What’s an acceptable offer in the current market?

GDB2222

I offered 12.5% under asking about 4 months ago. That offer was not taken seriously.

Fast forward to now, and the asking price has come down 5%, and the agent has contacted me to ask me whether I would like to go ahead with my previous offer. 

Sarah1Mitty2

GDB2222 said:

I offered 12.5% under asking about 4 months ago. That offer was not taken seriously.

Fast forward to now, and the asking price has come down 5%, and the agent has contacted me to ask me whether I would like to go ahead with my previous offer. 

Are you going to lower your original offer, it has become more obvious in those four months that rates are going higher for longer?

kjs31

I probably should change the title to ‘what’s an acceptable starting offer in the current market’. I’m thinking of an starting offer of 890k (against a selling price of 925k) and hoping to get it closer to 900k than 925k but whilst I would be prepared to pay the asking price of 925k I won’t go over that as I will have maxed out what I’m prepared to pay for it at that price. 

GDB2222

Our circumstances have changed, and I am not sure what we will do.

There are twice as many properties on the market in our area as there were four months ago.  Some are selling, but many others are not.

CSI_Yorkshire

kjs31 said:

I probably should change the title to ‘what’s an acceptable starting offer in the current market’. I’m thinking of an starting offer of 890k (against a selling price of 925k) and hoping to get it closer to 900k than 925k but whilst I would be prepared to pay the asking price of 925k I won’t go over that as I will have maxed out what I’m prepared to pay for it at that price. 

I don't think the seller should be shocked by that plan.

Martico

Trouble is, we don't know where in the range of priced-for-a-quick-sale to wildy-optimistic the initial valuation sits. So it's up to you to assess, armed with the knowledge you have on the area and its properties, as well as anything you can glean about the seller. 

Sarah1Mitty2

GDB2222 said:

Our circumstances have changed, and I am not sure what we will do.

There are twice as many properties on the market in our area as there were four months ago.  Some are selling, but many others are not.

Big jump in supply is going to let you call the shots with desperate sellers, very helpful development for buyers.

CSI_Yorkshire

Sarah1Mitty2 said:

GDB2222 said:

Our circumstances have changed, and I am not sure what we will do.

There are twice as many properties on the market in our area as there were four months ago.  Some are selling, but many others are not.

Big jump in supply is going to let you call the shots with desperate sellers, very helpful development for buyers.

Haven't you just denied on another thread ever saying there will be desperate sellers?

Sarah1Mitty2

CSI_Yorkshire said:

Sarah1Mitty2 said:

GDB2222 said:

Our circumstances have changed, and I am not sure what we will do.

There are twice as many properties on the market in our area as there were four months ago.  Some are selling, but many others are not.

Big jump in supply is going to let you call the shots with desperate sellers, very helpful development for buyers.

Haven't you just denied on another thread ever saying there will be desperate sellers?

 There are always desperate sellers for one reason or another, likely to be a lot more now that people can`t bid so much for property. How much is an acceptable offer in the current market in your opinion to a seller obviously desperate to sell? 

CSI_Yorkshire

Sarah1Mitty2 said:

CSI_Yorkshire said:

Sarah1Mitty2 said:

GDB2222 said:

Our circumstances have changed, and I am not sure what we will do.

There are twice as many properties on the market in our area as there were four months ago.  Some are selling, but many others are not.

Big jump in supply is going to let you call the shots with desperate sellers, very helpful development for buyers.

Haven't you just denied on another thread ever saying there will be desperate sellers?

 There are always desperate sellers for one reason or another, likely to be a lot more now that people can`t bid so much for property. How much is an acceptable offer in the current market in your opinion to a seller obviously desperate to sell? 

Somewhere between £1 and £50m.  That would depend on the property.

I'm not looking to buy right now anyway, I don't need another house.