Browse Forums Real Estate Re: When making an offer - how much below asking price? 2Mar 13, 2008 4:22 pm I would be more concerned with offering what you think its worth or are happy to pay. Dont play games unless you are prepared to lose! You would hate to miss out cause you start off with a low offer if you are prepared to pay more.... Built Porter Davis "Dromana" 2007. Re: When making an offer - how much below asking price? 3Mar 13, 2008 4:26 pm As much as you think it is worth and you're prepared to pay.!!!!
I've been know to offer 20% below the asking price and after some tooing and frowing we've found a balance pretty close to my original offers. Is it a hot market - I think maybe cooling a bit - then the offers you can make may need to be little closer to the asking price, but make sure you're getting what you want for the price you offer. Steve Re: When making an offer - how much below asking price? 4Mar 13, 2008 7:38 pm Sorry to steal your thread a little, but on this topic of giving offers....
what about a place that is set to auction. And the price range is say, 700 to 800k. What would most give as their first offer to try to buy it before auction? Re: When making an offer - how much below asking price? 5Mar 13, 2008 7:45 pm vanderlay I would be more concerned with offering what you think its worth or are happy to pay. Trouble is the market is inflated and alot of places are not really worth what they're quoting and selling for. Hopefully things will continue to cool off even more. Re: When making an offer - how much below asking price? 6Mar 13, 2008 7:53 pm I wonder this too Dan we are looking at one (to knock down) range is 380-430k, we don't want to go over 430k (inc stamp duty) but I don't think they will take our offer of 410k Re: When making an offer - how much below asking price? 7Mar 14, 2008 7:35 am You're the one who has to pay the money out (or back to the bank)
Offer what you are comfortable with. If they don't accept, be prepared to walk away. If you're desperate for the place....pay the price. When we bought we offered the sticker price, we wanted the house and saw what was around for the money. It wasn't 700K though Re: When making an offer - how much below asking price? 8Mar 14, 2008 9:34 am haywgl I wonder this too Dan we are looking at one (to knock down) range is 380-430k, we don't want to go over 430k (inc stamp duty) but I don't think they will take our offer of 410k Somewhere in the middle sounds like a fair offer. But i've seen places that for example have a range of 500 to 600K and when they go to auction they don't sell. Then a week or two later their back on the market to be sold privately with the asking price of 600K. So I just don't see the logic in that when the property didn't meet the vendor's reserve. They're either living in hope or just didn't take the hint during the auction. Re: When making an offer - how much below asking price? 9Mar 14, 2008 10:26 am Quote: Somewhere in the middle sounds like a fair offer. But i've seen places that for example have a range of 500 to 600K and when they go to auction they don't sell. Then a week or two later their back on the market to be sold privately with the asking price of 600K. So I just don't see the logic in that when the property didn't meet the vendor's reserve. They're either living in hope or just didn't take the hint during the auction. But did they sell at that price D@n? They may still be asking $600k but is that actually what it sold for. Check the real estate sales data (cost about $12 to get a copy ) & then you know exactly what places really are selling for - not what the "asking" price was. Steve Re: When making an offer - how much below asking price? 10Mar 14, 2008 12:06 pm Yak_Chat But did they sell at that price D@n? They may still be asking $600k but is that actually what it sold for. To be honest I don't really continue to follow it once the auction has been and gone... Quote: Check the real estate sales data (cost about $12 to get a copy ) where do you buy it? Re: When making an offer - how much below asking price? 11Mar 14, 2008 12:56 pm Quote: Yak_Chat wrote: But did they sell at that price D@n? They may still be asking $600k but is that actually what it sold for. D@N Wrote To be honest I don't really continue to follow it once the auction has been and gone... Well you should !!!!! Otherwise you are just going on fuzzy (you think) data that could be way out of whack. Heres what can happen. I'm asking $600K for my house, I go to auction and pass it in at $595. I want $600K no holds barred - original bidders pull out and buys something else soon after - or they rethink their bid and not offering to buy any more. So I re-advertise it at $600k private sale 2 weeks later someone new comes along, offers me $575 cash contract, settle in 2 weeks. I have another house under subject to sale of my place. Someone else offers me $590K settle in 8 weeks, subject another house selling. So how much did my house sell for? You can only be guessing - based on what you would do. So - unless you have seen the real data that goes through the land titles office, at time of seettlement - your just guessing. And there might be a difference of $30K in your guesses. So get the real data and do your sums based on what's happening, not what you think is happening. And the same applies to setting a selling price, - my advice is get a valuer to value your house Prior to talking to agent re selling - and don;lt set it by some less experienced agents guess. Then you have some real facts to start with and offer it to sell by. re where to get real data D@n - This is one site I've used a few times. http://www.homepriceguide.com.au/ Steve Re: When making an offer - how much below asking price? 12Mar 14, 2008 1:42 pm su ann Hi I'm interested to know how much below the advertised price of a property should one be making when wanting to make an offer? For eg. advertised for $739k negotiable? Thanks in advance for any input. As well as what others have said, it can also depend on which state you call home! In VIC, because of the high percentage of auctions, the expectation atm tends to be to bid higher - in QLD (we lived there for over three years) it tends to be "bid low but not too low". Fiona Re: When making an offer - how much below asking price? 13Mar 18, 2008 11:17 am If you have been monitoring the house market for a specific suburb for at least a few months, you should have a rough idea how much the average house would cost in that area.
If you are going to knock down and re-build, the house is basically not much use to you. Don't forget that it's the land value that appreciates, the house only depreciates! It's very difficult, but you can do a rough estimate by estimating the land value and house value separately. Re: When making an offer - how much below asking price? 14Mar 19, 2008 1:27 pm Some free property reports about suburbs show the average % difference between asking price and actual sales price. You could use that as a 'guide'.
OR Check that particular agents history... you might find a pattern in setting their price. OR You could send few of friends to fish out the prices (which they consider) (Could be considered eveil.. but I don't like the real estate agents anyway ) - devank Re: When making an offer - how much below asking price? 15May 24, 2008 8:22 pm The place I recently bought was on the market originally for $357,000 but then came down "to meet the market" to $337,000.
We were going to offer $335,000 but our lawyer suggested offering $330,000 to at least give us a chance of paying less, and so in the end we offered $332,000 but then the sellers came back and said only $337,000 or they'd take it off the market (wife didn't want to sell)...so we paid it. We think it's worth it. How the hell did I become a senior member!? I know nothing! Re: When making an offer - how much below asking price? 16Aug 23, 2008 12:13 am devank OR Check that particular agents history... you might find a pattern in setting their price. This is actually right - when you're actively monitoring the prices in your "target suburb", you can easily see that some agencies has the same "price tag" for most of , say, 3-bedroom 1-bathroom homes in that area, amazing! Also a good idea is to save weekly auction results and compare the advertised price to the selling price in the area where you are looking. That will give you the "discount" from asking price you should start bargaining for. Re: When making an offer - how much below asking price? 17Oct 02, 2008 1:50 pm A good place to also help with pricing is www.onthehouse.com.au
It will give you an idea what homes around it have sold for and when. Reliability (timeliness) of sales data 18Oct 18, 2008 1:32 pm Beware that when you are buying sales report, the data is at least 2 months old. If the prices fluctuate seasonally or they are going through steady increases or decreases you would be misled. If they are stable, then you wouldn't really need a report. Eg. if you are looking to sell your house and looked at august sales prices to determine your asking price in November, you may lose a few dollars (in theory anyway). The sales data is released by Land Titles Office and there is always a lag. Wow I hadn't realised things had gotten that pricey in just a couple of years since I built, that is crazy with how much land is now costing if you aren't lucky enough to… 3 7053 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35305 Just to makea point about this, an approach that some people have found sucessful in negotiating these rises down, Is to provide some workings to the builder, specifying… 4 81667 |