How much to offer - need advice

numbercruncher8

Good luck.
TBH I would scrub the asking price from the mind. There are some properties I have on the shortlist where the vendor would snap your hand off for an offer at 6% off, because the property is grossly overpriced. The asking price almost reads as the estate agent saying 'price at £550k to get £500k'....a buyer may think they got a great deal at 10% off but in reality not so. If a vendor prices a property too high to start with, they can always reduce, if they price it too low putting the price up isn't as effective. That's even before the estate agents giving generous initial start prices to get the business.
Broaden the area of comparable properties, you may get more data.
Would advise getting Property Log or similar for Chrome, you can pick up a real sense of what is happening. You may see that Land Registry prices going in at a couple of percent under asking, when considering the original asking price it is not. For instance one house I saw was sold at £325k, so 100% of the asking price. However, the starting price was £375k and then went down twice.

Crashy_Time

numbercruncher8 said:

Good luck.
TBH I would scrub the asking price from the mind. There are some properties I have on the shortlist where the vendor would snap your hand off for an offer at 6% off, because the property is grossly overpriced. The asking price almost reads as the estate agent saying 'price at £550k to get £500k'....a buyer may think they got a great deal at 10% off but in reality not so. If a vendor prices a property too high to start with, they can always reduce, if they price it too low putting the price up isn't as effective. That's even before the estate agents giving generous initial start prices to get the business.
Broaden the area of comparable properties, you may get more data.
Would advise getting Property Log or similar for Chrome, you can pick up a real sense of what is happening. You may see that Land Registry prices going in at a couple of percent under asking, when considering the original asking price it is not. For instance one house I saw was sold at £325k, so 100% of the asking price. However, the starting price was £375k and then went down twice.

Good advice.