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Second Time Buyer - Different Market - Advice on Offer??

  • 31-03-2008 11:48am
    #1
    golfpix
    Registered Users, Registered Users 2 Posts: 7 ✭


    Hi,

    I bought my current house around 3 years ago when things were great. I paid the asking price and was happy to do so.

    Now I am looking at moving - the house I like is valued at €620,000 and this valuation was carried out in early February.

    As per IrishPropertyWatch.com the average drop in price for the area the house is located from 22nd Feb to 19th March was 5.86%.

    This would mean the house is now valued at €583,000 approx. however the estate agent has said there is little room for negotiation.

    What would you do now?

    My gut instinct is to offer €550,000 and let it sit for a while.

    Advice please!!!

    GP


Comments

  • #2
    astrofool
    Registered Users, Registered Users 2 Posts: 17,165 ✭✭✭✭astrofool


    You can't really apply the IPW drops directly to a house, a lot of those drops are from houses that were overvalued, but had the owners holding out in hope, and have now had to hit reality.

    In saying that, the EA will always say no to negotiating downwards :)

    You need to supply more details, who valued it at €620k?
    Is it on the open market?
    Have you put a booking deposit on it already, having gone sale agreed at 620? (in which case you're asking can you gazunder, search for that phrase on www.thepropertypin.com)

    If it's €620k on the open market, having gone on in February, then yes, offer at around €550k (or less if you want), then it's up to you whether you take the risk of someone else offering more at some stage, or offer more to secure the house for yourself, or sit and wait for them to come back to you in a few months/weeks time.

    Also, try and find prices for similar houses in the area, find out how much they are asking for, or willing to take (go and view them, EA's sometimes fill this detail in if needed).
    A house is only worth what someone is willing to pay, so take all "valuations" with a pinch of salt.


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