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Check asking price is reasonable

I am interested in buying a house but I think it's over priced. How can I check that the asking price is right for that property if the house has not been sold in twenty years.

Asked on Sep 3 2014, House Prices in Steyning | Report content

Answers (3)

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  • How long has it been on the market? has anyone made an offer yet? Could you get more for your money elsewhere? There is no such thing as a 'right' price. If you are prepared to pay the asking price then it is right for you. If not then it is overpriced — for you.

    Answered on Sep 3 2014, Report content
  • I would suggest (if possible) having a look at what other similar properties in the surrounding area are on the market for and have sold for. Speak to the agent and find out how long it has been on the market and enquire in to how much interest the property has had. There is no golden rule to say that if the property has been on the market for a certain amount of time it is overpriced, as some properties simply take longer to sell than others. However, it may give you some indication. Due your due diligence, arrange a viewing, put forward an offer of what you think the property is worth and see what happens. What's the worst that can happen? Hope this helps.

    Answered on Sep 5 2014, Report content
  • Estate agents pluck prices out of thin air, a bungalow in Hartlepool was first listed at £275k, it sold for £145k.

    Answered on Sep 6 2014, Report content

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