Is this a low offer for a house?

[Morlanddynastyismyfave]

My house is on the market for £425,000. We’ve had an offer for £400,000 which I think is quite low. It’s been on the market for 4 weeks and we’ve had quite a lot of interest but this is our first offer.

DH thinks it’s a good offer and we should accept but I think we should try & see if we can negotiate and get a bit more.

We’re both clueless about selling as it’s the first house we’ve owned so we’ve never sold before.

It's not bad. You also need to consider their position (cash buyers/in a chain etc) and have that verified. People v rarely offer their max as a first offer. Why not counter offer nearer the asking price?

It all depends on what your house is worth (what price did the other estate agents suggest?) and what the house the housing market is like in your area. What are your estate agents suggesting?

5% offish so i don't think that's bad. esp as you have had interest but no offers so it may be a little overpriced on the listing anyway

It’s not bad, just over 94% of asking. When we sold we were told to expect to come down 5% in negotiation but that was before prices rocketed. When we were buying and selling more than 10% below asking was bordering cheeky.

Like Sprig and Fallagain, there are a lot of variables and agree with both of their posts.

It’s a good offer but it’s generally accepted that the first offer isn’t accepted. They might have factored in a little buffer for negotiation unless they stated they’re already at their limit.

We went in with a lower, first time offer at our max and got the property but we were in a really good position, we’d sold and were temporarily moving in with parents so essentially chain free.

This depends entirely on what your house is worth!!!
Bonkers asking on here.
Your house will sell for what it's worth, not what it's on the market for.

Where I live, at the moment, anything that is a good price is being snapped up within days as there's so little out there. Anything that sits in the market for 4 weeks is overpriced.

I didn’t think 4 weeks on the market was that long! Our estate agent seemed to think we should accept because the couple who put in an offer “really like the house” and that’s the “most they can afford”. I tend to think the estate agent should be getting the best price for us but of course they just want a sale.

Say ‘we really liked them and would be keen to sell them the house, but we are looking for a bit more than that in this fast-selling market and so we’d love to see them come back with an improved offer’.

It’s not bad: your house has been on for a while

What’s your situation for moving onwards? Do you need the extra 25k for that? You could counter with 415

I mean all they can say is no! People think that negotiating has to be all hardball, it doesn’t! If it was me and I really wanted to sell, I’d prob try and get them to £410k and then move on.

Factors to consider:

Are you desperate to sell, do you have somewhere to go to?

Have you had any negative feedback from viewers?

Does your house need work as that is getting very pricey right now!

I'd reject offer and see if they increase it.

It's an obvious amount to offer but they might just be going in with their lowest starting point.

Definitely reject this first offer. See what they come back with. They'll almost definitely increase.

Who valued your house? What are other houses up for?

Houses are selling in days. My neighbour sold without even putting his how on the market. Properties that have been on for 4 weeks would have me questioning why.

Ultimately that's their offer. Try and get some more if you can, but if its not worth more than 400k then you may have further problems down the line.

Also have you found somewhere you want yet? It's not a massive amount of money in the grand scheme of things, especially if you know where you want to move next.