How much to go below asking price?

topcat007

How much do people put in offers under asking price roughly in % terms ?

Just wondering how much people put in on first offers

inatdeepend

How long is a piece of string?

It all depends on many things:

How long has property been on market?
How buoyant is the local market?
How desperate is the seller to sell?
How much do you feel the property is worth?
Which direction is the wind blowing?
What phase is the moon in?

bazzyb

topcat007 wrote: »

How much do people put in offers under asking price roughly in % terms ?

Just wondering how much people put in on first offers

I would put an offer of 25% below the asking price if I thought it was overpriced by that much. I'd put an offer 10% below the asking price if I thought it was overpriced by that much. I'd put an offer close to the asking price if I thought that was roughly what it was worth.

topcat007

bazzyb wrote: »

I would put an offer of 25% below the asking price if I thought it was overpriced by that much. I'd put an offer 10% below the asking price if I thought it was overpriced by that much. I'd put an offer close to the asking price if I thought that was roughly what it was worth.

I appreciate it may be a how long is a piece of string question.

I guess what the real question is how much do estate agents inflate the "actual" value by?

Apologies i am brand new to the world of houses

inatdeepend

The problem is that it will vary wildly hence we can't accurately answer the question.

Some estate agents and vendors are more realistic than others. Some are totally and utterly deluded. Some are more realistic in order to get the property shifted.

Try looking at zoopla and seeing what similar properties have actually sold for in the area to get a better idea of what the property is actually worth - that'll be your best "guide" to what the property is worth (and hence if the asking price is realistic or not!)

Paully232000

I have always offered what i thought it was worth/what was my max offer, minus 10-15% to give some wiggle room.
But having said that I have never bought in an area where (as you read on here sometimes) where houses are selling before they are listed and such-like. Where you would maybe offer asking price or lose out.

DpchMd

Sometimes agents/vendors will list the property way above what it's worth expecting to get offers below asking.

Sometimes agents/vendors will price the house realistically.

Sometimes agents/vendors will list the house below what it's worth to generate interest and drive prices up through best and final offers.

The strategy depends on the type of property, the location and what the vendor agrees to.

Ultimately it's up to you to research and decide what the property is worth to you.

Asking what percentage below asking to offer is a question that doesn't make any sense.

bazzyb

topcat007 wrote: »

I appreciate it may be a how long is a piece of string question.

I guess what the real question is how much do estate agents inflate the "actual" value by?

Apologies i am brand new to the world of houses

Difficult to say really, it will vary between areas, between Estate agents, and between individual properties.

I've just been looking at a property that an estate agent has newly listed, asking price is £575k. However, I know that it was previously on the market for a long time with a different agent at £535k and didn't sell, so have no idea why the new agent now feels a good idea would be to raise the price by £40k.

But other properties will go for the full asking price as soon as they go on the market.

You need to have a look at similar properties and their sold prices to see if the asking price is realistic.

Chanes

If the place is in a hot area offer the asking price because it is certain someone else will; if it's a slow moving area I guess I'd ask for some kind of discount but not too cheeky in case you upset them and you don't get a second chance.

Mickygg

Offer what it's worth or what you are prepared to pay.

There is no x% below.

Come to view my house and offer a set % like 20% below I would tell EA I'm not interested in dealing with that person from now on.

G_M

Mickygg wrote: »

Offer what it's worth or what you are prepared to pay.

There is no x% below

Of course there is:

22.751%