Negotiating sale price (as the seller)

wheresmydoshat

pretty sure his offer included the crap in the attic ! ; )

alexlyne

:P

I'm leaving the 3ft plastic santa, it was my moving-in gift ffrom the previous owners!

DaddyBear

Comparing rightmove and Haliwide data, the current discrepancy between initial asking price and actual selling price is around 30%. Being offered over 95% initial asking price I would have bitten their hands off.

chickmug

DaddyBear wrote: »

Comparing rightmove and Haliwide data, the current discrepancy between initial asking price and actual selling price is around 30%. Being offered over 95% initial asking price I would have bitten their hands off.

I would be interested to have a link to this information.

I am confsued by what you mean.

Is this a generalisation or a specific but based on what.

Doozergirl

alexlyne wrote: »

:P

I'm leaving the 3ft plastic santa, it was my moving-in gift ffrom the previous owners!

Original features

Congrats on getting the sale.

alexlyne

My one gripe (that I have probably mentioned before) of this forum, is that people look too much at national statistics, and not enough at their local ones.

The house I am buying went for 1.25% under asking price. One we missed out on went for less than that.

So it depends on where you are - this forum gives great advice, but people really have to follow it up with their own homework if they're serious, rather than viewing a house and putting an offer in 30%,20% or even 10% under without reason and unequivocally expecting the sellers to agree. Sure, try it, you might get lucky... if you live in the right area and are looking at an overpriced house.

p.s. I know this forum is biased towards buyers getting good deals, and not sellers, having been on both sides of the path this last couple of months.

chickmug

alexlyne wrote: »

My one gripe (that I have probably mentioned before) of this forum, is that people look too much at national statistics, and not enough at their local ones.

The house I am buying went for 1.25% under asking price. One we missed out on went for less than that.

So it depends on where you are - this forum gives great advice, but people really have to follow it up with their own homework if they're serious, rather than viewing a house and putting an offer in 30%,20% or even 10% under without reason and unequivocally expecting the sellers to agree. Sure, try it, you might get lucky... if you live in the right area and are looking at an overpriced house.

p.s. I know this forum is biased towards buyers getting good deals, and not sellers, having been on both sides of the path this last couple of months.

Couldn't have put it better myself.

A couple of my old associates, in the business, were saying to me a few days ago agreed prices at the moment in the areas they operate are around 5% less than the asking price but only if they were sensibly priced in the first place.

I know this is a money savers forum, and I am all for getting as good a deal as you can, but some folks on here may feel like failures for not negotiating these bigger figures off. In fact those whose don't get a good deal may not want to tell us as they will get berated, onhere, for their failure:eek:

DaddyBear

chickmug wrote: »

I would be interested to have a link to this information.

I am confsued by what you mean.

Is this a generalisation or a specific but based on what.

It is a national generalisation.

Rightmove data for June 2009 and measures initial asking prices. National and split into regions.
http://miranda.hemscott.com/static/cms/5/2/8/2/binary/9028662145/3190758.pdf
Current average - £226,436


Nationwide Data for June 2009 - measures mortgage approvals. National data.

http://www.nationwide.co.uk/hpi/historical/Jun_2009.pdf
Current average - £156,442

Difference is £69,994 or 30.9% of the initial asking price. In other words the average selling price according to the Nationwide is 69.1% of the initial asking price according to Rightmove.

For more accurate selling prices use the Land Registry but the data has about a 3 month lag.

DaddyBear

alexlyne wrote: »

My one gripe (that I have probably mentioned before) of this forum, is that people look too much at national statistics, and not enough at their local ones.

The house I am buying went for 1.25% under asking price. One we missed out on went for less than that.

So it depends on where you are - this forum gives great advice, but people really have to follow it up with their own homework if they're serious, rather than viewing a house and putting an offer in 30%,20% or even 10% under without reason and unequivocally expecting the sellers to agree. Sure, try it, you might get lucky... if you live in the right area and are looking at an overpriced house.

I agree with you, however, it is up to people to do their own homework. I was simply putting up some national data not knowing where the OP was buying. It is then up to each individual to look at their own area.

alexlyne

My fiancee is a statistician and she would have issue with these stats (If I have been listening to her properly over the last few years!). Prices will be very skewed to the top end. No doubt there are a few houses that start off at 2mil, and sell for 1mil - a huge amount off the asking price. Larger houses are generally more discounted than small ones. The bottom of the market can stay exactly where it is, with the top coming down, compressing the overall price range to give the results seen in the rightmove report. Also what of those dummies who have had their house on the market for 2+ years at the same price, those who have a vague interest at selling but not that bothered. Those expensive houses on sale at 2,3,4million with no hope of selling in the current climate? I can believe the stats I read in the paper last month about an overall 9% difference between asking and selling, being based an the asking prices of houses that actually sold, but coming here with 30% is the kind of thing that scaremongerers do.. pick the set of figures that gives the most extreme results, and hope that people believe it (unfortunately some will).

Go and buy a house at 30% under it's selling price (assuming the house is reasonably priced in the first place, and is less than 500K i.e. representative of a house than could be bought by the average punter) - come back and tell us when you have!