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Original poster

Offering full asking price in this market

58 replies

Omgwtafisthat · 05/03/2024 06:37

We have been outbid on 6 properties and we were about to exchange on another and got gazumped. It’s been a horrendous process trying to move the last 12 months. Whilst our sale has been straightforward (in terms of finding a buyer) we just cannot secure an onward purchase. That’s 7 properties in total we have missed out on. The stress is starting to get me now.

We often can’t believe the prices things are going for but it seems anything on good condition will sell. We could buy a house that needs work (we tried to in one of the 7 houses) but with two small children and full time stressful jobs it would just be too much.

The ideal house has just come on the market and our buyer is ready to exchange. I feel that we have to offer full asking to secure it, given that we’ve always been outbid and just to end the stress of all this!

All this talk of property coming down just doesn’t seem to be happening here. Although we did take around a 6% discount on ours.

OP posts:
PickledPurplePickle · 05/03/2024 06:48

We have offered full asking -
I think if you love it that’s what you have to do at the moment

Pitstop1986 · 05/03/2024 07:04

I've just sold my house and the buyers offered £2000 above asking to secure the property as it was their dream house and they didn't want to miss out on it.

Saying that, I did have a lot of interest in the house and had 3 offers in the week it went up for sale.

Has the estate agents said that there's been much interest?

Twiglets1 · 05/03/2024 07:09

There are a few people on Mumsnet that pop up on most threads like this repeating the mantra that all property is overpriced. But in reality the situation is a lot more nuanced than that. You know your local area better than anyone and you know that locally the market is strong. You have the evidence of being outbid 6 times & then gazumped.

Some people predicted the property market would crash or collapse in 2023 but that didn’t happen, though prices did fall a little in some areas and in others prices stagnated.

If you love this property and think it’s worth the asking price ( & you should know having seen so many others) then my advice is go for it. Make yourself the perfect buyer with an asking price offer and being in a strong position to proceed. What does it really matter even if prices did fall a little in your area over the course of the next year? You’re buying a home presumably that you intend to live in for many years and it is normal for house prices to fluctuate over the years.

sweetpickle2 · 05/03/2024 07:47

It depends so much on your local area- I had to pay 6% over asking to secure the house I’m buying, and I won from 7 other bids.

Every area is its own microclimate so it’s up to you to do your own research. Blanket statements like “it’s a buyers market” and “you should offer 10% off” are so unhelpful as they don’t paint an accurate picture of everywhere.

LindaDawn · 05/03/2024 07:47

I would offer the asking price to secure it. The stress of loosing out on another property would just be too horrendous for you. We have always done that. I think it shows you are a serious buyer.

Soontobe60 · 05/03/2024 07:54

I’ve just sold a property that was originally placed on the market in September, had 5 offers and went for 7% above asking. The sale fell through 2 weeks ago so it went back on the market. Within 2 days there were 12 viewings booked in, and we accepted an offer 8% above asking. We had 5 offers after the viewings, all above asking.
In some areas, housing markets are booming. If you want a property, you need to be prepared to offer high!

Bodgejobvendors · 05/03/2024 07:57

“This market” near you is evidently fairly buoyant. I would be prepared to offer full asking price to get this done and dusted. The best advice I was given was to think about whether losing the house was worth “saving” what ever number you were mentally quibbling over.

Norhymeorreason · 05/03/2024 08:07

I really feel for you, that sounds so stressful. In your position, I would offer full asking for a house you love. If any significant issues come up in the survey or with valuation, you can renegotiate. Good luck!

CloudySheep · 05/03/2024 08:11

I bought a house at full asking last spring, completed in summer, while everyone was talking about the market collapsing and rates skyrocketing.

We accepted 15k below asking on the house we sold.

I have no regrets. I really like our house and in 10 years time I don't think I'll care what I paid.

Nots456 · 05/03/2024 08:19

I offered full asking price for mine last year. Having viewed dozens of properties I immediately knew it was good value and was exactly what I was looking for. I didn't want to risk losing it for the sake of a few thousand. So pleased I just went for it.

Startingagainandagain · 05/03/2024 08:30

If you really love the house offer the asking price.

You will have an opportunity to renegotiate down if the survey reveals some costly issues.

Original poster
Omgwtafisthat · 05/03/2024 08:50

Thanks all, it’s just been so stressful.

is asking price as an opening a good idea? We are all ready to go and I’m a good position but I thought they always rejected your first offer?

OP posts:
hopingforthemillion · 05/03/2024 09:13

Omgwtafisthat · 05/03/2024 08:50

Thanks all, it’s just been so stressful.

is asking price as an opening a good idea? We are all ready to go and I’m a good position but I thought they always rejected your first offer?

If someone offered me full asking price in your position, I would bite their hand off 🙂 go for it!

Sublime66 · 05/03/2024 09:16

You haven’t mentioned your area. So this doesn’t help us make a judgment.
sounds as tho people are over paying making it affordable or highly desirable for other reasons.
in general the south of England house prices are depreciating

User373433 · 05/03/2024 09:19

Your attitude is a bit warped about this. First offer isn't always rejected just as people don't always offer under. Not sure who has told you this or why you believe it. There are no rules. I have only ever offered under if I feel it is overpriced for the area/current market. You only get counter offers from the seller if you offer under the asking price. They don't reject it if you are asking what they want, unless they have somebody else who has already offered the asking price then sometimes they invite you to outbid each other, but even then lots of people just go with the first full offer for a quick sale.

FenellaBestwick · 05/03/2024 09:22

Offer what you think is a fair price and get them to sign a lock-out agreement so they can't speak to anyone else for a specific period of time. This prevents issues. I've done this twice.

Allthegoodnamesarechosen · 05/03/2024 09:24

I’ve bought lots of houses in several countries. (I’m old, not a property magnate).

If I really liked it and I could afford it, I was always prepared to offer and pay the asking price, subject to a satisfactory survey. Why not? I don’t go into M&S and start bargaining for a coat. If the agent told me to offer less because they knew it would be acceptable, I would do that ( this has happened, because I had cash and was therefore a ‘real’ buyer).

However, if anyone then started messing about, trying to get a gazumper or make me pay for the stair carpet ( yes , really) I made it clear I had the car keys in my hand ready to vanish into the sunset.

Good Luck, I hope you get the house.

sbplanet · 05/03/2024 09:24

Omgwtafisthat · 05/03/2024 08:50

Thanks all, it’s just been so stressful.

is asking price as an opening a good idea? We are all ready to go and I’m a good position but I thought they always rejected your first offer?

How long has it been on the market? Just as in days?
Start with asking price, say how pleased you are to find a lovely property and you're ready to move. If the sellers are decent there should be few problems.
Why not offer what you feel the place is worth?

housethatbuiltme · 05/03/2024 09:28

I mean if you keep offering under I can see why, you need to look at houses you can afford.

I get it, its a common mistake and I made it at first too. You get your maximum budget get excited and look at houses that cost that. All are nice enough but need a bit of work (ALL houses need work) so you think if I find a house ABOVE my maximum it will be better and then I'll just offer under, but it needs work so you need to offer more under... you end up chasing the ladder up and the price down and it doesn't work.

What you should do is look for houses substantially under your max. (approx 3/4th of your max budget) and you don't have to rely on 'money off' and can fix any problems.

Try looking at cheaper house and offering the asking or even more if the house really is good for you.

My house was 3/4th my full budget and I offered exactly the price listed even though it was OIEO and got accepted. Houses I offered under on in the past I got rejected from instantly. Cheap house I offered substantially over on I got really messed around and it fell through (on the sellers side not mine).

SomersetTart · 05/03/2024 09:32

Nots456 · 05/03/2024 08:19

I offered full asking price for mine last year. Having viewed dozens of properties I immediately knew it was good value and was exactly what I was looking for. I didn't want to risk losing it for the sake of a few thousand. So pleased I just went for it.

We did the same last year for exactly the same reasons.
It was a smooth deal and now we're in the peace of mind is worth more to us than a few thousand pounds off the price.

housethatbuiltme · 05/03/2024 09:34

No if you offer the selling price you usually get accepted except in three possible cases:

  1. someone else offered more

  2. someone else offered a somewhat comparable amount but are better positioned

  3. you came across as a nightmare buyer or scammer and they won't risk it

If you offer under you are often rejected especially if its a new to market house of you offer significantly under.

Norhymeorreason · 05/03/2024 09:40

Omgwtafisthat · 05/03/2024 08:50

Thanks all, it’s just been so stressful.

is asking price as an opening a good idea? We are all ready to go and I’m a good position but I thought they always rejected your first offer?

We were offered asking price for our house by the first viewers. We accepted and took it off the market. Most sellers would do the same, I'm sure - great to get things sorted quickly!

BlueMongoose · 05/03/2024 10:02

We offered asking for our last house, even though it had been on the market for a year. It was worth it to us. and we didn't go for a drop when oue lender insited we rewired ( which had not been necessary at all). When the chain above got sticky, the vendors went into rented for a week. If we'd been driving a hard bargain I don't think they would have. Offering asking can get you a lot of goodwill.

MustBeNapTime · 05/03/2024 10:03

I also offered the asking price for my current house. I loved it at first sight, felt it was worth the asking price and went for it. I didn't want to risk making an offer as I really wanted it! I might have got it for a bit less, but it wasn't worth that risk for me personally.

Mrsttcno1 · 05/03/2024 10:06

My friend was in a similar position and had been outbid last minute on 5 properties, on her current one she went in with a slightly over full asking price offer on the condition that it be immediately taken off the market and no more viewings would be held. She got the keys last week!

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