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Scotland and "Offers Over" Prices

irvine
irvine Posts: 33 Forumite
in House buying, renting & selling
Does anyone know what percentage "above" estate agents are now looking for when they are advertising a property at "offers over £xxx k". Last year they were talking roughly 20% over the asking price but with the way things are now i'm thinking that it will no longer be as much as this. Advice would be appreciated as I am going to view a property and would like to have a rough idea about the "proper" price expected.
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Comments

  • tillybilly_2
    tillybilly_2 Posts: 187 Forumite
    hi there ,we have just sold our house and mu estate agent said it was now more like 10-15% over. We sold ours for 272 and it was on the market at oo 245. hope this helps!
    It's BOUGHT not bRought :p
  • beecher
    beecher Posts: 2,497 Forumite
    Depends on where you are, and who the Estate Agent is. Slater Hogg have always tended to have a higher offers over figure, and so the % over tends to be lower.

    I've got propertybee installed and am keeping an eye on a few areas to see what they go to fixed price at. In Ayr it seems to be about 5-10% at the moment, but in the South Side some are still fixing at 30% over! They do tend to come down a bit after they haven't sold though....

    You could ask your solicitor if they're based in the area you're going to buy in - they usually have a better idea of things through talking to their valuers.
  • irvine
    irvine Posts: 33 Forumite
    Thanks for the replies guys. Beecher - can i just ask - what is a propertybee?
  • gillbee
    gillbee Posts: 241 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Popular areas of Glasgow are still going 20-30% over the offers over. Not sure where this is in comparison to property value. Like a few of the previous posters mentioned - it's all area specific. Estate agents and viewing the sold prices in the area online are probably your best indicators.

    I've been keeping an eye on things as we'd like to move on next year. Properties are staying on the market longer that they were so there may be more room for negotiation on price.
  • beecher
    beecher Posts: 2,497 Forumite
    irvine wrote: »
    Thanks for the replies guys. Beecher - can i just ask - what is a propertybee?

    an add on for firefox - it allows you to track changes in prices so you can see when a property goes to fixed price/closing date etc. It works with rightmove. Interesting watching houses go from offers over, to fixed price, and back to offers over again!


    http://www.property-tools.co.uk/
  • mitchaa
    mitchaa Posts: 4,487 Forumite
    irvine wrote: »
    Does anyone know what percentage "above" estate agents are now looking for when they are advertising a property at "offers over £xxx k". Last year they were talking roughly 20% over the asking price but with the way things are now i'm thinking that it will no longer be as much as this. Advice would be appreciated as I am going to view a property and would like to have a rough idea about the "proper" price expected.

    Not at all, house over the road from me was on OO £300,000 about a month ago now. Sold a week later for £410k

    That's an OO bid of around 36.5%

    Aberdeen though.

    Wouldn't waste my time with an OO bid of 10%. What's the point in waiting a few weeks on a decision that is very likely to get beaten by a better offer. It all depends on how long the house has been on the market and if there are any other interested parties i suppose. I wouldn't waste my effort with a 10% bid on a newly advertised property. 15-20% to stand a ''decent'' chance. Even in todays stagnating market.
  • zappahey
    zappahey Posts: 2,254 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Our local paper (Inverclyde) suddenly has a rash of fixed price listings. There seems to have been a bit of a sea-change over the last two weeks.
    What goes around - comes around
  • Pipistrel
    Pipistrel Posts: 8 Forumite
    Does going fixed price really work though? Our property is on at O/O 215k and last Oct when we had it remortgaged the surveyor reckoned it would go for 250k - 260k. Estate agency is on to us to Fix at 240k (yes really) but i'm not really sure its gonna work. Guess it brings it under the stamp duty.

    To answer the original question i think it depends on area and desirability of the property. We paid 20% over for our new place, but it had a lot of other bids and is the type rarely available (room for horses). Pretty sure we paid far more than the nearest bidder but we didnt want to let it go and wait another 1-2yrs for a similar prop. Not too worried either as we're unlikely to ever move.
  • CelticGhirl
    CelticGhirl Posts: 136 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    beecher wrote: »
    an add on for firefox - it allows you to track changes in prices so you can see when a property goes to fixed price/closing date etc. It works with rightmove. Interesting watching houses go from offers over, to fixed price, and back to offers over again!


    http://www.property-tools.co.uk/

    Is there a version of this for internet explorer?
  • BobProperty
    BobProperty Posts: 3,245 Forumite
    1,000 Posts Combo Breaker
    CelticGhirl wrote: »
    Is there a version of this for internet explorer?
    No, the "add ons" are "add ons" to Mozilla only. See: https://addons.mozilla.org/en-US/firefox/
    A house isn't a home without a cat.
    Those are my principles. If you don't like them, I have others.
    I have writer's block - I can't begin to tell you about it.
    You told me again you preferred handsome men but for me you would make an exception.
    It's a recession when your neighbour loses his job; it's a depression when you lose yours.
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