What to offer when its 'in the region of?'

Welshspacechick

Viewing a house today that I really like the look of. Its priced at in the region of 167k. Houses on the same street have sold in the last 18 months ranging from 130-155k but I know prices have skyrocketed in the last 6 months. Apparently there an offer on the table already so I'd need to decide quick but of course the EA cant tell me what -why are we supposed to gues? that is so annoying!

I assume in the current market offers under are not worth entertaining so where would you start?

theartfullodger

You offer whatever you wish, £4, £140k or £300k.

I offered way under or an "offers over" property, was bluntly and rudely rejected, then reofferred a week later the same price and was accepted.

Yes I did mean 4 pounds 

user1977

Exactly the same as you would if the words "in the region of" weren't there.

TripleH

We've just completed on a house listed as "offers over".

We offered £10,000 below that price. But we were chain free.

lookstraightahead

We offered 10% under and were accepted at about 9% under, but we were chain free as well.
your situation is equally as important as what to offer (except for those vendors who are only interested in pound signs) 

theoretica

There will be a price where if you offer and are refused you will be relieved - try not to offer as much as that!  There will be a price where if someone else's offer is accepted you will be disappointed as you would happily have  paid considerably more.  Personally I wouldn't play offer games down there unless I felt there was little if any competition for the property.

TheJP

I can offer an opinion from the other side, I marketed my house a year ago with offers in the region off. My rationale was that i felt the house was worth £x but in order to make the sale happen i could accept an offer of £y but with a bonus that someone would really like the house and offer £z.

We had 2 offers over our price but only by £500. I would go in slightly lower but not too much as you want the seller to feel like they need to accept in case another offer doesn't come in. 

getmore4less

Use a wider comparison and see what is selling around that price point

The for sale/SSTC numbers can be a great guide

With RM and the sold data you can often pull up the original listing to see if properties went over/under asking.

[Deleted User]

Ignore "we have an offer on the table", they will say that even if it's not true.

Offer what you think it's worth and what you are willing to pay, no more. If you don't get it, you don't get it.

If you offer too much you might find yourself financially stretched or even in negative equity down the line. With the recent NI hike and budget your income is likely to be squeezed and prices are rising fast.