Opening offer on a house at 450?

Dinkler · 2023-05-18T18:41:56+00:00

What would you go with, there's hardly anything to compare to; 1 property sold on the same street at 360 around a year ago but with one less bedroom. It's a 4 bed terraced house in really lovely condition, it's priced at 40 grand over zoopla estimate but I know zoopla is not always accurate.

ThankmelaterOkay · 18/05/2023 19:52

How long on the market?

Original poster

Dinkler · 18/05/2023 19:56

Sorry, 1 week.

OP posts:

good96 · 21/05/2023 19:29

Without seeing the property or having knowledge of the area - it’s difficult to say. It Also depends if any work is required? Has the estate agent indicated what is the lowest the vendor can accept?
Bearing in mind that the property has only been on the market for a week, the vendor may be inclined to wait to see what they can get.
If you ‘love’ the house then why not offer the asking price or as close to the asking price?
No messing around then! I personally wouldn’t start any more than £15k below the asking price - and if someone did that to me, I wouldn’t sell to them even if they come up to the AP.

ThankmelaterOkay · 21/05/2023 19:38

good96 · 21/05/2023 19:29

Without seeing the property or having knowledge of the area - it’s difficult to say. It Also depends if any work is required? Has the estate agent indicated what is the lowest the vendor can accept?
Bearing in mind that the property has only been on the market for a week, the vendor may be inclined to wait to see what they can get.
If you ‘love’ the house then why not offer the asking price or as close to the asking price?
No messing around then! I personally wouldn’t start any more than £15k below the asking price - and if someone did that to me, I wouldn’t sell to them even if they come up to the AP.

You’d be offended by 3% under asking?

HeddaGarbled · 21/05/2023 19:43

If it’s only been on the market for a week, they won’t be worried/desperate enough to accept a low offer. So if you really want it, you’ll need to go asking or slightly under.

Karmatime · 21/05/2023 19:49

The last few times I’ve tried a Zoopla estimate they have undervalued by about 10% compared to sold prices so probably not worth going by that. If it’s only been on a week they may not be up for much of a reduction yet. As it’s in great condition it will likely get a lot of interest. Where I am it’s the more expensive well finished properties that are selling quickly.

MessyBunny · 21/05/2023 19:50

I’ve always found Zoopla overestimate.

Karmatime · 21/05/2023 19:55

MessyBunny · 21/05/2023 19:50

I’ve always found Zoopla overestimate.

I think it depends on whether there has been a lot of comparable sales in the area. The properties I looked at were places that don’t come up often and had been recently renovated.

SeatonCarew · 21/05/2023 19:58

Zoopla can be massively incorrect - the valuation for my house is based on the purchase price in the 1990 s. It's now double the size it was!

DrySherry · 21/05/2023 20:00

If a similar house with 3 beds sold at 360k, last year when prices were higher, surley this one can't be worth more than 400k now? You should work it out against the other house by m3 if you can. I know that's not popular in the UK but if nothing similar has sold that's how I would access the value.

UsingChangeofName · 21/05/2023 20:30

The key information here is that it has only been on the market a week.
Why do you think that anyone who has been told their house is worth £450K would accept a lot less only a week in to their journey ?

doodleygirl · 21/05/2023 20:32

Houses are still going for over where I live

Modda · 22/05/2023 13:13

After a week I doubt they'll take much less

ThankmelaterOkay · 22/05/2023 14:05

I’d risk it and wait for it to drop off the last 14 days on Rightmove.

If you are thinking of a lower offer.