If you bought or sold recently, how far below the asking price did you go?

[Laugs]

We have just been offered a third below the asking price for our flat - admittedly by an investor.

I was expecting to sell for about 10% below our asking price and pay about 10% less than asking price for another property...

I just wondered what other people's experience has been in this crazy market.

THanks Impy, I really don't want to sell it at all

I can see why

In East Midlands here and sold for 6% less than asking and bought at 2% less than asking.

Thanks Laugs! Hamptons... Not that unusual for houses apparently as there aren't many good ones around (i.e. at the not stupidly expensive end of the spectrum). Hamptons are good but so are Savills (Jo-Anne). Hamptons more ruthless maybe? Not sure if that's good or bad! Good if you are a seller I suppose... Depends what price you put it on at too. Getting over asking price isn't necessarily impressive if you put it on too low!! I don't think we did though. We wanted to get lots of people in so put it on slightly lower than another valuation we had. It worked - we had 2 asking price offers within 3 days of it going on and then sealed bids a week later. BUT, haven't exchanged yet. And buying a v expensive house in South London with a tight timetable so all rather nerve-wracking...

Good luck N1MTB! We chose Hotblack because I bought from them and they were very nice plus they offered a cheap rate. I think 400k must be top whack for mine though, because although it's big for a flat, nearly 100 sq metres, it's still a council-owned mansion block. It's not worth me selling for under asking though, because it's such a good rental.

We're hoping to buy in Brighton, but everything has been on right move for months and months without seeming to go down very much.

We just sold for 7% over (and that was priced 10K over what we wanted for it as estate agent assumed we'd get lower offers) and bought for 2K under asking.

Quite an active market here though, less so now I think (our offers were all made in March)

We just offered asking price last week on a property that had come on that day. I think it was fairly priced and after 14 months of looking for a property to buy and 3 years of renting, we were just relieved to finally find a home we fell in love with. I think it came onto the market very fairly priced so we'd just have been quibbling over £5000 to make us feel better and we wanted to ensure we got the house.

We sold in Feb 2010 for about 2.2% below our asking price. Now I am wondering if we should have viewed those properties that we deemed over-priced wrecks but which were 20% above our budget. The prices were so off-putting we never bothered to view them, assuming that after 4 months on the market with no sale, they'd either have already rejected silly offers or would have decreased the price if they weren't getting enough viewings but were prepared to sell for much below asking price.

As a potential buyer for the past 14 months, the silly games played by venodrs or estate agents has been frustrating. I think I'd have preferred an 'offers over' system so that I knew what was the least someone wanted to get for their home. I did not have the time to waste viewing houses that were not serious sellers (i.e. just testing the waters with a high price they would not accept below) or who were inflating the price of their property to allow for being radically knocked down.

We sold 3.5% under asking price on the day we went on the market and bought 2% under asking price the day they went on the market.

There are a lot of agents in the area. Some are pricing for a quick sale close to asking and some are inflating with the expectation they'll sell for a much lower price. They'll all end about the same as far as I can see...but the keenly priced ones are going quicker.

I think a third below seems a lot TBH. When we were looking which wasn't that long ago the market seemed pretty bouyant in London. We had 2 offers on the day we went on the market and our flat was nice but if truth be told on the less desirable side of Stoke Newington! We moved South East though and the market seems to be very different over there.

Goodluck to you too blindmansmuff...! And everybody else. It's sooo stressful this house-buying/selling thing, isn't it?!

I cant believe youve turned down offers only 10k under asking price blindmansmuff! That's a fabulous offer in the current market for a property priced at that level! My house is on the market at half that & 30k under similar properties because im motivated to sell & I still expect to recieve a hit on it. TBH id of ripped their arm off if you are really serious about selling!

we offered and were accepted with an 8% reduction.

12% off original asking price, they lowered before we saw the property.

Sparkle the flat has only been on the market for a week and there are several people who have offered 15k below. Why would I bite their arm off?

blindmans nice flat. It is not just N7, it seems to me that it is on borders with N1? Which reflects the price as N1 is very expensive. And close to city and to kings cross st.

Sold for 99.5% of asking price and bought for 75% of asking price.

Thanks laquitar I bought it when I was single and it has grown to fit in a DP, then a baby and now an adopted teen!

I just had another offer for 385. I just think the EA should have valued it higher so people could have their £15k discount. Apparently you have to haggle .

It also lets for over 2k a month, so I wouldn't sell for less than it's worth to me.

I sold for asking price (although the strategy was to over price it with the view to reducing so definitely did well there) and bought a place for about 7% under asking price.

Exchanging contracts this week hopefully. Oh - and I'm in North London

blindmansmuff, it was you that said you'd had offers 10k under asking earlier in the thread. Of course you wouldn't accept 15k under if you'd been offered 10k under, it would be foolish, unless it was a cash buyer of course then worth serious consideration.... I suppose with the level of interest you're having its tempting to wait & see what happens. I hope you get what you want for it & dont end up regretting turning down the other offers that's all. Its a buyers market remember. :)

We have just had a further 2 offers on ours which are 5% below silly inflated price. I am still keen to go with the original offer but dp wants to consider these 2. First buyers in great position and new ones are both in a chain. Grr! Agent is dealing with them all and I am not sure he is entirely scrupulous. We are in Brighton where everything sells really within reason but there is a lot of rubbish on the market

We just bought at about 20% under asking price. But it was really overpriced!

This is great news blindman - we've got a flat about a quarter of a mile south that we want to sell in the new year. It's great to hear the market there is so buoyant (and I would definitely take an offer on mine , can't wait to get rid).

Quarter of a mile south of yours

Sold for 4% under and have just had an offer accepted for 7% under. Both houses were priced to sell imo. As a buyer who has watched the market for the past 9 mths, it's not hard to spot the houses which are competitively priced and believe me, there are plenty of people doing the same thing. If it's priced to sell, there will be plenty of viewings and a few offers within the 1st month. the house that we are buying had 40+ viewings in the first few weeks but only 1 proceedable no chain buyer - us!:o

Blindman, your flat is gorgeous but I absolutely agree it needs to be marketed as three bed. There may be people searching on a minimum of three beds on rightmove that will never see it. I think there would be less people searching on a minimum of two reception rooms. Having said that you're getting plenty of viewings so what do I know? :)

Thanks Rolling! I think I might have a word. I did mention it in an email but they didn't pick up on it. It's actually quite important for people looking for a buy to let, because a 3 bed rents for much more...