Average house prices in Wakefield according to the latest roundup by Rightmove are:
House prices have been pushed up substantially by a shortfall in housing stock. Estate agents will have an idea of the best price from the seller’s point of view, but you can always get a good indication of the right price if you do the right research.
The first and most obvious thing to do is to find out what comparable properties sold for; including what they have sold for historically and then find out the price per square foot. Most good on-line estate agents have lots of information both current, and historical on their web sites.
If it’s a new build you are looking to buy, then the best time for negotiation (to find some wriggle room), is when the property developers year end is looming. They often want to off load stock houses to maximize profits for their shareholders, so the list price will be open to negotiation.
You can often find yourself in a strong position if a property has been on the market for some time. This means that in most cases the valuation of the property is too high. Try to find out how long the property has been on the market and how many viewings the property has had.
In some cases, vendors put their property on the market and then realise that they are not serious about selling, you need to move on and keep viewing.
Finding out what is behind the motivation to sell is also a good idea. People move for a variety of reasons, babies, extended families, new schools, job move and so on. Strong motivation for moving could equal an acceptance of a lower offer.
Sellers may not like the house they live in. Perhaps it has given them some on-going problems that they just don’t want to rectify, (always have a good survey, especially with older houses) in this case taking in to account any works that needs doing, your offer may be a pretty valid one. You can justify a lower price.
The agent you are dealing with, may give you an indication of what the seller will accept, negotiation is fundamental to getting the price you want, don’t be afraid to ask. However, they are working for the seller so bear this in mind.
Agents ultimately want business on their books. They often go in (not always) with a high asking price to get the business. Lower offers can make the owner of the property realise that the market they are selling in is a bit tougher than they bargained for, or thought it would be.
Agents must always pass on any offer you make. Don’t go in too high, you leave yourself no room to manoeuvre. Going in too low may seriously annoy the seller, but nothing bargained nothing gained.
Falling in love with a house may jeopardise your common sense, emotional involvement requires emotional intelligence, try to keep to the budget you have set. There are lots of added costs to moving house, stamp duty, moving in costs etc.
If at first you don’t succeed and your first offer isn’t accepted, go midway between what you can afford, getting the seller to consider a second offer can be productive.
If you are a first time buyer you are in a stronger position than someone with a house to sell, especially if they are in a long chain. First time buyers are always in a good position, so you may find your offer accepted on that basis.
Survey, survey survey…Mortgage lenders valuation reports are ok for new property as new properties usually come with some guarantees, (check with your solicitor). However, older properties can have lots of hidden problems. The Royal Institute of Chartered Surveyors has revealed that many buyers unknowingly have bought a home that on average costs £5,750 in repair bills on problems such as structural defects, rot and subsidence. Negotiating before the property has been surveyed is always slightly risky, it’s a bit of a chicken and egg situation, you may need to renegotiate the price if it throws up other problems. Always check with your solicitors, surveyors, agents, banks, mortgage company etc. before buying a house to avoid buyer’s remorse.
If you already own your home and need to sell your property quickly for cash then please call us today on 0333 444 2001