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mug098
Posts: 94 Forumite
Hi all, forgive me as no doubt this has been asked many times.
I am in the process of viewing houses, i dont want to go over the £215.000 mark.
I there a general rule as to % of the house listing price compared to sale price.
With not going over the £215.000 mark what listed priced houses do you think i can look up to in order to get it down to the price im looking at.
I know they are all different but wasnt sure if estate agents over advertise the house value by a certain % knowing it will get knocked down in price.
I am in the process of viewing houses, i dont want to go over the £215.000 mark.
I there a general rule as to % of the house listing price compared to sale price.
With not going over the £215.000 mark what listed priced houses do you think i can look up to in order to get it down to the price im looking at.
I know they are all different but wasnt sure if estate agents over advertise the house value by a certain % knowing it will get knocked down in price.
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Comments
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I there a general rule as to % of the house listing price compared to sale price.
In a word, no.
Some houses would still be too expensive if you got a 20% reduction on the asking price, others would be a good deal if you paid the asking price.
Do some research, view plenty and get a feel for the market before you start putting offers in.0 -
If you have cash or mortgage in place and are chain free, if the vendor is looking for a quick deal then this gives you a chance of getting some of the price off. Also depends on the area, condition of the house, how long its been on the market, how many other people are interested.
You might have to search, research and wait to get a good deal, and you're also dealing with the fact that the price of property is generally on the rise.
I found a vendor wanting a quick deal, I was in a position to make it happen. He'd reduced his house by 4%, I got it down another 4%.
But I was lucky to find a seller who suited my needs, as I did his.0 -
I know they are all different but wasnt sure if estate agents over advertise the house value by a certain % knowing it will get knocked down in price.
No. And its by no means a certainty a house will be knocked down in price either, which is your implication. I recall there was a poster here who was an aspiring FTB who had this ridiculous theory of always bidding well below AP and never offering more than 15% below AP as his final bid "because people always overpriced". He couldn't take on board why he hadn't had any acceptances.
Some will have a higher price because buyers have unrealistic expectations.
Some will have a higher price because that was what the EA said was needed to get the deal.
Some will be bang on what "most" would say is a fair price.
Some will be below that, looking for a quick sale.
Some will be below that, looking for a lot of interest and then competitive bids.
Its really no different to flogging your Mondeo on eBay, there is no set of rules.
As SurreyEA said you'll have to get a feel for the market yourself.0 -
There's no absolute rule, but in terms of rightmove search filters, I reckon you could probably consider everything up to £220k, unless it's prefaced by 'guide price' or 'offers in excess of', as most vendors are probably expecting an offer slightly lower than the advertised price. But don't necessarily expect to have your offer accepted. Equally, there might be other vendors who'll accept £215k on something that's on for £225k+... - it depends on the individual circumstances of the vendor.
One query, given you're very specific about price - is the £215k meant to include fees, stamp duty etc, ie total cost, or is it just the purchase price of the house?0 -
Thanks for the input guys, £215 was house price excluding fees.0
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http://www.telegraph.co.uk/news/2017/05/18/stamp-duty-tax-raid-prompts-sharp-drop-buy-to-let-lending/
With "Investors" deserting the market you will be in a very strong position to get sellers to meet your price expectations.0 -
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Lol crashy I had to laugh...I do suspect they mean £215k else he'd be a bit daft to quibble over a discount in a house listed for a couple of hundred quid...:D0
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AnotherJoe wrote: »No. And its by no means a certainty a house will be knocked down in price either, which is your implication. I recall there was a poster here who was an aspiring FTB who had this ridiculous theory of always bidding well below AP and never offering more than 15% below AP as his final bid "because people always overpriced". He couldn't take on board why he hadn't had any acceptances.
Some will have a higher price because buyers have unrealistic expectations.
Some will have a higher price because that was what the EA said was needed to get the deal.
Some will be bang on what "most" would say is a fair price.
Some will be below that, looking for a quick sale.
Some will be below that, looking for a lot of interest and then competitive bids.
Its really no different to flogging your Mondeo on eBay, there is no set of rules.
As SurreyEA said you'll have to get a feel for the market yourself.
It`s cheaper to keep an old car in the garage though than hang onto a house you don`t want?0
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