How low can you go?

[clouds56]

Me and OH currently in process of viewing homes (we accepted an offer on our house yday for asking price which is amazing!)
There's a house we really like that's been on the market since November which in my area atm is quite a long time. Estate agents have told us they haven't had an offer yet and it's obvious it's on the market for too much money. We are selling our house with same estate agent and we know they put our house on over what it's worth because they told us that so I'm confident this house is also on for too much. It's on for 440 and we think it's worth around 415/420 but obviously we want to offer lower than this to begin with as we want to get to that price (hope I'm making sense here), so how much do you think we should offer? I don't want to be cheeky and piss them off but also don't want to get ripped off. Opinions please

I'd go in at 405k. You've nothing to lose if there is no other interest.

Remember estate agents lie. Barely a word they utter is the truth in my experience. So don't place any value on a single thing they have told you.

Be wary - maybe other viewers have detected a problem you havent spotted. Not necessarily with the house - perhaps its location in the street, or even something simple like a main drain junction that would stop you easily extending. Also look at the age of the house and context - do many other houses in the street have a new roof but yours doesnt etc.

There is a house we offered on which has been on the market 2 years this month. Seller believes it is worth even more than asking price so won't budge. It's often just down to vendors being unrealistic or needing full asking price to allow them to move.

Worth a try, but be prepared for the offer to be rejected, still a sellers market atm.

Worth a try, but agents lie. If you go In too low you might piss them off and they'll reject you even if you come higher as they think you'll try and chip away to get to that price anyway. So be considerate but don't take the mickey and it might work!

I think all you can do is offer what you think it's worth. We bought last year in the midst of the crazy hot stamp duty holiday market, we still felt that the house was massively overvalued. In a rare turn of events the estate agent was actually really helpful. They agreed it was overpriced but the owner had insisted on listing high initially (due to a property on the same road selling in that bracket, but that house was larger and modernised throughout, whereas this house hasn't been decorated since 1985!) We offered £50k under asking price and the agent had a talk with the vendor to basically say that although it was the first day the property was on the market they believed the vendor was unlikely to get any offers higher than ours, and it was accepted.