Stupidly low offer

[Indablungerlow]

Selling house. Only been on the market a week or so. Received an offer of 50 - yes 50k below asking price. Really pissed off someone could be that cheeky. Anyone else received cheeky offers lately?

Are you offering over on places you want to buy?

You will eventually sell, took some neighbours of mine 3 years for the market to catch up with their expectations but obviously what they wanted had gone up more in cash terms.

My EA says ours is likely to go over asking price

What are you blethering on about then? The fact you think it's rude given they have 200k of income? Get your head out of your heart and think like a business woman / man. Do not bring emotion into the disposal of a capital asset, waste of headspace - although I find your perspective and posts quite amusing. Bless.

Your EA is lying.

There are several houses we’ve seen back on the market with a lower asking price.

Have you ever sold before? I've never gone over asking on any properties it's always been under. Might have been different in 2020-2022 but the market is going back to normal, dropping even. Decline the offer but if you think you are going to get a bidding war it's probably not likely. The market is now vastly different. EAs talk up the market it's their job to get listings!

Yes of course. 25k over on the house we are buying.

It depends on your circumstances but am guessing that you will be buying another property? If you are looking to move to a larger/more expensive home it might be that accepting a 10% hit on your asking price from a solid buyer who can proceed is worthwhile if it means that you can put an offer in on something that you want.

Say everything in an area is taking a 10% hit. This would also apply to higher end properties. 10% off £800K is more than 10% off 650K. Over time; it is likely that property prices will recover; and you'll have a home that you otherwise might not have been able to purchase.

If you are looking to downsize then it may be worth staying put for now if you can

That you now can't afford!

Isn't the idea that you offer under and then meet in the middle? Go back to them with the minimum you'd accept. Ps aren't house prices likely to drop further at the beginning of next year so getting a sale in now is a good idea if you can! I speak as somebody also selling and buying in the current climate and a lot of expectations have had to be adjusted

I'm glad you're listening to what your estate agent is telling you about it being a buoyant market. They're such honest, truthful people with only your best interested in mind.

More fool you I’d say then.

supply of mortgage funding impacts on prices as well as supply and demand for actually moving

i don’t think there will be a massive crash but there will be a reduction

I suspect you’ve probably missed your market upturn moment OP. No wonder you’re livid.

I live in a pricey area. For the last 2 years, literally anything that went on the Market sold within days. The last 2 months nothing has sold. Prices are being reduced a little.
It's a different market. If you want to move you may need to accept a lower offer, and make a similar lower offer on your next house.

That's your fault then for overbidding before you had sold. Just because you need a price it doesn't necessarily mean the house is worth that much. Also you are expecting the buyers to stump up your overbidding on property.

We can afford it.

Not a cheeky offer at all! It’s completely different market now. I am looking around there price and encountering many coming back on the market after the deals fell though at the point of exchange. Ok it might seem cheeky to you but if you are asking about 10% off your next property you will ultimately be borrowing less money, paying less stamp duty and, especially if you’re upsizing, be in a more winning situation (10% of 700k is more than 10-% of 900k). The market still has further to fall, you might regret not taking this seriously.

The market has definitely weakened in a lot of places. I've been house hunting since before covid so have watched prices climb ridiculously quickly. It has slowed. I am looking around Berkshire, Sheffield, Leeds, Edinburgh, Glasgow and South Wales, amongst others. Properties are not flying off the shelf at the same rate they were and are staying on the market long enough to be reduced.

Their offer was not remotely insulting. It was a starting point. They probably would've met you in the middle, price-wise. 50% off would be ridiculous (assuming your house is correctly priced). Less than 10% is absolutely normal. We recently offered 450 on a 475 property. It was accepted. We had to pull out, but it did make me wonder how much less we could've offered. Even at our offer, compared to pre covid the house was still a good 25k more than it should've been. They've now relisted at 450 and I won't be surprised if it goes for more like 415.

We had sold when we offered on it, this was in August.

I look forward to your post being outraged when your vendors won’t accept that you now have to reduce your offer to them

Because of the interest rates and the forecast the only people buying now are hot buyers, nobody is doing it for fun - those who don't need to are waiting

Then I would respectfully say that I think your EA is not managing your expectations very well

PIL are in Bristol. They got an offer for over asking in July, but the chain collapsed and they had to relist in September. Just this week they have accepted an offer for 550k… 82k under asking. They’ve had several offers all in the same ballpark and have been absolutely devastated to discover just how much value they’ve lost on their (lovely!) house in the last 5 months.

OP, I think you may be in for a shock.

We won't have to reduce our offer.

Sorry but I don't believe this. The Bristol market is mad.

I don’t think there’s a single poster who agrees with you OP. Do come back to us once you’ve got an asking price offer from a proceedable buyer.

That’s fine, it’s less than 10%.