How much below asking price do people tend to go?

shopaholicno1

Viewing a house in the morning. If we like it as much as we hope, we are thinking of putting an offer in.
It's been on the market 9 months, and I'd like to knock some off but without offending the vendors with a cheeky amount. Is there a general percent below the asking price people tend to offer?

Also, we are chain free and have our mortgage offer in principle-do these help in terms of negotiations? Given we are chain free.

dunroving

If you are in a strong position and the house has been on the market, I think you could definitely offer 10% below, or even more. If they turn it down, it's not as if it will be snapped up while you consider your next move.

Margot123

Offer what you think it's worth to you.
That may be the full asking, 10% over, 40% below.
Only you can decide.

Don't be afraid to have a friendly chat with the vendor about money; build a rapport with them.
I have always found they are better negotiators than estate agents.

PasturesNew

It all depends on so many variables, nobody can say.

I know that in my area, for houses for sale at £230-320k, when they've sold and appear on "sold prices" they tended to be £5k less than the asking price....

davidmcn

Would you like to "knock some off" because that's what you've been told people do, or because you've made some objective assessment of what the property is actually worth, or because you need to in order to afford it? There's no point knocking 5% off if it's overpriced by 15%. Has the price been reduced since they started marketing it?

Surrey_EA

Margot123 wrote: »

Don't be afraid to have a friendly chat with the vendor about money; build a rapport with them.
I have always found they are better negotiators than estate agents.

If that were true surely you'd want to be negotiating with the estate agent??!

The seller may not want to talk money, that's why they're paying an estate agent, such a tactic may backfire.

gardner1

shopaholicno1 wrote: »

Viewing a house in the morning. If we like it as much as we hope, we are thinking of putting an offer in.
It's been on the market 9 months, and I'd like to knock some off but without offending the vendors with a cheeky amount. Is there a general percent below the asking price people tend to offer?

Also, we are chain free and have our mortgage offer in principle-do these help in terms of negotiations? Given we are chain free.

well if its been on for 9 months its probably overpriced/dodgy area or looks like a tip on photos.....so i would go in low as others have said its not going to go in a hurry

Cakeguts

Offer what it is worth to you. Be prepared for the vendors to want full asking price which is why it hasn't sold or it is already overpriced and they won't bring the price down. There is no set amount for offering you just offer what you feel you want to pay for it.

PokerPlayer111

Been on the market for 9 months ? oh please make sure you offer 10% off minimum. You have to think of resale and the market has now well and truly seen this property if its been on 9 months and not sold.

You cant offer asking price not a chance in hell unless its recently been reduced.

PokerPlayer111

If when you went and saw it you think its worth the asking price you cant offer the asking price anyway due to it being on 9 months and not sold, unless you like giving away free money. If you dont care about money go right ahead.

I'd be wondering why i think its worth the asking price when everyone else in the world doesn't.

JoJo1978

Try to find out of it has had other offers on it. Just because it hasn't been taken off the market doesn't mean that people haven't offered. Also try to find out the vendors situation, if they're in no hurry/need a minimum price etc. your chances of a lowball offer being accepted are lower despite your strong position.