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However, it also depends whether you're buying for cash and how long you intend to stay there, or indeed, on the planet.lookstraightahead wrote: »Be careful with the 'what it's worth to you' as people's emotions are tied up in this and really it's worth what the valuation comes back as.
I might nowadays pay over the odds for a property with some unique selling point I had an emotional affinity with. This happens so rarely that it would be worth it from my POV.
If someone can afford it, why not?0 -
I'm assuming you are not buying in Scotland, where they expect offers above the asking price!0
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fatboyslick wrote: »I’m sure it varies and depends on factors, but what is a polite % to knock off an asking price? Is it 5%? 10%?
What should I look out for in order to justify knocking the price down
I was a first time buyer and my house was on the market for £425k. My first offer was £400k and after 2 more increases I was pushed over ask and ended up getting an offer accepted at £430,500. Don't forget, you can increase your offer if needed but coming down doesn't do much for the vendor!
I am glad I offered considerably less than the ask figure initially as it gave me room to come up in the negotiation.0 -
initial and quick offer was 15%, it didn`t help that I was the first viewer. A genuine cash buyer. Refused, as expected. I went up late afternoon, in 2 hops and ended up 6% less than asking, which was actially less than I was initially wanting it for. Good result for both of us, no chain, only vendor and me and both of us are commited.0
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Crashy_Time wrote: »Market is massively different now though, many people are going to have to take what they can get if they ever want to move.
You obviously don't live where I live then
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However, it also depends whether you're buying for cash and how long you intend to stay there, or indeed, on the planet.
I might nowadays pay over the odds for a property with some unique selling point I had an emotional affinity with. This happens so rarely that it would be worth it from my POV.
If someone can afford it, why not?
I would tend to this viewpoint - because I'm now anticipating a "shorter stay on the planet" as Dave put it:rotfl: (being in my 60's) and wouldnt want to move again if I could help it.
So what I offered would boil down to whether:
- I couldnt really afford what I wanted and was being optimistic as to whether I might manage to get it for less than what I had figured out was a fair price (which may or may not match the asking price). Part of that would mean ruling out any house for sure that I'd have to knock more than 10% off or I literally couldnt manage it
- Or I could afford what I wanted and it was down to whether I was prepared to be "ripped off" if need be to get a house I particularly wanted. To me that would mean a house in a very restricted area of a city AND a pretty particular style AND I wouldn't have to do much to it (ie it was modern enough in the first place and the kitchen and bathroom were already my taste - not hard, as my standard is pretty much guaranteed to range somewhere between 5 years ago and 10 years in the future and is pretty "standard" taste).
For a "once in a lifetime" house/location combination I would pay whatever it took - IF I had the money (and that's the big "if":cool:). It would be one of the rare occasions in my life where I "got competitive" to make sure and certain I was the one that got whatever-it-is.
Yep - I'm with Dave on the (my own) USP front. It would be so nice if a house gave the chance to make few (if any) compromises/trade-offs.0 -
3.1415926%0
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My last house I got for somewhere between 8-9% off. My current house I got for around 2% less. Another I was offering on wouldn't even go to just over 1% under!
Different areas, different market, different sellers. You can't really predict, only form your own evidence and try. Some will always want more for their property than others. They wait for that one person to fall in love with it.2023 wins: *must start comping again!*0 -
Crashy_Time wrote: »Market is massively different now though, many people are going to have to take what they can get if they ever want to move.
Thats interesting. So then , according to you there must have been a time when sellers were able to command their price , or it wouldn't have been different to now, when they cant (according to you)
Because I dont ever remember you posting anything except that prices are "now" at a peak or falling.0 -
fatboyslick wrote: »I’m sure it varies and depends on factors, but what is a polite % to knock off an asking price? Is it 5%? 10%?
What should I look out for in order to justify knocking the price down
You should ignore the asking price altogether and bid according to comparables nearby.
The asking price may be delusional. No need for you to reinforce the delusion.0
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