Price range for properties?

[Ambergreengo]

When looking on rightmove, do you usually set your price range slightly above your affordability range and if so how much? My max budget is 320 but would you look at properties over this in the hope they may accept a lower offer? How much over is usually normal if so?

It would be pointless in my area , most are selling over the asking price within a day or so of coming onto the market

As PP said the buying market is fierce at the moment. Anything that's put on at a reasonable price is selling at or above asking price within a week. That being said we've being looking above our price range on the basis that some properties haven't been sold within a week so the asking price is too high. Those properties have a stronger change of accepting a lower offer.

I would always look slightly outside my parameters.

It is a shark tank out there right now.

We offered £335,000 asking price on a lovely flat- accepted on the Friday, blown out of the water by a £350,000 offer on the Monday.

But to answer your question, I set it higher than our budget and we’ve had another offer accepted on a flat at 7 grand below the asking- it has been on for a while, I’m hoping there’s no nasty surprises as to why, because loads of flats have been flying off.

I think it’s mad you get about five minutes to look around then have to decide to offer it not.

Thanks everyone, yes the market seems insane! I’ve seen a few properties that went up in May that I’ve noticed have since been reduced a couple of times (bringing them into our price range) can’t work out if this is because they were overpriced originally or if they haven’t been selling because they’ve got an issue!

Do you reckon things will calm down?

You would hope so but the government seem to do everything possible to keep the bubble going- it’s like a Ponzi scheme. We know it’s mad but at the same time if we don’t try and get on the ladder now I think it’ll be a lost cause!

@SmidgenofaPigeon this is how I feel, we are first time buyers and just about have the ability to afford somewhere but I’m worried if we left it another year we wouldn’t be able to!

Yes always - i would look up to £350 as regardless of the market there are always over-priced properties and at some stage they will come down in price.

@Ambergreengo nuts isn’t it?! We’ve been saving for absolutely years and made a lot of sacrifices to get to the 10% deposit which is no small feat- we have a baby due next month too. We are 35 and not young, only looking for a flat in zone 5, it seems crazy that this should be so difficult to achieve. But I fear it’ll only get harder.