How much to pay

[2longinthetooth]

Seen a house on for oiro 314,950. Owner paid 285 in jan 2025. Nothing done to the house just decor updated. In good condition. Market here slightly flat. Mixture of reductions and sales. Its been on market a week. No offers. Its 3 bed detached. 2 bathrooms. 2 reception. Im at a loss to what I should offer, I think its well over priced. I want to offer fair but not over pay. Looking online is a nightmare.

Plenty of tools to see what has happened ro prices since last sold. In most places it would be less than Jan 2025.
I’d want to know exactly why they are moving after a year and be persuaded by that reason or it could be a neighbour issue or structural issue or some local development plan.
Why this house? Have you been to see it? If it’s the best option for you then I’d start with a conversation with the estate agent that you’re very interested but feel it’s overpriced and need to think about your offer.
We don’t know enough details but I’d expect most houses in most areas to be fetching less than Jan 2025. So maybe start below that. But who knows how serious they are about selling or how much you want that one house.

Thanks ive been online tools, looked at property index price etc. Tbh im exhausted, I put my home on in May, we complete next week, ive had 2 purchases which ive had to pull out. Im exhausted and am not really trusting my judgement. Dh wants me to go put in an offer, he says 300 but im like is that over priced. some online tools are saying market has not shifted since 2025 then, others are saying go 295. Tbh im sick of thinking at the moment and just want someone to tell me. I know that is simplistic but my head is not in it at the mo.

Surely you need to benchmark against the other houses you have seen in the area so no one here can help with that. It also depends on your long game - is it perfect for you and you plan to be there for a long time or just a temporary stop gap? If it’s the perfect house in the long run overpaying by £10k for example may not be a huge deal.

Like the poster above pointed out though, I’d be interested to know why the current owner is moving on so soon.

yes only being there for 2 yrs is a worry. Id ask that, been through so much since may, its an ok house but im not in the mood for liking anything at the moment. I dont want to wade in with a figure to then regret it but also secure it.

Go in lower - you can always increase if they say no. If they say yes first time you’ll then think that you should have gone in lower and it’s far harder to reduce than increase.

Sorry I meant to also say that it will depend on a myriad of factors - how much interest there has been and how keen they are to move being the key ones, both of which are out of your control. You can only get a feel for these things by putting in an offer and getting feedback from the EA.

It may look like they’ve just decorated it but they may have done a lot more - for example we have replaced glazing, flooring, fixed drainage, plumbing, leaks, heating, lighting, insulation as well as decorated and done some major works and renovated the garden but it may not be apparent - it’s all cost thousands.

thanks, im just having a wobble, fed up of it all now. I'll go take a look ask questions regards their circumstances, ply a bit of pressure their end, im happy to walk away if need be. We are cash and no chain so they have 2 choices.

@Hiddenhousemaybe hidden work perhaps but its exactly the same as they bought it

Totally agree. The number of posts on MN purely looking at what the sale price was at a moment in time then declaring something is over valued is so misguided and frustrates me no end!

Also - view view view - the more you look at the more you should have a feel for what something is actually worth then you can make a sensible grounded fair and realistic offer.

@Tortephantbut when you see they have done zip in the last 2yrs, why would you pay a premium for 2yrs worth of wear and tear. Painting a wall does not equate to 30k uplift.

285

@Tortephantplus fixing broken things is called maintenance not added value. Just because it cost you to fix a drain, people expect a house to have a reasonably working drain.

But you don't know that, unless you have directly asked them face to face.

Have they had a new boiler, pipe work and water tank?
Have they replaced all their roof felt and insulation then put the existing tiles back?
Have they re-plastered then painted the walls?
Have they re-done the electrics?

Maybe they have done nothing and they negotiated well and bought originally at a really good price because the owner needed a quick sale.

Have you viewed it?
How does it compare to other properties you have looked at eg do you feel it is worth more or less than them and why?

It's only been on a week!

No they have done zip, its a new build property, same roof, same walls and even some of the same furniture the previous seller left behind.

Pay what it’s worth for you, first offeres aren’t normally accepted anyway. If you offered 285 then you could meet in the middle at 300.

Open at £275 (with the cash buyer ready to move criteria), expect it to be rejected and work up from there,

If you offer low now they will hold out as it’s only been a week. A quick offer will be read as it’s a property that will have interest so wait for higher.

Have you viewed it?
Forget what’s it’s advertised at, what do you think it’s worth?

@Tortephantthis is the problem is not an area that we are familiar with so just looking at sold prices, indexes etc the market has shifted here, online its saying down 5.3%. Im in no way trying to low ball just want to pay a fair price for it. Its in a lovely area. Its in good condition.

Have you viewed it in person?
If not then do that before anything else, then you decide what you are happy to pay if you can see yourself living there.

@MiddleAgedDread tbh I dont feel we have any more advantage being cash and chain only that the money is guaranteed and it can cut a bit of conveyancing off. At present cash buyers are seen as vultures. When we were selling i didnt really pay much attention to them because you knew they were trying to low ball you. Sellers are not budging on prices and its become a stand off. I want to offer fair not cheeky but obv not overpay wildly.

OP - the online valuations take an average of the area sales - they are widely in-accurate. Do not offer on a house based on what an online calculator tells you.

Why have you pulled out of your previous 2 purchases accepted offers?

You consistently fail to answer my question - HAVE YOU STEPPED FOOT INSIDE IT?

What does Zoopla say it’s worth?

@Tortephantsorry no im booking viewing today. Last 2 purchases, 1st 1 council couldnt grant school place despite school saying they could. 2nd survey showed cavity wall issues and surveyors advised as high risk purchase.

Why are you trying to work out what to offer when you haven't seen it in person?
How can you possibly have any idea what is't worth, and what you'd be happy to pay for it, without doing that.