how much to knock off a asking price?

wannaberich41

Ive sale agreeded on my house and having been looking at houses. We have been advised that you can knock up to 20% off the asking price. Is this correct? This seems to be a bit much. What is the normal percentage that you would recommend in using to knock down the price?

CloudCuckooLand

How much did you agree to take off your own asking price?

20% is excessive. 10% is a common starting point for offers to end up between 3% and 7% off asking-price as a final offer - depends how badly people want a house and how badly the vendor wants to sell - i.e. you may have to offer more than you'd prefer to, in order to firm up your chain quickly enough to keep your buyer interested.

LilacPixie

It really depends how well the property is priced in the first place.

googler

That'll vary depending on where the house is and how the market is faring in that area. There isn't a 'normal percentage' for the whole of the UK.

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pinkteapot

There is no set percentage. It entirely depends on how realistic the asking price of the individual property is in the first place.

Example:
We bought in August. We were looking for 18 months. We knew the area and what sold properties had sold for. For the type of house we wanted, we were looking at paying £240k-250k depending on state of decor etc.

• We viewed one at £275k. The most we would have paid if we'd gone for it would have been £245k (11% off).
• We viewed another at £260k and would have paid £250k for it (it was nicer than the first one, 4% off)).
• In the end, one came on the market at £233k and we paid almost asking. We got £2k off (less than 1% off) for being chain-free and ready to move fast, which the seller wanted. We would have gone up to asking price on it. We agreed the offer the day after it came on the market.
• There's a similar house now on the market at £295k (idiots). It's not worth more than £250k.

Look at sold prices for where you're buying. Try and nose at the houses that sold from the outside as it's hard to tell from a list of sold prices what size they are and what sort of state they're in. This gives you a feel for the rough market value of a place.

It's not an exact science as you may fall in love with one where the owner wants a bit more and you go that extra few k for it. Or you might find a keen seller, as we did, and get it for a bit less than you think it's worth. But there is absolutely no fixed percentage you should expect to get a price down by.

wannaberich41

there is house we quite like but feel it is over prices. The house we like has been empty for about 3 years and on the market for about (i think 1.5years) the estate agent said only 7 months. The carpets in the whole property would need replacing as they are damp and look a bit mouldy.(i think because house been epmty for so long) The bathroom suites are quite disgusting. it's not UPVC and we have spotted sone of the facias are rotten. This property could be made fantastic with time and money. It sits on 2 acres (land we are looking for) But it has a agriculture clause as well. (this is fine as hubby is a farmer). So due to the work, how long it has been on and the ag tie. Do you think we could knock a large amount off?
ive also hear that house prices are still dropping at the moment is that correct?

There is another house about 2 miles from this one which has 5 acres and is UPVC and lived in and looks clean and tidy. This is on for 55k less. We cant go for this as this is to far for the catchment area for the school bus for my son. So not a option unless he changes school which we wouldnt want to do.

Thanks

brit1234

On the sellers support thread on MSE it seems they are having between 15-30% knocked off before they sell.

whatyadoinsucka

look at rightmove 'selling' price, the only trick is to find the postcode, i normally dig using google

wannaberich41

We went for a second viewing yesterday and got home and was discussing the figure which we would offer. Within half hour of getting back from second veiwing we had a phone call from est agent advising a couple viewed before us and offered full asking price and that house is now sold stc. Typical.

Now on the hunt for another one. Cant find anything at the moment though. I guess more will come on.

Thank you for your advise.

wannaberich41

Are house prices higher now than they were in dec 2007? The reason im asking there is another one that is over our budget and looking on that rightmove house sale prices thing. This house in 1999 was sold at 90k. In dec 2007 it sold at £234. but they are after 265k now. I thought house prices are less now than they were say end of 07?

thejonesfamily

you are lucky to have been outbid

a) on the reseal, finding someone who can meet an agricultual clause could take years - which it has so far and b) would you want to buy somewhere that clearly isnt desired. I know the market is tough etc but better to have something that will resell easy