(Closed) Buying a house…how much below asking price did you offer?

posted 5 years ago in Home
  • poll: How much below asking was your OFFER on your house?
    I offered more than asking : (11 votes)
    14 %
    I offered right at asking : (17 votes)
    22 %
    I offered 1-5% below asking : (22 votes)
    29 %
    I offered 6-10% below asking : (14 votes)
    18 %
    I offered more than 10% below asking : (12 votes)
    16 %
  • Post # 2
    Member
    3541 posts
    Sugar bee
    • Wedding: December 2015

    amanda.417:  we offered asking based on the market and comps. 

    edit: that being said, one house we offered asking and didn’t get it, our current house we offered asking, and got it. It totally depends how the comps come back (and where having a really good realtor comes in). 

    Post # 3
    Member
    546 posts
    Busy bee
    • Wedding: May 2015

    amanda.417:  I don’t have a house, but it really depends. If it’s been listed for a long time, I would bid lower than if it just got on the market. My parents recently bought a house and they had to bid on 3 to finally get one–the other two (and possibly the one they ended up getting, I’m not sure) both went for more than the asking price. It really depends on how in demand that house is. 

    Good luck!

    Post # 4
    Member
    4029 posts
    Honey bee

    We did a new build home, so there was no formal negotion/offer process. We had to pay the “asking” price, however, we got to decide on a number of semi-custom features that added up to the final price. We were able to negotiate some incentives though like a $2,000 toward closing and getting free backyard landscaping.

    Post # 5
    Member
    860 posts
    Busy bee
    • Wedding: February 2015

    You need to talk to your realtor, what you should offer really depends on the area and the market in that area. The market you can lowball, the market you cannot for asking, and some market you need to go over by 10 to 20%, it really depends.

    When my husband and I bought our current house, we offered about 5% below asking, but that was because of the area, the comps in the area, and that the house had already been on the market for 100 days.

    at the same timewe were buying, we sold his previous house in an area just 20 miles from where we were buying, and almost all of the offers were 20-25% over asking Because the area was in such high demand. He only considered the highest ones, and we almost ended up selling to an all cash offer which was 20% over. He had received eight offers in four days, and we were in escrow by one week after it went on the market. Completely different than the house we bought 

    look at redfin.com, find comps in the area to see what other similar houses are selling for, and talk to your realtor. That will give you an idea of how much to offer.

    Post # 6
    Member
    10650 posts
    Sugar Beekeeper
    • Wedding: January 2011

    We put in an offer about 10k under the list price.  They countered, so we ended up splitting the difference.  Based on what else had been sold recently, I doubt they would have gone much lower.  It had been on the market for a while, but they had lowered the list price 2x already.  Things in the neighbourhood were pending so quickly, I really think the fact that they went comfree saved us some money.  There are quite a few realtors here who filter out comfree/FSBO from searches, and some won’t even show them to you.

    Post # 7
    Member
    1002 posts
    Bumble bee
    • Wedding: March 2016 - Enoch Turner Schoolhouse

    amanda.417:  Our house was listed at $34,000 but after hiring a house inspector, and discovering some damage due to water leak – we counter offered $26,000 and got it.  

    Post # 8
    Member
    323 posts
    Helper bee

    It really depends on location. 

    My SO paid more than the asking price on his condo and he lost other homes when he only bid equal to the asking price. 

    Post # 9
    Member
    4675 posts
    Honey bee
    • Wedding: August 2012

    We offered asking, with the constingency that they replaced the aging roof that was in really poor condition. We really loved the house, and felt that it was worth what they were asking (after the new roof of course!) 

    Post # 10
    Member
    347 posts
    Helper bee
    • Wedding: November 2015

    gemabride:  $26000?! Oh my god I’m up for at least $500K when I buy or build. Australia ugh

    Post # 11
    Member
    7030 posts
    Busy Beekeeper
    • Wedding: September 2012

    amanda.417:  You should defer to your realtor, because they will be better able to guide you on the comps of the neighborhood and what other homes are selling for. 

    We stayed firm at 10k under their asking price, simply because that was the top of our budget and what we were willing to spend. 

    Origionally our house was listed at $420,00. When it dropped to $399,000 we went to see it. It was WAY out of our budget but we wanted to see what we would get for that kind of money. A couple months later we noticed the For Sale sign was gone, and asked a mutual friend if it had sold. We found out that it hadn’t but their listing with the agent had expired. We approached them directly, and they were asking $340,000 FSBO. Darling Husband and I talked and agreed that we were not comfortable going over $330,000 – so we told them that and let them know we understood if it wouldn’t work. They ended up meeting us right at $330,000 AND fixed the handful of small issues found during the home inspection. 

    • This reply was modified 4 years, 7 months ago by  .
    Post # 12
    Member
    7905 posts
    Bumble Beekeeper

    When I bought my current house, it had been on the market for awhile, and overall it was a buyer’s market in my area. I offerred at more than 10% below asking price. It all depends on the market though. If the house is highly desirable, it could totally get more than asking price. 

    Post # 13
    Member
    8861 posts
    Buzzing Beekeeper

    amanda.417:  It depends on the market and whether the property is over-priced, under-priced, or about right. On a house that was overpriced we offered below their asking price, but they had already accepted another bid earlier that day (also below asking price). On another, we recognized it was under-priced and offered over the list price but there was a competing bid that was even higher. On the house we ended up in, we offered about 12% under, they countered with about 8% under, we countered back with our original offer again (which comps showed was fair) and they accepted.

    Post # 14
    Member
    860 posts
    Busy bee
    • Wedding: February 2015

    AHJ:  and, don’t feel bad it’s not just Australia. I’m in California and I’ve never seen a house for 26,000. Our current house was 480k

    Post # 15
    Member
    713 posts
    Busy bee
    • Wedding: October 2013

    Our home was listed at $460,000. it was an estate that the kids wanted to sell before the year ended to avoid taxes. We put in a really low ball offer that my realtor thought was crazy. We were originally going to put in an offer at $445,000. I went to sleep that night and woke up and told my Dh that we needed to put in an offer at $390,000 lol. I just had a feeling. They countered at $415,000 which was shocking but we promised we would close before the new year. We agreed and then got an additional $10,000 at closing for renovations. It was such an exciting and fun process and we love our home! Our neighbors house across the street sold for $550,000 last month (gated community all built at the same time with similar Sq footage) so we literally got a steal! 

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