Do you think 10% below asking price is a good offer these days?

[MegBusset]

Just asking for a bit of perspective really.

We have been made an offer around 10% below our original asking price, from a cash buyer. It seems like a sizeable drop but last time we sold was at the height of the boom so we had asking-price offers coming out of their ears!

Are other sellers happy with 10% off asking price these days?

Think you need to ascertain how similar properties are priced/selling in your area.

Have you been aggressive with the price, or 'fair'?

Are you ready to move, or more determined/able to wait until you 'get your price'?

How long has the property been on the market?

I've often been told that most times the 'first offer is the best offer'. Cash buyer is a very good thing too.

Do some more research before you respond.

I have just sold my house for 15% drop ( dropped price in line with other properties being reduced + a bit more for buyers) and dh has just sold ( going through) for about 8% drop.

Have you had a lot of interest? Have you a property to offer on? If you want to get moving then you may have to before prices drop again

There's very little selling around here at the moment, not much on the market either. I thought we were reasonably priced given what else is available and we've had quite a few viewings although not exactly rushed off our feet.

We have had one other couple who loved it but they have a flat yet to sell so not in a position to offer. We have seen a place we want to buy and had a provisional offer accepted but obv only if we can find a buyer!

It's tough, we need to move before Jan to apply for a school place, so time is definitely an issue...

Can you afford to take 10% below asking price without putting yourself in a financial bind?

If so, given the other considerations you list, I'd do it.

We are moving to a cheaper area so will be reducing our mortgage considerably in any case. But obviously the more money we come away with, the better!

The last 3 we bought (this year) accepted at 9, 10 & 11% below asking so sounds about right.

If you look on the website "Hometrack" you can see what the average ratio for asking price to sold price is.

For example, in my area, this ratio is 95% - so you can get an example of what's a fair offer at the moment. My neighbour sold his for 97% so he did well for the area.

If you are selling your home, this gives you a good idea of what offer is "reasonable", though of course, this is just an average and you need to account for whether your house is "average" in terms of condition/location etc etc.

you can also try www.propertysnake.co.uk/ which shows house price drops by post code.

Surely it depends on how much the house is on for? 10% is a lot, particularly if the house is quite expensive.

It depends on how competitively priced it was in the first place. There are two very similar properties round here for sale, but the asking prices are very different. I wonder which house will get an offer nearer to their asking price.