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Valuation On This Please? Lincoln Area


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#1 planet78

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Posted 18 June 2009 - 08:11 AM

Very interested in this property and had a viewing yesterday:

http://tinyurl.com/kng7dr

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.

#2 Being_Patient

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Posted 19 June 2009 - 09:56 PM

Very interested in this property and had a viewing yesterday:

http://tinyurl.com/kng7dr

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.


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...

#3 planet78

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Posted 22 June 2009 - 03:01 PM

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.

#4 tinecu

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Posted 22 June 2009 - 03:37 PM

Very interested in this property and had a viewing yesterday:

http://tinyurl.com/kng7dr

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.


looks like it was reduced:
http://www.home.co.u...perty=463309024
Bubble, bubble, oil and trouble.

Countrywide, the UK's biggest chain of estate agents, plans to shut some of its branches after being hit by a spate of cancelled sales, the Financial Times newspaper reported on Saturday, quoting Harry Hill, Countrywide's chairman. Forbes. 18.11.07

There were 18,000+ UK Estate Agents (sales offices) according to Home.co.uk in Sept 07, a year later in Sept 08 there are just under 16,000 (and falling).

#5 planet78

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Posted 22 June 2009 - 03:58 PM

looks like it was reduced:
http://www.home.co.u...perty=463309024


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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