To ask what you paid for your house v asking price

[Whattodowhattodooo]

DH and I are (relatively old and inexperienced) first time buyers.

Can I ask what you actually paid for your properties in relation to the actual asking price.

I want to go in with a rough guide %wise as to what to offer..... GO!

Last year, asking was £185k and we paid £165k, it was empty and had been on for awhile.

Asking price £365,000 paid £360,000.

There's a website called Getagent which tells you what percentage of asking price each agent's sold price is. It's useful to help decide what to offer. It's also useful to help choose an agent as they give reviews and show how long they take to sell properties on average.

Initial asking price was £245,000 Which we offered but didn’t work out.

Ended up paying £195,000 6 months later

There is no magic % to reduce or offer. You offer what you feel it is worth. Our home was on for $2.4 or $2.5m, but we paid $2.28 or $2.38 m or something. We based our price on what we thought it was worth to us and by what similar properties in the immediate area had gone for in recent times. We got lucky though - high demand area, but they were divorcing and wanted a quick sale and we were cash buyers and their safest bet of a quick, no fuss sale.

We owned properties in the UK, and own several properties (a holiday home and 8 rental properties) around Australia, and some we’ve had to pay over asking pricefor, as it was worth it and demand was high, and others we paid less. We always decide what our maximum price is on a property and stick to it. This has meant we have missed out on a couple, but also got some good deals because we are ready to proceed, usually with cash in hand.

It might also be worth waiting a few months to see what happens to property prices. Good luck.

£1,050,000 was the asking price we paid £925,000 they had bought and renovated to sell but I think had overstretched themselves and needed a quick sale. That was 12 years ago.

2012 advertised at £145k, then reduced to £135k offered £115k and got it for £117500 . It was a probate house and had been empty and o the market for a year but needed completely gutting - rewire, double glazing, boiler, kitchen, bathroom etc. This its work about £145/150k now but houses dont come up often and only when some seems to die on the street. The school is highly sought after and catchment seems to be 1 mile radius.

2k over the asking price. It was still 10k cheaper than similar houses nearby. Vendor wanted quick sale. It was bellow 100k

8 years ago, on at 235k, paid 180k. Which sounds like a big cut. However it had been on at 235 for a long time with no interest. The decor was interesting to say the least (red room anyone? Even the ceiling!) Also we had to sugar soap and bleach and scrub all the walls and ceilings. Previous owner was a smoker and as we were scrubbing brown stains were coming out of the walls! 🤢 and we had to replace 2 carpets. For a family house the kitchen was also very small. We've since made the kitchen bigger and converted the garage, it's probably worth 235 after that.

The offer wasn't accepted straight away so we thought no more of it and left it, a few weeks later we got the call.

On market for 450k, paid 425k

It needed gutting and completely refurbishing plus clearing and landscaping of a large garden. It was priced as if it needed a bit of updating.

It was in a hotspot with rapidly rising prices at the time. We had a long list of wants and v few things were coming up in our price range, otherwise I would have tried to offer even lower.

With all the work done its prob worth 550k pre covid. That's comparable to about 475 at the time of purchase. We spent 45k on the refit (mostly DIY) so didnt really make a profit apart from that caused by market rises.

Asking £400k, offered £380k, paid £385k.

We’d have paid £400k.

3 bed end of terrace bought nearly 6 years ago.

Couple of years ago - on at £350k, paid £320k after offering £315k. Lake District so bumps it up a bit. Worth it for the view. Also antwacky old house. Quite a lot here go for asking price. I've done this before - cheeky offers. It's always paid off, as it were. Shittest house in the nicest street, if you can.

On the market for oieo £210 (with a guide price of £210-245), paid £215,000. They did get a few higher offers but we were cash buyers with no chain so that helped us.

It was 8 years ago (at the bottom of the last crash)

On market for 680, paid 655 after an initial offer of 650. However, we were no-chain buyers and they needed to move quickly at a time when the property market was sluggish so circumstances were in our favour.

It’s so variable, it depends on the house, what condition it’s in, and how motivated the seller is. We accepted £5k under asking on our old house but reluctantly because it had only been on a day. The buyer was supposedly a cash buyer but lied about that and decided to mortgage it halfway through conveyancing. They were generally a nightmare and I’d treat any cash buyer with trepidation going forward. The house we bought we secured for £50k under asking price but it needed £100k minimum of work done to it. The surveyor agreed with the price though. The idea that a flat percentage lower than asking just doesn’t apply, some agents price to sell, some price for offers. Some sellers are motivated, some are happy to wait for the right offer. Some people have already found and fallen in love with their onward property, some haven’t. You need to decide what the house is worth to you, and that’s a combination of how much you want it vs market interest and what you can afford

5 years ago, bought my house privately, before it was put up with an agent. It was valued at £135k, offered £125k as I wanted to avoid stamp duty and it was accepted. 3 bed semi in East Midlands, worth £160-170k now.

Paid asking price. Wanted the house, knew it priced accordingly for the area and market.

I paid 188,000 on a house on for £190,000 - only one in whole are I could afford so not a lot of negotiating possible really!

255/275

We paid 15% over asking price after a bidding war. The market has dropped since but it's our forever home and we count our lucky stars every time we arrive home.

Seven years ago paid £335k, asking price was £349k but had recently dropped from £360k. House was in a bad state and sellers were divorcing and desperate to sell after six months on the market. V unusual in this area, a quick clean and tidy would probably have seen it sold months earlier. EA thought it was game over when I trod in dog mess in the garden but we saw through and now after spending about £100k on it, it’s probably worth £550-575k. V good market rises in this area...at least ore Covid!

Current house bought in 1998 - asking £300k, offered £250k - offer accepted after a higher bidder dropped out.

2011, asking price £315k, paid £285k. It had been up for sale for six months, had a previous sale fall though and is quite niche (non-standard construction, although perfectly mortgageable).

Wreck of a house was on at £370k we offered £365k which was accepted. Think we might have tried £360k but can't remember!! The surveys showed ALOT of work was needed , we renotiatied to get 7k off (ish). Bear in mind you could offer a sum and then like us you may be able to negotiate lower deepening on what the mortgage company and surveys say.