What to offer

[Pollydolly89]

Hello we are looking at a house that was on the market for offers over £475,000. It has been on the market since August.

It was bought 2 years ago for £60,000 over the asking price and i think they have maybe overpaid and have modernised the utility but that’s about it. Anyway it was reduced today to £465,000

Any guidance on what to offer?

Thank you

They were foolish or ill advised to only reduce it by 10k that is too insignificant a figure to spark much new interest.

They should have reduced to 450k which is the next price band on Rightmove. I don’t know what the house is worth to you but I definitely wouldn’t be offering more than 450k.

If they're stupid enough to only reduce by £10k, then they've got an inflated and unrealistic view of its value and probably won't accept any offers at present.

If it's been on that long without interest I'd be offering 10% below asking but doubt they'll take it.

It may be that, because they overpaid, they simply can't afford to reduce it to the current market value.
If that is the case you need to decide if you are also prepared to overpay ? I would be deciding the maximum I want to pay, making that offer as a full and final bid. Then be prepared to move on to looking for other possibilities.

What do you feel comfortable paying for it right now?
It doesn’t matter if they overpaid when they bought it or what they’ve done to it since. All that matters is what you think it’s worth to you, now, in its current state, and what the sellers are prepared to let it go for.

Look at recent sales if possible of comparable houses. It doesn't matter what they paid two years ago, it's what people would pay now.
If they are selling after two years is it a distress sale (divorce, loss of income etc)? Did they do any renovations and are trying to realise sone money?
Offer what you think it's worth. £425 if you like. Lower if you think they are desperate.
Ignore the 'offers over' bit.

What is the home valued at? Habe you looked the home report?

They bought it at 60k over the current asking price? £535k?
Or 60k over the then asking price.

No one on here can really tell without full facts, but it won't stop folks from having a punt.

We don't know the home, the location, the sellers circumstances, your circumstances, changes in the property between sales, e.g. garage sold off, parcel of land sold, etc.

The best advice is to offer what you think it is worth to you. That could be 30% less than asked or 30% more than asked. Only you know.

Pay what you think its worth. You will also be able to look at sold house prices for the last 3-6mths on right move for that postcode so if there's been a similar property up for sale you could use it as a guide

Thank you all for your advice. 2 years ago it was offers over £400 and they paid £460 home report now is £475. I’ll keep you all posted. Going to see if at the weekend

It sounds as if they over paid 2 years ago.
If it hasn't sold in 5-6 months, then it's v likely to be over priced. A tiny reduction of 10k is v unlikely to help.
Go and view it and see what you think it is worth to you, bearing in mind current comparables and the falling market.