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Original poster

How much do you offer for a house?

15 replies

MadScientist10 · 05/01/2018 20:34

Hi! My husband and I are (finally) in a position to buy. We have found a place we like but aren’t quite sure how much is a ‘fair’ offer. The lady who owns the place has been living there for a long time, house proud, etc...and we don’t want to annoy her before we have even begun. Any advice would be gratefully received!

OP posts:
Original poster
MadScientist10 · 05/01/2018 20:35

Sorry I meant to add as a percentage of the house price. As a starting point is 10% below cheeky or about right?

OP posts:
PanannyPanoo · 05/01/2018 20:40

I dont think there is a blanket percentage. What is the price like compared to similar properties, how badly do you want it, what can you afford.
if she wants a quick sale and it is competitive priced and you don't want to miss out pay the asking price, get it off the market
if there are lots of similar properties at similar prices and you aren't too bothered go in with a low offer. Houses near me are going within days of going on the market so no game playing necessary.

Lovely333 · 05/01/2018 20:41

I would start by looking at recently sold house prices in the area. And wht sort of decorative order they were in new bathrooms/kitchen at the time of sale.

anothernetter · 05/01/2018 20:44

Offer as much as you think it is worth. Look online at sold prices of similar houses in the same area. This is what we did when we were deciding how much we wanted for our old house (along with getting estimates from local estate agents). Bear in mind that now we are in the New Year prices may start to pick up. How long has the house been on the market for? If it hasn't been on for long then they may be less willing to negotiate on the price. What are the circumstances of the sale? What sort of condition is the property in? How does it compare to other similar properties on the market and what are they priced at? Good luck!

Changednamejustincase · 05/01/2018 20:45

I would offer what I think it is worth. If it is on at an unrealistically high price then don't offer a certain percentage below just because you think that is what you should do. Offer what you think it can sell for. If it is on at a good price that you believe other people would pay offer the full asking price now so that the seller takes it off the market now before someone else comes along and offers more.

redmarkone · 05/01/2018 20:55

would you be happy if someone offered if someone offered you £202,500 on your house valued at £225,000? Assume its all in good condition but the buyers just didnt like your decor. Would you say "well, ok then?"

anothernetter has written exactly what i would have!!

honestly if you like the house and really want it, dont start messing around, especially if there are other people in the same sold or proceed-able position as you. We lost out on the house of our dreams because the house in demand with two sets of couples in the same chain position but the buyers who got the house made asking price offer whereas we and i quote "lost their trust" as we made 15k offer below asking price before the couple who ended up getting it and then made 10K over asking price apparently we were "not committed to the property"

Chain free may or may not help by the way. One seller may like the fact that you are, another seller may think "we'll take the one in the chain and get £15,000 more"

redmarkone · 05/01/2018 20:57

also, you can roughly compare to similar properties but time of year and level of demand may inflate or contract what house could be worth at another time of year or a few months later.

Silvertap · 05/01/2018 21:07

I've always offered below asking price and never paid the full asking price. Missed out on the house of my dream s once. It was on at £500k. We could only really go to £450 and felt the house was so much better than we thought it would be cheeky to buy. Turns out it sold to the only person to offer.....£425k. The seller was desperate.

When selling I've always seen the first offer as an opening gambit.

Depends on how much the house is and the area. My last house was on at £475 and I accepted £468. Opening offer has been £425.

Original poster
MadScientist10 · 05/01/2018 23:32

Thanks for all your responses! We do like the house but it’s at the top end of our budget. It is ready to move in to (in good order, etc...) might need minor updating - probably a bathroom and if we could manage it a wall to give a bit more elbow room. There could also be a few minor improvements here and there but could be done if/when we had the money available.

It came on end of August and was reduced in December. I think in August it was overpriced. There are a couple of other similar properties on the market at the moment in the same area. I think on the whole in Oxford where we are looking things are dipping in price and the market is at a stand still. Not sure where that puts us really. We aren’t first time buyers - sold other property and buying a home together (the finally was because that’s taken a very long time - over 12 months and counting). The property sold for a lot less than anticipated so that’s had a knock on affect in how we look at offers, etc...I was pretty matter of fact about the offers we had come through but it felt like a much more transient residence rather than somewhere we lived for the better part of 40 years (as the current owners have!). Just thought some insight into this kind of situation would be useful!! Thanks.

OP posts:
KitKat1985 · 06/01/2018 11:24

I agree with PP - there are no hard and fast rules. It depends on:

  1. How long it's been on the market.
  2. How keen the seller is to sell.
  3. What your circumstances are and how 'attractive' you are as a buyer.
  4. What other similar properties in your area are selling for.
  5. How much your heart is set on getting that particular house.
Equimum · 06/01/2018 14:09

I think a lot depends on areas as well. Locally (SE, Brighton-London corridor), houses tend to sell for very close to asking price, typically no more than £10k under, irrespective of price.

Fortheloveofscience · 06/01/2018 14:18

I sold in Oxford in July, having been on the market since April. The market was absolutely dead, and people were desperate to sell. See how motivated the sellers are, but I would have thought you’d be in a very good position to have a cheeky offer accepted.

HMC2000 · 07/01/2018 15:26

I think the estate agents in Oxford are consistently overpricing at the moment - even great houses are taking a long time to shift, and price drops are common. A lot depends on the particular area, but I agree that you should offer what you really think it's worth and see where it goes from there.

Original poster
MadScientist10 · 07/01/2018 15:50

We have been watching the market in oxford for a while and are seeing the same thing. No new properties on at all (looking mainly in Summertown), nothing shifting. The agents have said they are ‘resting’ properties ready to relaunch in a month or so but not many valuations. Original prices seem to be as high as last year though I think which is a bit awkward. Someone who has lived in their house (and loves it) for 40 years might not take kindly to a cheeky offer if they aren’t in tune with what’s going on at the moment. Think we will see a few more (similar) properties and then have to just bite the bullet! Thanks for the advice.

OP posts:
SmiledWithTheRisingSun · 08/01/2018 08:25

It's a great time to make offers. The market is really sluggish!

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