Offers Over Scotland

myhouse_2

I spoke to a financial advisor and a solicitor recently in Edinburgh. They told me that it doesn't matter the letters before the number. Whether it's OO, Fixed, OA, the selling price often ends up below the number stated. The only real issue with OO is that the vendor may be less flexible than someone selling with OA. Many vendors end up changing from OO to OA or Fixed after they've failed to sell in the first weeks/months.

HAMISH_MCTAVISH

amandamacg wrote: »

Its in a town...checked how much other properties have gone for in the same street, but the last similar one was 2006 which from memory was at the height of the 'boom'.

Prices in most areas of Scotland are still higher than they were in 2006.

Don't forget prices rose quite markedly over 2007 and the peak was in Q3 07. In my own town, selling prices are still about 40K higher than they were at the start of 2007, let alone 2006.

There are exceptions of course.... Some parts are lower.

What does the Home Report valuation say?

olivetti

googler wrote: »

Yes, but are they achieving over the asking price? Not far outside Edinburgh, it's not difficult to find houses selling at below their Offers Over price.....

IME some are going for between 5-7% over OO price. There are also a lot that are sticking around on a fixed price below home report valuation.

Good houses in good locations that are on at OO are still moving at about or just over valuation (usually more than the OO price), and quite quickly.

cardinalbiggles

Unless its something extremely special then there is no way its going to sell for more than its valuation in the home report.

My own house in Scotland I bought 2 years ago at 15k below the offers over, things were stagnant then although I did sell my old house within 2 weeks at 500 less than my fixed price.

Things sell at a price but houses are not shifting here, that's obvious from the amount of time I see houses for sale for.

mvteng

I think the answer to the original question, is that theres no such thing as a norm in Scotland just now. I doubt theres even a norm in each town.

For example, cardinalbiggles above says "houses are not shifting here" but the last 2 houses in my street (Edinburgh) sold this year sold within 1 week.

Really you need the help of a local friendly solicitor who knows the market.

IveSeenTheLight

amandamacg wrote: »

We are going to look at a property in Scotland next week and it is being advertised as Offers over £186k....can anyone advise what is considered the norm in current market conditions to offer over, e.g., 2%, 10% ?

Thanks,

It really depends on the property, location and desire (noted interests).
Whilst in the past it was common to market the property under value and then attain an offer over the marketed price, more comonly properties are marketted at valuation price.

We concluded on a property at the end of Dec an knocked 7.5% off the "offers over" and valuation price.

Best thing to do is do your local market research.