What to offer?

Natsplus

Hi,
I've viewed a property that I like. It hasn't sold since July 2019, I would like to know how low can I go with an offer without being too cheeky?
Thanks in advance 

Sibbers123

On the basis of information you have provided I am going to say £252,645

Natsplus

I meant percentage wise 🤣

Sibbers123 said:

On the basis of information you have provided I am going to say £252,645

Wkmg

Natsplus said:

I meant percentage wise 🤣

Sibbers123 said:

On the basis of information you have provided I am going to say £252,645

In that case x%.

OldMusicGuy

It depends on how proceedable you are, how much you want the house, and what the situation of the sellers is. Houses that have been hanging around for a long time often mean the sellers aren't desperate to sell.

However, most houses sell for 3% to 5% less than asking. As someone who sold last year, I viewed anything within 5% of asking as a serious offer. Over that you would be in "cheeky" territory for me. However, the people on here who believe a big crash is coming will tell you to offer anything from 10 to 20% less than asking. 

RelievedSheff

How is the property priced in relation to similar comparable properties in the area?

blue_max_3

You can be as cheeky as you like to an estate agent. They may advise that your offer is unlikely to be accepted, but its up to you to be influenced by them. Better the agent/owner gets an offer, even if low. They may be ready to move at any cost (maybe stuck together waiting to get divorced for example).

Scotbot

The key thing, which you don't know, is the financial  situation of the seller. The more they need to sell the more likely they are to consider a low offer. The fact it has been on since July 19 suggests it is either overpriced or the sellers are not that motivated to sell or both. I  would start at 10% below expecting it to be rejected outright then you can go back in at whatever you ar e prepared to pay.

ciderboy2009

It might help if you give an idea of location - prices are still going up in some areas.

Also, has it stayed at the same price since July 19 or gone up/down?

blue_max_3

Scotbot said:

The key thing, which you don't know, is the financial  situation of the seller. The more they need to sell the more likely they are to consider a low offer. The fact it has been on since July 19 suggests it is either overpriced or the sellers are not that motivated to sell or both. I  would start at 10% below expecting it to be rejected outright then you can go back in at whatever you ar e prepared to pay.

Or they'll offer a counter offer. That's what we did. Though the offer was about 8% and we countered at 5%.

getmore4less

on right move there is a link on properties to more properties like this.
Use that and include SSTC properties and do the analysis of what is selling.
Followup with the sold prices around the area and try to find the advertised price from the links.
From that data you can build up a picture of values and see where the unsold one fits and pitch based on that.