Estate Agent over values houses - what to offer?

[Andthenanothercupoftea]

Our house is on the market this week and there's a house we'd like to make an offer on, if it's still available when we have an offer on ours.

It's priced at £300k but I'd like to make a lower offer.

The reason for this is that the estate agent they are with overvalues houses on the off chance, before lowering them 5-10% after 12ish weeks.

I know this because a) it's what they suggested for our house (we didn't go with them) and b) when you sort by "most reduced" on Zoopla their houses feature heavily.

In theory we could afford that, but I don't want to pay over the odds for a house.

In the last two years similar houses in the village have sold for between £240k and £305k (this was a 4 bed detached, the one we are looking at is a 3 bed semi, smaller garden).

There's a chance that by the time we are in a position to make an offer they will have reduced it (or it will have sold) but £300k seems a bit steep.

Would £285k be ok or is that too low? The house seems in good condition (although full redecoration would be required - current owners have been there 30+ years and it shows!!) They are looking to downsize and the house they are looking at (just down the road from us funnily enough) is on sale for £210k so they don't need the full asking price.

I assume we'd be given a chance to revise our offer if they didn't accept?

The other issue is the estate agent knows our budget could reach the current asking price, I don't know whether they'll factor that in to our negotiations?

I'm a complete novice at this - we offered asking price on our current place without really thinking, but since I've learned more about the property market, it seems some negotiation is kind of expected?

Bit of a thought dump really - guess I'm looking on advice for negotiation/making an offer. Do we have to give a reason for offering lower than asking?

Can you find out sold prices for properties that are similar/the same?
I don't think you do have to give a reason. The estate agent may be aware of your budget but you should only offer what you're prepared to pay for it?
You can say to the agent it needs work if they have lived there that amount of time and it shows? You need to factor that into your budget too surely

Sorry - just read again in your OP about similar properties!

Currently in my area the stamp duty end date has driven prices up so everything of going at asking price or sealed bids for best and final offers.

How would you respond to an offer on yours at 5% below asking price?

BTW, it's a bit odd, to be honest, to be speculating 'they don't need the full asking price'. Who knows what they need?

You definitely can offer £285k on a £300k property. You don't really have to give an explanation of why. Negotiation on price is normal. They can just say no if they don't want to accept, and/or might suggest a level at which they would be willing to accept.

They’re probably hoping for £290k, so going in at £285k would be a good place to start.

As ots just yone on I'd offer £285. Of it had been on a month I'd go £280. I'm sure they've discussed what they are hoping for which is most likely in the £290-95 area.
Don't speculate on how much they 'need', that is totally irrelevant.

Typos🙄

Just a comment-you’ve mentioned houses that have sold in the last 2 years, but where I am, the market has changed significantly and houses are generally selling quickly and at a higher price than even 6-9 months ago. What you’re proposing to offer is fine and not insulting, but if it’s anything like round here, you’ll be asked to put in your final and best offer. No harm in offering lower initially though. Good luck!