Hi All,
After a bit of advice... I'm a FTB looking to buy in Reading (or, more accurately, Lower Earley/Earley/Woodley areas - RG6).
The problem my wife and I are facing is that vendors seem to be pricing their houses very high. Take this example:
1920's semi-detached, 2 bed, 2 reception, 1 bathroom, very small kitchen that needs gutting to be fair. They bought in 2005 for £160,000, and it's now on the market for £220,000! Yes, they may have re-painted the walls and put in a new bathroom suite (which leaves a little to be desired tbh), but they've done no re-structuring or building. I went on zoopla and turns out the owner would've considered an offer of £195,000 back in Feb - so I've got no doubt the EA's are responsible for this. But considering the market and the unpredictability of what lies ahead, I still think this is too much.
I've read other posts where people are facing the same problem... but I think ours might be exacerbated in that Reading might be 'recession proof'. Are there any readers that have an opinion on this? I can understand why the area might be less affected than others.
So, considering the above and the example house, what would you consider a fair offer for this property?
I can see a stand off developing with this house and many others in the area. Unless the vendors HAVE to move, they won't accept a realistic offer as they need that money to climb the ladder themselves as everyone else is overvaluing. It's all quite messed up!
I think my question might have got lost amongst my 'vent'!
Thanks
