Offers...

[NeedMoreWine81]

Out of interest if a house was on at £575k... what is the lowest you would offer before feeling any lower was cheeky?

Some houses are priced to sell whilst other vendors try a pretty high price to start with so there isn't one answer to the question.

Do you think the house isn't worth anywhere near 575?

I am just wondering what bracket it falls into - could you get offers between £500,000 - £575k, or £550-575k... or as small a gap as £560-575k?

Interested to know what people would offer on a house if its newly on the market and how low they would go.

If it's new to the market, they will probably be unlikely to take a low offer and they miming want to wait and see.

Don't know what area you're in (some places are going up and others down) but along the lines of 550k could be ok. 500k is likely to sound completely ridiculous.

Go on Rightmove sold prices and see what similar properties have recent sold for. That should be an indication of what would constitute a reasonable offer on the property you're interested in.

Sorry I should have been clearer... we are selling our property and really open to all offers, but wondered if people see 'guide price £575k' how low would they go?

What's the lowest you would feel is acceptable?

Depends on the house and the area.

I think the MO is for potential buyers to offer 20% less than asking price and for sellers to settle at 10% less.

It would depend on similar houses, nearby. If it was priced cometitively, based on nearby, I'd offer close, maybe 560. If it seemed expensive, I'd start at 520 or thereabouts. If it seemed ridiculous, 500.

'guide price' implies that the property might not be very straightforward to price and it might go for the guide price but perhaps a fair bit lower.

Having said that. If you've put it on for 575 but would take 545, then you could be shooting yourself in the foot. Price brackets on Rightmove are 500, 550, 600 so some potential buyers proceedable at 545 might not even see your place if it'd advertised at 575.

In the current market I'd start around 520.

What does ‘guide price’ actually mean? How is it different to putting a simple price on? It suggests to me that you might be wanting more.

It sounds to me as though you’re not really sure what you want to achieve. It all depends on the market around you. I would think £550 entirely reasonable, maybe even £525 but if you think that’s what it’s likely to achieve maybe start lower.

It completely depends on the market and how your house compares to others. We had ours on at £550, an almost identical but less well maintained house had recently been on for £575. In the words of our estate agent, when that one sold was that they got nowhere near £575. In the end, ours had an initial offer of £545 on day 2, increase to 2 asking price offers of £550, so we went to sealed bids and got £560. We priced for a quick sale in order to secure the house we wanted (incidentally, we initially offered asking price which was refused as ours wasn't yet on the market. We sold in 3 days of marketing ours, so offered £20k less and have settled on £10k less).

I’d be wary of putting it on for a price that’s in the price bracket up from what you’d actually accept. Properties get the most attention when they’re new to the market, and having to reduce after a month or so is never a good look. If you’d accept £545 I’d list at £550. FWIW, we were duped by the EA into listing at an unrealistic price, it took us months to sell but once we’d reduced to a sensible level it sold for our new asking price very quickly. Would have saved a lot of hassle to have just put it on at that price immediately. And we thought our purchase was realistically priced for the area and we wanted so we ended up offering

I have some houses on my rightmove list and they’re not selling but their OIRO prices or guide prices are too high and I just can’t bring myself to make the much lower offers so I’m just watching them on rightmove. Yes they might just take my offer but I worry terribly that my offer would be ridiculous. So I hope they will reduce! For example one is 345k. I would pay up to £310 but it seems such a long way off 345 so I haven’t offered.