what would you offer for property C based on the following:

• Houses A, B and C are all 4 bed detached with double garages in the same cul-de-sac
• Houses B and C are next door to each other, A is 4 doors down from B
• A and B have the exact same floorplan but B’s garden is bigger
• C is largest house (c200 sq foot more) as only one with (dated) conservatory with similar garden size to B
• A and B are similar in condition, absolutely liveable but a bit dated and would want a new kitchen, bathroom, flooring, décor etc
• C needs total refit, including windows (ie they are single pane / wooden frame, house is VERY ‘OAP’ with a stairlift etc)

Thank you if you’re still with me!

All 3 are with the same EA:

A = went on the market for £520k last week, vendors would need to find somewhere
B = went on market in March, about to complete, was on market for £475k
C = came on today for £450k

I can’t see how A is on the market for £45k more than B as B is slightly better – has the market really changed that much in 8 months?!?!

£450k seems like a good price for a 4 bed in this location but the amount of work needed to modernize is £££ so hard to justify when next door went for £475k!

We want property C. Based only on the above cold hard facts, what would you offer?

DH thinks £430k, I thought £440k.

We were first to view today, apparently several booked in for tomorrow. We had planned to offer at the viewing, but then decided not to as I figured unless we offered asking price the vendor would have still let the viewings go ahead, then if a viewer was told there was already an offer on day 1, it would seem even more attractive.

I am certainly over thinking this! Help

The price can be dictated by the vendor. Did you not ask the agent why the prices vary so much?

First are you procedable, ie under offfer in your current property or chain free ? That's likely to be the biggest plus to a buyer in the current market.

I agree with you on the pricing being odd, but it's consistent with my experience of the market - the cost and hassle of a return are not fully priced in. It's unhelpful thy A is on at 520k as that seems unrealistic and may drive seller C's thinking.

Second, I think you made the right call with not making an offer, unless you're desperate for the house.

I would arrange a second viewing if possible in current circumstances and also try to chat to him/ her about the sellers position. I find most but not all estate agents will give a good steer ie Buyer A won't go lower as need that to find their purchase etc.

Depending on the sense you get from the estate agent I would probably go with your husbands offer, not least because in my experience any negotiation will involve you making at least one more offer (for example they may come back and say no but they will take 440, in which case you offer 437,500 etc).

I would then get a builder around ASAP to give you a ballpark quote on work so you have clarity over that. As long as you can find the return and stand living in a house whilst it needs work, I think buying a house which needs work is the best outcome - we have bought two beautiful houses but you still always end up doing work to make it to your taste.

Thank you both so much for your views (and sanity!).

So we are pretty much at exchange stage on our house, we are selling to FTBs so could be chain free - they are happy to wait to move until the new year though thankfully. House C is chain free which is a mega benefit for us.

The vendors of the house we've been in the process of purchasing basically turned around and told us they didn't want to move anymore!

I am so torn between age old head and heart dilemma. I have been so dead set on ensuring we get a fair deal, but part of me thinks, what's an extra £10k on a mortgage (ie impact to monthly fee is nominal).

House C is actually c£100k less than the one we were buying!

Oh and EA couldn't really give a straight answer on pricing variations!

Honestly, I’d go in at 425 for house C on the basis you can only go up ... unless you think that would truly annoy seller?

A is irrelevant as likely overpriced: directly ask EA if it is being marketed over their valuation

I'd be more interested in why there are three similar houses for sale in one cul-de-sac.

I'd be more interested in why there are three similar houses for sale in one cul-de-sac

This - i'd be doing a lot of research before thinking seriously about any!

I noticed a similar trend on a nearby road we considered recently so did a search of the local planning applications - turns out that there were plans under review to build 3 houses on the lovely bit of green at the end of the road. This would definitely impact my desire to live there if approved and presumably had contributed to some trying to get out fast before their street turns into a building site for the next 2 years.

I think I need a quadratic equation to solve this - or the answer is 42

I’d go asking price or very slightly under - I think it’ll get snapped up.

I think Property A is distorting the picture. My guess is the seller has dictated the price there.

As you are close to exchange on your sale you are in a strong position. I would go in with your husbands suggestion of 430k. It is a good start for negotiating.

Good luck!

I would go in at 435.

If it is newly on the market they are likely to see all viewing which are booked. Be prepared to up your offer though.
If you really want it and dint have time on your hands just offer as close to the asking price or the actual and seal the deal.

Stamp duty is not that far away and most purchases are taking an age due to slow searches etc and conveyancers are weighed down at present with everyone wanting to complete before end of March

So is C bigger only because the manky old conservatory adds the extra sq footage? Do you know how much B actually sold for?

Personally, I think I’d be happy to pay full asking for house C if it’s intended for a long term home. With dated houses like A and B, I’d be doing full refurbs anyway. C needs new windows too so, say, I’d spend 20k more on it than on A or B.

If you want C and there is a lot of competition I think you will have to pay asking. TBH if I was the vendor, if another buyer came to me and they were able to complete immediately, I would not even consider you - you have not yet signed contracts on your sale have you? So your buyer could pull out.

As to why 3 houses are for sale - well one went on in March and C is an executors sale, so hardly based on some issue with the neighbours. I think this is quite common in areas where there are lots of houses with older occupants.

How fast did A&B sell? As if they were sold quite quickly, I'm guessing this one will too, in which case I don't think you'll be able to get in much less than asking price.

Of you want to tie the deal up quickly and others are viewing then I doubt the vendor would take less than asking tbh

Just logged on and saw the replies - apologies I didn't get my usual email notifications!

So property C - we offered £440k, another couple offered the same. There was another viewing booked today, none booked tomorrow then 'numerous Thursday - Saturday' (this is likely given area etc). We've upped our offer to asking price off the back of today.

We are ready to exchange/complete on our sale, we will probably exchange in coming weeks and complete in New Year - could do it sooner if it helped the situation.

Please wish us luck; and thank you all for your views.

Good luck!! Remember if they get greedy and people are going over the asking price, have your upper max at the ready and remember to stop there. The vendors asked for a price and you have offered it
If they want to get greedy then back off

Good luck! Asking price and very proceedable - sounds like you're a dream buyer, and I strongly doubt any of the others are in such a good position.

Fingers crossed for you, keep us in the loop

Remember to ask them to take it off the market and have a no more viewings condition attached to your final offer.

EA rang late this evening after some back and forth all day. They’ve accepted our offer!! Thank you all once again for your sound advice and views.

Yay! 🥳

Excellent!