What to offer

[vinoandbrie]

What would be a reasonable offer on a house that has been on the market for a good few months and has been reduced to £1.45M. No other offers have been made. Many thanks for advice!

Without knowing the house or local market, I'd suggest a reduction of 20% is a reasonable starting point in the current climate. The vendor will either accept or negotiate. I suppose there is a chance she will be outraged and refuse to negotiate but that would be very silly with no other offers and a falling market.

Unless you think it's actually worth less than that when compared to similar properties. In which case, offer what you genuinely think it is worth.

Are you selling your own property with an agent in the area? You could ask them for advice. We're planning to move a little out of our area but close enough that the manager of our estate agent branch knows it well. He's offered to help us negotiate when we find a house we want to buy. He said he quite enjoys that side of it.

Thanks for this. Unfortunately we’re moving from outside the area, so are not as on the pulse as we would like to be about the local market. I do see a lot of reductions though, all four properties we saw the other day had been reduced, which isn’t happening in the area we’re currently in.

Are you using price tracking apps to monitor the area?

www.theadvisory.co.uk/propcast/

Helpful website here may help you understand the local market

Ahh thank you.

I am not using price tracking apps. I’m so behind the times I didn’t even realise that was a thing 🤦🏻‍♀️ I must look into this!