FTB should we offer over asking?

[imthedrama]

Some background - we're FTB with a budget of £500k

We went to view a property yesterday that is up for £485k and we really liked it. It ticks nearly all of both mine DH boxes, it's close to the school we like for DC and doesn't need much work which is something we can't take on at the moment. So we'd like to put an offer in.. however before we'd even set foot in the door the estate agent was telling us they've already received offers and that the property will likely go for above asking.

We're FTB so although we have experience of viewings and dealing with estate agents, we have no experience when it comes to putting offers in and going through the actual buying process.

I appreciate it's probably different for each person and each property, but my view would be to go in at asking, and then if that gets rejected up it by £5-10k?

Or are we being talked into a higher offer by the estate agents? In my view it's probably not worth £500k+ as there's not loads that can be done to the property to add huge value, so if it did go above this then we'd be ok to let it go.

Any advice? TIA

It’s funny how many houses I have viewed in the past where they have been on the market for months, but as soon as I view the EA tells me there is loads of other offers and interest. Then I don’t buy it and it stays on the market for months afterwards and doesn’t sell.

Not saying the EA is necessarily bullshitting you but it’s always a possibility.

If it ticks all the boxes for you, you think the price is fair, and there are no alternative options, then I’d probably go in at asking. That’s what’s I did with my house. It was absolutely ideal for us, there was nothing else available that came close, and it was very keenly priced.

I would also go in at full asking as it ticks so many boxes and you seem to think it’s worth the asking price. Then wait to see what response you get back. Only increase the offer if 485k gets rejected. If the EA tries to talk you up ( but the vendors haven’t rejected the offer) then stick to your guns.

You're in a great position as FTB and this could help you. Offer the full asking price, if it genuinely is going to go for more the estate agent should let you know it is going for best and final offers and give you a chance to increase the offer.

Are you in an area where you are likely to be competing with other FTB at this price? We were pretty much in this exact position when we bought but we ended up buying for slightly under asking because we were ready to go and completed the chain.

How long has it been on the market?

It's been on the market less than a week and EA said they have a full day of viewings today so think it will go quite quickly.

Houses in this area don't tend to stay on the market for long unless they require a lot of work! So think I'll go with my initial instinct and go in at asking and take it from there. Hopefully being FTB should put us in a good position.

Thanks all ☺️

Please let us know how you get on. Fingers x for you. I too would go in at asking as you feel it’s a fair price and it ticks so many boxes and only been on the market for a week. Very excited for you.