While it’s universally accepted that, in many circumstances, the price we pay is the price we see – in supermarkets and restaurants for example – there are a couple of instances where a little haggling is to be expected.
Buying a property is one of them. After all, estate agencies are staffed with skilled negotiators and the clue is in the name. Even in the strongest selling market, buyers may offer a figure below the asking price, hoping the seller will say yes in order to secure a sale.
As a guide, we traditionally see buyers offering up to around 5% less than the asking price on their first bid. The longer a property is on the market, the more likely an offer will be 10% under what the property is marketed for. There’s even such a thing as a ‘lowball’ offer – a figure that’s 25% or more below the asking price, but this is highly unusual.
As experienced agents, we understand your need to achieve as close to the asking price as possible but what happens if you come across a buyer who drives a hard bargain? A keen purchaser who repeatedly submits low offers shouldn’t always be dismissed.
They may be an excellent prospect in terms of their circumstances – perhaps a cash buyer, someone with no chain behind them or a purchaser who can offer a quick exchange – and we’re here to help you weigh up a person’s situation versus their offer.
If low offers persist but you are worried you may lose the interest of potential purchasers, there are ways to keep buyers engaged without budging on your asking price. It all comes down to adding extra value.
Here are 5 value-adding ideas to explore:
If you are hoping to come to market this spring, why not start with one of our free valuations? We will suggest an achievable asking price and advise on ways that you can add value to your home. Contact us to get started.
While it’s universally accepted that, in many circumstances, the price we pay is the price we see – in supermarkets and restaurants for example – there are a couple of instances where a little haggling is to be expected.
Buying a property is one of them. After all, estate agencies are staffed with skilled negotiators and the clue is in the name. Even in the strongest selling market, buyers may offer a figure below the asking price, hoping the seller will say yes in order to secure a sale.
As a guide, we traditionally see buyers offering up to around 5% less than the asking price on their first bid. The longer a property is on the market, the more likely an offer will be 10% under what the property is marketed for. There’s even such a thing as a ‘lowball’ offer – a figure that’s 25% or more below the asking price, but this is highly unusual.
As experienced agents, we understand your need to achieve as close to the asking price as possible but what happens if you come across a buyer who drives a hard bargain? A keen purchaser who repeatedly submits low offers shouldn’t always be dismissed.
They may be an excellent prospect in terms of their circumstances – perhaps a cash buyer, someone with no chain behind them or a purchaser who can offer a quick exchange – and we’re here to help you weigh up a person’s situation versus their offer.
If low offers persist but you are worried you may lose the interest of potential purchasers, there are ways to keep buyers engaged without budging on your asking price. It all comes down to adding extra value.
Here are 5 value-adding ideas to explore:
If you are hoping to come to market this spring, why not start with one of our free valuations? We will suggest an achievable asking price and advise on ways that you can add value to your home. Contact us to get started.
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