Ten per cent 'Rule'?

AdrianC

Step away from the daytime TV...

lookstraightahead

No one can say it's a myth or for real because it's what you will personally do as a buyer or a seller, as it's the decision of with or both of those parties.

Personally I never see a house price as "the price" and expect a 10% negotiation allowance - at least - whether buying if selling. Have done with every house I've bought or sold. So it's not rubbish to me. In fact, because house prices are so subjective I find it strange that people pluck up an amount and expect it set in cement.

Selling a house is so much more that the price. Most people feel good to get a 'bargain' so why would anyone set a price at the one they want?

AdrianC

lookstraightahead wrote: »

In fact, because house prices are so subjective I find it strange that people pluck up an amount and expect it set in cement.

But if "The ad says £X" is that, then how is "So I'll offer £0.9X" different?

RelievedSheff

lookstraightahead wrote: »

No one can say it's a myth or for real because it's what you will personally do as a buyer or a seller, as it's the decision of with or both of those parties.

Personally I never see a house price as "the price" and expect a 10% negotiation allowance - at least - whether buying if selling. Have done with every house I've bought or sold. So it's not rubbish to me. In fact, because house prices are so subjective I find it strange that people pluck up an amount and expect it set in cement.

Selling a house is so much more that the price. Most people feel good to get a 'bargain' so why would anyone set a price at the one they want?

I don't think you would get very far in the Sheffield housing market with that stance.

The asking price is the starting price in most transactions in the city!

bertiewhite

In my experience, making an offer is the norm and getting the asking price is a bonus.

In fact somebody else commented the other day about EA's always valuing above market value with the assumption that the price will have to be dropped, which has always been my guess/experience.

I do know someone who is currently selling a house which was marketed at "offers above", so maybe that's either a new thing or based on area?

hazyjo

bertiewhite wrote: »

I do know someone who is currently selling a house which was marketed at "offers above", so maybe that's either a new thing or based on area?

It's always been around - it's just not very popular with buyers!


Most people offer under still anyway which annoys the sellers.


IMO it only works in a rising busy market - then people are happy to pay over and feel they are lucky to get the property by paying £X over the asking price. In a static/falling market, they think !!!!!! should I pay more than the bottom price they'd take? It's worth what someone will pay, and there ain't a queue of people round the block, so why effectively bid against myself?

Crashy_Time

LLL was part of the media effort to get people borrowing, none of the advice is in your best interest IMO, expensive property is of no benefit to ordinary people, unless you bought a long time ago and are downsizing to a much smaller house and can manage to get a buyer at your inflated price.

lookstraightahead

RelievedSheff wrote: »

I don't think you would get very far in the Sheffield housing market with that stance.

The asking price is the starting price in most transactions in the city!

Is it? Do you have stats? As I would say the opposite about where I live (nice town around the Midlands). I admit I don't have stats though. Just what I can see going on and sold prices. Lots of students in Sheffield too which might make a difference where landlords are making investments.

As a buyer though, I've got the flexibility to walk away. Why don't we have a set price if people think it's non-negotiable?

Skiddaw1

When we were looking for current house and I was surgically attached to Rightmove it used to annoy the pants off me did 'offers above'. As did 'offers in the region of'. Just say what you want, for heaven's sake, and let that be your starting point. Can't be doing with the fannying about.



Sorry- grumpy old bag alert...:o

AdrianC

Crashy_Time wrote: »

LLL was part of the media effort to get people borrowing

Blimey, Crashy, you really do go for the large-scale conspiracy theories, don'cha?