What percentage would you expect an offer on property to be?

[ganesh]

I know it is a bit like 'how long is a piece of string?' but what kind of drop would you expect if you were selling a property? We have got ours on the market and have just reduced it by 5% as we have had no offers in 3 months.This is not totally due to lack of interest but everything is a bit stagnant in the market at the moment and nothing is selling very quickly.What do you think the average offer would be? I must admit I'd like too know too when it comes to making an offer on a property ourselves.Estate agents please don't answer!

[Jennykenny]

We ended up dropping our house by 11%, but we wanted to retire early, get out of London, and move down to the coast. Not 11% all at once-in two drops.
We got what we wanted and were happy, also feel that the estate agent had overpriced it to give some room to manoeuvre. Don't forget that if your are going on to buy another place, they too will have to drop.

[ganesh]

In theory if all the prices go down then it doesn't matter too much if you have one to sell and one to buy,unfortunately not everyone drops their prices.
I'm not asking about that really.I was wondering what sort of 'offer' you make on a property.eg if a house is up for 500K would you sort of expect to get 475K ,or if you were making an offer on one would that be reasonable? Just wondered what the average sort of ratio of asking price to final selling price was.

[eihpos]

Have a look at a website that tells you how long the property has been on the market for and any price reductions. This site will tell you sold prices for similar properties in the area, we found it very interesting.

[Bambiagain]

Depends how desperate you are to get a particular price. If you find another property that you could afford to buy if you dropped the price on the house you are selling by x%, then it makes sense to do it.

[Twenty20]

From personal experience, I would expect an offer of up to 10% off the asking price. Of course, it varies. The last house we sold, 2 years ago, actually went for the asking price (which we already thought was on the high side).