Anxiety & cost

Should you offer the asking price?

The Proptel team · 2 min read

The asking price is the seller's opening position, not the value of the home. Sometimes offering it is exactly right. Sometimes it means paying thousands more than you needed to. The answer depends on three things you can check before you decide.

When offering the asking price makes sense

The price is in line with recent salesIf similar homes nearby have sold at or around this figure recently, the asking price is probably fair.

The local market is busyIf homes in the area are selling quickly and rarely being reduced, offers below asking are less likely to land.

The home is newly listed and genuinely in demandLots of viewings in the first week, or a closing date set by the agent, are signs you may need to be at or near the asking price.

When you should offer less

Recent sales are lowerIf comparable homes sold for less in the last year, that is your strongest argument.

The home needs workA tired boiler, an old roof, poor insulation or a low EPC rating all cost money soon after you move in.

It has been on the market a whileLong listings and price reductions suggest the seller has already learned the asking price was ambitious.

The market is coolingIf nearby homes are being reduced or sitting unsold, buyers have more room to negotiate.

When it can be worth offering more

In a competitive market, a home that is rare for the area can sell above asking. Even then, decide your limit from evidence before the bidding starts, so the pressure of the moment does not decide it for you.

A Proptel report checks all three for one address: how the asking price compares with recent sales and similar homes for sale, what the home is likely to cost over the next ten years, and how hot or cool the local market is. It then suggests an offer range, which can include offering the asking price when the evidence supports it.

See the actual data before you make an offer.

20+ official records, a suggested offer and a letter for the agent. One page, £9.99.

Check a home