Page 10 | Is it cheeky to go in with 700k under asking price

namethisbird · 2023-09-11T20:44:07+00:00

There is a Victorian townhouse for sale in our dream street but the sticking point is the asking price. it is currently on the market for £1.7million however in my opinion based on research, independent valuation sites and recently sold properties it’s only worth just over £1mill. it doesn’t seem it’s had much interest so my dilemma is would it be very cheeky to offer what i think it’s worth which is £1045000?

Monster80 · 14/09/2023 16:05

Mildura · 14/09/2023 15:43

Essentially, an agent will put a property on the market for sale at whatever price the vendor tells them to.

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That’s not the case in my experience of x 4 house sales. You can suggest what price you think is correct and the agents ask you for comparables to stack that up. If agents stick things on that are 50% overpriced - they have to spend years selling them - which isn’t in their interests. Agents make money based on commission and churn of sales.

Mildura · 14/09/2023 16:29

Agents make money based on commission and churn of sales

But they can't sell a property they don't have on their books.

It's exceptionally rare for an agent to turn away an instruction. They will often knowingly take an instruction at too high a price and work away at the expectations of the vendor trying to get the price down to a level where a sale becomes achievable.

Icanseeahousementionedfrommywindow · 15/09/2023 09:15

Mildura · 14/09/2023 15:43

Essentially, an agent will put a property on the market for sale at whatever price the vendor tells them to.

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Or they refuse to list it?

I noticed that the overpriced Harrogate on is on with a Leeds agent so I assume the many Harrogate agents wouldn't agree to the price.

honeyandfizz · 15/09/2023 09:27

Twiglets1 · 12/09/2023 19:31

The Shrewsbury one is gorgeous though isn’t it?
Think I’ll make a cheeky offer of 800k

Edited

I live very close to this and it is absolutely stunning, however it backs onto the river and floods well into the garden most years where the owners have to park their cars as their is no off road parking at the front.

Twiglets1 · 15/09/2023 09:29

honeyandfizz · 15/09/2023 09:27

I live very close to this and it is absolutely stunning, however it backs onto the river and floods well into the garden most years where the owners have to park their cars as their is no off road parking at the front.

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Oh dear! I wouldn't be buying that one then 🙁

CrashyTime · 15/09/2023 13:50

Mildura · 14/09/2023 16:29

Agents make money based on commission and churn of sales

But they can't sell a property they don't have on their books.

It's exceptionally rare for an agent to turn away an instruction. They will often knowingly take an instruction at too high a price and work away at the expectations of the vendor trying to get the price down to a level where a sale becomes achievable.

A lot of agents are staying afloat on rentals now, having a large showy house on the webpage might draw clicks and then people are also maybe looking at their other houses for sale and rentals (bread and butter) the agent doesn`t care if someone makes a fool of themselves by having a ridiculously overpriced house on the market for years, they know everyone is using apps like PropertyLog now and just having a good laugh at all the crazy starting prices and reductions.

whyisitallsohard · 16/09/2023 22:54

CrashyTime · 15/09/2023 13:50

A lot of agents are staying afloat on rentals now, having a large showy house on the webpage might draw clicks and then people are also maybe looking at their other houses for sale and rentals (bread and butter) the agent doesn`t care if someone makes a fool of themselves by having a ridiculously overpriced house on the market for years, they know everyone is using apps like PropertyLog now and just having a good laugh at all the crazy starting prices and reductions.

Edited

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hahahha I know I am!

InterestedReader1 · 17/09/2023 18:04

Make the offer.
I suspect this house is similar. Someone has mad a 'cheeky' offer of around 33% off and the vendors are rethinking their position.

https://www.rightmove.co.uk/properties/136287197#/

Asking price was 1.5m, now 1m but final offers due by mid-October. Still seems expensive to me for a semi.

Check out this 6 bedroom semi-detached house for sale on Rightmove

6 bedroom semi-detached house for sale in Marazion, Nr. Penzance, Cornwall, TR17 for £1,000,000. Marketed by Lillicrap Chilcott, Truro

https://www.rightmove.co.uk/properties/136287197#/

CrashyTime · 18/09/2023 16:23

Yes, 500k price drop after 3 months shows that they totally mis-read the market.

C4tastrophe · 18/09/2023 16:44

CrashyTime · 18/09/2023 16:23

Yes, 500k price drop after 3 months shows that they totally mis-read the market.

Edited

Speaking of which.
This one was 465 last summer, painfully slow reductions to 425 over 9 months, then went to ‘reservation fee to seal the incredible deal’, now readvertised as a new listing, licking it’s wounds at 395. I reckon needs to be 345-365.
So on as a new listing despite being on the market for a year.
If only they’d gone 400 last summer.
https://www.rightmove.co.uk/properties/139788818#/?channel=RES_BUY

Check out this 4 bedroom detached house for sale on Rightmove

4 bedroom detached house for sale in South Park, Lytham, FY8 for £395,000. Marketed by John Ardern Estate Agents, Lytham

https://www.rightmove.co.uk/properties/139788818#/?channel=RES_BUY

CrashyTime · 18/09/2023 16:51

300k would be a good result now IMO, but as you say last year they could have sold it with a decent price drop for more.

Jessforless · 19/09/2023 13:14

Would also like to see the link!

CrashyTime · 19/09/2023 14:21

Jessforless · 19/09/2023 13:14

Would also like to see the link!

Link is in the first post I think.

Lose10kyesterday · 19/09/2023 17:57

The OP has never given a link, just hints, if you read all her posts. Other posters are speculating and trying to work out where it is and narrowing it down to a specific place, but the OP's not biting!