Offering Prices, how much % off Asking Price?

bob79

carolt wrote: »

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!).

Ask for the HIP, that will save you those £3 as it contains this information from the land registry:T.

Robert_Sterling_3

A lot of house buyers are amateurs when it comes to negotiating a price. Estate agents have vast experience of negotiating. You cannot say a few words and turn an amateur into a professional. So do your homework.
Look at the price at which comparable properties were sold.
Use
www.nethouseprices.com.
www.rightmove.com
and other websites

Davesnave

Robert_Sterling wrote: »

A lot of house buyers are amateurs when it comes to negotiating a price. Estate agents have vast experience of negotiating. You cannot say a few words and turn an amateur into a professional. So do your homework.
Look at the price at which comparable properties were sold.
Use
www.nethouseprices.com.
www.rightmove.com
and other websites

Especially in the year 2004, which is about where we are now in terms of prices, though that is a broad generalisation, of course.

brit1234

I say 40% from peak as you are going to lose out as prices fall past that.

The people like me who talked about 50% falls were kind of laughed at 1-2 years ago. However that 50% fall was based on traditional stable prices. Any one looking carefully at bank funding could clearly see that their over lending was going to come to the end eventually and revert to normal.

Now 40-50% fall talk is common place as we have already had 35% falls from peak.

Harry_Powell

I posted this in a different forum, but I think it was in the wrong place. Can anyone here help me?

My girlfriend and me are looking to buy a place together but obviously want to get the best price possible, does anyone have an idea when prices will start to bottom out?

We rent an apartment at the moment but we're looking to move into a semi or possibly even a detached if pricess really tumble. As we're planning to start a family we want to buy as large a house as we can reasonably afford with the idea that we'll then be able to stay there for good, saving the moving costs that are incurred if you move up the ladder in a more traditional way.

Well, thats the plan anyway.

pawpurrs

zone wrote: »

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.

Why do people always say that surely a house when valued takes in to account the condtion its in, so why when people offer do they say, I am knocking off 20k for X Y Z...... unless its overpriced?

benjo

A house I viewed in Aug 08 was marketed at 180k.

January dropped to 160k.

February dropped to 150k.

Offered a very very cheeky 130k - rejected not surprisingly.

Offered a little less cheeky 137k - rejected.

Offered 141k accepted, contracts exchanged and waiting for completion.

Didnt someone here write, if your offer doesnt make you blush - it is too high, you can always offer more, but it is hard to offer less.

jungli_jim

benjo wrote: »

A house I viewed in Aug 08 was marketed at 180k.

January dropped to 160k.

February dropped to 150k.

Offered a very very cheeky 130k - rejected not surprisingly.

Offered a little less cheeky 137k - rejected.

Offered 141k accepted, contracts exchanged and waiting for completion.

Didnt someone here write, if your offer doesnt make you blush - it is too high, you can always offer more, but it is hard to offer less.

Well done based on current Land Registry figures (Feb showing 2% fall) by July your property will be worth less than you paid for it. Sounds as if you got a real result the vendors are sat back thanking their lucky stars.

Are you a Labour voter expecting REAL help for REAL people.

benjo

Quote:
Originally Posted by benjo
A house I viewed in Aug 08 was marketed at 180k.

January dropped to 160k.

February dropped to 150k.

Offered a very very cheeky 130k - rejected not surprisingly.

Offered a little less cheeky 137k - rejected.

Offered 141k accepted, contracts exchanged and waiting for completion.

Didnt someone here write, if your offer doesnt make you blush - it is too high, you can always offer more, but it is hard to offer less.

Well done based on current Land Registry figures (Feb showing 2% fall) by July your property will be worth less than you paid for it. Sounds as if you got a real result the vendors are sat back thanking their lucky stars.

Are you a Labour voter expecting REAL help for REAL people.

It will be my last move so it really doesnt matter if it drops another 50% from todays prices, the small mortgage on it is affordable, 50% of the rent I have paid for the last 5 years. I hope the vendors are thanking their lucky stars - it is a win/win situation, they get a price they are happy with, I get a house that Im happy with at a price I can afford and Im happy to pay - but of course not everyones situation is the same - it is good to know what will happen to the market, especially if your LTV is tight, or you hope to move on, so thanks for that.

As for how I vote - I believe in the principal of secret ballot :lipsrseal

Harry_Powell

jungli_jim wrote: »

Well done based on current Land Registry figures (Feb showing 2% fall) by July your property will be worth less than you paid for it. Sounds as if you got a real result the vendors are sat back thanking their lucky stars.

Are you a Labour voter expecting REAL help for REAL people.

I dont understand your calculations here. According to Land Registry figures between Aug 2008 and Feb 2009, there was an average 13.7% drop in house prices (England & Wales). In the same period, benjo's home has fallen from £180k to £141k, which represents a 21.67% drop. This means he his still up 7.79% on the market, representing a monetary saving of £14,346 from the original sale price.

However, this still isn't a very accurate calculation because the Land Registry figures we have both quoted from cover the whole of England & Wales and exclude NI & Scotland. We have no idea where benjo's house is located, even if it is within England & Wales, there is huge regional variations within the Land Registry statistics. I may be that he has a much better or much worse bargain, depending on where he lives.

In fact, as we dont know if the original £180k figure represents a house that was already 'discounted to sell', so we cannot be sure whether or not the starting price of the house was already a significant percentage under the Land Registry figure for Aug08, which was a fall of 2.5%.

I hope no one minds my input here, I work all the time with statistics and so I know just how inaccurate they can be. As a FTB, I'm looking for a home myself and though I have decided to continue to wait for a while, I certainly wont be basing my purchasing decision on national Land Registry statistics.