Putting in offer on house

[99littleducks]

Hi, looking for some guidance please.

We're first time buyers and have been looking at houses for over a month. We've finally seen a place we like that ticks nearly all the boxes. It's in a popular area where houses seem to go very soon. It's on for 200,000. We think this price is in line with what we have seen for this area. It also doesn't need any work doing to it. In my haste I made an offer after viewing the house for 192,000. After reading up online I'm worried I've gone in too high.

Is there anyway to go from here? Should I contact the estate agent myself on Monday or have I already shown myself as desperate? Even if the house is right for us u don't want to overpay either... I've read people saying to offer 10% less than the asking price?

How to negotiate now please?

TIA

Difficult to know.

What was the response to your offer? Are they taking the weekend to consider it (which would indicate it is not too high)?

Generally people offer 10% less and work up to a negotiated 5% less.

Id say 192k is a perfectly acceptable offer and probably one that shows you wo t haggle much. So they can accept or bargain for what, another 2k?

If they accept, dont worry too much about it, and whether you could have got away with less - that just leaves more room for negotiation and youd end up around the figure you have currently offered.

I saw it on Saturday and made an offer in the same day. The agent said she'll also ask the others who viewed it at the same time as me about their interest on Monday and then let the buyer know about any offers made.

It's only came on the market last week.
I'm just thinking I've left little space for negotiation for myself... oh well... We'll see how it goes on Monday.

Yes I thought 10% would be too low and wouldn't be taken seriously!

Thanks fo the replies :)

I think that's a perfectly reasonable offer and you still have room to offe more if you need to. You say the £200k asking price is about right and it needs nothing doing - you might therefore get some competition and need to offer more. Good luck.

Yes bilbodog it was the potential competition that made me go in straight away

Round here you need to put in a first offer pretty much at asking price. If you like the house you e probably done the right thing. Be prepared to put in a last and final serious offer soon.

This is very dependant on area.

We sold ours for £20k over asking and not one offer was below asking, yet our onward purchase was slightly below.

Our home, when we bought it, was for sale for £92k, we offered £89k and were turned down, they accepted £90k

Just in case anyone is interested in an update...

The estate agent called this morning to say two other offers have been made and that the vendor would like everyone's best offer. So we have offered 197k. She will let us know tomorrow.

Fingers crossed!

Unfortunately we didn't get it. Oh well we'll just have to carry on with our search!