negotiation

sedone

Hello everyone,
Hope you'all doing great.
So guess what we're first time buyers and have ooodles of questions. not surprised huh :-)

we just start looking for houses however we have some doubts about how to proceed with the price negotiation.
We are interested in house for 475k, based on rightmove and zoopla 4 bedroom property around the area DA16 postcode are 420-430k. so as you can see the sellers have inflated the price big time.

So the question is how much can we offer to start the negotiation? since the rule of thump based on many sites is to offer less than 5% to 10% lower than the asking price.

Would it be sensible to start negotiations from 425k? what does everyone think?

Thanks in advance for all your advise and responses.

Thank you

diggingdude

I guess it depends, on whether you want the property or not

dimbo61

It also depends on the location, current housing market in the area, size of property and garden, condition etc

dinkylink

Zoopla prices are cobblers

buggy_boy

the price is an average price, that means some are higher and some are lower... Is the house you are looking at on average better or worse than other 4 bed properties in the area?

I think your argument for using the average price is irrelevant... roads next to each other can have wildly different prices, I have seen wildly different prices based on which side of the valley the property is on (one gets sun, one does not)

AnotherJoe

sedone wrote: »

Hello everyone,
Hope you'all doing great.
So guess what we're first time buyers and have ooodles of questions. not surprised huh :-)

we just start looking for houses however we have some doubts about how to proceed with the price negotiation.
We are interested in house for 475k, based on rightmove and zoopla 4 bedroom property around the area DA16 postcode are 420-430k. so as you can see the sellers have inflated the price big time.

So the question is how much can we offer to start the negotiation? since the rule of thump based on many sites is to offer less than 5% to 10% lower than the asking price.

Would it be sensible to start negotiations from 425k? what does everyone think?

Thanks in advance for all your advise and responses.

Thank you

Thats really no way to negotiate and will likely end you up with a criminal record.

You have no idea if "they've inflated the price big time", but if they have they'll find out in a few weeks time with no offers so bide your time until after Christmas.

74ace

Your choice either you want the property or don't. My buyers really wanted our property so offered asking price. We really wanted our next property so offered close to the asking price despite being the most expensive in the road and no comparison. Life too short to play games we are in the Midlands where houses sell quickly.

AnotherJoe

sedone wrote: »

Hello everyone,
Hope you'all doing great.
So guess what we're first time buyers and have ooodles of questions. not surprised huh :-)

we just start looking for houses however we have some doubts about how to proceed with the price negotiation.
We are interested in house for 475k, based on rightmove and zoopla 4 bedroom property around the area DA16 postcode are 420-430k. so as you can see the sellers have inflated the price big time.

So the question is how much can we offer to start the negotiation? since the rule of thump based on many sites is to offer less than 5% to 10% lower than the asking price.

Would it be sensible to start negotiations from 425k? what does everyone think?

Thanks in advance for all your advise and responses.

Thank you

I can see thirteen 4-bed houses in DA16 for £475-£500k. Some detached, some semis.

That doesn't seem to fit with "4 bedroom property around the area DA16 postcode are 420-430k"

Maybe some are. But self-evidently, at least thirteen arent ! So, assuming its one of those 13, I'd say the reaction of all will be to laugh in your face. And half will be offended and write you off whatever you offer later, and half will accept it as a ridiculous low bid and reject it but not you.

The_Palmist

have you been to see the property at least twice, what impression you get from the buyers, are they likely to budge, do they feel they are in rush, do they appear confident they will get asking price.

LilElvis

sedone wrote: »

Hello everyone,
Hope you'all doing great.
So guess what we're first time buyers and have ooodles of questions. not surprised huh :-)

we just start looking for houses however we have some doubts about how to proceed with the price negotiation.
We are interested in house for 475k, based on rightmove and zoopla 4 bedroom property around the area DA16 postcode are 420-430k. so as you can see the sellers have inflated the price big time.

So the question is how much can we offer to start the negotiation? since the rule of thump based on many sites is to offer less than 5% to 10% lower than the asking price.

Would it be sensible to start negotiations from 425k? what does everyone think?

Thanks in advance for all your advise and responses.

Thank you

Not all four bedroom houses are the same. Some will have four that will take double beds and larger, others will have smaller rooms, some of which may take nothing more than a single bed or cot and a bedside table. The living space on the ground floor will also vary, possibly substantially.