Got a (low-ish) offer out of the blue while in lockdown

[Deleted User]

Only 5% off your asking price is extremely good. Prices are falling and by the end of this 10-20% is more like what we will see, if not more.

I'd bite their hand off. Not literally, just mime it from a safe distance.

Crashy_Time

Yep, not bad at all.

Splatfoot

Prices are not falling. Nobody is able to view, there's no point in lowering prices. 

Disjoint

Tough one - similar situation I am in at the moment trying to judge what is a fair discount on pre Corona prices. 
My buyer renegotiated and I have fought back. I would not expect securing a similar large discount on another property as we are in complete limbo. Instead you need to take a view on the market and put some amount of probability on it and act on that.
You could sell now and then market collapse allowing you to have sold at a good price and then benefiting from that. You could sell now and prices will remain depressed and maybe you'll overpay by a couple of percent. That's the only scenarios I see.
Regardless, I wouldn't accept there offer if they can't exchange within a month. As in this case they are just seeing what happens to market and if it tanks they walk away and if it improves they get a discount

movilogo

In current market it is a very good offer. House price is going to fall by 10% for sure if not more.

lees80

Not one single person on this forum can predict an accurate percentage of house price reduction in the current situation - ignore the usual suspects. (most of them banged on about property market crashes before the pandemic, they must've overloaded their tiny ego's when this all kicked off) 

OP - you can go back to the EA and ask them to ask for an increased offer. No harm in asking. Good luck with your move, hope you find somewhere you love. 

GDB2222

In practice, property transactions take 2-3 months to go through. During that time, both you and your buyers will get a better feel for whether property prices are actually dropping or not.  If, by the time you get ready to exchange, it’s obvious that the value has changed, the sale may fall apart or you can renegotiate the price.

Besides that, you’re not really a proceedable seller, as you have not yet found somewhere to buy. It’s quite a risk to sell your house and move into rented accommodation, given the uncertainty.

blue_max_3

I can see advertised prices being raised, in anticipation of an expected discounted offer. More than one way to skin a cat : )

Comms69

blue_max_3 said:

I can see advertised prices being raised, in anticipation of an expected discounted offer. More than one way to skin a cat : )

That's just silly.

Look you can advertise a 100k property at 200k if you want. I'd still only offer 90k. There is no 'maximum discount' 

eidand

movilogo said:

In current market it is a very good offer. House price is going to fall by 10% for sure if not more.

no one knows what will happen, you're just making up random numbers.
OP, if you don't need to sell then don't accept a lower offer, simple as that. If you can get a similar or bigger discount of your next property then it's worth accepting