How much is considered the 'norm' to knock off an asking price

loverington

I'm just wondering really, we have had our eyes on a house thats been on the market for about a year now and its up for £189,000 how much would you offer first off?? Seeing as its been on the market for a while do you think £160,00 would just get laughed at? I dont want to go in too high either. thanks

rlfan82

when was it last reduced if ever? have house prices risen or gone down in the area since it was marketed (realistically, not national headlines)?

don't think they will accept 160, but u may eventually get it at 170

loverington

I'm not entirely sure if this particular house has gone down since its been on the market but quite a few in the area have been reduced in the last 4-5 months. Thanks

xclarebearx

I would go in at 162500, then let them come back saying they want 185k, then you go back with (list all faults you can find) and research the area, and then put forward 170k. then walk away if they say no. Try to get it for 175k a week later.

Though you may not get it as they may need to achieve a certain price before they can sell it and you dont know what this figure may be, that might be the reason its sat around for so long.

shane42

i had a very reasonable offer refused because they needed more to buy their next house !!!!!!!!!!!!!! it does not make their house worth more does it, walk away if they wont budge, its probably not the house for you if that happens

Money_mad_4

Lots of factors. How long has it been on the market, how desparate are they to sell? Are they in a chain? How much equity is on the house?
There are no hard fast rules to this so my advice would be offer around 15% off and then they will either refuse or take it, you can always come back with a better offer. Look for faults in the house and offer to move quickly will get you some leverage

snoopylove

If you go to the website home.co.uk and find the property, there is a tab 'price info' on the details. It will tell you here how long the house has been on the market and if it's been reduced or not.

nesssie1702

What's the worst they can say if you do put in an offer of £160K - No? So try it and see.....