Originally Posted by
JonRA
I think pricing houses is as much an art as a science - taking in the seller's attitude to negotiation, need to sell or otherwise, own views on what it's worth, market trends etc. The house we now have an offer on came on the market in February and was priced at £X until five weeks ago, then it was reduced to £0.9X. I contacted the estate agent and said we were very interested but there was no point in us viewing it unless the sellers would consider an offer of £0.8X because that was all we could afford. I wasn't optimistic of hearing any more but three weeks ago the agent got back to me to fix a viewing and we subsequently agreed to buy it at £0.8X. The current Zoopla estimate of the value is roughly 0.9X - 1.1X (based on the last selling price and local house price inflation since then). So it seems a good deal to me, but I still think it will be worth less than we are paying for it by the end of the year.