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Navigating house offers

13 replies

Blackchaircushion · 10/02/2025 13:52

In need of advice!

Recently put our property up for sale at offers in the region of £380k. We had 3 valuations done and all 3 came up with this figure. This was in line with recently sold properties nearby and to reflect the condition of ours - needs some work (kitchen/bathroom are a bit outdated but in good condition)but is in move in condition. A house the same as ours one street over sold for £20k more 6 months ago - immaculate and had been done up to flip so we believe we have priced fairly. There’s not much else on in the price bracket of our house and we live in a very popular area where people go a bit mad for school catchments. It is considered the most desirable area for our city.

We had a lot of initial interest and did a day of viewings. Offers now in and all are between 10-20k less than £380k. I’m a bit deflated to be honest as we put a lot of thought into were to start. The ones that are 10k less are buyers in a less flexible position with specific circumstances that spell potential drama for trying to get through the process as smoothly as possible.

Is this normal? Should we hold out for more?

OP posts:
HippyKayYay · 10/02/2025 14:06

That sounds pretty decent to me, in the current market, especially as you put it on OIRO. I'd go with the buyers in the best position/ shortest chain/ least likely to pull out and crack on.

Completelyjo · 10/02/2025 14:22

If yours needs the kitchen and bathroom updating it’s going to cost more that 20k a buyer, plus people are prepared to pay a premium when it’s perfect on day 1 to avoid doing that work themselves!

housethatbuiltme · 10/02/2025 14:35

10k is 2.6% off asking price

20k is 5.2% off asking price

Anything up to 10% off asking is standard to offer... especially in a buyers market and for a house that requires cosmetic works.

LaPalmaLlama · 10/02/2025 14:39

What are the offers from the proceedable buyers? Are any chain free?

notgettinganyyounger · 10/02/2025 14:43

Forget offers from anyone who is not proceedable. Have you found your onward yet?

Gardendiary · 10/02/2025 14:50

That doesn’t sound too bad, all sensible offers in terms of money, no-one tîme wasting - which is in the best position to move forward? I would go with that and if it’s the one £20k below, see if they will negotiate up by £5k or so?

MimiSunshine · 10/02/2025 14:59

I guess it depends on your view of what is ‘in the region of £380k’ I’d say £370k is but you may disagree.

the thing is you feel your house is fairly valued for the work needed but buyers will nearly always want to try and get the price down.
id have put it on for £385k in the hope of achieving £380k and as PP said, a new kitchen and bathroom is going to cost more than £20k

Huckyfell · 10/02/2025 15:05

How recently? Sounds a really quick sale to me (ours took 3 years), if only a few weeks you could hang on another week, or go back to your favoured buyer and explain you've had 5 offers, you prefer them and see if they can come up £5k.
Through the estate agent of course.

ingkir · 10/02/2025 17:00

Most people will put a lower offer first with an expectation there will be some negotiation. If you've had multiple offers the estate agent could either go back to your preferred buyer to explain that there have been multiple offers and they need to offer asking price to secure it. Or they can go back to everyone and ask for best and final offers.

Twiglets1 · 10/02/2025 17:46

Blackchaircushion · 10/02/2025 13:52

In need of advice!

Recently put our property up for sale at offers in the region of £380k. We had 3 valuations done and all 3 came up with this figure. This was in line with recently sold properties nearby and to reflect the condition of ours - needs some work (kitchen/bathroom are a bit outdated but in good condition)but is in move in condition. A house the same as ours one street over sold for £20k more 6 months ago - immaculate and had been done up to flip so we believe we have priced fairly. There’s not much else on in the price bracket of our house and we live in a very popular area where people go a bit mad for school catchments. It is considered the most desirable area for our city.

We had a lot of initial interest and did a day of viewings. Offers now in and all are between 10-20k less than £380k. I’m a bit deflated to be honest as we put a lot of thought into were to start. The ones that are 10k less are buyers in a less flexible position with specific circumstances that spell potential drama for trying to get through the process as smoothly as possible.

Is this normal? Should we hold out for more?

Absolutely normal in a buyers market like this one and I would be accepting the one where the buyers are in a straightforward position.

A 20k reduction is pretty small ... you could probably negotiate a similar reduction on the house you are buying. Or possibly more if the house you are buying is more expensive.

Always worth putting in a counter offer though. The people who have offered 20k reduction, why not get the EA to tell them you received a better offer but will accept their offer if they can match it at 370k?

Bluevelvetsofa · 10/02/2025 18:09

I agree that a kitchen and bathroom update would be in excess of £20K.

Tupster · 10/02/2025 19:24

Never accept the first offer! Everyone goes in expecting to be negotiated up, so start negotiating!

BooomShakeTheRoom · 10/02/2025 19:28

A bathroom and kitchen costs more than £20k to buy and install.

£370k on a £380k priced house is great in this market. If you want full asking price, the house needs to be in tip top shape in this market.

If you hold out, I suspect you may kick yourselves as the longer a house is on the market, the more people will want to knock off the price.

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