emotional factor vs what I believe property is worth

[Happiness]

I am new to buying property currently have my eye on a PPOR. Trying not to get excited but the vendor has dropped advertised price. I believe the property is overpriced by about $100,00 on the adjusted price. We have already made an offer.
I have done sooo much due diligence on the property so quite confident on the price.
is this normal practice in the current market in NSW to drop advertised price and increase openings??
My father says if I really want the property Which I do ( emotional factor involved) then I should increase my offer to get it, so fighting what I believe the propert is worth and offering more to get it!!!!

 

[Aaron_C]

It's OK to pay a little more for the emotional factor but $100,000 more seems like a lot and your enthusiasm will likely play into the agents' hands.

 

[spludgey]

If it really is overpriced by that much and you don't have to buy right now, just play the waiting game.

 

[travelbug]

I am new to buying property currently have my eye on a PPOR. Trying not to get excited but the vendor has dropped advertised price. I believe the property is overpriced by about $100,00 on the adjusted price. We have already made an offer.
I have done sooo much due diligence on the property so quite confident on the price.
is this normal practice in the current market in NSW to drop advertised price and increase openings??
My father says if I really want the property Which I do ( emotional factor involved) then I should increase my offer to get it, so fighting what I believe the propert is worth and offering more to get it!!!!

How long has it been on the market? Do you know the circumstances of the vendor? Eg do they really want to sell or will only sell if they get the high price?
It is different with your PPOR as opposed to investing but you still want to be sure not to overpay by too much. Also if you overpay and the bank valuation doesn't come up to the figure you paid it may fall over anyway.

 

[westminster]

I am new to buying property currently have my eye on a PPOR. Trying not to get excited but the vendor has dropped advertised price. I believe the property is overpriced by about $100,00 on the adjusted price. We have already made an offer.
I have done sooo much due diligence on the property so quite confident on the price.
is this normal practice in the current market in NSW to drop advertised price and increase openings??
My father says if I really want the property Which I do ( emotional factor involved) then I should increase my offer to get it, so fighting what I believe the propert is worth and offering more to get it!!!!

How much under the asking price did you make your offer? The Vendor might reject it outright - after all they have their emotional factor on how much their house is worth OR they will counter offer closer to the price they want. You can then choose to counter offer above what you have already offered or withdraw your offer and wait and see.

If they have already dropped it by 100k it must be a fairly expensive house to drop it that much or vastly over priced in the first place or so unique there are few buyers that it suits.

At the end of the day, a house is worth what someone is willing to pay (though a bank may not agree). You might think it is worth $100k less but someone may come along and think it's worth that much and buy it.

Buying investment property is heaps easier as it's all head and no heart.

 

[Rolf Latham]

I am new to buying property currently have my eye on a PPOR. Trying not to get excited but the vendor has dropped advertised price. I believe the property is overpriced by about $100,00 on the adjusted price. We have already made an offer.
I have done sooo much due diligence on the property so quite confident on the price.
is this normal practice in the current market in NSW to drop advertised price and increase openings??
My father says if I really want the property Which I do ( emotional factor involved) then I should increase my offer to get it, so fighting what I believe the propert is worth and offering more to get it!!!!

100 k on a 2 mill place isnt huge...............100 k on a 400 k place is

ta
rolf

 

[Happiness]

Thanks everyone for your valuable comments, greatly appreciated.

 

[Jtkumnick]

every buyer thinks a house is overpriced. I guarantee you that the owner thinks your offer is underpriced.

If you like the house, can afford it and can afford to stay there for awhile, you should think what that is worth to you.

If you are borrowing money, the bank will quickly throw cold water on the deal if they think its too far off the money....

 

[Rooster]

I am new to buying property currently have my eye on a PPOR. Trying not to get excited but the vendor has dropped advertised price. I believe the property is overpriced by about $100,00 on the adjusted price. We have already made an offer.
I have done sooo much due diligence on the property so quite confident on the price.
is this normal practice in the current market in NSW to drop advertised price and increase openings??
My father says if I really want the property Which I do ( emotional factor involved) then I should increase my offer to get it, so fighting what I believe the propert is worth and offering more to get it!!!!

Is it $100k difference though?

The original post has $100,00.

Is it only $10k maybe?

Rooster