Making an offer

[Newbie1999]

If my budget was, for example, 450k - should I be looking at houses with a slightly higher asking price, with a view to offering 450k? Or is this setting myself up for a fall?!

Entirely up to you but I probably would be. Don’t forget to account for stamp duty in budgeting. If the market dips then you might get a very good deal.

Have you factored in the additional expenses like stamp duty, solicitors, moving? Always leave some room for flexibility. If you have factored in the added expenses then you should feel comfortable offering 450k on a property you love.

Yes, most houses go on the market on the understanding that they will attract offers under the asking price (unless specifically stated somewhere on the sales spiel).

So I'd be looking at anything below £500,000 in your position. You might come across a house that might eventually go for as little as £450.

Going to go against the grain here. If people have put their houses on for £500k then they're hoping for £500k, in my experience! I would look exactly in your price range, maybe £25k above. Homeowners don't always price it right and you will see reductions after it's on for a while but if I were you I'd save myself the trouble of looking at houses above my budget and the heartache of having offers rejected.

Be skeptical of asking price, if something is listed in your budget it may actually be worth much less than your budget, but don't get entangled with vendors whose expectations don't meet yours.

I'd look at houses over budget that have been languishing on the market for a while, I wouldn't bother looking at ones that are newly advertised.

Be skeptical of asking price, if something is listed in your budget it may actually be worth much less than your budget, but don't get entangled with vendors whose expectations don't meet yours.

Totally agree with this too!

Be careful ours just got down valued by 20k

Thanks all, some things to think about!

Yea ! Offer ! They can always refuse!

I’m in 2 minds about this. I had an offer on my house for 15% off and thought it was really cheeky and insulting.
On the other hand, I am tempted to offer 325 on a 350k house! But I don’t want to be a cheeky cow!
Difficult, isn’t it.

So tricky - I don’t want to put myself through putting in an offer under asking on a house I love and being rejected with no room to negotiate, but you just never know! Would be hard to keep the emotion out of it.

I think if you really want the house, then offer what you can afford. Is it worth risking losing your dream home for a few grand?
In my case, the house I’ve seen is just ok, as in it will do, so if they tell me to bugger off and don’t want to deal with me again, I’m ok with that!

Depends on your local area too. Here houses are selling for above asking price, and often within a day or two of listing

5% below is not unusual.

Every time I have sold the EA has said ‘we would put it in the market at xxxx and hope to achieve xxx’.

Yes I think viewing houses up to £475 eg around 5% more than your budget is reasonable in the current market. Much higher and I think you're setting yourself up for disappointment.

I think it depends on the area, when DH and I were looking a couple of years ago, properties were going for 5-10% more than the asking price. It took us a while to figure it out and look at and offer on properties appropriately. I think most of the time though it is acceptable to do what you're suggesting.

Why would you have no room to negotiate ? You just go up until they accept !

Sadly some people are desperate to sell so you have nothing to lose , just try not to fall n love with it ..I would always aim high , check how long it's been on the market etc..I'm currently looking ,I have 750 but I'm looking up to 900 on Rightmove ... you never know how much they want to sell and maybe they are chancing their luck with the price 🤷‍♀️