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Original poster

Mumsnet perspective please!

17 replies

LandOfThePorcupine · 21/03/2022 10:41

Property for sale 390k, it’s been on a few months.

Property two doors down under offer (exact same house-new build site), was listed for 375k agent said they didn’t get asking but got close to.

Now taking into account 390k house is overlooked from the back by two houses and garden is on more of an incline. Property that was on at 375k not overlooked from the back and less of incline. Also taking into account the way the market has moved in the 2 months since the 375k house went under offer.

How much should I offer on 390k so as not to overpay?

OP posts:
Kite22 · 21/03/2022 15:59

There's always an element of how much you like it; how much you can afford ; how much you want this particular road; how keen the vendors are to move quickly and if you are ready to move or not; how much the vendors are fixed on what they have obviously been told their house is worth.

Armed with knowledge you have, It has to be worth offering £360 - £365ish, but don't be surprised if you are turned down in the first instance.

Africa2go · 21/03/2022 17:32

2 plots are never the same - apart from being overlooked, what else is different? There is a reason why a developer prices at various points - why is it that they think this house is worth £15k more than the other one?

I think its worth making a below asking offer, but what about negotiating the internal spec? In my experience, there is a "pot" available with new builds - so the developer will throw in spec improvements / maybe pay stamp duty etc. What is more valuable to you (how much disposale cash do you have)? Would it be worth offering closer to the asking price but asking for other incentives?

LadyGardenersQuestionTime · 21/03/2022 17:38

How much your first offer should be and how much you are willing to pay are two different things. Assuming the house isn't swamped with interested buyers I'd always offer low first time in full expectation of being rejected - it's just opening the conversation. In this case I would offer £360k first and expect to be laughed at. But at least I could work up from there knowing I'd found their lowest point.

Original poster
LandOfThePorcupine · 21/03/2022 17:48

360 and 365 rejected, hmm.. think we may be in overpaying territory now if the better plot 2 doors down went for ‘close to’ 375.

OP posts:
Fernandina · 21/03/2022 17:51

What does the agent think - have you mentioned this other property's selling price to them and asked why this one is more?

Original poster
LandOfThePorcupine · 21/03/2022 17:54

Yes I did mention it but she said they’re a separating couple and they want to get the max possible as they both need to move on and buy a house each.

OP posts:
Original poster
LandOfThePorcupine · 21/03/2022 18:17

@Fernandina

What does the agent think - have you mentioned this other property's selling price to them and asked why this one is more?
Yes I did mention it but she said they’re a separating couple and they want to get the max possible as they both need to move on and buy a house each.
OP posts:
ZaraSizeMedium · 21/03/2022 18:23

A house doesn’t magically become worth more because the owners are separating, I’d tell them you’ll leave 365 on the table till Friday, and keep looking.

DelphiniumBlue · 21/03/2022 18:31

It depends how much anyone else is willing to pay.
It's irrelevant whether they are separating, that doesn't affect the value of the house.
Maybe sit tight for a week or so.
The other house went for £375k , you say this one is slightly less desirable but the market has changed - you probably know how that's affected your area better than we do, it's not the same everywhere, but presumably the market has gone up, too many buyers chasing too few properties. If it's on at £390k, they will probably expect to get at least £375 - do you think other buyers will pay that?

Plexie · 21/03/2022 18:33

The £375k house owners might have deliberately priced lower to make their house a more attractive proposition than the one already on the market and get a quick sale.

If the other owners aren't in a rush to sell then they can hold out longer for a higher price.

PissedOffNeighbour22 · 21/03/2022 18:55

I bought my last house from a separating couple and they would only go £2k under asking price - despite them only living there 2yrs and increasing the price by 25% of what they paid with no changes to the property. They were also a pain in the arse to deal with.
I definitely overpaid and when I sold last year (15yrs later) I barely broke even after all the work it needed.

I'd tell them you'll leave an offer on the table but don't increase that offer unless you're sure it's worth it. I really wish I'd held out and not believed the 'well we have loads of offers on the table' crap.

Original poster
LandOfThePorcupine · 21/03/2022 18:57

Don’t think the 375k house was priced for a quick sale. Even the best plots on the estate have been listed 370k - 375k.

This is one of the worst plots and listed at 390k, just nothing else coming on the market in that location Sad

OP posts:
Original poster
LandOfThePorcupine · 21/03/2022 19:01

They paid 289k in 2018 so if we up our offer to 369k they’ve made 80k in less than 4 years. Seems bonkers Blush

OP posts:
BewareTheBeardedDragon · 21/03/2022 19:59

How much are you willing to wait? Honestly - it doesn't sound like this is the house for you. If you think it's the worst plot on the estate that will likely always niggle at you even if you did get it for less. That price increase is obscene.

Africa2go · 21/03/2022 23:13

Sorry, in my earlier post, I misunderstood that you were buying offplan.

In terms of the increase, I know new houses won't have gone up as much because they take a while to regain the loss of the new build premium, but if you use the Nationwide House Price Calculator for the likely current value (well, Q4 of 2021) of a house valued in Q1 of 2018 at £289k in the NW (my region) or Yorkshire (just picked at random) the values are coming out at £362k and £358k so not massively out with that increase. Of course local pockets can increase more than that.

Kite22 · 21/03/2022 23:21

They paid 289k in 2018 so if we up our offer to 369k they’ve made 80k in less than 4 years

It looks like that to you, but from a vendors point of view the next property they need to buy will have gone up by the same proportion - so they will be having to find a BIGGER difference between this property and next, than they would have 4 years ago. You don't really "make" on hose inflation until you no longer need a house.

Ultimately, every sale is the amount the vendors agree to accept. If you don't think it is worth it, then tell them you will leave your low offer on the table and walk away.
However you have also said "just nothing else coming on the market in that location" which suggests it is a market that is currently in their favour, as someone who really wants to live there, will very likely pay what you consider to be too high a price for that particular house.

Twiglets1 · 22/03/2022 06:34

I would tell estate agent your offer of 365 is on the table but you are also looking at other properties. Leave the offer there for a while and see if they come back to you

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