WHAT TO OFFER OR NOT?

[GoldTurtle]

My partner and I have been looking for over a year for our first home .... with no luck so far.. well anyway a property we have liked and have an eye on obviously way over our budget but yiu never know may win the lotto soon.
Well this property has been on the market for just coming to a year for 372k would it be wise to offer 10% under? Doesn't need much work but loveeee it. Any suggestions
people ?

I think they will be pleased to accept. Why do you think it's been on the market for so very long though? Be a little wary?

Perhaps it's had a poor survey or the photos are rubbish.

See if you can work out why?

You can try. They may say yes or they may say no but you wont know which till you make your offer. If you dont get an offer in then someone may beat you to it.

They aren’t motivated to move

I originally thought that or could be that it's on the market overly priced.

The stubborn seller may eventually capitulate and if you don't ask then you'll never know if today's the day.

Has it been on the market for a whole year without a reduction.
If that's the case, it's very over priced and the seller isn't motivated to sell.
As @XVGN says, no harm in asking if you like it and they may eventually accept a lower offer than they had in mind.

You need to do a lot of research of your local market so that you know what is over priced and what is actually selling. I know some people on here hate him but movinghomewithcharlie (twitter/X/YouTube) has some excellent advice, particularly for FTB.

I’ve got a friend who had her house on the market for two years at 400,000. It was clearly well overpriced but she didn’t want to sell. ( going through divorce and wanted the house but couldn’t afford it) it finally sold for 325,000 when her ex insisted. My current house was up for 425. I made a few low offers before they finally accepted 385. If I was in your position I’d offer 340

I was interested in a house which had been on the market for around 9 months - when I asked the agent about it - they said the owners had received full asking price on a number occasions. They were waiting for a bungalow to come onto the market - which is rare. It will sit on the market for months. Best speak to agent as you may be dealing with an unmotivated seller!

10% under is the top end of expected and fair, many EA over value by 10% for this reason (and to allow reduction room) so its worth a shot... worst they can say is no.

We took a chance and got the house we are buying for 8% under asking and it had been on the market less than a week.

I'll be ringing the esate agents to get a better view of any offers put across and if the vendors are willing to accept a 10% reduction. Take it from there really, if it goes our way great... if not a better home will be waiting. It's unbelievable how expensive houses cost now, at this rate we will never get on teh property ladder.

Probably best to put it in writing @GoldTurtle. Agents are good negotiators as it is their job to do this. Don't be persuaded to pay more than you want to and can afford to. Not a good time to be over paying!

Just sent the email through interesting to see what they reply!!

Agents responded as no offers have been given not sure vendors will accept offers 10% under but will talk to manger then get back. Interesting.......😬

If it’s been on the market for a year with no offers and no price reduction, then they’re either deluded or not motivated to move. If they do want to move, they should bite off your hand at an offer.

Just remember @GoldTurtle when dealing with the EA that they work for the Seller not you & their job is to get the best price they can for their client.

I was thinking along them lines. No offers and been on the market for so long, something doesn't fit quite right. I'm hoping the vendors will consider a low ball offer.

I was thinking the same... house on the market and no offers that can't be right. If someone is goimg to offer at least just consider the offers.

If that would happen to us with the offer it would be my dream come true!!!😬

If nobody else has offered in all that time, are you sure you are not missing the reason why? As first time buyers it can be easy to miss things that other more experienced homeowners will notice. Have you googled any development to work in the area? Is it a flood risk area? External cracks, roof ok? Windows?

Surely 365k is reasonable?

We were looking at 10% reduction which is reasonable if there is no offers on the table.

10% is pretty standard. Have you looked at market comparables?

We offered on a house - it had been up for 2 years - initially at £600k, then dropped to £550k after a year - so had been at £550k for a year when we offered. We were in a position to proceed and offered £480k and they accepted it!

Instant valuation on Rightmove put 345k for it.

No offence, but I’d laugh if you were a buyer and told me that. Look at other sold prices on the road and within half a mile. Are there any others the same spec? What’s the going rate per square foot and work out the price of this one.