I recently put an offer in on a house bang on the asking price and they seem very unimpressed as they are still doing viewings for at least anither week. There are 4 other offers but also at exactly the asking price and nobody seems ready to increase their bids like last year when I tried to by a house on the same road. The house is special so should attract a lot of interest but i'm wondering if the customary 10-15% extra is too high now and bidding will be more modest - any thoughts/experiences much appreciated.

I spoke to an estate agent today as we are thinking of moving. I was told that houses are going for the asking price or just above and is nothing like 2003 where houses were going way above the asking price.

I think prices has been adjusted since last year. Thus the asking price is now a little more relative to the *actual* price the estate agent thinks they will get.

The majority of Sheffield estate agents still undervalue to create bidding wars on desirable houses.

Most of the properties we deal with go for around the asking price, but as you say, the asking price needs to be realistic, not always what an agent tells you, its quite easy to get a feel for how much you should put a property on the market for.Some agents tend to value higher to get you to believe you will sell then later you find yourself having to reduce, and some agents value lower to get you a quicker sale and of course their commission, and of course some agents seem fair and give you an idea of the actual current market price.
Also it depends on the situation, some buyers cant sell for less, and some sellers need a quick sale, in our experience there are so many different factors .
Also you have to see who is in the best position as a buyer, as you might have no chain and be able to get a lower price ?
Thats why we promote buying and selling privately, you get direct contact from the start, no mystery or waiting around.

Depends on area. Friend of mine recently sold his 2 bed flat @ walkley and moved into a much bigger semi further down the road and had a few pounds left over to boot. Spring is one of the best times of year to sell though, so i believe.

Yes, Spring is a great time, after the easter Hols!

We put an offer in on a house at 7k above asking price and had to wait 6 weeks for all final bids to come n before the vendor made a decision! (Offer was accepted but we pulled out after survey because of subsidence and other major probs).

Does depend on area, some postcodes are still getting mad bidding wars with houses having loads of bidders and going for well over asking price - example - a 3 bed detached in Lodge Moor which was in an unliveable state - needed total gutting, it was up for offers around 165k, I called for a second viewing less than a week after going on market and Blundells told me it then had 16 (!!) offers in with the highest at 196k so god knows what it eventually went for.

Houses at the higher end of the market seem to be slowing down though - there are a few in s10 which have been up for a while with no signs of being sold.

Doesn't it also depend on the type of house?

I understand homes for first-time buyers are in great demand and therefore go for above asking price.

More expensive properties, I'm told, are harder to move. As a result cuts in asking price may garner fresh interest.

just had my offer accepted on a house a thousand under the asking price. I put an offer in on two other houses previously but was outbid. However the estate agent got back to me on each occasion and asked me if i was still interested because the previous offers had fallen through. I could have secured each sale at the asking price. So my advice is dont expect to pay much more than the asking price,particularly if you are a first time buyer. Ive noticed a lot of chains are falling through and properties that were sold subject to contract keep resurfacing for sale.

Originally posted by Poppy9
We put an offer in on a house at 7k above asking price and had to wait 6 weeks for all final bids to come n before the vendor made a decision! (Offer was accepted but we pulled out after survey because of subsidence and other major probs).

Does depend on area, some postcodes are still getting mad bidding wars with houses having loads of bidders and going for well over asking price - example - a 3 bed detached in Lodge Moor which was in an unliveable state - needed total gutting, it was up for offers around 165k, I called for a second viewing less than a week after going on market and Blundells told me it then had 16 (!!) offers in with the highest at 196k so god knows what it eventually went for.

Houses at the higher end of the market seem to be slowing down though - there are a few in s10 which have been up for a while with no signs of being sold.

Was that the one on Crimicar Lane? It was grossly underpriced, even taking into account its condition. There are smaller houses on there in not such great states asking over 225k.

That property would have been best sent to auction. People lok around the property within 10 mins, and that doesnt uncover the problems. They go away and bid like there is no tomorrow, and then pull out when they find it needs the back wall rebuiling.

again, at 165k asking, it was grossly underpriced, and as one would expect, if it is the same property, look no further than Blundells.

I agree, It was the same house, and £165 was a silly start, but agent did the right thing. £200k for a detached in Fulwood was still a bargain!

Houses around Barncliffe / Crimicar are VERY under priced for such a nice area, but I think that will end VERY soon with one or two that are coming onto the market.

Originally posted by 1Man&hisBMW
Was that the one on Crimicar Lane? It was grossly underpriced, even taking into account its condition. There are smaller houses on there in not such great states asking over 225k.

That property would have been best sent to auction. People lok around the property within 10 mins, and that doesnt uncover the problems. They go away and bid like there is no tomorrow, and then pull out when they find it needs the back wall rebuiling.

again, at 165k asking, it was grossly underpriced, and as one would expect, if it is the same property, look no further than Blundells.

this is one of the reasons that the sellers should have to get a survey done and then all potential buyers could just get a copy of it.
No chance of finding a nasty surprise and wrecking a huge chain by pulling out that way.

Well im looking for a house and all 5 ive been in for went over the asking price. Raning from 5 k to get this 28 k!!!


Its stressful trying to buy your first house i can tell you that!

Just found out that the house in question did go in excess of 20k over asking price but the agent wouldn't disclose exact price so i shall wait with interest until the price is registered and i can find it on land registry, BTW www our property.co.uk is a great website for this and is free.

Bidding over the asking price does seem quite random though as i picked up a 2 bed house in Crookes in December for 85k, 15k under the asking price; but it did need a bit of work so i guess there is still stuff to be had.

dudu

now that the house has sold would you mind posting details.

I for one would be interested.

It is not my experience that houses are still going over the odds.

Im intrigued why it was special

cheers

d

There has been a report on the news today, that in some parts of the country, there has started to be a trend in gazundering. Whereby the buyer decides to drop the offer price at the last minute. Maybe the housing price boom is finally over.

I think houses are still good value in Sheffield when compared to any other large city and gazundering may still be some way off because the bidding system encourages competative offers making people think that a true market value has been paid and the vendor may shrug and take another offer. Still a really mean trick to play if everone has to move and is in a chain.

There does seem to be a shortage of larger family 4/5 bedroom houses near the university as in my original post and these will always attract a premium thus competative bidding, but demand may ease on the more typical 3 bed terrace type as these can be picked up in most parts of the city.

Originally posted by dudu
I think houses are still good value in Sheffield when compared to any other large city and gazundering may still be some way off because the bidding system encourages competative offers making people think that a true market value has been paid and the vendor may shrug and take another offer. Still a really mean trick to play if everone has to move and is in a chain.

There does seem to be a shortage of larger family 4/5 bedroom houses near the university as in my original post and these will always attract a premium thus competative bidding, but demand may ease on the more typical 3 bed terrace type as these can be picked up in most parts of the city.

why would they attract a premium, it's not a popular area for families. And any that large would normally be let to students.

Originally posted by muddycoffee
Maybe the housing price boom is finally over.

I certainly hope so.. I'll be looking for my own apartment in a year or 2.. Can't afford to pay about 70% of my monthly salary on a mortgage! Cheaper to live at home :)

Originally posted by Cyclone
why would they attract a premium, it's not a popular area for families. And any that large would normally be let to students.

Of course it is a popular area for families as we all with families well know.
It is in the catchment area for King Edwards and people with kids know that this school has a good reputation so this also pushes up the price