Sensible offer on a house of OIRO 259k

[pippapips7]

There's a house that's been on the market since November which hasn't sold yet and I love it. We currently live in a 3 bed semi which has a downstairs toilet, en suite and garage (hate having an en suite) and ours is worth around 200/210k. The house we're interested in is in a different area but also a 3 bed semi and an older house which is quite a big bigger but no garage and no downstairs toilet. DP was set against a house with no garage but also loves the house and there is so much room to build one. Obviously no decisions would be made unless we were both 100% in agreement but just wondering what do you think would be a sensible offer for this property given it's been up for sale for 4 months? We paid asking price for our current house so quite clueless around offers etc.

Research the market in the local area to see what you think it’s worth, then go from there.

There was a house on the same road sold for 260k in November however it had a garage and downstairs toilet. It looks immaculate on the photos and show home standard. I think it was bought to renovate then sell. Gutted I never seen it as I'm a bit of a right move addict! Another one up for sale on the same road for 275k however also has a garage and downstairs toilet and the bedrooms are quite a bit bigger than the one in question.

Have a look at houseprices.io with the postcode of the property for negotiation number

I think that explains why it’s been on the market so long, it’s overpriced, considerably from what you’re saying.

you can make an offer based on what you thinks it’s worth, but the vendors may say no, my gut feeling is that the vendors have unrealistic expectations

Why aren’t you interested in the cheaper bigger house on the same road?

Speak to the estate agent and see if they've had any offers that they've declined already. I'd be trying to get it for 10% less than the asking price.

You can always go up if they say no. Let’s assume they’ve priced in having a downstairs loo and a garage which they don’t actually have. That’s £15k + £8k to come off the price. I’d then round down a bit because of the decor and shave £30k off the price. Go in with £229k and see what happens. I suspect you’ll be told no but they’ll take xxx at which point offer to meet in the middle. Or as it’s been on the market for an age they’re deluded and want full asking in which case walk away. Good luck!

Sorry I clearly got the price confused in my head, I thought it was 295 not 259 🙈😓

Have you sold your house yet? If not, I'd wait until you have before making any offer. We had someone offer well below asking for our house and as he hadn't sold, we just said no. We didn't want to negotiate with someone who might not be ready to proceed for a few more months. At the same time, it was a 40k under asking on a 300k property and we didn't trust him not to string us along then suddenly gazunder us at the last minute.

I stand by saying if it’s not sold it’s overpriced - although not as much as I was thinking previously 😅🙈

That's not always the case. Our house was listed in November and sold in early January.. then the buyer had his mortgage refused so we went back on the market 2 weeks ago. We reduced the price so it would show up on Rightmove alerts but the agents can't change the listed date so it looks like it's been sat there for months.

People are also taking their time before offering which (I think) is a good thing. We thought about our next house and costed things up before making an offer over a week later. Last time we bought, the market was so mad we saw it the day it was listed and made an offer the next morning.

Not always, but seeing as the house down the road that was bigger, and in a better state of repair sold for the asking on this house I would say it’s somewhat overpriced.

Are you under offer already? As likely you'll get lower offers on yours at the moment, which I assume would dictate what you could offer. We just had £30k under the asking accepted.