What to offer

[Birdy1991]

Myself and my partner are first time buyers coming from a rented property with a baby on the way. We have seen a lovely house that is on the market for ‘offers in excess of 300k’ and has been on for a few months. The asking price recently got reduced from 325k. We looked around and absolutely love the house, would offering 290k make sense, or would it make sense to offer the whole 300k? Just wondered what other people’s experiences were, if in a similar situation.

Apologies as have never done this before. Also we are cash buyers.

What else is on the market in the area for around the same price? Compare like for like. what's the most a house has sold for in that street? How much work does it need etc etc. What position are the sellers in?

No harm in putting in an offer but with an offers over price they might not be willing to go below that.

I'm sure others with more experience can advise, but I'd go for 290. Also make sure its clear that you aren't in a chain and needing to sell something.

You're in a great position. I wouldn't worry too much about offers in excess of. If they couldn't sell at 325k, I doubt there will be a bidding frenzy over 300k.

What have other similar properties gone for? Is it overpriced or on the money?

I wouldn't go in at asking straight away. What have you got to lose by offering 275k or 280k. The worst they can do is say no. I doubt the owners will be offended. It's negotiation.

At least they've reduced it once shows they may be open for negotiation. There's a property in the area I'm looking at that has been on the market since October last year, not once has the price been reduced. It's about £100k overpriced, ridiculous.

Offer your 290. Go for it. If you can afford the 300 you’re in a great position. Good luck.

Ok thanks for your replies! We were leaning towards offering the 290k. I didn’t think of checking house prices on the same road 😊