Is it reasonable for us to drop our asking price given current climate?

graphs

I'm waiting. I want a 240k house for 200k max.

Getting_greyer

graphs said:

I'm waiting. I want a 240k house for 200k max.

I'm opposite-well kind of.  I want 250k place. Offer of 240k rejected, that's my max.  I'm now considering picking fruit or something to get the extra 10k.  I really want that south facing cottage garden.  I am prepared to the roll the dice and offer 250 when I can.
Edit: I also think Luton will avoid relegation to League 1 this year so I'm definatley on the optimist/delusional border.

Crashy_Time

Should be ample fruit picking jobs around I would have thought.

edward2113

Just wanted to give my two cents as someone who has tried to ask for a price reduction recently.

We were in the process of purchasing a house in a very desirable area in the SE (started the process back when the coronavirus was considered something that'll never reach Europe). Back then we agreed for a price which was 20% more than the owners had purchased it for in 2017 and started the process.

After a bad survey, a lot of contemplating and reading the news, and with the current situation it mind, we decided to ask for a 4% price reduction, which still meant that in these uncertain times they will be getting 16% more than they've paid for it, which for this house was a considerable sum. 

They came back almost immediately and they said that they'd rather re-list the property as they've had interest from other buyers willing to buy at an even higher price than us, and they are in no rush to sell. The estate agent then said that since the lockdown he's had only 1 purchase fall through due to the buyer being furloughed and he has something like 80 viewings scheduled for when the lockdown is lifted. 

We decided to go ahead with it as we really love the property and we are planning to live there for the foreseeable future so hoping to ride out any price drops. On top of that, it seems like sellers which have "good" properties like this one aren't going to sell at the moment, meaning that if there are any bargains, they will be either for really bad properties or for forced sellers. In turn, this might create a demand for good properties, increasing the amount of bidders for 1 house, thus driving up the price. Many of our friends are currently looking for a house as their jobs haven't been affected by the situation, and they are currently renting so losing money anyway. Of course, this is our logic and it may be wrong, but at the moment it's all very unclear anyways and you have to make a decision either way.

abanksee

edward2113 said:

Just wanted to give my two cents as someone who has tried to ask for a price reduction recently.

We were in the process of purchasing a house in a very desirable area in the SE (started the process back when the coronavirus was considered something that'll never reach Europe). Back then we agreed for a price which was 20% more than the owners had purchased it for in 2017 and started the process.

After a bad survey, a lot of contemplating and reading the news, and with the current situation it mind, we decided to ask for a 4% price reduction, which still meant that in these uncertain times they will be getting 16% more than they've paid for it, which for this house was a considerable sum. 

They came back almost immediately and they said that they'd rather re-list the property as they've had interest from other buyers willing to buy at an even higher price than us, and they are in no rush to sell. The estate agent then said that since the lockdown he's had only 1 purchase fall through due to the buyer being furloughed and he has something like 80 viewings scheduled for when the lockdown is lifted. 

We decided to go ahead with it as we really love the property and we are planning to live there for the foreseeable future so hoping to ride out any price drops. On top of that, it seems like sellers which have "good" properties like this one aren't going to sell at the moment, meaning that if there are any bargains, they will be either for really bad properties or for forced sellers. In turn, this might create a demand for good properties, increasing the amount of bidders for 1 house, thus driving up the price. Many of our friends are currently looking for a house as their jobs haven't been affected by the situation, and they are currently renting so losing money anyway. Of course, this is our logic and it may be wrong, but at the moment it's all very unclear anyways and you have to make a decision either way.

Majority of people will say no. Its whether they come back to you after a week or so when they realise other people want the same or more discount. That's what buying agents etc are reporting. 

Also, did you expect an estate agent to say different? It's his business. If you feel the house is worth it then go ahead and buy! If not, tell them to stick it.

edward2113

abanksee said:

edward2113 said:

Just wanted to give my two cents as someone who has tried to ask for a price reduction recently.

We were in the process of purchasing a house in a very desirable area in the SE (started the process back when the coronavirus was considered something that'll never reach Europe). Back then we agreed for a price which was 20% more than the owners had purchased it for in 2017 and started the process.

After a bad survey, a lot of contemplating and reading the news, and with the current situation it mind, we decided to ask for a 4% price reduction, which still meant that in these uncertain times they will be getting 16% more than they've paid for it, which for this house was a considerable sum. 

They came back almost immediately and they said that they'd rather re-list the property as they've had interest from other buyers willing to buy at an even higher price than us, and they are in no rush to sell. The estate agent then said that since the lockdown he's had only 1 purchase fall through due to the buyer being furloughed and he has something like 80 viewings scheduled for when the lockdown is lifted. 

We decided to go ahead with it as we really love the property and we are planning to live there for the foreseeable future so hoping to ride out any price drops. On top of that, it seems like sellers which have "good" properties like this one aren't going to sell at the moment, meaning that if there are any bargains, they will be either for really bad properties or for forced sellers. In turn, this might create a demand for good properties, increasing the amount of bidders for 1 house, thus driving up the price. Many of our friends are currently looking for a house as their jobs haven't been affected by the situation, and they are currently renting so losing money anyway. Of course, this is our logic and it may be wrong, but at the moment it's all very unclear anyways and you have to make a decision either way.

Majority of people will say no. Its whether they come back to you after a week or so when they realise other people want the same or more discount. That's what buying agents etc are reporting. 

Also, did you expect an estate agent to say different? It's his business. If you feel the house is worth it then go ahead and buy! If not, tell them to stick it.

We do want the house and feel it's perfect for us, which is why we decided to go ahead with it to be honest. The bit from the estate agent I added more to give an idea of what agents are currently saying, since everyone in our position is thirsty for any info whatsoever (as I know we are). Might be an absolute bluff, might be 100% true - that we can't know.

abanksee

edward2113 said:

abanksee said:

edward2113 said:

Just wanted to give my two cents as someone who has tried to ask for a price reduction recently.

We were in the process of purchasing a house in a very desirable area in the SE (started the process back when the coronavirus was considered something that'll never reach Europe). Back then we agreed for a price which was 20% more than the owners had purchased it for in 2017 and started the process.

After a bad survey, a lot of contemplating and reading the news, and with the current situation it mind, we decided to ask for a 4% price reduction, which still meant that in these uncertain times they will be getting 16% more than they've paid for it, which for this house was a considerable sum. 

They came back almost immediately and they said that they'd rather re-list the property as they've had interest from other buyers willing to buy at an even higher price than us, and they are in no rush to sell. The estate agent then said that since the lockdown he's had only 1 purchase fall through due to the buyer being furloughed and he has something like 80 viewings scheduled for when the lockdown is lifted. 

We decided to go ahead with it as we really love the property and we are planning to live there for the foreseeable future so hoping to ride out any price drops. On top of that, it seems like sellers which have "good" properties like this one aren't going to sell at the moment, meaning that if there are any bargains, they will be either for really bad properties or for forced sellers. In turn, this might create a demand for good properties, increasing the amount of bidders for 1 house, thus driving up the price. Many of our friends are currently looking for a house as their jobs haven't been affected by the situation, and they are currently renting so losing money anyway. Of course, this is our logic and it may be wrong, but at the moment it's all very unclear anyways and you have to make a decision either way.

Majority of people will say no. Its whether they come back to you after a week or so when they realise other people want the same or more discount. That's what buying agents etc are reporting. 

Also, did you expect an estate agent to say different? It's his business. If you feel the house is worth it then go ahead and buy! If not, tell them to stick it.

We do want the house and feel it's perfect for us, which is why we decided to go ahead with it to be honest. The bit from the estate agent I added more to give an idea of what agents are currently saying, since everyone in our position is thirsty for any info whatsoever (as I know we are). Might be an absolute bluff, might be 100% true - that we can't know.

There was somebody the other day who's said their estate agent agreed it should be reduced. It's a tough situation and you need a crystal ball to see if you're making the right choices.

blue_max_3

As ever, it depends on who has the most to lose. They lose a buyer or you lose a purchase. 
The uncertainty makes buying and selling a fraught process. You have to negotiate the sale and the purchase. And if you want both to be in your favour, you are probably going to struggle. Sellers coming back with lower offers, will possibly scupper the whole thing before it starts.

edward2113

abanksee said:

edward2113 said:

abanksee said:

edward2113 said:

Just wanted to give my two cents as someone who has tried to ask for a price reduction recently.

We were in the process of purchasing a house in a very desirable area in the SE (started the process back when the coronavirus was considered something that'll never reach Europe). Back then we agreed for a price which was 20% more than the owners had purchased it for in 2017 and started the process.

After a bad survey, a lot of contemplating and reading the news, and with the current situation it mind, we decided to ask for a 4% price reduction, which still meant that in these uncertain times they will be getting 16% more than they've paid for it, which for this house was a considerable sum. 

They came back almost immediately and they said that they'd rather re-list the property as they've had interest from other buyers willing to buy at an even higher price than us, and they are in no rush to sell. The estate agent then said that since the lockdown he's had only 1 purchase fall through due to the buyer being furloughed and he has something like 80 viewings scheduled for when the lockdown is lifted. 

We decided to go ahead with it as we really love the property and we are planning to live there for the foreseeable future so hoping to ride out any price drops. On top of that, it seems like sellers which have "good" properties like this one aren't going to sell at the moment, meaning that if there are any bargains, they will be either for really bad properties or for forced sellers. In turn, this might create a demand for good properties, increasing the amount of bidders for 1 house, thus driving up the price. Many of our friends are currently looking for a house as their jobs haven't been affected by the situation, and they are currently renting so losing money anyway. Of course, this is our logic and it may be wrong, but at the moment it's all very unclear anyways and you have to make a decision either way.

Majority of people will say no. Its whether they come back to you after a week or so when they realise other people want the same or more discount. That's what buying agents etc are reporting. 

Also, did you expect an estate agent to say different? It's his business. If you feel the house is worth it then go ahead and buy! If not, tell them to stick it.

We do want the house and feel it's perfect for us, which is why we decided to go ahead with it to be honest. The bit from the estate agent I added more to give an idea of what agents are currently saying, since everyone in our position is thirsty for any info whatsoever (as I know we are). Might be an absolute bluff, might be 100% true - that we can't know.

There was somebody the other day who's said their estate agent agreed it should be reduced. It's a tough situation and you need a crystal ball to see if you're making the right choices.

It is really tough indeed. It feel it's a much easier decision to make if you aren't renting and if you don't "love" the property you were planning to buy. If you however are losing money on rent anyways, and this property is really what you were searching for all along as it is in our case, it makes the decision even more stressful. 

markin

Buyers are demanding huge discounts up to 20% as housing market bursts back into life following coronavirus lockdown

People that read it will be more brave on asking for discounts, So it becomes true.