Offering Prices, how much % off Asking Price?

focus888

I know this would have been asked before but i how much do you normally try and knock off a house price? for example if you saw a 3 bedroom house for around 200k how much would you try to offer them to buy?

thanks

QTPie

How much have similar houses sold for, in that area, recently?

Look at houseprices.co.uk etc.

QT

zone

It will depend on how serious you are about buying or whether you want to test the vendor. Also depends on the condition on the property and area etc. If everything is good or better than expected then £200k maybe a fair asking price. Otherwise you could try offering less, maybe.. £165-175k and see how that goes.

hostiegirl

The first property we stupidly went to see the day ours went on the market we we fell in love with!. So I followed the movement on price it was up for £239,500 then after xmas dropped to £225,000 my heart sank as thought it would be snapped up before we found a buyer.
BUT!! we had an offer so had a quick 2nd viewing 4 months after the 1st and made our offer we went in low as needs lots of work so went it at £189,000 then they said £200,000 and you got the deal:eek: .
To this day I am still stunned we got it I am so in love with it just want those keys in my hand!.

focus888

the last property on the same road went for around 215k but this was about sept last year. but it doesnt help me with knowing how much i can offer on it. sorry im very new to all this.

focus888

zone wrote: »

It will depend on how serious you are about buying or whether you want to test the vendor. Also depends on the condition on the property and area etc. If everything is good or better than expected then £200k maybe a fair asking price. Otherwise you could try offering less, maybe.. £165-175k and see how that goes.

i havent had a viewing yet, this is the first property i have had my eye on so far, as im very new to this looking for a house thing im attracted to it because of the location really. from the outside i can tell this house will need a bit of work as it doesnt even have double glazing.

so you think 165-175k isnt pushing it too far? this would be an ideal price for me.

ive always wanted to get on the property ladder but the prices have always been way out of my range, i dont know really if now is a good time to buy as everyone has said that the prices are only going to drop further so im not sure how serious i am about buying right now but if it was a really good price because of the location i might reconsider and not wait.

pawpurrs

Sounds reasonably priced then if its that much lower than one sold for a few mths back.

carolt

Prices will fall further - if you can get this one at a price you like AND a mortgage at a long-term fixed rate (don't assume today's low rates will last very long) AND if it's still affordable, then bu.

There is no one answer to the question; it depends on how realistically or otherwise priced it is to start with.

focus888

carolt wrote: »

Prices will fall further - if you can get this one at a price you like AND a mortgage at a long-term fixed rate (don't assume today's low rates will last very long) AND if it's still affordable, then bu.

There is no one answer to the question; it depends on how realistically or otherwise priced it is to start with.

Is there no general rule like try for 10%? or is it depending on the person and how they feel the house is worth as to how much work needs to be done on it?

zone

Yes £170k maybe pushing it a little especially if its already competitive. But if there is some building work to be done you will need to price that into your offer. Best to arrange a viewing of the property first and then you will know.

carolt

focus888 wrote: »

Is there no general rule like try for 10%? or is it depending on the person and how they feel the house is worth as to how much work needs to be done on it?

That would be nice and easy - unfortunately, some sellers desperately overprice their property in the hope of finding the one mug stupid enough to buy it, whereas others underprice because they're desperate to sell at all costs.

There may be clues in what they tell you about why they're moving, or what EA's say about how open they are to offers may help; or you can pay £3 to the Land Registry which will tell you what mortgages are secured against the property, though not how much (which will tell you if they're having major financial problems eg if there are lots of dodgy sub-prime mortgages taken out against it!).

But at the end of the day, comparing it against other property for sale and what other properties sold for (www.ourproperty.co.uk gives prices back to 1995, so you can find what they paid for it, even if it was a while ago) will give you the best guide.
Plus, even taking this into account, may give you a 'fair' price - but how much it is worth to you may be more - if you've fallen in love with it - or less - if you think prices are going to fall further or there are lots of identikit houses for sale or the vendor is a bit of a !!!! and offputting.

So no one answer!