Is this pressure tactics from the estate agent, or should I take the offer?

[mrswhippy99]

We've been offered £10k under asking for our flat - on for £450k. We originally rejected the offer and told the estate agent we couldn't take anything under asking. But they've just called to try and persuade me to accept it.

They said it's a good offer (despite telling us to put it on for £450k), and they also said that August is the slowest month for house offers etc, so we would be able to get something where we're looking to buy for £20k under asking...

My guy feeling is this is probably bullshit, and they just want the sale but am I unreasonably sceptical? If it's relevant, our flat is in zone four London and we're hoping to move to Leigh-on-Sea.

IABU - accept the offer
IANBU - hold out for asking price

2.2% under asking price is an excellent offer. The days of frenzied bidding and places going for wildly over asking price are over for now, so take the money and move to the seaside before the price of flats begin to fall.

I think I'd make a counter offer and negotiate a bit but if no go settle for 440 but say very clearly that you won't drop the price any further under any circumstances.

Do you know if they are cash buyers or if there's a chain - no chain and/or cash buyers I'd bite their hands off

My default position is that estate agents is not to be trusted.

I can imagine what the response would be if you would ask for the estate agents fees to be reduced if you accepted it.

I work in an industry related to estate agency & know a bit. August WAS the traditional slow month but not anymore!! There are no patterns since Covid. Good properties(& those that are well marketed) tend to have multiple bidders in my area. Your agent should be working their ass off for you to get more viewings or offers. Have you used purple bricks or some other such shitty £500 outfit?

a decent agent should be calling anyone who’s viewed similar properties with them, they should be working their database to get you viewings!

My questions to you are;

• how long has it been on the market?
• what have similar flats in your area sold for & did it take a while to sell?
• how many viewings have you had?
• what marketing has been done - anything over & above standard photos?

Also some of the perceptions of estate agents on here are awful. Really mean, I’ll informed, out of date.

Damn I voted wrong and skewed the stats. Been on since early June? Only 10k on 450k? You are nuts holding out for more. Get it sold and stop being so greedy, it might bite you on the arse. The tide is turning.

First offer since June? Snap their hands off! Flats are not selling as quickly as houses. I would take the offer.

Your house is only really worth what someone is willing to pay for it. Your only offer dictates that at the moment.

You’ll know how long it takes to sell in your area and can research prices achieved to conclude what you should do.

Have you attempted to negotiate another £5k or so to make it more acceptable to you?

Snap their hand off, first offer since June and only 10k under.

Think of it in percentage terms
They have offered you 2.2% less than the estate agents marketing selling price
That's a very small reduction

Data shows the average seller in 2021 accepted 98% of their asking price propertyindustryeye.com/home-sellers-achieved-98-of-asking-price-in-2021/. 98% x 450 = 441 so this offer sounds bang on. Estate agents are jackals in my experience but this one is giving you good advice. No harm in making a counter offer though :)

Most people offer under it gives a start point to test the water.
You could ask EA to see if they'll up offer by 5k.
But things are a bit uncertain at the moment with the economy.
On a side note my son looked at a property that was on the market for 750k, the EA told him it had already had offers over that..
Oddly now on at 695k.

You've had just one offer since June and you think you'll do better by waiting? If you want to move to Leigh-on-Sea sooner rather than later I'd take £10K lower than asking as a good offer!

"and they also said that August is the slowest month for house offers etc, so we would be able to get something where we're looking to buy for £20k under asking."

Well that bit sounds like bullshit. I mean you might get an offer accepted for £20k under, but that would depend on what the house was listed at, the vendors, etc, not just because it's August! However 440k sounds like a reasonable offer. Negotiate. Try meet in the middle.

It's a good offer.

You can say you're hoping for £445k and see what they come back with.

As far as 'blaming' the estate agents for valuing your flat at £450k... EAs don't have a good rap, but they are between a rock and hard place.

They have to be optimistic to win your business. If they pitched up and said 'to be honest, you're better to put this on at £430-440k to get good interest', and another agent said £460k, you'd probably have gone with the higher agent.

House prices are not exact sciences.

You are happy to offer 20k under what you are buying but won't consider going below asking on your sale? Seems a bit U.
Flats in London aren't really moving at the moment from what I've heard. A friend just had to sell her 1 bed flat (Brixton area) for less than she bought it for as moving abroad and couldn't wait!

3 houses have sold in our road in the last few weeks, not London. All 3 had several offers over the first weekend they went on the market. If this is your only offer I would take it. They may try to renegotiate anyway once they have a survey done.

We are in the process of buying so thus is very recent to me.

I would say I now don't trust estate agents at all. I think they are total bullshitters.

But if you want to move I'd take the offer. Its a very good offer in a cooling market.

Id take it. This is mostly normal. In addition , you need to know the position of the proposed purcahsers and that they have been already vetted for affordability.

We offered on four houses last year which we didn't get. Out of curiosity I just checked Rightmove sold prices and the two that were waiting for a better offer than ours (the other two we were out bid on) both sold for less than we offered - one by £15k and the other by £7k..

@Cervinia

If you want to change your vote, you can! All you have to do is now select the other option!!

Ok that's bullying now. They have to go.

So obvious that Luca & Dami were told to apologise

Wow! Thank you, just when you thought there were in improvements to the new MN layout!

I’ve changed it.

You could always change your vote!

OP, I would also accept. We just finally got an offer after our house was on the market for several months with no offers at all, and it was virtually asking price and we bit their hands off. It doesn’t really matter if other places are going for over asking - your flat hasn’t and in a normal market the offer is great - definitely worth asking for 445 and they may go up a bit, but this is an offer I would take.