How soon would you accept a 95% asking price offer in current market?

YoungBlueEyes

I think how much the house is worth is irrelevant, more important is how long it's been on the market. 

If it's been languishing since last autumn I'd bite your hand off. If it went on yesterday and you were the first viewer and offered immediately I'd let any other viewings happen and see what transpired from them. It's Spring now, it's all picking up again. It would also depend what kinda financial shape you're in - a FTB with a small deposit would be less attractive than someone who's got a bit of experience and a chunky deposit.

jimbog

If I had priced it 5% over then I would accept it right away 

knightstyle

What does the agent say?   I have just arranged the sale of a property for a charity, asked £140k, 3 offers in three weeks, two at £110 and one at £120 went back to the £120 and agreed at £125.  Now waiting for searches.

Hoenir

Myci85 said:

A purely speculative question, if you are selling your house, how soon after it went on the market would you consider an offer 5% below asking price?

People tend to think in £'s not %'s. You cannot spend %'s. 

[Deleted User]

SilverSix said:

Probably not within the first fortnight, particularly if there has been moderate interest and viewings.

I was offered -10% 3 days after going to market by a chancer...

I offered -11% in 2016 and agreed at -5%. Sometimes investors will chance a low offer, for others it's just an opening offer. I am about to sell now and we will see it from the other side. Asking price is +65%.

MacPingu1986

Myci85 said:

So I'm the buyer in this situation, trying to find the balance between not offering more than I think a property is worth, but also not wanting to miss out on it. It seems a harder line to toe when a property is newly listed. 

Ultimately it's all a negotiation, and different buyers and sellers are in differing positions of strength depending on their situations, how unique is the property, how competitive is the current price, do the sellers want to sell quickly, or can they wait (and ditto for you as buyer), did they already price in a 5% decrease?

Also of course everyone has a different perception of "worth" - if you really don't want to miss out on the property then its worth more to you than a comparative buyer who things it's pretty average and isn't fussed if they miss it...

I wouldn't let the time on the market affect your choice of what offers you put it - it's worth to you what it's worth to you and offers in the 5-10% below range will rarely be "insultingly" unreasonable. Make your offer, if the seller wants the asking price and it stays on the market, they always have your number for the future to get in touch if it's not shifting.

Myci85

MacPingu1986 said:

Myci85 said:

So I'm the buyer in this situation, trying to find the balance between not offering more than I think a property is worth, but also not wanting to miss out on it. It seems a harder line to toe when a property is newly listed. 

Ultimately it's all a negotiation, and different buyers and sellers are in differing positions of strength depending on their situations, how unique is the property, how competitive is the current price, do the sellers want to sell quickly, or can they wait (and ditto for you as buyer), did they already price in a 5% decrease?

Also of course everyone has a different perception of "worth" - if you really don't want to miss out on the property then its worth more to you than a comparative buyer who things it's pretty average and isn't fussed if they miss it...

I wouldn't let the time on the market affect your choice of what offers you put it - it's worth to you what it's worth to you and offers in the 5-10% below range will rarely be "insultingly" unreasonable. Make your offer, if the seller wants the asking price and it stays on the market, they always have your number for the future to get in touch if it's not shifting.

Yes your point of what it's worth to us is very relevant, having viewed everything already on the market that falls into our criteria and feeling that each one was a bit too much of a compromise, this is the first house that's come on the market that we've both felt immediately excited about after losing out on one we loved. So certainly don't want to miss out on it. 

Myci85

YoungBlueEyes said:

I think how much the house is worth is irrelevant, more important is how long it's been on the market. 

If it's been languishing since last autumn I'd bite your hand off. If it went on yesterday and you were the first viewer and offered immediately I'd let any other viewings happen and see what transpired from them. It's Spring now, it's all picking up again. It would also depend what kinda financial shape you're in - a FTB with a small deposit would be less attractive than someone who's got a bit of experience and a chunky deposit.

Interesting you say that, we are indeed FTB with a relatively small deposit, and being FTB with no property to sell has so far been seen to be a massive plus point to all the agents we've spoken to. What would put you off a FTB? 

bobster2

Myci85 said:

YoungBlueEyes said:

I think how much the house is worth is irrelevant, more important is how long it's been on the market. 

If it's been languishing since last autumn I'd bite your hand off. If it went on yesterday and you were the first viewer and offered immediately I'd let any other viewings happen and see what transpired from them. It's Spring now, it's all picking up again. It would also depend what kinda financial shape you're in - a FTB with a small deposit would be less attractive than someone who's got a bit of experience and a chunky deposit.

Interesting you say that, we are indeed FTB with a relatively small deposit, and being FTB with no property to sell has so far been seen to be a massive plus point to all the agents we've spoken to. What would put you off a FTB? 

Various things...

- Things may be on the edge of affordability for them with a small deposit. Small changes in the market / mortgage rates can mean they need to pull out.

- FTBs sometimes freak out and panic over the standard stuff that turns up in surveys (e.g. maintenance issues). Partly because they are used to renting (where the landlord) is responsible for maintenance etc.

YoungBlueEyes

bobster2 said:

Myci85 said:

YoungBlueEyes said:

I think how much the house is worth is irrelevant, more important is how long it's been on the market. 

If it's been languishing since last autumn I'd bite your hand off. If it went on yesterday and you were the first viewer and offered immediately I'd let any other viewings happen and see what transpired from them. It's Spring now, it's all picking up again. It would also depend what kinda financial shape you're in - a FTB with a small deposit would be less attractive than someone who's got a bit of experience and a chunky deposit.

Interesting you say that, we are indeed FTB with a relatively small deposit, and being FTB with no property to sell has so far been seen to be a massive plus point to all the agents we've spoken to. What would put you off a FTB? 

Various things...

- Things may be on the edge of affordability for them with a small deposit. Small changes in the market / mortgage rates can mean they need to pull out.

- FTBs sometimes freak out and panic over the standard stuff that turns up in surveys (e.g. maintenance issues). Partly because they are used to renting (where the landlord) is responsible for maintenance etc.

^^^ This. I'm not saying I'd never sell to a FTB, but if I had a bunch of offers from various viewers I'd think of the FTB's offer less favourably because of the reasons bobster's said. In your favour would be chain free though, that's a big plus imo.