-
The EA has agreed not to force me to bid if the other buyer doesn't, so they'll give me a call if they get an offer, and then I'll give them the number I'm willing to spend.
The EA's relationship is with the seller, and it is in their interest to squeeze as much out of the sale price as possible to maximise their % fee. I would take everything they say with the largest pinch of salt going.
I don't know enough about the current market but read this about mortgage approvals being down and this about 2023 home sales being the lowest for a decade; it seems to be a buyers market (if you can get a mortgage offer) at the moment, and I would have thought that asking prices would be getting driven down rather than up? Are their any recent sales in the area you can benchmark against?
Either go wild to secure the property as above and deal with the inevitable fallout when you try to negotiate down to your initial offer or potentially lower if your broker's advice is correct, or hold your nerve and be prepared to walk away.
You are reading a single comment by @EstelleGetty and its replies.
Click here to read the full conversation.
EstelleGetty
Yeah, we'd got similar feedback from a mortgage broker who was tasked with assessing our affordability this morning. Took 1 look at the listing and said "well that looks overpriced already, you might struggle to get a mortgage on that".
It's semi detached with a fantastic large garden in an area where there are many detached homes with less good gardens. Most people and the market value a detached with a small garden much larger, but I'm not a detached house snob. Perhaps letting the mortgage market decide is where this will go. If a mortgage provider isn't willing to lend against it at that value, then it's also clearly too big a risk for me.
I think it's just very hard to predict what a house will sell for. In my mind it's more about what you decide you want, what you can afford, and then supply and demand as well.
The EA has agreed not to force me to bid if the other buyer doesn't, so they'll give me a call if they get an offer, and then I'll give them the number I'm willing to spend.
I will update the thread when I can, as it seems to have generated some interesting debate. It has been really interesting to hear different perspectives, as always!