Buying a home

IOMGran

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?

To attract interest.

Get the viewers to the property, then let the location sell the property.

Has the house just come on the market? If so give it a couple of weeks, if it's a so well sought after property it will be snapped up very quickly. I know you may miss out. Otherwise, other folk may well be like your DH and feel the price is too high and seller may take your offer rather than keep hoping for full price. £100k above does seem an awful lot.

This happened to my son, then they changed their mind again thinking he wouldn't back out, but he did. Very costly though.Walk away.

We are currently paying £95,000 over home report value for a house we want. There’s v little on the market and life is too short to hang about playing games.

In the South East prices are going down also in the North West I am told. There are so many large new houses for sale that cannot attract buyers it is lowering all prices. Look up what similar houses have recently sold for in the area.

It sounds like a lovely house in a beautiful place but l am with Team Husband on this one. Paying £100,000 over its value would be a huge mistake, especially as it is very much a buyer's market at the moment. Think about what you could do with that life-changing amount of money. It is enough to ensure a comfortable old age with money to spend on things you enjoy instead of scrimping and scraping. It will give you money to get your new home and garden exactly as you would like it to be as well as nice outings and holidays. Please walk away and look for another house you like at a more realistic price.

IOMGran

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.

I don't know if you are in the UK nanna8 but if I was your seller I'd bite your hand off to accept, as a cash buyer your offer is worth more than others who most likely (in the current market) still have something to sell.

In this area (greater London) virtually nothing is selling at the moment and yet sellers are still expecting to get the over-inflated prices from a couple of years ago. Sensible sellers have dropped prices by up to 10% and still have no offers. One couple we know in Dorset have priced sensibly and have had no viewings in 18 months. There are a dozen properties for sale in their immediate vicinity.

If you stick to your guns you should get the property, we had to do this once and, as the end of the summer approached, the sellers' agent persuaded them that it was time to be sensible and take what was offered.

I think you need to think very seriously about this.

After all, what will living in a house you have paid too much for, because you wanted it, and your husband wasn't prepared to pay the asking price be like?

If you know you DH will be all right about it, once you are actually living in the house, go ahead.

If I had insisted on a house my late husband thought (quite rightly) was priced too high, any and every defect that came to light after we had moved in would have been MY FAULT, as in "You wanted this house; I said it was too dear, now we find defects that we cannot afford to put right because YOU HAD TO HAVE YOUR WAY."

And I would have known that my husband was right.

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.

I agree, IOMGran

Look around for another home that you might be able to love as much if you spent the £75, 000 on. Often see these house hunting programmes where they are shown something cheaper they can ugrade

Would they let you have a second viewing? Sometimes you don't notice the potentially negative as

Leave the offer on the table. If your husband totally refuses to increase it I guess there’s nothing else you can do ( unless you’re going to buy it on your own).

A house is only worth what you’re prepared to pay for it.Paying the asking price or slightly over is worth it to secure a house you really want, but if even the agent agrees it’s advertised as way over the true price then walk away, leaving a sensible offer on the table.

Gin

In the South East prices are going down also in the North West I am told. There are so many large new houses for sale that cannot attract buyers it is lowering all prices. Look up what similar houses have recently sold for in the area.

Here in the North East (Scotland) prices are still rising. I keep an eye on the market and local properties are selling fast.

In the past 2 months, 4 neighbours put their place on the market and they have all been sold at well over the asking price. One of them was snapped up within 24 hours.

Allira

^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.^

I agree, IOMGran

I'd bet it's a property ( and price) aimed at cash buyers, affluent people who don't need a mortgage.

Who buys higher-price property in a lovely rural area ? Cash buyers. Retired people leaving the city. Business people who've made a pile. Off to live the dream, mortgage-free.

Scottiegran999

We are currently paying £95,000 over home report value for a house we want. There’s v little on the market and life is too short to hang about playing games.

Congratulations, glad you've managed to secure it. The market in most of Scotland is insane. 12 bids on a 2 bed house locally a week after it went in the market, and that's not out of the ordinary.

Would you pay £50,000 for a £35,000 car, would you pay £30,000 for a £20,000 kitchen, would you pay £150 for a £50 dress. Why pay £100,000 over the value for a house?

What happens if something unaccountable and unforeseeable happens and you have to sell it within a few years?

By the way, how much is the house? £100,000 on a £2 million house is one thing, £100,000 on a £300,000 house is a third of its value.

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.

The uk is not at all like this ...the market is very slow....prices reducing 2 and 3 times on rightmove and still not getting a buyer.
Walk away op

The housing market here in the SE is very slow, after the stamp duty hike in April properties are just sticking. In the guardian it said us the worst property market for 10 years. Neighbours just down from us have dropped their asking price £75,000 and still nobody has made an offer, if they drop anymore they will be selling the house for the price they bought it for 7 years ago.
We just put ours back on the market and have been advised to lower our asking price by a significant amount from the last time we tried to sell it.
Not sure where you are OP but would think you are in an ideal position to haggle.

Have you a link to the thread Grammaretto?

It's the gransnet forum called House and Home where there are several threads on buying and selling houses Arlme

Our house, well mine now, is in a very beautiful and convenient location, BUT since Covid, our pretty lane leading to a playing field beside a canal and a landmark hill, is really overrun with people and dogs who "discovered this great area".
I know this will have pulled the value of my and my neighbours' houses down.
(However, it's my heirs who will suffer any disappointment.)

My point is that you can't know what might happen in the future to affect the value of a property.

Wait whilst they bring in Stamp duty for the seller- they might bite your hand off.
I wouldn’t buy an overpriced house, especially without a proper survey being done.

I think they got greedy during Covid, every house my mum looked at, became a bidding war- mum refused to get involved in a bidding war. Bided her time & got a beautiful house, which was reduced as the person was desperate to sell.