When making an offer on a house which doesn't already have any offers, is it better to bid the asking price or the (slightly higher) price you think it will actually sell for?
Miss Fish said when she bought hers she looked at the similar houses in the area and took it from there - in her case the trend appeared to be to sell £5k over asking price so that is what she offered. Best to keep it in line with the area though, as if you bid over the odds you appear too eager and they will milk you.
Why do you ask - academic exercise or something else?
Bid lower than the asking price, anything up to £5K lower. Your offer will be registered and if anyone else comes in higher, the agents will let you know.
Beware of bidding lower though - I bid the asking price on a house down by Bramall Lane and the seller had already accepted an offer higher than mine by the time the agent called me 2 hours later. Just research your market very well beforehand.
You can find out the actual selling prices of houses in the area, compared to asking prices, but I can't remember the site's name. Upmystreet.com has a lot of price information for certain postcodes too.
Re: research your marketnasty_rabbitOctober 16 2005, 22:33:08 UTC
...and it depends on where the house is too. In Sheffield, the tendency is (whilst the market is good certainly and from what I was told for a while before that) for the asking price to be the expected offer with bidding between interested parties thereafter until one is accepted.
In Doncaster it is very different. Usually the asking price is what they want - offer that and its yours. Most people offer below the asking price and raise it until they reach what the vendor will accept. This has remained the case even when the housing market has been good in recent years!
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Why do you ask - academic exercise or something else?
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Which is a terrifying amount of money to be spending.
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You can find out the actual selling prices of houses in the area, compared to asking prices, but I can't remember the site's name. Upmystreet.com has a lot of price information for certain postcodes too.
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In Doncaster it is very different. Usually the asking price is what they want - offer that and its yours. Most people offer below the asking price and raise it until they reach what the vendor will accept. This has remained the case even when the housing market has been good in recent years!
Sorry if this confuses more than helps!
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