Offering - how much below the asking price?

mumdone · 2024-07-29T05:42:23+00:00

Hello, curious to know what % did you secure below the asking price? we have found a lovely property that meets our needs, its quirky it has been up with 1 agent for 3 months and another for a few weeks. its listed at 1.45m but I feel a deal to be done as it hasn’t generated much interest. Our village is highly sought after and houses sell very quickly due to the school. This house is a little more remote and a quirky configuration which wouldn’t suit younger families of those looking to get into the school. Just trying to work out what to offer. It has never been previously sold. And the nearest property is much bigger and stunning so sold for quite a bit!

HappiestSleeping · 29/07/2024 06:48

I would offer what you think it is worth irrespective of any percentages. I have never worried about what it is on the market for, and do my own analysis about similar properties in the area, condition of the house etc.

As long as you have some rationale behind your decision, just put in your offer.

mondaytosunday · 29/07/2024 06:58

Don't do the percentage thing. Just offer what your gut says it's worth. If there are no comps the estate agent will also have had to use their gut.
I'd be tempted to go in at 1.3 or 1.35m see what happens. But decide your top figure first.

MovingToPlan · 29/07/2024 07:42

This sort of thing is always emotional, ime. People say it's 'just' a business transaction, but it really isn't. Offer what you can afford, what you would be happy with paying, and examine your feelings before you do - would you be gutted if you lost out on the house because you didn't offer the highest amount you could afford? Or would you be comfortable with being told 'no' and walking away from it? That should help guide your decisions.

We moved just last month; I followed some of the advice I've read on these sorts of thread and we offered low on this house. We were basically told to get lost, they were a bit offended, etc. We left it, they accepted an offer from someone else who then backed out a couple of months later, and so we went back and offered our max. It was 1% below their asking, and they accepted then. It's worked out ok, but I do feel like we almost missed out on a house that I really love, and I wouldn't want to make that mistake again.

Doris86 · 29/07/2024 08:08

It really depends. There is no set percentage below asking you should offer. You just need to work out what it’s worth to you.

If it’s over priced, then even if you get 10% off you might be paying too much. If it is keenly priced then you could get a bargain even if you pay asking price.

There is a saying though that if you’re not embarrassed with your first offer, then it’s too high.

XVGN · 29/07/2024 08:18

Agree with above. Ignore anybody telling you a % or a £K to offer under. Especially if they don't know the property.

Only offer what it is worth to you and what you can comfortably afford. Don't offer any more to make the seller or EA happier.

HappiestSleeping · 29/07/2024 10:22

MovingToPlan · 29/07/2024 07:42

This sort of thing is always emotional, ime. People say it's 'just' a business transaction, but it really isn't. Offer what you can afford, what you would be happy with paying, and examine your feelings before you do - would you be gutted if you lost out on the house because you didn't offer the highest amount you could afford? Or would you be comfortable with being told 'no' and walking away from it? That should help guide your decisions.

We moved just last month; I followed some of the advice I've read on these sorts of thread and we offered low on this house. We were basically told to get lost, they were a bit offended, etc. We left it, they accepted an offer from someone else who then backed out a couple of months later, and so we went back and offered our max. It was 1% below their asking, and they accepted then. It's worked out ok, but I do feel like we almost missed out on a house that I really love, and I wouldn't want to make that mistake again.

I had exactly this, offered what I thought it was worth, got told to piss off, vendor accepted another offer which fell through. In my case though, I went back and offered exactly the same as I had previously, it got accepted and I got the house for what I originally wanted to pay.

I was prepared to walk away though, there is always another house.

MovingToPlan · 29/07/2024 10:28

In our case we got the best house for sale on the street, in the pasy 18 months we'd been looking, no question. I'm fine with what we paid as a result.

Twiglets1 · 29/07/2024 12:24

On our current house, we secured it for just over 10% off the asking price. We considered that a very good deal as the market was more buoyant when we moved than it is today.

However, these things are always nuanced. We believe we got a good reduction because it went on the market early November (not a great time of year to sell) and because they were in a big hurry and we had already sold our house so could proceed very quickly.

Twiglets1 · 29/07/2024 12:35

With the information you have provided @mumdone and as a very rough guide I would be considering making an offer at about the 1.3M mark if you think it’s worth that much. But maybe talk to the EA first about the price to set their expectations.

Before we viewed ours I asked the EA if there was any point seeing as we couldn’t get very close to the asking price and I didn’t want to waste anyone’s time. They said there was no harm in looking & encouraged us to book a viewing.