The property isn't worth what they're asking for it

[Mousefoot]

Surely?

It's a 3 bed bungalow, very much at a premium in this area.

They're asking £550K. My large 4 bed detached house, just up the road, is worth about £500k, but I shall have to get over that because of the bungalow thing.

However, they paid £505k for it in July 2023 and don't appear to have done anything to it except neglect the garden since.

The market has fallen a little since then, IMO. So I think it's worth about £480k, but there's not a chance there'll accept that, is there?

Bungalows do attracted a premium price, so I doubt they would accept a £70k drop

Yes I realise that, I just think it can't possibly we worth £45k more than they paid for it, a year ago, in a falling market.

Ach, come on, you know the rule. A house is worth what someone is willing to pay for it. You're not willing to pay it, so you don't think it's worth it. Someone else may feel it is.

Yes, yes, I know. I just don't know why anyone would think this worth that.

I am also aiming to sell for more than what I think is worth for my house when I do eventually decide to sell.

Reason - I am not desperate to move but the increased monetary incentive will tipped the balance. The house owner might be moving in with someone else. If is sells great, if not no they will just drop the price in months to come.

To be worth a premium price in the current market, they have to be in premium condition.

I've watched dozens sit and fester over the last two years.

Depends on location I guess.

Link?

True. I've not been looking in the South.

The inside appears to have been fairly recently refurbished, although I'd say without much attention to detail and using cheap fittings. The outside space could be lovely but really isn't currently, lots of 1970/80s coloured paving slabs badly laid.

Let's have a link then. I love a good rightmove nose.

Hold on, bungalows command a premium? Please educate me Mumsnet, why is this? I would consider them less desirable. I appreciate necessary for the elderly. Is it because they tend to be in lower supply for the number of people who need bungalows? I also appreciate that it's inefficient land usage, but doesn't mean they are more desirable when it comes to sell.

There are a weird number of bungalows round my neck of the woods.

Cheers

CA

They're trying their luck. Either someone will decide it's worth the asking price and offer it, or they won't and the vendors will have to drop the price to sell. They clearly aren't in a rush and feel it is worth a shot.

We paid 99k on a house that was on for 115 which is a similar sort of percentage drop to 480/550

Clearly the sellers' circumstances have changed in the year since buying the house, and it looks to me as if they have set the asking price at a level that will cover not only what they paid for the house but also the associated expenses (stamp duty, estate agents' and solicitors' fees, survey costs, mortgage arrangement fees/early redemption fees, moving costs etc), which could add up to about £45k even if they haven't done any significant work on the bungalow.

They can ask that price, and possibly someone else will pay it, particularly if they are in a hurry or are moving from an area with higher house prices. You can make an offer of what you think it is worth in the local market, and they are free to reject it or accept it, but I would guess they would probably hang on for a while in hopes of being able to avoid accepting a big loss.

I think you answered your own question about why they are trying for an optimistic valuation with "very much at a premium in this area".

They are probably hoping to get about 500-525k for it, but may end up being disappointed. It just depends on whether someone is keen enough for a 3 bed bungalow that has been recently refurbished. If it ticks the right boxes you might be surprised at the premium price it could attract.

They won't know the true current value until it sells and the same is true of your house of course.

If you have lots locally it might not be the case where you are, but here, yes, it's very much lack of supply and increasing demand.

OP, why are you interested?
If you want to buy it make an offer.
If not let them crack on?

I don’t understand the fascination of nonbuyers discussing what a marketed house is ‘worth’.
It’s worth what it sells for. Every single buyer out there will want to sell for as much as they can.

I am looking to downsize, but it's hard, there aren't a lot of small, but nice, in a nice area properties about. Which will be why they carry a premium of course.

It's worth whatever someone will pay. It really is that simple...bungalow's are in short supply, pay the premium or stay in your house.

Well just offer what you think it’s worth.
You’ll soon find out if it’s agreeable to the seller or not.

They are highly suitable for the elderly or those with limited mobility. Plus tend to be on big plots and with space to build upwards so can be extended easily.

Probably trying to recoup their purchase costs as part of the sale as haven't been there long. Offer away - if it's overpriced you may get lucky if you have time on your side.

there is also the thing about a bungalow where kitchen loo and bathroom apaprt, you can use any room for anything so much more flexible layout.

The market has fallen a little since then, IMO. So I think it's worth about £480k, but there's not a chance there'll accept that, is there?

Would you accept £70k less than your house is listed for?