Buying a home

Walk away!

Or at least give the sellers a date to accept your offer.
Presumably it's priced above the valuation and home report.

There is a house thread where there are knowledgeable people if you want to write this on there.

Walk away, call their bluff. You're in a prime position having sold your house. Don't let your heart overrule your husband's head.

If You want it and can afford it Pay the Price they are Asking The Market Value is only the Opponion Of the Majority If It makes you happy Your Husband should Buy it for you If I could afford it and MY wife wanted it No Contest Change your Husband

The housing market here is totally totally awful for buyers and if a buyer walked away they wouldn’t bat an eyelid. Probably like the UK we have 10 buyers for every property and they are going way,way above their value. A nightmare when we are trying to help our grandson get his first property. If you want it you will possibly have to pay asking price or even more these days.

If you can afford it and really want it and it fulfills all your requirements offer the full price. You'll always regret it if you don't and can't find anywhere better.

Market value is what someone will pay for something they want. Do you want it?

Despite what your husband says about greedy people, he is still prepared to pay £75,000 above what you think it is worth so what’s another £25,000? If you intend to to make it your home for a long period and aren’t in it for a quick profit what does it matter? It’s the price of a small car. The car will depreciate in value. The house will appeciate.

I’m guessing that something (allegedly) overpriced by £100,000 is an expensive house anyway. You can’t hide an extra £100,000 in a house worth only £250,000 or even £500,000.

Thankyou I’ll show the replies to the hubby don’t think he’ll budge though

How long has it been on the market? This may give you a clue as to the situation.
Some houses languish for a long time because of the intransigence of the seller.

nanna8

The housing market here is totally totally awful for buyers and if a buyer walked away they wouldn’t bat an eyelid. Probably like the UK we have 10 buyers for every property and they are going way,way above their value. A nightmare when we are trying to help our grandson get his first property. If you want it you will possibly have to pay asking price or even more these days.

No, that’s not what it’s like in the UK nanna8, the market is still fairly sluggish. There definitely aren’t buyers queueing up.

I wouldn’t pay £100,000 over the asking price for any house, however much I could afford and how much I liked it, because it’s just throwing a large amount your money away. Sorry Bunnny, I’m with your husband on that.

I wouldn’t pay £100,000 over the asking price for any house, however much I could afford and how much I liked it, because it’s just throwing a large amount your money away. Sorry Bunnny, I’m with your husband on that.

Neither would I.

It's only worth what someone is prepared to pay for it, of course, but in the present sluggish climate, the vendors are being over-ambitious and may accept a far lower offer if they are keen to sell.

Would it be an idea to ask two or three estate agents what their estimated valuation might be?

Nougat

Market value is what someone will pay for something they want. Do you want it?

Despite what your husband says about greedy people, he is still prepared to pay £75,000 above what you think it is worth so what’s another £25,000? If you intend to to make it your home for a long period and aren’t in it for a quick profit what does it matter? It’s the price of a small car. The car will depreciate in value. The house will appeciate.

I’m guessing that something (allegedly) overpriced by £100,000 is an expensive house anyway. You can’t hide an extra £100,000 in a house worth only £250,000 or even £500,000.

I agree with some of this and not other bits!

1st paragraph - yes

I dont agree with "The house will appreciate".
Yes it might. Or there could be a crash of say 20%, and it will take 5 years or more to get back to the "price" again.
Lots of areas slow at the moment.

Chocolatelovinggran

How long has it been on the market? This may give you a clue as to the situation.
Some houses languish for a long time because of the intransigence of the seller.

Agree with this.
Sometimes more than a year.

Only just seen this and am amazed ! 100k !!! No way.
Have bought and sold numerous properties in the UK over decades, it is always a cat and mouse scenario.
No matter how idyllic please let your head rule your heart. Your husband is right by a country mile. Will be very surprised if the vendors do not come back to you and then the ball is in your court. Any offer you then make should be subject to survey.
Good luck.

Depends on how much money you have doesn’t it?
If I was absolutely sure that I would be able to live my life in a comfortable way until I die in a house that was perfect for me then I might be tempted.
I think I, personally, would find another house and be happier with the £100K in investments.
Still it’s down to the two of you thank goodness.

£100,000 over valued is a lot of money! Who did the valuation on the property?
The sellers are obviously selling the location along with the property.

I keep thinking, well it isnt really overvalued if someone has put in an offer only £25k below asking price.

You both agree it's overpriced, you've met them part way by offering £75k more than you think it's worth so I would just leave your offer on the table for a set period, maybe a month or so and then wait and see. No point going for it if your DH is really against paying the extra as this could just lead to future problems.
I would also bear in mind the noise going around re Reeves' purported ideas about increasing taxes on property over a certain amount - could of course just be more rumours.

Ummm is £100,000 a small percentage of the total price or a big one?
After five years looking we paid maybe £50,000 too much as we wanted the house - and our buyers may have paid £100,000 more than we expected because they wanted it so much they didn’t want to risk losing ours. So, a house is worth what someone will pay for it… we know how rare both these houses are in our area. And how much we wanted a property like this, suitable for old people… so we went with our hearts. So far all are happy…

I don't know how Reeves's idea would work.

A property is worth what someone will pay for it, that's not always the current market value.
Property prices fluctuate and could go down quite rapidly as they have done previously.

A potty idea which I hope she abandons.

Casdon. The current housing market in the UK is a buyers market.
I know because, I'm in the process of selling and buying right now.
Yes, it's true it's a sluggish market, but that's partly because of the high housing stock and partly financial. Increased Stamp Duty etc. The recent reduction in the mortgage rates has encouraged movement.
I've sold, subject to contract and I am buying a property, which, like my own had to be reduced to sell.

Casdon

nanna8

The housing market here is totally totally awful for buyers and if a buyer walked away they wouldn’t bat an eyelid. Probably like the UK we have 10 buyers for every property and they are going way,way above their value. A nightmare when we are trying to help our grandson get his first property. If you want it you will possibly have to pay asking price or even more these days.

No, that’s not what it’s like in the UK nanna8, the market is still fairly sluggish. There definitely aren’t buyers queueing up.

I wouldn’t pay £100,000 over the asking price for any house, however much I could afford and how much I liked it, because it’s just throwing a large amount your money away. Sorry Bunnny, I’m with your husband on that.

A cash buyer is a very good buyer to have. I would play hard ball and while you wait for the seller to get real you might find something better.

fancythat

I keep thinking, well it isnt really overvalued if someone has put in an offer only £25k below asking price.

Why did they decide on that asking price in the first place though?

I would walk away too. But just keep a very, very close eye on the predictions regarding Reeves's proposed tax grab on property. It is a frightening prospect. The taxes could be more than someone earns in a year based on what a random person deems to be the market value of the property.

I am not doing anything to enhance our beautiful new (but very old) house which might increase its value. Far too scared.

DH has just proved to the sellers that they've priced it right .

He has confirmed that someone will be happy to offer AT LEAST £75 K over the asking price. So of course they will hold out for full price. If you really want it, go for it.

Just as a matter of interest, I have sold property at £100, 000 over the asking price. The buyer told me why:

" It's going to save us £ 100K a year in school fees , over and over. We have 4 kids in a private school that's nearby but not entirely satisfactory."Our property was in the catchment area of one of the top state schools in Scotland, beautiful modern building, high academic record, with free school transport from and to the garden gate. No school run.

School catchment, location and stunning views was why we bought it 20 + years earlier.

We're in Scotland, where the property market and conveyance system is very different, bought and sold in the Scottish blind-bid system. When I've set my heart on a property I bid what it's worth to me. .. and have never regretted it. We've had some wonderful homes .

A building can always be updated and improved on; but the location and views from it have a lifestyle value beyond price. Buying dumps with a view in a fantastic location, has been a big financial win.