what offer should i make

im thinking of putting in an offer for a house.
The asking price is 279 and im wondering what offer i should make.
does anyone have any ideas cos i dont wanna do the wrong thing.
cheers guys

It's a buyers market so you hold most if not all of the aces. What can you afford for starters? Is it a private seller or a new home? Has the seller already purchased another property? Do they have to sell? I would be looking to pay no more than €250K for that property. On that basis, I'd offer €220K and accept that I might be negotiated back up to €250K.

look at the houses in the area and what prices they sell for ...
look at the age, what's included in sale, neighbourhood, how big is the garden ...
not knowing all the facts i'd go for minus 35 but it all depends on the above and more ...

the house is in maryborough hill in cork, great location, new house with appliances included, big back garden.

Since it's a new house, I'm assuming it's from a builder? If it is, have no remorse and offer €200k. That house is standing him a lot less than that, so don't be worried about hurting his feelings!

If it's a private sale, it's slightly different. They might need the sale of the house to help fund their own move, and as such mightn't have much wiggle room. I'd start at €230k, and as Rambo says, haggle upwards to a max. of €250k.

Best of luck.

Going to €250k would only be a 10% reduction! With commentators saying we have about a 25% drop generally I would put a ceiling on the offer of somewhere just over the €200k mark. Remember the market is still falling...so what would it be worth in 6 months and how difficult would a resale be if you had to go there?

Damo said:

Going to €250k would only be a 10% reduction! With commentators saying we have about a 25% drop generally I would put a ceiling on the offer of somewhere just over the €200k mark. Remember the market is still falling...so what would it be worth in 6 months and how difficult would a resale be if you had to go there?

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I hope I wont be scolded for commenting on this thread now bc its kind of house prices though not a general comment I suppose. I would agree with Damo though basically though I would go lower myself especially to take account property tax which is just a matter of time and rates you will be paying soon enough along with what else you will have to factor into basic living costs over the next few years.

The asking price is irrelevant, we don't know whether it's been dropped already or not.
House prices seem to have dropped to 2002 levels and are still falling, you need to find out what similar houses sold for then.
Secondly you need to be willing to live there for the next 10+ years. Is this a house or a home?
Thirdly you need to look at affordability. Factor in interest rates going up 2-3% in the next few years, take home pay drops due to taxes & levys. What if you change job/get laid off? What if your partner stops working.