Price guide - how does one play this when it comes to offer?

sterl1ng

I'm in London, as much as i'd love to do 10% belwo asking I wouldn't be brass enough. But really it depends on property and how much I want and willing to spend. I'll try keep sensible hat

Mr_Moo_2

Do your research so that you know how much places are selling for in your locality - then you can form a view as to what to offer. As mentioned already, some properties are offered at sensible prices and reductions on these may be harder to obtain. Many (most?) are over-valued. Knowing which fall into which bucket allows you to get round guide prices and other marketing gimicks

HarryBarry

Dan-Dan wrote: »

Every situation is different i know, but when i put an offer on a property up at £189.995, of £165k (they paid 175k for it and have only been there since late 2011) the EA said he wouldn’t be passing the offer on and he thought it was embarrassing, as would his vendors!

This seems to be quite common at the moment in the area I am looking. People who bought in the last few years for around 170k now have their house up for sale over or around 190k. And the problem for me is that they are selling quite quickly, whereas I am not overly keen to pay 10-15k more for a house when I cant see any reason for a 10% rise - certainly any house price data I've look at indicates the average price has either dropped or gone up by 1%.

I'm not sure whether this is a temporary mini boom in this area (been watching this area for about 9 months and this certainly wasnt happening in the first 6 months), or whether this is now going to be normal and I'm only costing myself more money by not acting.

MX5huggy

Mr_Moo wrote: »

Do your research so that you know how much places are selling for in your locality - then you can form a view as to what to offer. As mentioned already, some properties are offered at sensible prices and reductions on these may be harder to obtain. Many (most?) are over-valued. Knowing which fall into which bucket allows you to get round guide prices and other marketing gimicks

Exactly, a friend is just selling. It was on with one agent at £380 thinking that they would accept offers 10% under but after lots of viewings and no offers changed agents.

Second agent goes for offers in excess of £320 and a month later they end up with a bidding war that stops at £340.