Offering full asking price in this market

[Omgwtafisthat]

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.

Ooh exciting 🤞

Just found out we got it!

now pray for me and send me all the luck that we get tot he finish line and get the keys in our hands after all we’ve been through!

Yay! Good Luck to get to completion 😀

Fantastic news! Well done :-)

MN is the wrong place to ask this. This platform is seller-centric and the advice you'll get is mainly from sellers who would, of course, want you to offer asking or over, because it works for them.

As a buyer myself, I have found it depends on the area you're looking in. Better condition houses are selling quicker, but still experiencing reductions and/or hanging around on the market for several months.

Personally, if you can comfortably afford asking, then perhaps consider £10k off the asking price (or a little more) to start with. It also depends on if you're in a chain. The main problem is that chains are collapsing and FTB are gold. So, if you aren't really a straight-forward buyer you will need to think about how to sell your "profile" in this market. I do have a feeling EAs are lying most of the time about other sellers, but you know your local market better than anyone here.

Other than that, I don't think anyone should ever overpay on a house. When we get stressed we make poor decisions, so be careful you are not responding to stress causing you to overpay, a decision you may regret if the housing market takes a further downturn, creates negative equity etc. For me, I am mindful I might also hate the house/area/neighbours, so there's that to think about if you're even considering overpaying.

I would say take a day or two to breathe and get your mind off all of this, and when your head is clearer, re-evaluate what your top offer would be and stick to that. Good luck

@worriedftb
You might want to at least read all the OP's posts... It would seem MN was exactly the right place to ask the question.

I think my advice is fine too and others who may be in the same predicament lurking on this thread so I'm not sure why you feel the need to add a passive aggressive comment as you did :)
Goodluck OP!

Good luck OP, fingers crossed for a straight forward sale!