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How much below asking price is realistic now?
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Which is why I suggested that the OP start there and work up.:rolleyes:Why not start at £1 then? Ridiculous.
The OP asked for asking prices which are realistic NOW. 30% is based on an assumption that prices may drop by SOME point in the future by 30% or so. That point is not NOW, and you must be sensible enough :rolleyes: to realise that the vast majority of sellers will NOT drop their price by that much!
Seems to be a lot of people on here caught between that denial and anger stage....Illegitimi non carborundum.0 -
We just offered 8% below asking price. It was refused and we were told the seller is looking for the guide price. Just heard our neighbour has sold his rental property. Was valued last April for £185K. He put it on the market in January 08 for £150K and has just accepted an offer of £135K (having rejected two different offers of £112K and £120K). Just shows, no 'rule of thumb' just depends on the sellers' position and need to sell.0
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Take this advice if you DON'T actually want the house.:rolleyes:
I absolutely agree!!!
We are going to put our house up for sale at 200k. That means you (dolcevita) would seriously put an offer in for 150k, get real, unless you are absolutely desperate and could also afford to lose 50k, no-one in their right mind would accept that!!
People cannot afford to lose 50k, you still have to buy somewhere else to live!
:mad: :A
I know what I am talking about.........it's just that nobody else does!0 -
So you paid £200k for the house then?panichousebuyer wrote: »
People cannot afford to lose 50k, you still have to buy somewhere else to live! Illegitimi non carborundum.0 -
I know this because our house is worth above this figure but we know we have to accept £250k because of SD.
In which case it's not worth more than £250k, because of the SD issue....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Utter rubbish. Would you pay an extra 6K in stamp duty for a house?? No-one would! If Stamp duty wasn't there at 250K then it would sell for more. Indeed the first buyer offered an extra 5K for F&F on top of the £250K.
\If wishes were horses, then beggars would ride....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
I bought in 2002 and went for a 7% reduction at the time and the offer was accepted
In a rising market...Why not start at £1 then? Ridiculous.
The OP asked for asking prices which are realistic NOW. 30% is based on an assumption that prices may drop by SOME point in the future by 30% or so. That point is not NOW, and you must be sensible enough :rolleyes: to realise that the vast majority of sellers will NOT drop their price by that much!... To say you should start at 30% below asking price is nonsense, unless there is a legitimate reason in the vendor's eyes (serious structural problems, major household crisis requiring a quick sale etc.)
The point is that in a falling market, you have no reason to over pay, and every reason to look for the property you can get at 70-75% of asking. That won't be every property, but if you find a case where the vendor is sufficiently motivated, you may be lucky.
And if not, it's probably smarter to wait just now. Maybe prices won't fall 30%. But there is currently a perception that they might, vendors are nervous, and also it is extremely unlikely that prices will shoot up if you wait. So if you are going to look at buying in the current market, I think the 70-75% advice is fair enough. You might not get a deal, but if you don't time is on your side for a change.
It's called a buyers' market...0 -
panichousebuyer wrote: »I absolutely agree!!!
We are going to put our house up for sale at 200k. That means you (dolcevita) would seriously put an offer in for 150k, get real, unless you are absolutely desperate and could also afford to lose 50k, no-one in their right mind would accept that!!
People cannot afford to lose 50k, you still have to buy somewhere else to live!
I wouldn't worry, you should get a quick sale if average salaries in your area are over £60,000. Do you live in Belgravia by any chance?
:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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panichousebuyer wrote: »I absolutely agree!!!
People cannot afford to lose 50k, you still have to buy somewhere else to live!
Ah but the beauty of it is, other properties will also be falling by a similar amount. So you haven't lost a penny of your imaginary wealth if you are looking to move.
In the short term the only deals will be done between people who can accept that the market has changed and adapt. A lot of vendors will sit there whining that there house is 'worth' £xxx,000, and fail to notice that their purchasing power hasn't fallen at all. In the long run these vendors will be forced to accept the market has changed, and that's the point at which the volume of sales will recover.
It took about eight years last time.0 -
panichousebuyer wrote: »We are going to put our house up for sale at 200k. That means you (dolcevita) would seriously put an offer in for 150k, get real, unless you are absolutely desperate and could also afford to lose 50k, no-one in their right mind would accept that!!
And if you get 10 offers of £150k, and not one a penny higher, do you hold out for a decade?...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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