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Are houses really going for the asking price at the moment :-(?

39 replies

slackrunner · 13/06/2009 08:23

We're going to view a house this morning, which on paper we absolutely love (it may turn out to be horrendous though!).

It has everything that we want - period, loads of space for wheelchair, off-street parking, whopping big garden and the road that we want to be on. It also seems priced to go (which makes me wonder whether there's something wrong structurally), and is well within our budget.

I anticipate that it will generate a lot of interest. Is it madness to consider paying the asking price? Are houses really that much in demand at present? We took a big drop from the peak to sell our fully renovated townhouse, so I'm really reluctant to pay the asking price on somewhere else, even though we can IYSWIM. Buy in haste, repent at leisure (in the autumn/winter 2009 lol).

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MegBusset · 13/06/2009 08:26

Depends on the area -- there are definitely hotspots. My parents have just paid asking price for a house in Kent, where supply is so limited that decent houses are being snapped up as soon as they come on the market.

If it is priced to sell and you can afford it then I fail to see why paying the asking price is such a bad idea. Would you feel better if it was 10% more expensive and you got 10% below asking price?

slackrunner · 13/06/2009 08:36

Nope - maybe that's the way to view it Meg. Just hard after having taken such a hit on our place, that's all, which we had spent blood, sweat and tears on - oh and money! It's all psychological

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bigstripeytiger · 13/06/2009 08:44

I wouldnt worry too much about it being priced to sell. I think that the moment some people selling houses are more realistic than others, rather than the house necessarily being structurally unsound, IYSWIM.

One of my friends just paid 10% over the asking price for a house.

skidoodle · 13/06/2009 08:53

Ask the estate agent about what level of interest there has been. Obviously pinch of salt but in this market they are less likely to talk things up for fear of scaring you off.

If your research into the current market in that area indicates it is moving and that this is a good price then there is a lot to be said for just doing the deal.

This is a home you will live in for years (just assuming) and in 5 years time ensconsed in your newish home, will you be worrying about the fact you didn't knock a few grand off the asking price?

Structural issues an aside at this stage. Just make sure to get a good survey if you have an offer accepted.

wombleprincess · 13/06/2009 10:18

well, if its got everything you want, then you have to ask yourself how long you will be there for? if its forever, then you should see it as your home and not an investment.

again like other posters ... its all about location really andd the uniqueness of the house

Fizzylemonade · 13/06/2009 12:23

Round here if properties are just going onto the market they are selling for just below the asking price and by that I mean a few thousand below the asking price on a 4 bed detached.

If they have been on the market for ages then it is clear as their asking price seems ridiculous and would make someone new to the area question why the house that has just gone onto the market is so much lower.

I have been following the market here for about 3 years as we want to move very soon.

If the house is worth it then offer below the asking price but you can always increase your offer. It wouldn't bother me paying the asking price, then it is yours, it comes off the market.

slackrunner · 13/06/2009 19:10

We offered the asking price this morning whilst at the viewing. It really is a fabulous house (or will be with work), and they have had 23 (!!) viewings in the past 48 hours. We reckoned that if we didn't pay the asking price someone else would.

Feel slightly embarassed after all of my plans over the past few months to negotiate hard - however (subject to being structurally sound) it really is priced to sell.

Now have to cross our fingers that no-one else wants it .

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psychomum5 · 13/06/2009 19:12

my friend put her house on the market for 155K.

it went for 150K......about a normal drop IME&O.

skidoodle · 13/06/2009 19:15

Congratulations and good luck

You did bargain hard - you recognised your position and went for what you wanted.

IlanaK · 14/06/2009 21:37

We looked at a place the other week which had just come on the market and it had 2 offers before we could even go back for a second viewing. 1 hour before our second viewing, it was cancelled as someone had offered 5 grand over the asking price and they had removed it from the market.

This is in central london by the way and there is very little "good" properties on the market right now.

We are going to see a place in the next day or two that is also just on the market. If we like it, I will have to offer right away to have any hope!

slackrunner · 14/06/2009 21:48

That makes me feel better Ilanak about my asking price madness (although sorry that you didn't get the house you were interested in). It was like a feeding frenzy on Saturday - viewers queueing up outside to see the place. I'm still not sure we'll get it though .

Hope you get the next property - fingers crossed

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goldenpeach · 15/06/2009 20:34

Check and see what sold in the street or nearby. Then visit the addresses to see if comparable houses. If you have cash or chain free, feel free to bargain, you can always improve your offer later. Lots of interest doesn't mean it's going to sell... We viewed a very popular house and then found out nobody had put an offer on it as asking price was sky high.

slackrunner · 15/06/2009 21:43

It's going to sealed bids. Pantalones! I'm not sure whether we're prepared to up our offer - it would take us into another stamp duty bracket AND the house needs A LOT of work. Hmmmmmmmm.......

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Elibean · 15/06/2009 22:10

Ugh, sympathy - we were in your situation, last week: hate the sealed bids thing! Good luck deciding on what feels right, and good luck in the bidding if you go for it...

ilovetiramisu · 15/06/2009 23:14

If you're thinking of increasing your offer you can always make an offer for upto the stamp duty threshold for the house and offer a separate amount for carpets/curtains etc. Provided its a reasonable figure i.e not more than they're actually worth you should be ok with regards to tax

Wonderstuff · 15/06/2009 23:21

Nightmare. We are just about to put ours on (sorting out HIP) all the agents said that they had buyers but no properties at the moment. Certainly isn't much out there, but massive differences in prices. We are putting ours on at 10K over what we expect, cos hey you never know!

brettgirl2 · 16/06/2009 14:56

We currently have 2 offers 7% below asking price. I've put one in about the same below a (reasonable) asking price. I think it will be rejected

brettgirl2 · 16/06/2009 17:40

It hasn't been rejected yet, fairly hopeful I suppose that it is at least within touch!

slackrunner · 16/06/2009 18:07

Did you get the house elibean ?

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HeadFairy · 16/06/2009 18:20

Depends if the asking price is realistic. We were asking slightly high so were prepared to accept lower offers, in the end agreed on 12% below asking. The place we have bought was on at £399,950 and we offered £360,00 and eventually settled on £372,500 (they said they'd accept £375,00 and dh just had to get one more offer in there so it was on his terms ).

There's a house two doors down from the one we're buying which is on for £10k more than we've just bought ours at and it needs tons of work doing to it, and is really presented badly. We went to see it and made a cheeky offer (£350,000) and they said they wanted asking price. They're not going to be shifting that house for a while I think.

Bonneville · 16/06/2009 18:40

Wonderstuff - im a bit confused about the agents telling you that there are plenty of buyers but no properties. Its the reverse near me. There are for sale signs absolutely everywhere.

goldenpeach · 17/06/2009 18:41

It depends where you're looking, Bonneville. We have started looking in Cambridge and there are very few properties for sale. After losing a house elsewhere we put offer on a house in Cambridge and there are so many offers on it, some desperate person offered well above asking price but we are not going to do that, hoping they'd rather have cash. I'm just wondering if our offer will sway the bidding process.

IlanaK · 17/06/2009 20:43

There is very little on where we are looking too (London NW6 area). I think most people are renting rather than selling at the moment.

slackrunner · 17/06/2009 21:34

We didn't get the house :-(. Ho hum, there'll be othere eventually .

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Mins · 17/06/2009 22:14

We too are looking in Cambridge and have also found that due to a shortage of properties on the market those that are available are going very quickly and there are often multiple offers over the asking price - nightmare!

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