If you're selling or recently sold how does your originating price compare with the offer you accepted?

[RainbowLife]

That should read original asking price 🤦🏻‍♀️

I believe it's a buyer's market, I'm planning to go on the market soon.

I'm mentally preparing myself that whatever the estate agent suggests as an asking price I'm likely to end up dropping the price considerably in the end.

Is this realistic?

It's been hugely stressful getting to this point and I want to make it as easy as possible for myself now.

We got asking price on the first viewing but I wanted a quick sale, so I probably started 10K less than market value and sure enough it was snapped up. We only had one other offer later that was actually higher, so people weren't exactly beating down our door to buy it.

Thank you @Newyearsameme26 that is really good to know and very encouraging.

I’m about to make an offer, and I’m probably going to offer 10% less than asking price, but I do think the property is over-priced at the moment.

I think it depends how quickly you want to sell though.

Priced at the optimistic market price, dropped after one month, accepted offer shortly after at 5% less than original asking price. That was always the strategy and the amount I was happy with.

We sold for 15% less than what the estate agent suggested we put it up for.

I think we could’ve held out and got a bit more but our offer on our onward purchase was accepted at 15% below asking and we didn’t want to risk losing it so dropped for a quick sale

2 asking price offers on first day of viewings, like a previous poster I was strategic with the price I put it on for. I could have possibly got more, but wanted to just get moved. From going live on rightmove to getting keys to new house was 3 months. That speed was worth the 5/10k more I could have held out for.

I think it will get worse so would recommend a low asking price to start and then being prepared to take a further reduction on that.
If 2026 turns out to be the downward spiral many expect it's important to get ahead of the falls. Price too high or reduce too slowly and by the end of the year property may well be worth less than what you might consider a "cheeky" offer now...
More people are likley to get stuck or even in negative equity. Its in the post :/

@DrySherry, do you really think prices might fall that much this year? I suppose any changes will be location-dependent as well.

I don't think the falls will be that big no, not 50% or anything like that. Relatively though as an example 10% down would be a problem for some who are already mortgaged to the max and suffering with COL increases and high inflation. Which look likley to continue.
If I had to stick my finger in the air I guess 10 to 20% is possible. If inflation stays around 4% houses only need to loose 6% for it to be an actual 10% fall.

Someone I know has recently sold for 9% over asking, and bought for 5% under asking. Both houses in nearby areas. Both houses listed above the EA suggested price.
It’s very much locational - there’s no hard and fast rules around listed prices and offers accepted.

What's most important to you OP? 'knowing' what you are going to achieve for forward planning?

Objectively what would you pay for your house if you viewed it now?
Have you viewed other properties to see how they are valued and what they achieve, and the time frame for that?

I'd always suggest pricing low to get viewings and interest and buyers offering more. Far better than going average or high and no viewings.

We sold for 1% under asking.

I sold at 3% under asking price and bought for 6% under asking price. Both sold very quickly.

Two of our immediate neighbours recently accepted offers at around 5% under asking within a few weeks. They priced to sell, though, and didn’t go with the agent promising them that they’d achieve the top valuation they knew was unrealistic. I’d keep a close eye on Rightmove (both properties being marketed and actual sold prices) over the next couple of months so that you have a reasonable idea of your local market, and avoid getting lured in by over-selling agents.

ETA: also, spend some time looking at your house objectively and then sorting out all the little easy wins to make it look its best. Having a couple of honest and helpful friends around really helped when I was last selling - there were some little odds and ends to tidy up that I’d just stopped noticing but which viewers can pick up on. It doesn’t increase the value per se but it does avoid viewers seeing them as woke they’ll have to do which they’ll want to reflect in their offer.

We accepted 3000 under the asking price.

I wouldn't underprice as everyone likes a bargain. I'd price realistically based on local sold prices and have a figure in mind that you would accept. If you start low you don't have anywhere to go, plus buyers may think that there something wrong.

Sold over asking and had several offers but I had priced it realistically.

I had to ask for a reduction in bought house as the survey brought up several problems that they'd tried to hide. Only 10k though so not outrageous.

6 months on the market 3 viewings

It also depends very much on the house type and area of sale. We had a large, character house in a less populated town and after very few viewings, took it off the market and then relisted at 15% less. We then sold at 5% under that. I'm not planning on selling again soon and I wish you all the best OP.

I wouldn’t underprice either. No matter how low you go, someone will want you to take more off. Factor in any issues you know about that a surveyor might pick up because that’s when people tend to roll back on their offer.

But you could be lucky. We sold our house a few years ago at a good price but the new owner took a loss when they resold a short time later. You only need one keen buyer.

It’s definitely a buyers’ market but with some variations depending on price bracket and location I think. We had to sell our house due to divorce and put it on in the middle of the range of values 5 agents suggested. So asking price was £1.45m. We dropped the price a couple of times and got down to £1.25m, which put the house in the lower Rightmove bracket and generated more interest. We sold for £1.3m.

The house I bought was on at £725k, had 18 viewings on the first day and I got it for £765k. There were a lot of offers on it and I only just got it.

So I think pricing lower is probably a good strategy to get lots of interest and competitive bids.

i sold my parents place in November. They were on for £575k and sold for £550k. Accepted the offer in mid-summer and completed in mid- November.

My friend on the same road as me sold and moved very quickly and got full price for her house but we live on a desirable road and houses do not come up for sale that often and it was absolutely immaculate.

My other friend took months to sell her house, less desirable area, slightly odd garden that’s a hazard for small children, very cluttered house that needed not total modernisation but some work.

As well as area and recently sold prices I’d generally consider how many have sold in your price bracket.

Lots of houses over 550k in my local area are struggling - people on power runs are just struggling to get reasonable mortgages rates compared to their previous purchase and CoL/wages ratio to borrowing.

So less buyers- it is a buyers market