Offer

[Illumicrateme]

I really want a house that has been on the market for the past 6 months, its listed at 425k what would you offer at. Also I have just listed my house, do I need to wait for a buyer before offering on the new house?

You can offer £375k initially but be prepared to up the offer. That's what I would do anyway. To be able to offer significantly under asking, you need to be chain free ideally or at least have an offer accepted on your current house. But no harm in trying if you haven't got a buyer yet. Depends if you got lots of viewings for your place this weekend (in which case you may well get an offer).

offer 350 or less. the house is clearly not worth 425 - it has already been over priced, so it's true worth is somewhere around 350 (depending on your area)

You can put the feelers out for a price range. You won’t n o what you can realistically afford until yours is sold anyway.

I would have a look at the house value on Zoopla just for an idea and then look at what others in the area have sold for and compare to this one to see what a reasonable price would be. Also figure out how much you can afford/would be willing to pay. Then offer lower - if they say yes then great and if not you will have room to negotiate, depends what position they're in as well and how much of a rush to sell. Difficult to give a figure without seeing the house you are interested in to see if overpriced etc but 6m is quite a while. When we bought recently our offers were put to the seller but they would not agree to stop viewings until ours was sold STC so you could still lose it before yours is sold. Also you'll be in a better position to negotiate if you've sold and depending on your chain.

You need to get a buyer for your own property before a Seller can take you seriously. After all, it could potentially take you 6 months or longer to sell too! Once you have a buyer for your own house you will know what percentage you were willing to reduce the asking price by to achieve a sale. And how much you actually get for your own property could affect how much you are able to spend on the next one.

Yes, you will need an offer on your house before you can make any sort of meaningful offer.

Six months is a bit worrying though.
Apart from possible price issues, what else is wrong with it?

Can you afford to buy this house without selling yours? If so, go ahead and make an offer.
If you need the equity from the sale of your current house, you need to wait until you are under offer to have a proceedable offer.
When we were selling, we'd have let you view, bit not accept your offer until you were under offer.

Estate Agent here - the Zoopla comparisons are wildly incorrect. Is it empty? If it is, stick a low offer in to test the waters. Maybe £385k. If its occupied they likely need X amount to move on, maybe an offer of £400k? In most cases, the agent will need you to have a buyer for yours before they can accept your offer

The market is slow for sellers at the moment, so really you need to have a buyer, no vendor that wants to move will accept an offer from an unproceedable buyer. Unless you have funds and don’t need to coincide the two sales. Good luck I hope you sell quickly and buy the house you want.

It's overpriced if has been on for 6 months. Start at 350k - but only once you have an offer on your own property. Most won't consider you proceedable without a buyer in place first.

Yes, you need an offer, especially if you want to knock down the price significantly. I would imagine if they haven’t dropped the price in six months they may not be very motivated to do so.

It's overpriced if it has been on at 425k for 6 months but for all we know it was originally on for more than that & has recently been reduced to 425k.

So not necessarily overpriced at 425k.