house price negotiation - advice needed!
#16
Re: house price negotiation - advice needed!
After watching many an eposide of Location Location Location (my wife makes me watch it )and following the wise Phil Spencers advice....go in with a firm low offer stating it is your best offer. If they don't bite walk away for a week or so. Then you can start upping it a little. Set yourself a cut off point though and when it gets to it just walk away.
If it's been on the market for 6 months the sellers might be being hoodwinked by the agent (they want their commission percentage) as to the true worth of the property or there's something wrong with the house.
I have to agree with crunchy frog-nothing worse than getting an instant acceptance of your first offer then thinking -mmm maybe they'd have taken less. I might be cheeky and try 450k to start-if they're keen to sell after 6 months you never know.
This is purely a business deal-if you went to a garage sale and wanted something that you thought was worth $5 and the price was $10 would you haggle? I would.
Do not be embarassed by making a low initial offer-if you end up paying too much that's your cash they are walking away with.
The next house you want will be along soon-I bought a lovely place 4 months ago and since then 3 more came on the market here which are equally suitable.
Last edited by ianandhelena; Aug 13th 2010 at 4:07 pm.
#17
BE Enthusiast
Joined: Sep 2008
Posts: 484
Re: house price negotiation - advice needed!
From my experience 450 is too low. They would not accept that, esp after just reducing. I'd go for 525 - good deal but not too low that they are actually angry
#18
Just Joined
Joined: Aug 2010
Posts: 14
Re: house price negotiation - advice needed!
Rather than ask for a price reduction negotiate them to cover legal fees and maybe chuck in the odd additional perks, although it might not be a great deal more savings wise at least it's something you don't have to fork out for in the short run.
That way the risk of offending someone is greatly reduced.
Although in saying that, if my house was on sale for 6 months i'd be slight concerned and would take any realistic offer...
Try it, they can only say no
That way the risk of offending someone is greatly reduced.
Although in saying that, if my house was on sale for 6 months i'd be slight concerned and would take any realistic offer...
Try it, they can only say no
#19
Re: house price negotiation - advice needed!
six months on the market has got to smack of overpriced to start with
you can always offer them more but you can never ( normally ) reduce your offer,
#20
Re: house price negotiation - advice needed!
You'll get a better feel for the real price when they counter offer, so go low to give you both room to move. Once you make an offer, and the agent smells the money then the real high pressure fun starts. ( PS you know you cant out of an offer here etc so you better be sure )
#21
Guest
Posts: n/a
Re: house price negotiation - advice needed!
Some current QLD property info from the paper today...
According to Australian Property Monitors, in June it took, on average, 85 days for a home in Brisbane to sell and 123 days on the Gold Coast.
Vendors discounted their initial asking prices by about 6.5 per cent in Brisbane and 7.3 per cent on the Gold Coast.
While days on market in Brisbane are currently significantly higher than the long-term average of 67 days, compared with this time last year homes are still trading faster.
Vendors discounted their initial asking prices by about 6.5 per cent in Brisbane and 7.3 per cent on the Gold Coast.
While days on market in Brisbane are currently significantly higher than the long-term average of 67 days, compared with this time last year homes are still trading faster.
#22
Re: house price negotiation - advice needed!
Ok We have listened you all your advice and have offered $510. The agents face was priceless, went from Mr Friendly to Mr Offended, he has now gone back to the seller to give them our offer. Did not enjoy this one bit.
#23
Joined: Jul 2010
Posts: 213
Re: house price negotiation - advice needed!
.[/QUOTE]
Awww poor little agent, stuff em, this is business and their commisssion
Awww poor little agent, stuff em, this is business and their commisssion
#24
Forum Regular
Joined: Jun 2008
Location: Perth
Posts: 272
Re: house price negotiation - advice needed!
Let us know how it goes cos we'll be in the same position soon hopefully.
Good Luck!
Good Luck!
#25
Re: house price negotiation - advice needed!
Of course they turned the offer down, they are willing to come down $5000! We have said never mind and are going to sit back for a while.
#26
_
Joined: Aug 2005
Location: Perth (ex Oxford)
Posts: 411
Re: house price negotiation - advice needed!
I'm afraid I can't remember which site we used, but we paid a few dollars for a full history of sold prices for the suburb that we were interested in. We could see the full chain of price for the house that we eventually bought. Some of the property sites have similar info for free, but the data offered seems to be just a tiny portion of all the sold stats.
Last edited by Kalenge; Aug 14th 2010 at 4:14 am.
#27
Guest
Posts: n/a
Re: house price negotiation - advice needed!
This must be the most interesting REAL property price thread for yonks
I'd love to see the previous price history of this property...
I'd love to see the previous price history of this property...
#29
_
Joined: Aug 2005
Location: Perth (ex Oxford)
Posts: 411
Re: house price negotiation - advice needed!
http://reiwa.com.au/mkt/mkt-vgopublic-search.cfm
Specify street/area that you're interested in and then pay a few dollars for the detailed info on price history - even ones which are listed as "Price Withheld" on other sites.
Does OnTheHouse provide the same level of detail for free? If so, then definitely worth signing up to.
Last edited by Kalenge; Aug 14th 2010 at 5:54 am. Reason: typo
#30
Re: house price negotiation - advice needed!
Yes we paid $30 and it gave us the history of the street. The house we are interested in was last brought 6 years ago for $425,000.