Offering 50k under asking

[Muddlepuddle12]

On a 650k house. Madness, or reasonable in this market?

Yes, but if human psychology worked the way you think it does we wouldn`t have a house price bubble would we?

You're still having a different conversation 🤣

If you were right and it worked the way you think it does, you'd be very rich, because you'd always have bought property at the bottom of the market and sold at the top, and never wasted a penny in rent.

Are you very rich?

And please, do us all a favour, would you, and stop crowing with glee at the misfortunes of other people who have only done their best to keep a roof over their heads and their childrens' heads. People may be unfortunate with the house/flat they live in on the property market for all sorts of reasons, but most of those misfortunes were cause by things way out of the control of the average buyer and not caused by greed or dishonesty, so they are nothing to crow about or be happy about.

How long have you been telling people they would be stupid to buy? And how much have house prices gone up in that time compared to wages? Anyone taking your advice, say, three years ago, and rented instead of buying, would now be much worse off as a result. And still would be even if prices fell by a large amount. You sound like someone bitter that they missed the boat who is now gleeful that some people who made it onto the boat may fall off it. Not a good look.

What happened OP?

First offer was rejected, went back at 610 which was accepted! Still worried we're overpaying with all the news of house price crashes though! 🙈

Oh congrats! I know it's a scary time but if the house is worth that to you and you can afford the mortgage repayments then go for it. Who knows what the future holds

You found the sweet spot that the Seller was prepared to sell the house at, so try not to think of it as overpaying.
If it’s any consolation, the Seller is almost certainly worried that they could potentially have got more for their house.
Both sides generally worry for a bit about the agreed price before accepting it was more or less fair. If your survey shows problems you may be able to renegotiate a little at that point.

They accepted 40k under asking. That would have been unheard of last year! Assuming you don't fancy going through the stress of buying and selling in the near future and you can afford the mortgage, don't torture yourself by looking at house prices dropping. We've outgrown our house so we're ready to go now and don't want to wait and see what happens on the off chance we'll save a bit.s

Congratulations OP! I am looking to buy at around the same budget, I don't want to borrow any more because these interest rates are painful at the moment particularly as I am buying it on my own. I have made a few offers that a few months ago would have been unheard of. On average around 10% below asking price. At the moment no one has bitten but the houses I have offered on are still on the market weeks later so I imagine someone will soon. If I saw something I really 'had to have' I would increase the offer but at the moment the houses I am seeing are a bit mediocre. I feel that the asking prices have a way to fall yet and not everyone is yet realising this. FWIW I don't feel there will be a massive crash, nor do I want there to be, but a 10% or so reduction in asking prices would bring them back to where they were (around here) 1-2 years ago which to me is more realistic.