Offer under asking price

MobileSaver

Sarah1Mitty2 said:

mi-key said:

Sarah1Mitty2 said:

mi-key said:

Readyto said:

Last year I offered 100k below asking price and sadly I lost on that house  

I wonder why Well unless you are talking about something in the millions !

Last year is a very different market, PropertyLog is full of 100k reductions, and not on million pound houses either, most people don`t know how to price correctly in my opinion.

Once again missing the point that there is a big difference between a seller deciding to reduce a £500K house by £100K then accepting an offer for £400K, and a seller listing a house for £400K in the first place - they aren't going to accept an offer of £100K off that 

You can`t predict what individuals will do, people accept what they are offered eventually if they absolutely have to sell for whatever reason.

Of course and I've mentioned before that I unwittingly benefited from that and got the house I'm in now at 40% under initial asking but I was just incredibly lucky; the vast majority of sellers do not "absolutely have to sell".

Back in the real world a friend of mine has just this week completed at full asking price on a house that was valued and went on the market almost a year ago - so there's no "very different market" in their case.

Although in the interests of balance, another friend who tried kite-flying last summer and then dropped the price by £300k has still not had a single offer as far as I know so there may be a lesson to be learned there...

mi-key

Of course and I've mentioned before that I unwittingly benefited from that and got the house I'm in now at 40% under initial asking but I was just incredibly lucky; the vast majority of sellers do not "absolutely have to sell".

Back in the real world a friend of mine has just this week completed at full asking price on a house that was valued and went on the market almost a year ago - so there's no "very different market" in their case.

Although in the interests of balance, another friend who tried kite-flying last summer and then dropped the price by £300k has still not had a single offer as far as I know so there may be a lesson to be learned there...

How much is the house on for? That is quite some drop !

MobileSaver

mi-key said:

Of course and I've mentioned before that I unwittingly benefited from that and got the house I'm in now at 40% under initial asking but I was just incredibly lucky; the vast majority of sellers do not "absolutely have to sell".

Back in the real world a friend of mine has just this week completed at full asking price on a house that was valued and went on the market almost a year ago - so there's no "very different market" in their case.

Although in the interests of balance, another friend who tried kite-flying last summer and then dropped the price by £300k has still not had a single offer as far as I know so there may be a lesson to be learned there...

How much is the house on for? That is quite some drop !

It was originally on the market for £950k...

However I have to admit that I hadn't looked too closely at the listing since the price drop and it's only now I've realised the headline price reduction isn't quite as dramatic as it seems; originally the listing weirdly included an additional piece of commercial land but that's now been removed. The land is not remotely worth £300k but obviously has some value, maybe £100k or £150k absolute tops.

mi-key

MobileSaver said:

mi-key said:

Of course and I've mentioned before that I unwittingly benefited from that and got the house I'm in now at 40% under initial asking but I was just incredibly lucky; the vast majority of sellers do not "absolutely have to sell".

Back in the real world a friend of mine has just this week completed at full asking price on a house that was valued and went on the market almost a year ago - so there's no "very different market" in their case.

Although in the interests of balance, another friend who tried kite-flying last summer and then dropped the price by £300k has still not had a single offer as far as I know so there may be a lesson to be learned there...

How much is the house on for? That is quite some drop !

It was originally on the market for £950k...

However I have to admit that I hadn't looked too closely at the listing since the price drop and it's only now I've realised the headline price reduction isn't quite as dramatic as it seems; originally the listing weirdly included an additional piece of commercial land but that's now been removed. The land is not remotely worth £300k but obviously has some value, maybe £100k or £150k absolute tops.

Was the commerical land connected to the property? Maybe the two together accounts for the initial price. 

MobileSaver

mi-key said:

MobileSaver said:

mi-key said:

Of course and I've mentioned before that I unwittingly benefited from that and got the house I'm in now at 40% under initial asking but I was just incredibly lucky; the vast majority of sellers do not "absolutely have to sell".

Back in the real world a friend of mine has just this week completed at full asking price on a house that was valued and went on the market almost a year ago - so there's no "very different market" in their case.

Although in the interests of balance, another friend who tried kite-flying last summer and then dropped the price by £300k has still not had a single offer as far as I know so there may be a lesson to be learned there...

How much is the house on for? That is quite some drop !

It was originally on the market for £950k...

However I have to admit that I hadn't looked too closely at the listing since the price drop and it's only now I've realised the headline price reduction isn't quite as dramatic as it seems; originally the listing weirdly included an additional piece of commercial land but that's now been removed. The land is not remotely worth £300k but obviously has some value, maybe £100k or £150k absolute tops.

Was the commercial land connected to the property?

No, the commercial land is further down and on the other side of the road, maybe 1/4 mile away and there's someone else's land  between the two plots.

As I say, to me it was weird that it was ever included as I can't even begin to imagine what 99.9% of potential buyers would use it for? If it was next door to the house then, as you suggested, the whole may be worth more than the two parts but in this case, even if the land in-between was acquired as well, the public road in the middle means it's impossible to join the two.

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

mi-key said:

Sarah1Mitty2 said:

mi-key said:

Readyto said:

Last year I offered 100k below asking price and sadly I lost on that house  

I wonder why Well unless you are talking about something in the millions !

Last year is a very different market, PropertyLog is full of 100k reductions, and not on million pound houses either, most people don`t know how to price correctly in my opinion.

Once again missing the point that there is a big difference between a seller deciding to reduce a £500K house by £100K then accepting an offer for £400K, and a seller listing a house for £400K in the first place - they aren't going to accept an offer of £100K off that 

You can`t predict what individuals will do, people accept what they are offered eventually if they absolutely have to sell for whatever reason.

Of course and I've mentioned before that I unwittingly benefited from that and got the house I'm in now at 40% under initial asking but I was just incredibly lucky; the vast majority of sellers do not "absolutely have to sell".

Back in the real world a friend of mine has just this week completed at full asking price on a house that was valued and went on the market almost a year ago - so there's no "very different market" in their case.

Although in the interests of balance, another friend who tried kite-flying last summer and then dropped the price by £300k has still not had a single offer as far as I know so there may be a lesson to be learned there...

And the vast majority of buyers do not "absolutely have to buy", no one viewing property is homeless, however buyers who do not buy and sellers who do not sell are not part of the market, the "market" is sold property and sold prices! Is the OP returning to the thread do you think, or has another thread run it`s course?

RelievedSheff

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

mi-key said:

Sarah1Mitty2 said:

mi-key said:

Readyto said:

Last year I offered 100k below asking price and sadly I lost on that house  

I wonder why Well unless you are talking about something in the millions !

Last year is a very different market, PropertyLog is full of 100k reductions, and not on million pound houses either, most people don`t know how to price correctly in my opinion.

Once again missing the point that there is a big difference between a seller deciding to reduce a £500K house by £100K then accepting an offer for £400K, and a seller listing a house for £400K in the first place - they aren't going to accept an offer of £100K off that 

You can`t predict what individuals will do, people accept what they are offered eventually if they absolutely have to sell for whatever reason.

Of course and I've mentioned before that I unwittingly benefited from that and got the house I'm in now at 40% under initial asking but I was just incredibly lucky; the vast majority of sellers do not "absolutely have to sell".

Back in the real world a friend of mine has just this week completed at full asking price on a house that was valued and went on the market almost a year ago - so there's no "very different market" in their case.

Although in the interests of balance, another friend who tried kite-flying last summer and then dropped the price by £300k has still not had a single offer as far as I know so there may be a lesson to be learned there...

And the vast majority of buyers do not "absolutely have to buy", no one viewing property is homeless, however buyers who do not buy and sellers who do not sell are not part of the market, the "market" is sold property and sold prices! Is the OP returning to the thread do you think, or has another thread run it`s course?

Definitely run its course. Time to put it to bed.

But you won't let that happen of course.

linda.b_4

Hi.  Not much to report as viewing on other property isn’t until Wednesday.
that one is a 4 bed detached on at 245k.  Will update on how it goes and whether it’s worth offering on.  Thanks.

TonyTeacake

Sarah1Mitty2 said:

mi-key said:

Readyto said:

Last year I offered 100k below asking price and sadly I lost on that house  

I wonder why Well unless you are talking about something in the millions !

Last year is a very different market, PropertyLog is full of 100k reductions, and not on million pound houses either, most people don`t know how to price correctly in my opinion.

I totally agree we are in a totally different market now but unfortunately, there are many sellers who still think they can achieve last year's prices. Some of the commentators on MSE have said you can get a mortgage rate of under 4%, but fail to mention you will only get this rate with a 33% deposit, this means most FTB are priced out of the market and payments on mortgages in the last 12 months have gone up by 1/3. 

Sarah1Mitty2

linda.b_4 said:

Hi.  Not much to report as viewing on other property isn’t until Wednesday.
that one is a 4 bed detached on at 245k.  Will update on how it goes and whether it’s worth offering on.  Thanks.

Wow, that sounds cheap, has it been reduced?