Chain-free cash buyer. Thinking of offering 20% lower than asking price - Too low? Or reasonable?

MobileSaver

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

jimbog said:

Yes, it does. But I wonder why that in spite of that  37% of properties still sold above the asking price?

18% sold above asking. Same as in 2016. The other percentage (19%) to get to your 37% sold at asking price. Not sure of your point with this information. It appears to me most sold at under? 

You mean most people set their initial asking price higher than what they really thought they'd get? Well who'd have thunk it?

No doubt when you come to sell you will set your asking price less than what you think it's worth?

Please explain. If you're saying that most people overvalue their properties then yes I agree. I've just bought for 10% under remember 👍. 

Yes, it's normal human nature for most people to want as much as possible for things they sell whether that be a house or a car or whatever.

You didn't answer so I'll ask again, when you come to sell will you set your asking price less than what you think it's worth?

newsgroupmonkey_

lookstraightahead said:

jimbog said:

HotPantsCruiser said:

propertyhunter said:

Or that there's no stock on the market for people to even buy? 

Looks like that could be changing?

https://www.mortgagestrategy.co.uk/news/housing-supply-starting-to-rise-propertymark/

Yes, it does. But I wonder why that in spite of that  37% of properties still sold above the asking price?

jimbog said:

HotPantsCruiser said:

propertyhunter said:

Or that there's no stock on the market for people to even buy? 

Looks like that could be changing?

https://www.mortgagestrategy.co.uk/news/housing-supply-starting-to-rise-propertymark/

Yes, it does. But I wonder why that in spite of that  37% of properties still sold above the asking price?

18% sold above asking. Same as in 2016. The other percentage (19%) to get to your 37% sold at asking price. Not sure of your point with this information. It appears to me most sold at under? 

I'm intrigued. Where does it say that? I can't find that anywhere in PropertyMark's report

https://www.propertymark.co.uk/resource/80-per-cent-increase-in-housing-stock.html

As for you keep banging on about getting yours for 10% under, the property you bought was CLEARLY overpriced. We all understand that. It's not normal, average or representative of the market.

PropertyMark say that the 37% was 3x that of last January. Now bear in mind you completed what, a couple of months ago or more? Your OFFER was probably last June/July time? So not at all representative of what's currently going on in the market!

And as we keep saying, some areas of the country (North and London) are fairly static. The South East is absolutely bonkers as people keep telling you.

Your representative sample of ONE is not at all representative of the hundreds and thousands of sales my OH is currently dealing with (and indeed PropertyMark).

Also, note, 37% of properties sold for above the asking price. I'd be unsurprised if another 37% weren't OFFERED above asking price and then re-negotiated after down-value (that's happening an awful lot in this market).

lookstraightahead

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

jimbog said:

Yes, it does. But I wonder why that in spite of that  37% of properties still sold above the asking price?

18% sold above asking. Same as in 2016. The other percentage (19%) to get to your 37% sold at asking price. Not sure of your point with this information. It appears to me most sold at under? 

You mean most people set their initial asking price higher than what they really thought they'd get? Well who'd have thunk it?

No doubt when you come to sell you will set your asking price less than what you think it's worth?

Please explain. If you're saying that most people overvalue their properties then yes I agree. I've just bought for 10% under remember 👍. 

Yes, it's normal human nature for most people to want as much as possible for things they sell whether that be a house or a car or whatever.

You didn't answer so I'll ask again, when you come to sell will you set your asking price less than what you think it's worth?

So you back up the argument that most people set a price higher than they expect, so it's naive for a buyer to expect to pay over this? I think we're on the same page, and the stats in the research  shows the majority pay less than asking price anyway. 

in answer to your question, I would market my property at what I would happily accept based on valuation with about 10% leeway to reduce through negotiation, as I don't expect my buyers to pay asking or over. Never bought, never sold, at asking price. I don't want the fuss of lenders valuing less and I find FTB and chain free buyers and sellers better and less stressful.

MobileSaver

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

Please explain. If you're saying that most people overvalue their properties then yes I agree. I've just bought for 10% under remember 👍. 

Yes, it's normal human nature for most people to want as much as possible for things they sell whether that be a house or a car or whatever.

You didn't answer so I'll ask again, when you come to sell will you set your asking price less than what you think it's worth?

So you back up the argument that most people set a price higher than they expect, so it's naive for a buyer to expect to pay over this?

I'm not sure how you come to that conclusion?

We live in a market economy, prices are set by supply and demand. If for whatever reason (such as limited supply right now in many areas) there is more demand than supply then prices will be higher. If a buyer wants a particular property then it's pragmatic (not naive) to pay over the asking price if that's what needed. The same as with any run of the mill auction, you only need one other person to want the identical item as you and the price will go up and up and up...

lookstraightahead said:

I would market my property at what I would happily accept based on valuation with about 10% leeway to reduce through negotiation

So you are exactly the same as most people and would set the asking price higher than what you will actually accept; which is why it is absolutely no surprise whatsoever that most properties sell for less than asking!

HotPantsCruiser

lookstraightahead said:

jimbog said:

HotPantsCruiser said:

propertyhunter said:

Or that there's no stock on the market for people to even buy? 

Looks like that could be changing?

https://www.mortgagestrategy.co.uk/news/housing-supply-starting-to-rise-propertymark/

Yes, it does. But I wonder why that in spite of that  37% of properties still sold above the asking price?

jimbog said:

HotPantsCruiser said:

propertyhunter said:

Or that there's no stock on the market for people to even buy? 

Looks like that could be changing?

https://www.mortgagestrategy.co.uk/news/housing-supply-starting-to-rise-propertymark/

Yes, it does. But I wonder why that in spite of that  37% of properties still sold above the asking price?

18% sold above asking. Same as in 2016. The other percentage (19%) to get to your 37% sold at asking price. Not sure of your point with this information. It appears to me most sold at under? 

Yes it appeared to me that most sold at under asking price.

MobileSaver

newsgroupmonkey_ said:

Also, note, 37% of properties sold for above the asking price. I'd be unsurprised if another 37% weren't OFFERED above asking price and then re-negotiated after down-value (that's happening an awful lot in this market).

Probably true although fundamentally the "asking price" is, of course, pretty much an irrelevance in the grand scheme of things and the only thing of any significance is the actual sold price.

jimbog

HotPantsCruiser said:

lookstraightahead said:

jimbog said:

HotPantsCruiser said:

propertyhunter said:

Or that there's no stock on the market for people to even buy? 

Looks like that could be changing?

https://www.mortgagestrategy.co.uk/news/housing-supply-starting-to-rise-propertymark/

Yes, it does. But I wonder why that in spite of that  37% of properties still sold above the asking price?

jimbog said:

HotPantsCruiser said:

propertyhunter said:

Or that there's no stock on the market for people to even buy? 

Looks like that could be changing?

https://www.mortgagestrategy.co.uk/news/housing-supply-starting-to-rise-propertymark/

Yes, it does. But I wonder why that in spite of that  37% of properties still sold above the asking price?

18% sold above asking. Same as in 2016. The other percentage (19%) to get to your 37% sold at asking price. Not sure of your point with this information. It appears to me most sold at under? 

Yes it appeared to me that most sold at under asking price.

Not sure how you came to that conclusion. The article says that 37% sold over the asking price. It doesn't say how many sold at the asking price nor how many below it

HotPantsCruiser

jimbog said:

HotPantsCruiser said:

lookstraightahead said:

jimbog said:

HotPantsCruiser said:

propertyhunter said:

Or that there's no stock on the market for people to even buy? 

Looks like that could be changing?

https://www.mortgagestrategy.co.uk/news/housing-supply-starting-to-rise-propertymark/

Yes, it does. But I wonder why that in spite of that  37% of properties still sold above the asking price?

jimbog said:

HotPantsCruiser said:

propertyhunter said:

Or that there's no stock on the market for people to even buy? 

Looks like that could be changing?

https://www.mortgagestrategy.co.uk/news/housing-supply-starting-to-rise-propertymark/

Yes, it does. But I wonder why that in spite of that  37% of properties still sold above the asking price?

18% sold above asking. Same as in 2016. The other percentage (19%) to get to your 37% sold at asking price. Not sure of your point with this information. It appears to me most sold at under? 

Yes it appeared to me that most sold at under asking price.

Not sure how you came to that conclusion. The article says that 37% sold over the asking price. It doesn't say how many sold at the asking price nor how many below it

Maybe they mean that most didn`t sell for over the asking price?