House Price Bidding

[SillyALFALove]

Just looking at houses at the moment and in a relatively good posistion, mortgage arranged, nothing to sell (plan to rent the current property out) and ready to move asap.

Really just wondering what level of bids people would consider at the moment (90% of price, 95%?)

Many of the houses have already had reductions so thinking they may now be semi realistic pricings though having said that they are not moving so in my mind they are over optimistic for the current market, Ive always believed that if something is well priced it sells (certainly in my trade - well most of the time!)

Looking at an awful lot of properties I cant help but think that they are somewhat over optimistically priced for the current climate..

[hornetrider]

If it doesn't embarrass you when you say it it's not low enough

All they can do is say no. Could potentially risk alienating the seller though! Make sure any bid you put in is well explained to the EA (kitchen needs work, ste carpets, etc)

[Steamer]

I posted this in the 'should I sell my house' thread..

...but it might be moresuitable in here:

I know every bodies situation is different, and every house is unique (to a degree) but I thought, as a rule, buyers usually started with -10% offer if they were 'chain free'.

Is that just a preconception that I've picked up from somewhere?

[SillyALFALove]

Steamer said:

I posted this in the 'should I sell my house' thread..

...but it might be moresuitable in here:

I know every bodies situation is different, and every house is unique (to a degree) but I thought, as a rule, buyers usually started with -10% offer if they were 'chain free'.

Is that just a preconception that I've picked up from somewhere?

Yep - saw that and to be honest thats what prompted me to ask in here without taking that thread O/T.
intrigued as well...

[Jasandjules]

Depends on how quickly property is shifting in the area.

After all, they aren't going to take 10% off if they know they'll get offered the asking price in a week or two.

[SillyALFALove]

Is it moving fast anywhere in the country?

Bolton and nothing seems to be turning over quickly other than the real bargains..

One specific that we may offer on has been on for 18mth, dropped 10k (6 weeks back) and the guy is waiting to move having had an offer accepted on next property and recently had a buyer drop out due to change of circumstance..

[Murph7355]

SillyALFALove said:

...
One specific that we may offer on has been on for 18mth, dropped 10k (6 weeks back) and the guy is waiting to move having had an offer accepted on next property and recently had a buyer drop out due to change of circumstance..

Then go a lot lower still.

You can always up your offer but your opportunities for dropping an offer once made are more limited

Check out how much houses have been selling for in the area over time too, and adjust by general rises/falls in the area...there's a st load of data out on the internet to help you with a first punt.

[Jasandjules]

Well, there are some places in Suffolk which flats are going within a week or three of coming on to the market BUT then they are usually dropping in price after a week then going as soon as they are properly priced.

[AndyD360]

Plenty of stuff moving locally - in Norwich.

Sold at around 92% of asking price

Bought at around 96% of asking price

Couldn't have offered any less for the one we're about to buy as had another buyer who'd bid within £500. Just with anything I guess - It's worth what someone is willing to pay...

NetHousePrices.com is always worth a look to give you an idea of what things actually sell for too....

Edited by AndyD360 on Wednesday 19th May 19:28

[SillyALFALove]

Tonker, not suprised TBH - the right area in BL1 and it will always go if even a only little sensible. Thats where we are at the moment but cant get the size of house we want for the money we are looking at and even selling ours doesnt raise enough capital to take it to that level so looking elsewhere in town.

Will probably go in at 92% of current asking price and see what happens, if no success we are not in a rush to move really but would quite like more space it wont kill us to keep looking. As far as I`m concerned we must be about as good a buuyer as there is out there at this point..

In all honesty Id like something we can add value to but this property is already the best on the road so other than housing market fluctations we cant add aanything else to it which goes against my lont term plans though mrs Alfa likes the concept of buying something we can move straight into rather than a building site.

[edc]

There's loads of different data you can use to justify an offer figure but you can bet your right arm that the vendor won't see sense in your rationale! I've researched historical house sale prices on the same street, in the same village, of the same type etc, marketed price vs sale price, length of time on market, number of times offer fallen through etc. If you look at house websites they will also give graph data of average sale in a given postcode etc. Get the propertybee add-on for rightmove in firefox.

[amir_j]

SillyALFALove said:

Just looking at houses at the moment and in a relatively good posistion, mortgage arranged, nothing to sell (plan to rent the current property out) and ready to move asap.

Really just wondering what level of bids people would consider at the moment (90% of price, 95%?)

Many of the houses have already had reductions so thinking they may now be semi realistic pricings though having said that they are not moving so in my mind they are over optimistic for the current market, Ive always believed that if something is well priced it sells (certainly in my trade - well most of the time!)

Looking at an awful lot of properties I cant help but think that they are somewhat over optimistically priced for the current climate..

Did you check it on property bee?

[B17NNS]

Gaz. said:

I'd be surprised if the agent even passed your original offer on tbh.

They have to by law.

[SillyALFALove]

Property Bee is a god send, so much interesting info, its good to here what the agent claims the original prices have been and how demand has been reasonable, PB does tell a very different story,,

Edited by SillyALFALove on Wednesday 19th May 22:02