Preparing for an offer

[Dogsandbabies]

I finally saw a house that fits our needs. 4 beds, nice garden, potential to extend in a couple of years and on the ideal catchment for both primary and secondary schools. It's on for 800k - 825k and only just came on the market.

What do you think I should offer?

If you like it and you can afford it.put an offer in. What are you waiting. For.

I am obviously waiting for the estate agent to open on Monday. But I have never made an offer when the price is advertised as a range.

I was hoping someone has come across this and can give me some pointers.

If you really want it then I'd probably say go in at £790k or £800k. But it depends on the market, your assessment of its value compared with other places and whether you think you're likely to have competition. Personally I'd rather risk overpaying a bit to secure a house I really want that is fresh on the market, rather than go in too low and risk losing it. But I'm not you! Good luck.

How much did they pay for the house originally?

I asked my estate agent why there are price ranges - he said usually the client wants the higher amount but the agent thinks the lower more realistic. I'd go in at 780k see what they counter, though if it's just come on they will probably hold out for £800k, so if you are really keen and property is selling nearby go in at £800 and say it must come off the market. This presumes you have nothing to sell or are well underway selling your current home.

Thank you all. It's hard to price but I think a fair value is probably 780-800. I am chain free, as in I have sold and moved into a rental.

They bought a good 12 years ago so I can't use what they paid as a proxy.

I think I will go in at 790 and see where I get to. Thanks again.

The last time we moved, it took us a year of searching, and we lost out on several properties going in too low. This time we'll just offer what we think it's worth, without necessarily trying to get a bargain, so that's the advice I tend to give.

If you are keen to secure it, I'd offer what similar sized houses in comparable condition are going for. You should be able to look up recent sales, at least in the last 3 years, on Rightmove or Zoopla.

Agree with @Starseeking that going in too low isn't a good idea for a desirable house that's only just hit the market. We had a couple of houses where we were the first to view and made what the estate agent themselves described as good offers - but the response was still, "It's only just gone up for sale - they want to see what other interest they get". And somebody would invariably come along and improve upon our offer.

If you're really keen, you need to offer enough that they'll be prepared to take it off the market quickly.

Totally depends on how active the market is locally and how much competition do you expect!
If the seller reluctantly agreed to put a range from 800 because the agent persuaded them, I would not ofeer under that minimum if the market is lively.

Where I'm looking there is absolutely no point offering eeven the minimum of the range, there aer ALWAYS several peoplecomoeting - unless it has unusual features / a significant fault.
So i'd start at 800 in your case.

But if the market is slow and it's at the very top of prices for that street, then do try lower.

sorry, it's late - far too many typos!

It really depends on how much you can afford and how upset you’d be if you ended up losing out on it for the sake of a couple of thousand?

I think it’s unlikely they’ll accept under the lower price range if it’s only just come on the market so would be inclined to start at £800k and make clear you’re in a strong proceedable position.

It depends on the market near you. Where I am, asking price is normally the minimum...theres not much coming to the market it and where it does there are lots of buyers.

Thanks again. I think you are right. I will probably go in at 800 and see what they say. I am not prepared to go to 825, it is simply not worth that for me. But 800 is reasonable so I will try that.