When Alan Murphy and his wife came across their semi-detached home in Brighton, they immediately envisioned it as their "forever home." With three bedrooms, a garage, and space to expand, the property had an asking price of £575,000. However, the couple believed that much of this was based on potential rather than current condition.
Every room in the house required significant renovation work, while the garden was barely usable. The question arose: how could they secure this perfect home without overstretching their budget? To find a solution, Murphy and his wife employed a calculated approach, dubbed "bold but not reckless." By offering £35,000 below the asking price, they secured an immediate acceptance from the seller.
This bold move was a reflection of Murphy's intuition that the property had been overpriced. The couple then used the funds saved to embark on renovations. According to recent data from Zoopla, the average home now sells for about £16,000 below its listing price. House prices have slowed significantly to 1.3% year-on-year.
More and more buyers are taking the same measured risk, feeling confident in challenging the asking price of properties that don't align with their budget or needs. As house price growth slows down, savvy homebuyers see an opportunity to negotiate a lower offer without sacrificing their dreams of homeownership.
The key to success lies in understanding the seller's perspective and presenting it effectively to them. "Loss aversion" is a major obstacle in negotiations, as sellers often overestimate the value of their properties based on past experiences or emotions.
According to Christian Hilber, a professor at the London School of Economics, "Loss aversion" causes many sellers to price their homes higher than they should, expecting that prices will remain high. Meanwhile, buyers are becoming more discerning about what they're willing to pay due to tighter budgets and rising mortgage rates.
In order to close deals, buyers must employ a strategic approach. Robin Edwards, a partner at the London-based property consultancy Curetons, advises homebuyers to "start with evidence" - comparing recent comparable sales, local demand, and how long similar homes have taken to sell. The seller's perception of value should be reassessed based on this data.
When making an offer, buyers must strike a balance between being respectful of the seller's position while also advocating for themselves. A well-structured approach that highlights facts about the property's condition and comparable sales can make a significant difference in securing a favorable deal.
Moreover, establishing a personal connection with sellers is crucial in negotiations. Rowena Bower, who successfully bought a four-bedroom property below asking price, attributes their success to building rapport with the sellers. The couple made an effort to understand the seller's perspective, communicate honestly about their needs and budget, and express genuine interest in the property.
The current UK housing market offers buyers ample opportunities for negotiation. Asking prices are merely a suggestion rather than a firm directive on value. By conducting thorough research, presenting solid arguments, and being prepared to hear "no," homebuyers can secure better deals without sacrificing their dreams of owning a home.
Ultimately, it is the buyer's market, and those who fail to take advantage of this opportunity may be left regretful. So don't ask, don't get - act now and make your case for a lower offer.
Every room in the house required significant renovation work, while the garden was barely usable. The question arose: how could they secure this perfect home without overstretching their budget? To find a solution, Murphy and his wife employed a calculated approach, dubbed "bold but not reckless." By offering £35,000 below the asking price, they secured an immediate acceptance from the seller.
This bold move was a reflection of Murphy's intuition that the property had been overpriced. The couple then used the funds saved to embark on renovations. According to recent data from Zoopla, the average home now sells for about £16,000 below its listing price. House prices have slowed significantly to 1.3% year-on-year.
More and more buyers are taking the same measured risk, feeling confident in challenging the asking price of properties that don't align with their budget or needs. As house price growth slows down, savvy homebuyers see an opportunity to negotiate a lower offer without sacrificing their dreams of homeownership.
The key to success lies in understanding the seller's perspective and presenting it effectively to them. "Loss aversion" is a major obstacle in negotiations, as sellers often overestimate the value of their properties based on past experiences or emotions.
According to Christian Hilber, a professor at the London School of Economics, "Loss aversion" causes many sellers to price their homes higher than they should, expecting that prices will remain high. Meanwhile, buyers are becoming more discerning about what they're willing to pay due to tighter budgets and rising mortgage rates.
In order to close deals, buyers must employ a strategic approach. Robin Edwards, a partner at the London-based property consultancy Curetons, advises homebuyers to "start with evidence" - comparing recent comparable sales, local demand, and how long similar homes have taken to sell. The seller's perception of value should be reassessed based on this data.
When making an offer, buyers must strike a balance between being respectful of the seller's position while also advocating for themselves. A well-structured approach that highlights facts about the property's condition and comparable sales can make a significant difference in securing a favorable deal.
Moreover, establishing a personal connection with sellers is crucial in negotiations. Rowena Bower, who successfully bought a four-bedroom property below asking price, attributes their success to building rapport with the sellers. The couple made an effort to understand the seller's perspective, communicate honestly about their needs and budget, and express genuine interest in the property.
The current UK housing market offers buyers ample opportunities for negotiation. Asking prices are merely a suggestion rather than a firm directive on value. By conducting thorough research, presenting solid arguments, and being prepared to hear "no," homebuyers can secure better deals without sacrificing their dreams of owning a home.
Ultimately, it is the buyer's market, and those who fail to take advantage of this opportunity may be left regretful. So don't ask, don't get - act now and make your case for a lower offer.
Sellers gotta chill on prices 
. £16k below asking price? Not crazy, right? 
. They're not getting forever love from their home just because it's listed 
. Buyers are doing their research and finding ways to negotiate, so sellers should too 
. It's all about being realistic and understanding the market 
. Don't get me wrong, I'm not saying sellers should lowball their prices 
. And btw, £16k below asking is just a cool number 
I think what's crazy right now is how house prices have slowed down to 1.3% year-on-year 
and buyers are finally feeling confident enough to challenge the asking price of properties that aren't worth it to them. It's like, sellers used to be so caught up in thinking their home was worth a certain amount because of past experiences or emotions, but now buyers are doing their research and coming at it from a data-driven perspective 
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. It's all about finding that balance between being respectful and advocating for yourself.
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. Don't be afraid to do your research, present your case, and advocate for yourself 
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. The whole "loss aversion" concept is so relatable, it's like we're all trying to win a game where the other person has an emotional advantage 
. And let's be real, who doesn't love a good underdog story? 
People are finally getting smart about negotiating prices. Sellers thought they could keep prices high but buyers are catching on 
1.3% year-on-year growth is like a breath of fresh air! 
. I mean, who says we have to accept the first offer that comes our way? It's all about finding that sweet spot where both parties feel like they're getting a good deal 
! It's not about being aggressive or pushy; it's about being informed, respectful, and willing to listen.
. Don't be afraid to challenge those asking prices - you got this! 
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