£200K House - how much should we offer?

[AnnaCatherine73]

Well that basically sums it up. We have seen a house that we like and therefore I was wondering what should our opening offer be?

Our estate agent said that in the current market people are offering around £15 less that the asking price.
How long has the house been on the market?

Go for £175k to start with...

Message withdrawn

I would go in about 25 lower.

most people have already dropped the price,so although i would offer less than the asking price, not 25,000 - all this will do will get people taking houses off the market.

I don't think you can answer that question in the abstract. Look at what similar properties in the area have sold for and what has been happening in the area and decide what you think it's worth. Aim for that as the max price you pay so start a little lower. Then when they reject it and the EA comes back to you you can justify your offer with figures and comparisons (e.g. 'no 3 sold for the same price last year and the market has been flat since' or whatever). It's far easier to negotiate if your position is reasoned rather than just taking X% off the price. You also need to take into account whether they really need to move and whether you are in a good position. Given the current uncertainty I guess many vendors would just be happy to have an offer from a proceedably buyer.

Several of my friends have had their houses valued recently and the suggested prices differ by about 20%. It's not a 200K house it's a house that the owners have chosen to ask 200K for. That may be realisitic or it may be wildly over the top. Be guided by its value not its price tag.

proceedable

i think that is exactly right some people put there houses on overpriced in order to drop the price but others put the house on at less in order to create a buzz and end up with a higher price form competting purchasers

only the local market and the owners of the house really can give a clue

and it depends on your position too

but you cant assume that an offer of 10% less is ever going to be accepted tho in some circumstances it might be

165

£150 and be prepared to go up
if market is overvalued by 30-40% and I think it is then it's overvalued by £80k at 40% or £60k if it's 30% overvalued. So 40% overvalued would take it down to £120k

I'd offer £150 and see what happens. I am v cheeky though. And you can go up but you can't go down. The worst they can say is no.

here, this is the IMF, not me!

god www i was trying not to cause an argument!I would say 150 too if it was me and 165 if you are not of the mind that things are about to seriously go t*ts up

ha ha NH, thought your figure was high!

Personally I think £150 is very generous (without knowing anything about the place) I'd wait a few months (unless this is the house)