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If you bought or sold recently, how far below the asking price did you go?

(64 Posts)
Laugs Tue 21-Jun-11 10:13:49

We have just been offered a third below the asking price shock for our flat - admittedly by an investor.

I was expecting to sell for about 10% below our asking price and pay about 10% less than asking price for another property...

I just wondered what other people's experience has been in this crazy market.

HarrietJones Tue 21-Jun-11 10:14:42

I sold last year for 15% under ( mine) and 5% under (dh)

noddyholder Tue 21-Jun-11 10:15:55

That is quite common atm Our agent priced ours taking this into account I think as he priced it way over what I expected and we have achieved just over what I thought. I viewed a do er upper yesterday at 315k and hinted I wouldn't pay more than 250 and agent didn't seem surprised.

pantaloons Tue 21-Jun-11 10:16:02

We sold ours at full price and paid 20% under for the one we are currently buying. Yay!

Laugs Tue 21-Jun-11 10:19:57

Ooh panatloons, lucky you!

blindmansmuff Tue 21-Jun-11 10:21:11

I've just put my flat on the market and am really annoyed the agent put it on at the price he expected to achieve. He actually thinks it will go over asking (and charges a higher fee if it does). But everyone who comes to see it just thinks that 10k lower is a good offer.

ImpyCelyn Tue 21-Jun-11 10:21:11

Yikes, we generally offered 10% under (we did this 3 times - crappy sellers). The last one, which we're sorting out now, was very competitively priced (if anything, underpriced) and had come on the market 3 days before. It was perfect. We half-heartedly offered 10k less (about 7.5%) and got it for 3k under-asking. I thought we'd end up paying over-asking tbh, but I think they were happy to go for a quick sale.

Laugs Tue 21-Jun-11 10:21:22

noddyholder, how did what you achieved work out as a percentage of asking price?

blindmansmuff Tue 21-Jun-11 10:27:47

ours has only been on for a week, and we've had 3 offers of 10-15k under (and one cheeky one 35k under) so new viewings are now presumably told not to bother at that level.

Laugs Tue 21-Jun-11 10:28:37

blindmansmuff, one agent we saw wanted us to do this - to put it on at a lower asking price to get people through the door, but say 'offers over' and expect to get a higher offer. Has it worked that you'e had lots of people come to view? Must admit that when I look at any asking price now I automatically subtract 10% - and maybe it should be lower, judging by this thread.

Laugs Tue 21-Jun-11 10:29:21

oops x-posted. Well three viewings in a week is good! Maybe your agent has the right idea after all.

Laugs Tue 21-Jun-11 10:31:57

Just reread and you had 4 offers in a week! How many viewings have you had? That's amazing.

blindmansmuff Tue 21-Jun-11 10:39:15

Laugs we've had tonnes of viewings, about 3 a day. We've had some second viewings this week too. I get the idea lots of people would be 385 but noone's got the budget to go up to 400. I also think the agent is wrong to market it as a 2 bed rather than 3, because I don't see the point of a 2 bed 2 reception flat. Also, they insist on putting the rental value 50 pw less than we got for it 4 years ago and my tenants stayed 3 years! They are the original shrinking violet estate agents grin

Mumswang Tue 21-Jun-11 10:41:12

we just bought for 7% under the asking price. we had our offer accepted 3 days after it went on the market. started at 10% under, and went up a bit (but we would have paid the full asking price grin)

Laugs Tue 21-Jun-11 10:45:31

How I would love to meet a shrinking violet estate agent! Or even just an honest one.

Three viewings a day is brilliant though, they can't be doing too badly. We've been on about a month and only had 3 viewings altogether.

We also have a 3-bed/ 2-bed 2-reception flat (marketed as 3 bed, laid out as 2 bed 2 reception)

Stokey38 Tue 21-Jun-11 10:53:19

Where are you? We sold our flat in London last year for asking price but we bought for £20k under.

blindmansmuff Tue 21-Jun-11 10:56:20

We're in N7. If I put the particulars on my profile will you give me your opinion ?

blindmansmuff Tue 21-Jun-11 11:01:13

Actually this is it on rightmove

Laugs Tue 21-Jun-11 11:01:25

I'm in Gateshead. So a LOT cheaper. (That's why I was interested in percentages below asking price, rather than pounds.) I wonder if the market is also much slower up here too.

Laugs Tue 21-Jun-11 11:04:29

Very nice, blindmanshuff! I see what you mean about the bedroom/ reception. I'd get them to just change the wording to bedroom. People can already see in the picture that you use it as a living room, if they need to imagine it.

N1MTB Tue 21-Jun-11 11:05:48

"Under offer" not exchanged yet but sold for 5.5% over asking price (sealed bids) - Islington, near Angel tube. We accepted the offer in May. Think things are a bit quieter now. Good luck!

blindmansmuff Tue 21-Jun-11 11:07:45

THanks Laug! It stayed that tidy for about 10 minutes grin.
N1, do you mind me asking which agent you used? Isn't sealed bids quite unusual?

Laugs Tue 21-Jun-11 11:08:25

Well done N1MTB. Fingers crossed for a smooth exchange!

LeonardNimoy Tue 21-Jun-11 11:16:03

We bought in January, just over 20% under the asking price. The offer was accepted in November, it took the vendors a month to accept the offer though. I think they thought they would get more, but after a month realized that was unlikely.

JIRkids Tue 21-Jun-11 11:26:45

December 2011 - sold for 7% below asking price, bought for 6% below asking price. However, we had dropped our asking price tons from when we originally put it on, as had our sellers.

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