What's the offer 'Norm' these days

I_have_spoken

I don't think there's one 'rule' any more when you compare the market in York to Middlesbrough for example.

Just do your research, don't get carried away that it's a 'forever' house and be prepared to walk away.

ample_samples_1980

ognum wrote: »

You need to know your market, I am in the process of buying and in my market for the type of property I was looking for it is a sellers market.

Most properties go to sealed bids, all go above asking. This is not London, just a buoyant market, no enough properties, lots of cash about!

What you need to work out is what your market is doing!

Yep, I have been watching the market for a good while now, so I know what it is doing pretty much. I can tell you not much, if anything is going to 'sealed bids' as far as I am aware, as when I have been watching properties, then wait and see what they eventually up date them as sold for on nethouse prices or where ever I would say 95% of them have sold for UNDER the asking price, if only for a few thousand - the rest have gone for asking, and none that I have ever seen have gone for above asking price.

I think at the moment we are luckily in an area where properties are still not really shifting very well just at the moment, but I am sure that will change over the next 12 months!

moneyistooshorttomention wrote: »

I don't think I would have been offended, so much as worried (ie what are they going to get up to next after making that daft offer?) sorta worried. I would tend to feel at the outset that an offer like that would indicate someone not to be trusted and I wouldn't want to bother.

For the record, I recently sold my last house for about 95% of my original asking price:)

The fact that other houses in the area have been on "for a long time" doesn't necessarily mean anything. That is true for my new area, BUT the better ones will still go pretty darn quickly. For instance, one I had my eye on was in good enough condition I knew it would be gone within a month and it was...

Lol well I wouldn't want anyone to think we would scam them, or reduce the price on contract exchange day or anything. As I rule I would ALWAYS stick to what I have said I would pay UNLESS a survery brought up so massivly costly issues, if I said I would pay 210k for example and it was accepted and survey was no issues (or minor ones that are little more than a few hundred ££ to fix) I would stick to the price I offered. I think it is morally wrong for the price to be dropped on contracts day just cause people think they have the sellers by the short and curlies!!

You are right though, I know other houses being on a long time doesn't mean a thing, but ALL of the hosues we are looking at have been on a long time (including this one) but I think in 2014 things will start to pick up and they might start to get snapped up!

I_have_spoken wrote: »

I don't think there's one 'rule' any more when you compare the market in York to Middlesbrough for example.

Just do your research, don't get carried away that it's a 'forever' house and be prepared to walk away.

Yes I suppose I agree, the prices can vary so much from village to village round her so I can imagine that from city to city there can be a massive difference in the prices, but also how fast or slow the market is, there for affecting how much people may or may not accept a reduced offer!!

Research is Key, we purchased a property when we were kids ,well not kids, but early 20s, first place together, was a new build so when we sold it we 'broke even' and had to go back in to rented accom so this time we will make sure it is the right house but also at the right price!!!!!

ging84

i don't think it has ever been the norm to offer 20% under the asking price for anyone with anything more than the most casual interest in buying a property

Gordon_Hose

We looked at a house marketed for £179500, we offered £170k, which was rejected. Went back with £172k and they accepted!

Well happy

PasturesNew

Watching my area, they're going for close to asking price, it seems they are being bought to rent out (according to the EAs I've spoken to). Many of the houses for sale are also tenanted.

People living in their own homes seems quite difficult to achieve round here it seems.

HAMISH_MCTAVISH

ample_samples_1980 wrote: »

Is it still usual to go in about 20% under asking price these days or has this changed now due to the slight rises in some areas??

Eh?

It was never "usual" to go in at 20% below in most areas* unless your desired reaction was to be laughed out of the office.

The current achieved % of asking price, as a national average, is around 95%.

In places like London it's more like 10% to 15% above asking.

Prices are up nationally by 6.9% on average in the last year. More like 15% in London.














*Northern Ireland and a few post-industrial wastelands excepted.

gazzabboi

Look at it from the sellers pov, I would be aiming to achieve £230k if I had it up at 240. It depends on the area though, my area is selling very close to asking price, sometimes above. Go on right move and look at the price comparison report for your area.

moneyistooshorttomention

ample_samples_1980 wrote: »

Yep, I have been watching the market for a good while now, so I know what it is doing pretty much. I can tell you not much, if anything is going to 'sealed bids' as far as I am aware, as when I have been watching properties, then wait and see what they eventually up date them as sold for on nethouse prices or where ever I would say 95% of them have sold for UNDER the asking price, if only for a few thousand - the rest have gone for asking, and none that I have ever seen have gone for above asking price.


You are right though, I know other houses being on a long time doesn't mean a thing, but ALL of the hosues we are looking at have been on a long time (including this one) but I think in 2014 things will start to pick up and they might start to get snapped up!



!

Actually....even in this rather slow area I have now moved to...there are exceptions to the rule. One house I was seriously considering (but decided against in the event) went for MORE than the asking price and pretty quickly too.. This being an area where houses usually take some while to sell and then sell for quite some distance under the asking price.

There is always the exception....

Just goes to show that, even in a bit of a "depressed area" re house prices that there will be some properties that can go for asking price or even more...

MysteryMe

If the property is priced within the range for that area there has never been a norm to offer 20% below asking price, if you want to be treated as a credible buyer make a credible offer. The two times I've sold I've accepted 5 - 7.5% offers below asking price. I wouldn't entertain any further contact from buyers offering 20% below asking price, it signals to me that a) they can't afford the house and just trying it on or b) they are the sort who want something for nothing and would start playing games at survey time and close to exchange of contracts.

ian103

We offered 77% of the asking price and brought at 81%. We were in a good position and the property was over priced for the condition.