Offering 25k over asking

[moveblues]

Houses in the area we want to move to are selling like hot cakes. We have just made an offer of 25k over asking (offer on table for that much but we are in a good position). Seriously, when we bought back in 2014 this was unheard of. WTAF is going on? Are we bonkers?

Depends how much a percentage is 25k
Depends how much you want it
Depends if you can afford it
Its happening everywhere

@moveblues

Houses in the area we want to move to are selling like hot cakes. We have just made an offer of 25k over asking (offer on table for that much but we are in a good position). Seriously, when we bought back in 2014 this was unheard of. WTAF is going on? Are we bonkers?

We got a buyer back in July for under asking price for a 4 bed detached. Zoopla says we could get £20k more. I'm wondering if we should put ours back on the market tbh to see if we could get more (offsetting the purchase price on this house!)?! Thoughts appreciated 🙈

We bid 60k over on a house a few months ago and were still outbid. It's bonkers at the moment.

Zoopla does not know what it is talking about so don't trust that as a reason. Look at actual comparables get it revalued.

I house we were looking at for £600,000 sold for £750,000.
The market is crazy.

We got outbid on 2 houses by as much as 100 k so we put in our own mad bid of 65 k over and got the 3rd one . We put a lot of thought and reason into the bid but I am now awake with worry and feel sick at the thought of how much extra we bid (10%) and can’t remember why we thought it was a good idea ! . There are no winners in this house price craziness unless you are so rich it doesnt matter or are moving north from the south ..... we’re moving south from north and panicked we may get priced out of we couldn’t move this year . ‘Act in haste repent at leisure ‘ 😱😱😱😱

We’ve just completed this week. We bid £65k over as well.
We agreed we would accept this if we won, as we really wanted the house, and there was nothing else we liked as much for how much we were looking to offer.
So no regrets, I refuse to let myself dwell on how much over we paid, we can afford it and we love the house. It does needs lots of decorating, new kitchen, bathroom etc, but just to make it to our taste.
We’ve kept a little money back, but the mortgage is the highest we’ve ever had and I’m late 40’s, husband is 50 and does all the diy to save costs.
So, if you love the house and can afford it, go for it, I think, as long as you feel it’s worth the money. It’s irrelevant what others bid, it just eats you up if you think about it too much.

Mintine - can’t tell you how happy that makes me feel ! Thankyou. We do need to do some work on ours too but we do all our own DIY more or less and we also want to do eco stuff too. I actually rang the estate agents to talk it through and that helped ( of course they didn’t tell me how much more we bid! but I reasoned that if it had been open bidding then someone may have well have matched or outbid us Anubis such is the competition ) . So I’m more settled and will follow your excellent example .

Marymary62, that’s fantastic news, I’m so pleased!
We also want to do eco stuff, we’d like solar panels to power an air source heat pump, the current boiler is a huge old gloworm.
It’s okay, but we want to move away from gas, you might be the same by the sound of it
We won’t be replacing it until we know what the new green grants are like, I think that might be next year.
I’m so glad that you feel better, let us know how you get on.

In 2021 I paid 5.6% over asking to get the house I’m moving too. My buyers paid 8.5% over asking. In 2004 I paid 14.8% over asking to get my current house, so maybe it is not that bad here currently!

So how does that work with the mortgage valuation? Are lenders just happy to go with it?

We paid 50k over - c. 400k on a offers over 350 house.

We weren't the highest bidders - there were 5 parties above by up to 25k more.

We got it because we were the ones with 75% LTV. Everyone else was 95-90% mortgage and vendors were worried about down valuations

So 100% got to the max you can justify, but be aware of your LTV bands and be sensible at the same time.

A house is worth what you are willing to pay gif it, up to a point (if you are dependant on what a mortgage valuer says, then there is a limit). So really only you can decide if paying £25k over is worth it TO YOU.
As for remarketing your own - in a rising market all properties will be worth more by the time completion rolls around, so if you sold for a higher price today in four or five months it may well be worth even more so will you insist on remarketing it again? (And so will the house you are buying - would you be happy to incur fees then have your seller turn around months down the line and demand more money )?

As others have said, it depends on the percentage. I paid 12k over last year, but I was a FTB buying an average priced house, so it felt a lot. I don't regret it though as prices have shot up since I bought, and there's little on the market these days.