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Original poster

Are people offering under asking price at the moment?

160 replies

Roastedcherries · 16/02/2023 09:53

Just that really. We are chain free, have deposit ready to go so in a good buying position and the next place we buy will be our forever home so negative equity is not really a factor in my thinking. However I've noticed my local market very much slowing down (it was crazy a year ago, places going at 90 grand over asking) and places which I think are overpriced are hanging around for weeks if not months - this time last year places were marked as SSTC within 24 hours of going on rightmove. So I don't particularly want to offer at full asking in what I believe to be a falling market and just wondered what others experiences were as I don't want to piss off vendors unnecessarily. Say for instance something was priced at 675k and we went in at 650k, is that considered cheeky?

OP posts:
HobnobsChoice · 17/02/2023 10:00

We offered under asking price. The house had been on the market for 4 months and was well spec'd but for a similar amount people could have a new build (with smaller gardens and more open plan layouts) which was what a lot of the viewings went for. We knew they were relocating for work and under pressure to move so felt we had a slight upper hand.
We offered under by around 9% thinking if they accepted then we had done very well but they came back with counter offer which my husband and I had agreed would be around our max offer so we went for that which worked out at about 5% under asking.
All you can do is make an offer. I was given the advice your first offer should make you feel slightly embarrassed. In your position I'd offer £630k and see what they will counter offer. Point out that you are in a good position to proceed as not waiting for a sale. Sometimes time can be as important if not more than achieving asking price

Seaitoverthere · 17/02/2023 10:17

Roastedcherries · 17/02/2023 09:25

Thing is it has been so ridiculously overinflated round here the last few years I feel like I no longer know what sensibly priced is. And very few houses come up for sale in the area we are now looking at so there isn't much recent sales data to compare to.

Show quote history

Yes I get that. Which bit of Somerset very vaguely? I”m involved in a sale in Bristol after a bereavement which went on at 450k last spring and an offer of 480k was accepted. Unfortunately we lost a second member of the family near exchange so lost buyer and awaiting now for probate. There was a second offer of 435k back in the autumn. Recently it was reduced to 440k and has had one offer of 400k.

Until we know probate through it’s all a bit academic ( I know it shouldn’t be on the market but not my call) . My solicitor is going back to HMRC to see if he can renegotiate the value that was put on inheritance tax from after contacting me to say it was clear that uh won’t be anywhere near 480k. I feel if lucky we might get 420k but am prepared it might be 400k although one member of the family saying no way. It’s split a number of ways so offsets the hit to one person though.

Original poster
Roastedcherries · 17/02/2023 10:31

Seaitoverthere · 17/02/2023 10:17

Yes I get that. Which bit of Somerset very vaguely? I”m involved in a sale in Bristol after a bereavement which went on at 450k last spring and an offer of 480k was accepted. Unfortunately we lost a second member of the family near exchange so lost buyer and awaiting now for probate. There was a second offer of 435k back in the autumn. Recently it was reduced to 440k and has had one offer of 400k.

Until we know probate through it’s all a bit academic ( I know it shouldn’t be on the market but not my call) . My solicitor is going back to HMRC to see if he can renegotiate the value that was put on inheritance tax from after contacting me to say it was clear that uh won’t be anywhere near 480k. I feel if lucky we might get 420k but am prepared it might be 400k although one member of the family saying no way. It’s split a number of ways so offsets the hit to one person though.

Show quote history

Just outside Bristol :)

OP posts:
AlmostSummer21 · 17/02/2023 10:49

It's all so bloody difficult isn't it.

I've always preferred to buy houses that need work as I'd rather spend the money on putting in bathrooms & kitchens that I like, rather than paying for choices other people have made, however, with the difficulty of getting good trades people right now, in your situation, I'd be seriously looking at the more complete options a short walk away.

But as for your actual question. An offer is an offer, I wouldn't worry too much if it's ok or cheeky. Offer a bit under what it's worth to you in order to negotiate up a bit & see how you get on, but make sure you do want it first!

Seaitoverthere · 17/02/2023 10:54

Hope you don’t mind, I’m going to send you a message 😊

SaltnPeppaPig · 17/02/2023 11:01

Mark19735 · 16/02/2023 11:15

Why do you care if you piss the vendor off? Do you think they'll chose to sell it to you for less than someone else has offered because they like you? Or do you want to pay more than they'd have otherwise accepted because you want them to like you?

Offer what it's worth to you. Don't stress about what the vendor or their agent says ... it's all cod psychology and sales bullshit. If it's enough - they'll accept. If it's not, they won't. And either way, you won't mind because if you offered what it was worth to you, you wouldn't have wanted to pay more anyway.

This makes sense only if OP will always offer at best and final. If you go in too low for an initial offer then you can piss the vendor off and not be allowed another go. I've done this as I can't be arsed to deal with people who are complete chancers.

650 on 675 isn't insulting though.

Original poster
Roastedcherries · 17/02/2023 11:09

SaltnPeppaPig · 17/02/2023 11:01

This makes sense only if OP will always offer at best and final. If you go in too low for an initial offer then you can piss the vendor off and not be allowed another go. I've done this as I can't be arsed to deal with people who are complete chancers.

650 on 675 isn't insulting though.

Show quote history

Thank you, yes this is what I'm concerned about. I'm not wanting to be a CF but equally am not comfortable with full asking in a falling market.

OP posts:
Thesharkradar · 17/02/2023 11:50

If I was buying at the moment I'd definitely be going in with low offers.
I've seen so many properties around my way (southeast, fairly expensive) that went SSTC very quickly after going on the market last summer and now 6 months later they are still in the same position.... Typically it's older people who don't seem to realise that they need to drop the price 🤷

Original poster
Roastedcherries · 17/02/2023 11:58

You guys are making me think maybe 650 is too high! It's been on the market a few weeks but not sure if it's had other offers and rejected them or not.

OP posts:
Thesharkradar · 17/02/2023 12:03

Roastedcherries · 17/02/2023 11:58

You guys are making me think maybe 650 is too high! It's been on the market a few weeks but not sure if it's had other offers and rejected them or not.

How badly do they need to move? That will tend to influence their willingness to accept a lower offer...

Original poster
Roastedcherries · 17/02/2023 12:08

Thesharkradar · 17/02/2023 12:03

How badly do they need to move? That will tend to influence their willingness to accept a lower offer...

Show quote history

It's an older lady living there at the moment who wants to move to be nearer family as the house is quite big and it's too much for her to manage alone.

OP posts:
Karatema · 17/02/2023 12:41

When we sold our house the buyers offered £50k below asking, then came back with £30k below asking. We told them not to come back unless they were willing to offer £5k below asking. They came back for the final time at £5k below asking! We weren't annoyed, they were just being cheeky trying their luck! You can only offer and see what the vendors say.

Thesharkradar · 17/02/2023 12:43

How much does she need the money ...how much is she suffering by staying in the house vs moving? How willing or unwilling is she to accept that her house is worth less than she wants for it?
Obviously she'd be mad to give this information away willingly but you might be able to 'smell' what's going on?

Twiglets1 · 17/02/2023 14:41

Roastedcherries · 17/02/2023 11:58

You guys are making me think maybe 650 is too high! It's been on the market a few weeks but not sure if it's had other offers and rejected them or not.

You will gain more information when you make an offer. The estate agents reaction will tell you something and so will the vendor reaction. Hopefully even if they reject your first offer they will come back with a counter offer.

mondaytosunday · 17/02/2023 15:59

No. I bought my house during summer 2021 and still got it under ask.
I'd go 5% under as a start if the area is desirable. They can always counter.

Alexalee · 17/02/2023 22:13

Anything within 10% of an asking price isn't cheeky

If I feel the house is worth less than 90% of the asking price I wouldnt offer until it has been reduced, purely because we would start negotiating from too far apart

If i were you op i would offer 610 if you like it

incognitodorrito · 18/02/2023 07:01

We’ve just pulled out of an offer. We’ve bought & sold maybe a dozen times collectively and this is the first time we’ve done this. In light of the current market conditions, we think it’s over valued. We have two other properties that although we don’t need to sell them, and are fairly priced, aren’t shifting. This has made us loose confidence and so we’d rather either renegotiate or pull out and sit tight for now.

incognitodorrito · 18/02/2023 07:05

Just for reference, the house had been on market since last august for offers over 1 mil, then reduced to “just“ 1 mil. We negotiated down to 950 but we actually think it’s now devalued to 900k. Yes we feel bad about opening up renegotiating, but not half as bad as we would have felt sitting in a house that we’d paid too much for!

maxi2100 · 18/02/2023 09:56

Karatema · 17/02/2023 12:41

When we sold our house the buyers offered £50k below asking, then came back with £30k below asking. We told them not to come back unless they were willing to offer £5k below asking. They came back for the final time at £5k below asking! We weren't annoyed, they were just being cheeky trying their luck! You can only offer and see what the vendors say.

That is not being cheeky with their luck, that is how you negotiate. If they offered you too much would you decline them and say come back with a lower offer?

soboredtonight · 18/02/2023 10:24

I don't know but we are going to be looking in about 12 months. There seems to be no rhyme or reason to how houses are priced here by me at the moment. Northwest area.

Three bed terraces like mine are all over the place.

Some needing complete renovation are up for £140k whilst others with everything done, are up for the same price or a lot higher or a lot lower. It's like there is an £80k difference between these houses and I just can't see why. All near to me as I'm looking to see what mine might go for and I can't work out what is reasonable.

I'd expect the houses needing work to be lower and the houses needing less work to be higher.

Just not the case here.

GidgetGirl · 18/02/2023 10:37

Things are definitely selling for under the asking price here now, and it had been crazy for ages. Places selling at or over asking for a long time, and INSTANTLY - as soon as they hit the market they’d be gone.

Lots of properties are hanging around for quite a while now. Basically I think prices have definitely come down, but EAs and sellers don’t want to admit to it so they’re marketing places like they were a year ago. A friend has just had an offer of £217k accepted on a place that was on for £230k, for example.

Some properties are still selling quickly, but only really the absolutely immaculate ones that are decorated and set-dressed in a very trendy way to appeal to first time buyers. Properties round here that are more traditionally buy-to-let fodder are hanging around for ages.

Thesharkradar · 18/02/2023 12:06

incognitodorrito · 18/02/2023 07:01

We’ve just pulled out of an offer. We’ve bought & sold maybe a dozen times collectively and this is the first time we’ve done this. In light of the current market conditions, we think it’s over valued. We have two other properties that although we don’t need to sell them, and are fairly priced, aren’t shifting. This has made us loose confidence and so we’d rather either renegotiate or pull out and sit tight for now.

You think that if you wait it out the market will rise again?
Are you not concerned about the risk that it will fall further and you'll end up selling at an even lower price?

Greenfairydust · 18/02/2023 12:45

I have just offered 5% under asking price and I actually think I am being generous as the houses sold on the same street recently went for less than I am offering.

Waiting to hear and will walk if they don't accept my offer as the property needs work and they have had no offer for 1.5 month.

In fact as my offer has now been on the table for 24h without a reply I am preparing to offer on something else. I don't want someone who will reluctantly accept then gazump me or withdraw all together from selling...

Exeterrose · 18/02/2023 12:52

House prices where we're looking have dramatically fallen. Around 10% or so!

It's a very confusing market.

The one we love has been reduced by £20k today!

PinkPantherPaws · 18/02/2023 12:55

I think prices have definitely come down, but EAs and sellers don’t want to admit to it so they’re marketing places like they were a year ago

Yes this.

In my area, houses are either hanging around now OR they're marked as SSTC within days - only to reappear a couple of weeks later (which I'm assuming is due to mortgage problems or buyers having cold feet and realising the property was overpriced in a falling market).