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Fairyland

Correct Price Of This Property

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On an average most of the houses I saw are valued 20% over last year's(2013/14 peak) price. How do I know what is the right price for any house. Currently, previous sold prices seem to be meaningless with all the crazy valuations. Will someone please help me.

1) http://www.rightmove.co.uk/property-for-sale/property-34113042.html

2) http://www.rightmove.co.uk/property-for-sale/property-50110294.html

3) http://www.rightmove.co.uk/property-for-sale/property-52463339.html

4) http://www.rightmove.co.uk/property-for-sale/property-52374257.html

5) http://www.rightmove.co.uk/property-for-sale/property-34792896.html

Thanks a lot.

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What do you mean by 'correct price'?

It's SE England so the price some idiot will pay is probably going to be 5% either side of the asking price. Is that what you mean?

They are mostly terraced and therefore "non unique" so the neighbours houses are going to be very similar - look to the right sidebar to see sales in the past year if you mean the 'correct price' to buy soon.

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Thank you for your response. As I said previous sold prices are meaningless as current ones are valued at least 20% over previous sold prices.

Should I just assume that pre peak prices are more reasonable and offer accordingly.

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You can try to work that into your offer, yes. What I would do is look at the local actual % increase within 5 miles over the past 12 months and then factor that in to where the price should be.

For example if a house sold last year for £100k and house prices have risen by 3% in 12 months in your postcode, then it should be around the £103,000 mark, right? That's what common sense dictates (if you can apply common sense to the current market, which you can't) but none of this will wash with someone who saw their neighbour trying to get £150k a few months ago. It won't mean anything to them that they couldn't sell it; the estate agent will shovel shit loads of canned responses at you to tell you why it's worth the silly asking price and not the calculated market price.

End of the day you are buying in a bubble so sanity doesn't come into it. You either want the house because it's worth that price to you personally, or you think it's an overpriced shithole and pass on it.

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spunko2010, thank you for reply. Everything your say is 105% true. I am just going to go with my gut feeling and put shameless offers. Can't think of any other strategy in the current market.

Edited by Fairyland

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