Houses - Offering the asking price?

[rogerab]

Hi,
Does anyone know in the current housing market what percentage under the asking price properties are going for?
I guess it varies from area to area - I've been advised that accepting an offer that's 3% under on a property worth £250k is reasonable.

Thanks in advance!

[redcrx]

the seller is the only one who can decide what they will accept. Plus someone offering 3% less but having no chain may be a better option than someone offering asking price but having to sell their own property.

the person looking to buy can offer whatever they want to.

The is no set rule for such a thing. Why have an asking price if you really only want to sell it for less?

[jackthehat]

I think there are far too many variables to be able to give a definitive answer.....

Are you making an offer, or accepting an offer ?

[rogerab]

Thanks both for your very quick feedback.

It's my property that I'm weighing up an accepting an offer on. Has been on the market for nearly 3 months. Only one offer so far (cash buyer with nothing to sell). Am being 'encouraged' by agent to accept in the absence of anything else.
Just trying to understand whether 3% under is absurd.

[redcrx]

only you can decide that.

are you prepared to wait another 3 months, maybe longer for another offer?
can you still afford your next step with that offer?

have you asked your agent to see if they can get the offer increased at all?

[redcrx]

and the agent will encourage you to offer anything really, although they are meant to be working for you, all they really want to see is your property sold and their commission paid.

[rogerab]

He won't increase his offer anymore as prices are going down in a few months apparently!
Can still make things work regarding next step (just about) but was just interested in what was the "norm" in the current climate

[redcrx]

there is no norm,

i had a flat on at £85k (price by agent) i was offered £50k which i refused.

3 years later it finally sold at £50k after agent had me lowering the price every couple of months. My Agent was useless and i ended up with 3 years of having to pay for an empty property.

as said, only you can make decision. No-one know what prices will do, there are more mortgages on the market again now so the market should continue picking up i think.

[donna1901]

you have to choose in your own mind what is acceptable in your financial postion. and then see where you go with the offer. everyone should know what they want for their property. in the same respect the estate agent will want you to sell as they are on commision! so easy sell easy money x

[josadler7]

Hi
Depends where you live, in the midlands 1-2% below offers are being accepted....
Good luck

[Nosha123]

its a game of numbers I'm afraid.. and the advice here - that its up to you - is probably the right angle...

If you were to ask me what I would do in the same position.. I would probably accept the offer - since there is no onward chain.. and that in itself really causes problems...

Depends how much you want to sell and move - or sit and wait!

Good Luck though!

[jackthehat]

With my 'sellers' hat on - accepting an offer now means that you are saving yourself 'x-amount' of additional mortgage payments whilst you wait for an offer to come in a little closer to your asking price........this could be pretty close to the shortfall.

With my 'buyers' hat on - making a lower offer saves money.I would also have a full structural survey carried out (not simply one by the mortgage company) and use that to drive down the price further should it flag up anything that would require me to spend money on after purchase.

[rogerab]

Thanks everyone for their comments - I will go away and have a think!

[modeller]

Estate agents always suggest a higher figure to the seller to make the seller feel good. The suggested figure was for years 10% abve inflation and for years it became the norm resulting in the crazy world of rising house prices until the inevitable crash. House prices are still about 20% too high and no doubt will continue to fall until first time buyers can afford to buy. The last smaller crash in the 80s lasted about 8 years . So I think a positive offer of 3% under the asking price is well worth taking up.