What was your first offer & what did you end up at

[ROYGBIVain]

Will be offering on a property we like today. Will offer below asking price as it is overpriced I think, based on other similarly priced houses in same area which are larger and have bigger gardens. Most houses are being reduced before they get a buyer too.

What did you offer initially, what did you go up to, and what were the reasons? Is 10% below too low?

It depends on how desirable the location is and how much needs doing.

We really wanted this house during the covid stamp duty holiday frenzy. If we didn't offer asking price someone's else would have so it was fair. The house we were selling was in a less desirable location and had been on the market a couple of weeks. Our vendor accepting our offer was dependant on our house being under offer, so when we did receive one later that week we accepted it - 3% under.

In a less buoyant market, there will be different considerations on how much you pay and you'll have more time. Something being overpriced may or may not be true, but the real decision is what is it worth to you?

Good luck!

@ZippyFish is the house priced accordingly?

We put our house on at £150k less than next door’s sold for months earlier even though ours is bigger with a bigger garden. The asking price took into account the fact that it’s a project, whereas next door had recently been done. I wouldn’t have entertained offers under asking on the basis that it needed work, when it was priced to accommodate that work!

Thanks. It’s a one bed period conversion with no garden so feels a bit overpriced including the refurb cost. Though in Chiswick if that would make a difference. But I will think again about it.

It’s a fair offer @ZippyFish but that isn’t the same thing as an offer the Seller will accept. It’s unknown how keen they are to sell and what other interest they have received. Remember the EA took the condition of the house into account when they valued it.

Nothing wrong with offering 380k but it is likely the sellers will reject it because at the moment they are probably hoping to achieve about 400k or more… however, if it has been on for a while it may be that they were about to reduce the price anyway.

Taking the fact it’s in Chiswick into account, the price doesn’t seem that high even for a flat without a garden. But what you need to do is compare it to other flats in Chiswick listed ( or preferably sold) for about the same price to determine whether it is overpriced or not.

In the process of buying / selling atm.

My 1 bed flat was up for "offers over 210k", accepted 215k
The two-bed flat I'm buying was up for 285k, i offered 270k, they accepted £272.500

It's impossible to know whether it's a reasonable offer or not. It depends on whether they have over priced it, how long it's been on the market, etc, etc.
I can definitely see that homes requiring renovation or lots of updates at least have fallen in value. Could you link to the property?

Yes https://www.rightmove.co.uk/properties/159858881. Everything needs modernisation as currently single glazed and in conservation area too.

It really depends on the area.

Ours was up for £495k and we offered asking immediately as we knew there was lots of interest.
It turns out 6 people offered asking on the same day so we went back with £525k and it still went to best and final. We ended up offering £550k and got it.
The house needed a full renovation and we've spent £80k on it so far.

Had it valued recently and it's now worth £750k so worth it in the end!
Not that I'm ever moving again!!!

Just offered on a house 7% below asking price and have had this accepted. It had been on the market for a while and sellers had previously dropped price by 10%.

Was on at 695, offered 675, would’ve gone to 710.

Pretty much the same for us. Had been searching for a while, everything was too small, needed too much work, and too expensive and then this one came up. First to view, full asking price offered on proviso it was taken off the market and further viewings were cancelled. Accepted as long as we could show MIP, which our account went over and above to help us with, and we got it! Nothing has come up since even close to what we have space wise.