planet78

Valuation On This Please? Lincoln Area

5 posts in this topic

Very interested in this property and had a viewing yesterday:

[url="http://tinyurl.com/kng7dr"]http://tinyurl.com/kng7dr[/url]

The house is in very good condition and has obviously been well looked after. I think it is overpriced though. I did a bit of research and found out that the present vendors bought it brand new for 98K in July 2001. Since then I reckon prices have gone up by about 120% and then dropped back by 15%. That should put it at about 185K tops. Even allowing for the added conservatory and the good condition, I couldn't see it at more than 190K, so where are they getting 215K from?

Last sale on this street was back in 2006, when a larger (4 bed vs this one's 3 bed), went for 220K.

I'm going back for a second viewing tomorrow and I am keen on it, but I can't see how to justify offering more than 190K on it.

Any opinions?

Darren.

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[quote name='planet78' post='1960206' date='Jun 18 2009, 09:11 AM']Very interested in this property and had a viewing yesterday:

[url="http://tinyurl.com/kng7dr"]http://tinyurl.com/kng7dr[/url]

The house is in very good condition and has obviously been well looked after. I think it is overpriced though. I did a bit of research and found out that the present vendors bought it brand new for 98K in July 2001. Since then I reckon prices have gone up by about 120% and then dropped back by 15%. That should put it at about 185K tops. Even allowing for the added conservatory and the good condition, I couldn't see it at more than 190K, so where are they getting 215K from?

Last sale on this street was back in 2006, when a larger (4 bed vs this one's 3 bed), went for 220K.

I'm going back for a second viewing tomorrow and I am keen on it, but I can't see how to justify offering more than 190K on it.

Any opinions?

Darren.[/quote]

I've been watching the Lincoln and surrounding market for a while; 215K sounds an awful lot for a 3 bed in an outlying village. Methinks they are kite flying... Many 4 beds are going for less than 200k...

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I put an offer in at 190k over the weekend. This was rejected. I went back to the agents and explained the basis for my offer and why I didn't think the house is worth anything near the asking price. They didn't disagree. I put in a raised offer of 192K to include carpets, curtains, etc. This was also rejected with the buyer saying he is looking for much closer to the asking price.

I think he'll be looking for a lot longer before someone comes along willing to pay over 200K. Given the house has already been on the market over a year, I can't see why the seller hasn't realised this yet.

I've withdrawn my offer and I am looking elsewhere, but I'll keep an eye on this one in the months to come to see where it goes.

Darren.

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[quote name='planet78' post='1960206' date='Jun 18 2009, 09:11 AM']Very interested in this property and had a viewing yesterday:

[url="http://tinyurl.com/kng7dr"]http://tinyurl.com/kng7dr[/url]

The house is in very good condition and has obviously been well looked after. I think it is overpriced though. I did a bit of research and found out that the present vendors bought it brand new for 98K in July 2001. Since then I reckon prices have gone up by about 120% and then dropped back by 15%. That should put it at about 185K tops. Even allowing for the added conservatory and the good condition, I couldn't see it at more than 190K, so where are they getting 215K from?

Last sale on this street was back in 2006, when a larger (4 bed vs this one's 3 bed), went for 220K.

I'm going back for a second viewing tomorrow and I am keen on it, but I can't see how to justify offering more than 190K on it.

Any opinions?

Darren.[/quote]

looks like it was reduced:
[url="http://www.home.co.uk/search/price_info.htm?property=463309024"]http://www.home.co.uk/search/price_info.ht...perty=463309024[/url]

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[quote name='tinecu' post='1967967' date='Jun 22 2009, 04:37 PM']looks like it was reduced:
[url="http://www.home.co.uk/search/price_info.htm?property=463309024"]http://www.home.co.uk/search/price_info.ht...perty=463309024[/url][/quote]

Yes, it was. After a year at not selling at 220K, the price was recently reduced at 216K. Both prices well over the top.

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