House Overpriced

Songbird54321 · 2024-09-01T15:54:53+00:00

We are in the process of putting our house on the market so starting to browse potential new ones. There is one not too far from us which has caught our eye, but the price seems off. I've done my research and found that house prices peaked in summer 2022 and during that time a house on the same road sold for less and was at a much higher standard. The house we're potentially interested in has been on the market a while, is empty and is now on with a second agent, we think it's down to the asking price because other similar ones nearby are flying. How would be best to broach this? We don't want to offend the sellers but at the same time, it's just not worth it. It's not like they'd be making a loss either, they've had it almost 30 years and paid next to nothing for it, so it just screams greed. We're not new to buying houses but have never looked at one so obviously overpriced before.

LightDrizzle · 01/09/2024 17:04

“it just screams greed” - the price they want may be unrealistic, deluded even, but I think most people want the best possible price for the single biggest asset by a country mile that most of us ever own. You could always model your own lack of greed and generosity yourselves by paying their asking price?

Nobody is forcing you to buy their house, put in the offer you think is fair and you either get and move in or you don’t and you move on. I don’t get the hostility you feel for these people you don’t know, whose circumstances you don’t know.

LindaDawn · 01/09/2024 17:09

I would speak to the agent and try to find out if they have had offers etc that they refused. If the agent says they are looking to achieve close to asking price then just don’t view it and look at something else. I get the feeling this house is the one you are very keen on as you would have just moved on and viewed other houses. You can’t make someone accept the price you feel is reasonable

cansu · 01/09/2024 17:09

The fact that a house in 2022 sold for less is irrelevant. You have no idea of the circumstances of the seller then. There are many reasons why a house might sell for less than others. In any case the seller won't care whether you think they are greedy or what a house nearby sold for two years ago. Look at the house and make your offer. If they don't like it they will refuse and you can move on to look at others that you think are not overpriced.

cansu · 01/09/2024 17:10

If there are similar ones nearby why are you even interested in this overpriced one?

CatrionaBalfour · 01/09/2024 17:10

It doesn't "scream greed". Is the price for your house screaming greed?

BooToYouHalloween · 01/09/2024 17:11

There’s nothing you can do about it but make an offer. There’s a house we looked at which was a contender and the seller (or really the seller’s adult son who seems to still live at home and follows us from room to room during the viewing) is refusing to drop the price. It’s overpriced because they’ve lived in it for 30 years, needs a lot of work and has a tiny garden but he’s clearly in charge and won’t take a penny under asking. It’s been on the market for most of this year and still hasn’t sold. Once CGT and SDLT changes come in they’re going to be even more screwed but he’s clearly a muppet. His first agent (who we saw the property with) knew it was overpriced but couldn’t get client to drop it. It’s now with a new agent at the same price and not budging.

Ultimately if the seller refuses to take less than asking there’s nothing more you can do.

MassiveOvaryaction · 01/09/2024 17:14

Houses are worth what people are willing to pay.

If you want it make an offer.

If you don't, don't.

Original poster

Songbird54321 · 01/09/2024 17:27

I'm certainly not hostile towards the owners, we've never met them. More baffled. I think the house would have sold long before now if it had £25k knocked off the price. This might not sound a lot but we are in the north east so is quite a drop.
The reason we are so interested in this one is its location. There are no other properties for sale in this particular road/estate at the moment, they've all sold (as they were on for more realistic prices).
We have every intention of making a lower offer, I was just asking how to put it across in a way that wouldn't offend them. I'd rather not start off on the wrong foot. If it's a no we'll move on, but I'd regret not at least trying.

OP posts:

Original poster

Songbird54321 · 01/09/2024 17:29

BooToYouHalloween · 01/09/2024 17:11

There’s nothing you can do about it but make an offer. There’s a house we looked at which was a contender and the seller (or really the seller’s adult son who seems to still live at home and follows us from room to room during the viewing) is refusing to drop the price. It’s overpriced because they’ve lived in it for 30 years, needs a lot of work and has a tiny garden but he’s clearly in charge and won’t take a penny under asking. It’s been on the market for most of this year and still hasn’t sold. Once CGT and SDLT changes come in they’re going to be even more screwed but he’s clearly a muppet. His first agent (who we saw the property with) knew it was overpriced but couldn’t get client to drop it. It’s now with a new agent at the same price and not budging.

Ultimately if the seller refuses to take less than asking there’s nothing more you can do.

I get the feeling from speaking to the original agent (who is selling our house) this is a similar situation, but obviously they're limited in what they can say.
If it is, I'd probably rather not have months of dealing with them anyways.
We shall see

OP posts:

Biggaybear · 01/09/2024 17:43

If irs empty is it a probate sale ? Usually find beneficiaries cant agree on a price & one will be holding out for "top dollar"

As you know it's in a good area & nothing like it is available perhaps they are right in holding out for their asking price. All you can do is view it & then put in your offer. If its not accepted then just carry on looking.

Doggymummar · 01/09/2024 17:46

You do t have to give any reason, you just say we can only afford X price, will they accept that. They either do it don't, no one is upset or anything it's their choice.

Twiglets1 · 01/09/2024 17:55

Songbird54321 · 01/09/2024 17:27

I'm certainly not hostile towards the owners, we've never met them. More baffled. I think the house would have sold long before now if it had £25k knocked off the price. This might not sound a lot but we are in the north east so is quite a drop.
The reason we are so interested in this one is its location. There are no other properties for sale in this particular road/estate at the moment, they've all sold (as they were on for more realistic prices).
We have every intention of making a lower offer, I was just asking how to put it across in a way that wouldn't offend them. I'd rather not start off on the wrong foot. If it's a no we'll move on, but I'd regret not at least trying.

There’s no way of putting an offer across that will make them forget or overlook the fact it is a very low offer compared to their asking price.

If they are desperate enough to sell they will accept it but otherwise they won’t. All you can do is try.

kitsuneghost · 01/09/2024 18:08

Many are told to overprice with a view to being knocked down.
Offer what you want to snd see what happens.

BooToYouHalloween · 01/09/2024 18:37

If there’s anything that can help your case eg no chain, cash offer etc make that clear too

BlubellRoses · 01/09/2024 22:45

Honestly, if it was me I wouldn’t even bother viewing, people that have got an inflated idea of what their house is worth are often quite wedded to the price that they have in their head, despite all the evidence to the contrary, and won’t be swayed by how sensitively you try to broach the subject. There’s a house near me that comes on the market every few years, each time with a new agent, and an even more eye watering price- this cycle has been going on for years! Unsurprisingly it never sells.
However, if you think it’s worth a punt I’d offer what you truly think it is worth, and leave it at that- you don’t have to explain or apologise, a house is only worth what someone will pay for it after all. If you’re very lucky, you might be the fifth person to offer in that ballpark and the penny might start to drop eventually, however if it’s been on the market with more than one agent and the price hasn’t dropped then I wouldn’t hold your breath sadly.

Haggia · 02/09/2024 08:28

I don’t like your term “screams greed” because you have no idea of their motivations or circumstances.

Putting that aside - we bought our current house for £100k less than original asking price. Our first offer (desperate optimism tbh) was declined so we left it on the table and backed off. A few weeks later, the vendor’s family encouraged her to accept and we were stunned to get the call. Sometimes it pays off, sometimes it doesn’t.

Halfemptyhalfling · 02/09/2024 08:38

25k below asking price for a property a long time on the market would not be thought unreasonable at the moment. The agent is likely to you know if they have rejected similar. Still worth doing as something might have changed and they could be more willing to sell - especially if they want to sell it before winter