Asking price vs sold price

[EndofTheRainbeau]

Has anyone got an overview on what houses are achieving against asked no price? I realise this depends on lots of different factors, just interested in general trends. We’re selling to a developer if planning permission goes through so looking for a new house and we’re chain free.
We’ve made two offers on a house which has been on the market for two years - apparently been under offer twice but chain has collapsed both times according to the agent. The last offer was 94% of the asking price which seems like a great offer to me but was turned down. The estate agent has described the vendors as difficult and has said he thinks our offer is very reasonable. The vendors are holding out for a minimum figure which is 99% of the asking price. We do really want the house, it’s perfect for what we need but we’d be crazy to offer that much for a house which has been on the market for two years, wouldn’t we??

A house is worth what you are willing to pay for it. If it is the perfect house for you and you think it is worth the price, it seems a bit daft to get hung up on what percentage of the asking price you pay for it. It really doesn't matter what other people have paid, it's not going to convince the vendors! You are focusing on the wrong thing here.

How would you feel if someone else bought the house?

What Chic said - if it's worth it to you it's worth it, and they may well have got the asking price twice before with the two chains that broke so why would they drop the price now?

This will go - full asking price - issues with survey - ask for a reduction - sellers pull out

You ££££ our of pocket

Wait je estate agent if any issues have been raised in previous surveys - electrics roof boiler damp planning - bet they have

I know a house is only worth what someone will pay for it but we got carried away with the first place we ever bought and offered too much and never really made the money back, so trying to be slightly cautious because this is our dream house and we could easily get carried away again. I don’t think it’s worth the asking price - it’s on for over a million so while percentages may not sound like much it’s actually quite a lot of money. The difference between what we’ve offered and what they want is still £65k.
The estate agent is clearly fed up with the vendors and has said several times how difficult they are, but don’t think they would share any issues that have come up in surveys. I think we’ve offered slightly more than the house is worth, particularly as it’s been on the market for 2 years, we’re chain free and all the uncertainty that will happen if Boris becomes PM.
I’m going round in circles!

I wouldn’t lose my dream house for 5%...the extra you paid for the previous house has gone now, it’s sunk cash. It doesn’t matter how lying it’s been on the market really, the seller is obviously in no rush(wouldn’t be me!) but if you have the money, just pay the price

There must be others?

I’d say to the estate agent X stays on the table while you continue to look at other options.

Ask them to let you know if anything changes.

We paid full asking for our house even though it’d been on the market on and off for 3-4 years.

I agree that getting hung on percentages of asking price is absolutely pointless.

Have you seen many other houses? How does this one compare?

I realise that getting hung up on percentages is pointless if the vendor isn’t going to sell for that price anyway! If I thought it was on for a fair price there’s no doubt we’d pay full price without hesitation but for our area it’s overpriced. It’s on for £1.365 and is probably worth £1.275, we’ve offered slightly more than that.
We’ve said the offer still stands and we’re going to look around to see what else is around (not much!)

There might be more coming on after the school holidays.

Some people just wait for someone to pay an inflated price even if it takes a year or two.

Where abouts are you looking - love a bit of property porn

65k is a substantial amount of money - all proportional I guess - but if they’re looking in the same market/not actually that bothered about selling it’ll make all the difference. Maybe up it in increments of 10k - they’re probably seeing how far they can push you.

Also ‘difficult’ sellers don’t stop being difficult once it has been accepted - I once bought a flat from people who took literally everything that could be taken on completion day (original Victorian fire grate, all lightbulbs, some fitted shelves, curtain rails - even toilet seats!!), had to get them to bring them back as they were implied on the fixtures & fittings. Who takes a toilet seat ffs!

My house has been on the market for over a year but has 'sold' twice with it falling through, for reasons nothing to do with the house.

I'm not accepting any less than I accepted then - would really like more as prices have gone up 3% in this area - but definitely no less.

If I take away the time it was under offer, it has been for sale for 3 months split into 3 chunks, so I'm not worried that it won't make the price. The price I am willing to accept is below the valuation of 5 estate agents so it's not overpriced.

I have just had an offer at the acceptable price and have provisionally accepted it but not taking mine off the market until theirs is sold. Mine will be vacant possession as I have already moved.