How much should I expect to drop from asking price?

Jesswithwings

We've had an offer on the house (again, 3rd time lucky - sale of this house is jinxed it keeps falling though) but its £5k under the asking price of £150k. This is reasonable isnt it? Our other sales were either over the asking price or near full asking so this seems a lot to drop for us. It isnt though is it? We offered 5k under the asking when we bought the house which was marketed at £100.

Why do I feel sick? I can't get excited but I wonder if its because I've been here twice this month already

paulsad

Mine's on at offers circa 185 - I'd be ok with a 10k drop...in fact as things are I'd be over the moon...
But at the mo there just is no viewings - houses nearby are also not getting any.
If I were you I'd be ok with it - you can offer likewise on your move if you are buying.

richardw

If you want them to move in before christmas, accept it, if you don't and can wait, then don't accept it.

chunkychocky

My in-laws were told that most houses are going for approx 15% under asking price in their area (West Sussex) so the offer you've had sounds very reasonable.

mo9999

Unfortunately, it depends on a number of factors, your location, the type of house, size etc, how quickly houses are selling your area. The average drop varies in my location, Wakefield, West Yorkshire, varies enormously the average currently is 17% (below the original asking price i.e. the price the property first went on ther market at). This has changed from the end of last year where the average was around 12%. This simply means that sale prices have in general droped in my area.

Your reduction of 3.33% against the asking price would be excellent in my area, the question you may need to ask yourself can you move to your new home with the reduction and perhaps negotiate a reduction of £5K or more against your purchase. If it does, then its a great offer, if it doesn't then it isn't right for you.

mustrum_ridcully

10% is the default negotiation starting point for myself.

It could be more or less depending on what houses in the same street have sold for in the past year or two and the condition of the house.

Gromitt

If you want more why not negotiate? Tell them you'll accept 147K and if they refuse and offer 146 then accept it. If they accept 147, then well...

Even if they just say "No" and don't negotiate you can still accept the 145.

ali-t

I took an approx 4% drop from my original valuation when selling mine (7.5k) but in 3 months the valuation dropped £5k so only really a 2.5K hit.

the one I have put an offer in on is similar (12k off initial valuation price) and equates to around 4% of the cost. I haven't heard back yet what the refresh valuation is but hoping not too much difference.

Jesswithwings

Thank you. We accepted the offer as we were at the point of exchange when our previous buyers pulled out - the second time someone pulled out of our sale in a month. DH and I have well and truely had enough of this and have decided that for the sake of our sanity and getting this sale over with, 5K is a reasonable drop. We are buying DH's parents/grandparent's home and we have a vendor-gifted deposit of 20K as well as them offering to help us financially as much as they can (ie, offering to pay estate agents fees and contribiting to the 5K loss off asking price) I officially have the best inlaws in the whole world Hoping the rest of the sale goes smoothly for once. I am never moving house again - it has been a hell of a month.

whatyadoinsucka

the thing some of the seller comments have forgotten is the fact that the price is subject to
"what the buyer is wlling to pay, along with what price the seller is happy to accept".

This is the reason so many house do not have any viewings. A seller needs to ask themselves what is a reasonable price for the house, what have similiar houses sold for, is there a market.

Is a buyer really going to buy your house with flowery carpets, walls, an avocado/peach/mint green (delete as appropriate) bathroom suite and an 80s kitchen, when they can buy the same house down the road with new carpets and kitchen/bathroom at the same price or cheaper.

its a buyers market and you need to attact a sale, good on you for taking a 3.3% cut in price., as a buyer i don't see a 15-25% cut from the highs being unjustifiable.
houses simply are not worth what they were valued at only 2-4 years ago.

also a seller listing a property above fair market value is so simple to spot with sales data online. estate agents will still try and price in a 10% lower offer.

would you demand 1.5 euros to the pound down the travel agents, because the pound was once worth that amount, no so why not sell your house at its true market value.

klolav

Good luck Jess, everything crossed for you...third time lucky