House for sale, long time on market!

C

carrielou

Registered User
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Hi all, friend of mine interested in a buying a house. It has guide price of €280,000 but has been on the market since July '07. How low would ye go on the first bid?
 
Offer a really low amount and then the sellers will start to think that that's all they might get for it. After you offer the really low amount wait a week or two and offer the real amount that you are prepared to pay for it. If it's 280,000 I'd be offering about 200,000 and then a couple of weeks later offering in the region of 220,000. If you offered 250,000 and they accepted straight away (which they probably would) then you'd be thinking that it was too high of an offer....
 
a little bit light on the detail. Location, size, condition, etc would generally be considered determinants of price. Be wary of someone quoting a number for something they have no useful information on
 
DerKaiser said:
a little bit light on the detail. Location, size, condition, etc would generally be considered determinants of price. Be wary of someone quoting a number for something they have no useful information on
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Wise words.
Property is currently €280K but has it been reduced considerably?
Maybe this is a bargain in the current climate.....
The property is worth what you feel is a fair price and can afford to pay.
 
MrMan said:
Why not?
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A property is worth what I can afford to pay?

What relevance does the amount of cash i have in my pocket have to do with the market value of a particular property?
 
If the house for sale is long time in the market, maybe the amount of it is high and the location is not pretty good. I agree with them, place your bid at 200k.
 
qwertyuiop said:
A property is worth what I can afford to pay?

What relevance does the amount of cash i have in my pocket have to do with the market value of a particular property?
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In fairness, what MrMan said was that the house is worth the price you think is fair AND what you can afford to pay. So it's only worth what you think is fair provided you can afford to pay that price - sound advice in my view.

Sprite
 
qwertyuiop said:
What relevance does the amount of cash i have in my pocket have to do with the market value of a particular property?
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But what determines the market value? If the property has been on the market for a long time, has received no interest and you make the only bid, is it really worth more than your bid at the current point in time? Seems more relevant than previous figures from sales that occurred in a very different economic climate.
 
my home is now in negative equity and its simply not wise to sell now, soon there will be many people not selling and the prices will go up again
 
sirtokealot said:
my home is now in negative equity and its simply not wise to sell now, soon there will be many people not selling and the prices will go up again
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Ever heard of a bird named the ostrich? Dear god. All I can say is you're in for a rude awakening if that's how you understand a market works. Here's a hint, Eircom post dot com.
 
We're getting very religious all of a sudden!!!
Sirtokealot - your approach is far too simplistic. There is no guarantee that any traded asset will ever reach the same level again when you adjust for inflation, interest payments etc.
I am not speaking specifically about houses here. It is true of any asset.
 
WaterSprite said:
In fairness, what MrMan said was that the house is worth the price you think is fair AND what you can afford to pay. So it's only worth what you think is fair provided you can afford to pay that price - sound advice in my view.

Sprite
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Fair enough. I misinterpreted the post.
Apologies.
 
VOR said:
We're getting very religious all of a sudden!!!
Sirtokealot - your approach is far too simplistic. There is no guarantee that any traded asset will ever reach the same level again when you adjust for inflation, interest payments etc.
I am not speaking specifically about houses here. It is true of any asset.
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It is too simplistic as are the houses will drop a further 60% because they are simply too dear comments. Some people will throw in statistics and every now and then Japan gets a mention but the reality is that we are all still in the dark as to where prices are going in the short, medium, and long term.
 
I would offer 230k and in 3 weeks time come back and offer 250k and tell them its your last offer, they have a week to decide.
 
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