Asking price - how low would you go?

[moregingerbreadplease]

As above really! The house is up for £350000 needs some updating and has been on the market for 6 months ...?

How longs a piece of string? What’s sold locally of similar standing? What’s your position- chain, first time buyer, large deposit? How much would you be willing to pay maximum?

As above, any reduced offer would be best received with reasons ie cost of works (prob taken into account anyway), comparables and then your promise and proof of an easy, quick sale. Ive also heard of personal letters detailing why their family love the house etc going down well.

How much are you prepared/think is fair to pay? How much would it be worth when updated?

Impossible to say without knowledge of the local market and comparables.

I’d leave it 6-12 months. I think we’re looking at up to a 20% drop in house prices, depending on area.

Is this because you feel there is an element of the house that the owners have not appreciated when they picked the price they wanted to market it at, or is it above your budget?

If it's already been on the market for 6 months it must be well over priced. The mini boom created by pent up covid demand and the stamp duty change has seen everything selling.

I put in an offer on a house that was 6% below the asking price, on the basis that I would have to spend the 6% bring it up to scratch (new kitchen, new flooring, removing artex). I was quite clear with the EA as to why I felt the offer was appropriate. The vendors rejected the offer and didn’t bother to make a counter offer. Two months later in a fast moving market, their house still hasn’t sold. It’s now been on for nearly six months. I do wonder how keen they are to sell.

£335,000

£334,564

Has it been priced in line with the updating needed? It that updating to make it completely to your taste or is it actually needed?