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Do properties generally sell for below or above the asking price?

  • 16-07-2019 2:53pm
    #1
    ZilkyG
    Banned (with Prison Access) Posts: 71 ✭✭


    Currently awaiting mortgage approval and looking to buy in Dublin. Went to a couple of viewings and the estate agents did the whole snake oil sales pitch, something along the lines of "if you bid at 20k above, I'll do my best to make sure you get it". Other people have said bid almost insultingly low. What's anyone's general experience on this?


Comments

  • #2
    xalot
    Registered Users Posts: 1,091 ✭✭✭xalot


    I would guess most places go above asking in Dublin. Take a look at the property price register for the areas you're interested and you'll get an idea of what the final sale price will be, a google search of the property address will show you what it was listed at. Keep an excel spreadsheet if you can.

    We sold an apartment last year, put it on the market at the price we wanted as we needed a quick sale but after 1 viewing had a bidding war and went 30k over advertised price. It all depends on who you're competing with for the property. The best advice you'll get is to know your max and dont go above it, no matter how tempted you might be to throw another 1k in the pot.


  • #3
    duffman13
    Registered Users Posts: 8,945 ✭✭✭duffman13


    ZilkyG wrote: »
    Currently awaiting mortgage approval and looking to buy in Dublin. Went to a couple of viewings and the estate agents did the whole snake oil sales pitch, something along the lines of "if you bid at 20k above, I'll do my best to make sure you get it". Other people have said bid almost insultingly low. What's anyone's general experience on this?

    You need to look at the market in the area your looking, tbh after a few months of watching asking prices and the PPR you'll get a great indication as to where to go with a bid.


  • #4
    Evenstevens
    Registered Users Posts: 196 ✭✭Evenstevens


    The PPR is really useful in getting a feel for an area.
    I've just bought in the last few months, currently waiting on keys and all I can say is there is no science to it really. In general I found that everything I looked at went for over the asking price. Houses that are turn key are definitely in higher demand. I was asking similar questions at the start of the process but once you're in it and the more houses you view you will quickly get a sense of what you're prepared to offer on different houses.

    The place I finally got was a fluke really. I was outbid on it. 5 weeks later the buyer pulled out and they offered it to me. I negotiated my original offer down by a couple of grand to the asking price. If it taught me anything it's to offer early on the ones you really like. I did it on this house and I was in a good position then when the buyer pulled out.


  • #5
    Corruptedmorals
    Registered Users Posts: 4,194 ✭✭✭Corruptedmorals


    I think the amount of new houses being built in the area you're looking in is going to have a big impact. We just bought in Dublin 15. As can be seen by the other active thread about sales slowing down, it's slow for second hand houses there because of the sheer amount of people using the HTB scheme, massive amounts of new houses in Fingal. The house we are waiting to close on had 4 viewings, great area, improved and upgraded BER, bigger than usual, cul de sac, room to extend, turnkey modern condition....but it's 20 years old so we ended up with only one other bidder to compete against. From having watched daft for so long before we got approval I could see a trend of houses longer than usual on the market and asking prices dropping.

    I couldn't see asking prices dropping in South Dublin unless the price is completely out of line and outrageous.


  • #6
    Klonker
    Registered Users Posts: 1,667 ✭✭✭Klonker


    Depends how much you ask for!

    Longer answer. Take the following example, 2 identical houses on a street are valued at 300k as this is price that a third identical sold for very recently. Seller of house 1 says to himself ill ask for 350k and I'll take to as close to that vaue as I can get. Seller of house 2 says to himself ill ask for 250k and get a bit of interest and then hopefully a bidding war going. Both houses will end up being sold for very similar prices which is the price the house will get on the open market, asking price is kind of irrelevant.


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