house prices

Sandra6

Veteran
Location
Cumbria
What's the current "norm" or etiquette for offering on a house? Is it standard practice to go in low? How low would you think was cheeky?
We're selling an apartment, well below market value because it needs work doing, but people keep offering atleast 10%under the asking price and seem surprised the asking price is the asking price!
You're going to say its just me aren't you?
 

Paul99

Über Member
What's the current "norm" or etiquette for offering on a house? Is it standard practice to go in low? How low would you think was cheeky?
We're selling an apartment, well below market value because it needs work doing, but people keep offering atleast 10%under the asking price and seem surprised the asking price is the asking price!
You're going to say its just me aren't you?
What you really should have done is put it up for the market value as if the work had been done, then except their offer when they knock at least 10% off because work needs doing.
 
OP
Sandra6

Sandra6

Veteran
Location
Cumbria
Tried that Paul, they were offering 20% below!
The price its on at now is based on the offers we previously knocked back.
 

Levo-Lon

Guru
Raise the price 10% as you've lowered it.
it will make what your prepared to accept, its how it works, and its always a buyers market when selling owt..
good luck
 
It is worth what you want to sell it for and what the buyer wants to pay for it. The guide price is just that. Instruct your agebt (if you are using one) that yuo don;t want any offers. You may find someone prepared to pay full asking or you may have incorrectly valued it.

Also, the wroth of an offer is not just the price they offer, but, for example, if they are chain free or mortgage free etc. Sometimes a lower offer from a cash buyer is more desirable due to how quickly they can complete/
 

Stephen C

Über Member
Having bought in the past year, we went at least 10% under on the assumption that the pricing was over what it was expected to sell at. In the end, we bought our house at 5% under the asking price after a bit of negotiating.
 

vickster

Legendary Member
5-10% below

If you have a figure in mind, price in 10% higher as long as your valuation is realistic

In London, most things sell swiftly for asking or above if any good
 
Sometimes houses go for more than the asking price. It depends on various factors including current market conditions
 
OP
Sandra6

Sandra6

Veteran
Location
Cumbria
I'm too much of a " does what it says on the tin" type. We paid the asking price when we bought it because it was reasonable. We're selling at a loss because its not in as good condition anymore.
The agent is very good, and I'm quite forthright when doing viewings, but still with the offers!
 

PK99

Legendary Member
Location
SW19
What's the current "norm" or etiquette for offering on a house? Is it standard practice to go in low? How low would you think was cheeky?
We're selling an apartment, well below market value because it needs work doing, but people keep offering atleast 10%under the asking price and seem surprised the asking price is the asking price!
You're going to say its just me aren't you?
Very much depends on where you are/state of the local market.

London Flats/apartments normally seem to go for more than the asking price.
My daughter was lucky, her accepted offer was only 4% over asking - there was a "big number threshold" a little higher that put a downward pressure on the offers. A year later similar flats are 15% up on what she paid
Crazy. Crazy Crazy. But that is the market.

But as others have said, best to put on at full price and accept offers - also, i would use an agent.
 

PK99

Legendary Member
Location
SW19
I would never offer the asking price. Last time I bought, I offered 10% below and we settled on 5% below.
As I said, depends on local market conditions. Some london agents have a policy of marketing at below Market Price as a tempter to create an auction.
A friend lost out on a £400k property that went for £60k above asking.
 

screenman

Legendary Member
We have always got the full asking price, but I only sell in top condition and a bit more. Can you not tidy it up a bit?
 
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