Offering 7% below asking on a new-build flat in Johannesburg — sensible or too aggressive at ZAR 13,560,000?

[sharp_brick]

I’m torn between making the strongest price case now and keeping the first offer simple enough to invite a counter. The Johannesburg new-build flat is listed at ZAR 13,560,000 and has been available for 27 days. An opening figure of ZAR 12,610,800 would be 7% lower, but the market evidence I have is mostly from current listings rather than completed deals.

We can show that financing is available and can adapt the completion timing. If the required work is merely a matter of finishes, I would treat it as part of our valuation; if there are defects or unfinished items, I would want them verified and covered by the appropriate condition. I would not risk the deposit or remove finance, appraisal or inspection protection simply to make the lower price easier to accept.

Does that sound credible for a developer sale, or would you approach it differently if the seller is the first owner? Their motivation may matter more than the 27 days.

 

[SharpGrove]

The percentage itself is not insulting if the offer is credible. I’d keep the explanation short: limited completed-sale evidence, money needed for updating, and the certainty you can provide on finance and timing. Don’t write a long critique of the flat.

Include proof that financing is genuinely available and give a reasonable response deadline. I would retain inspection and finance conditions rather than trading them away merely to soften the price.

 

[esme.snow]

What does “needs some updating” mean on a new build? Cosmetic choices are a weak basis for a discount because the seller may see them as personal preference. Unfinished work, defects or items that differ from what was promised are another matter.

Also, are you buying from the developer or a first owner? Seller motivation could matter more than 27 days on the market.

 

[mellow_loft]

I think 7% is slightly aggressive after only 27 days when the comparable asking prices are close. Asking prices are imperfect, but they still tell the seller what alternatives buyers are seeing. If you would be disappointed to lose the flat, decide your next figure before submitting the first one. Otherwise you risk improvising upward after a quick rejection.

 

[sketchesAndKite]

The appraisal gap is the part I would not gloss over. Clean financing does not necessarily solve a short valuation, so the offer should be clear about what happens if the lender’s valuation is below the agreed price. Work out how much extra cash, if any, you would willingly contribute before negotiating. That limit also helps determine your maximum offer.

 

[tradeTheChart]

I’d separate defects from upgrades. Put identifiable defects or incomplete items through an inspection and ask for completion or a repair credit. Treat optional changes to finishes as part of your own budget rather than presenting them as faults.

For the offer, one page of reasons is plenty: ZAR 12,610,800, financing evidence, flexible completion, conditions, deposit terms and an expiry time. Certainty is the seller benefit.

 

[tradeTheChart]

One caution on the deadline: making it too short can undermine the friendly tone. Give the seller enough time to consider it, but not an open-ended offer that can be used while waiting for another buyer. The agent may also be willing to say whether price, completion timing or certainty matters most, without revealing the seller’s private circumstances.

 

[tradeTheChart]

I wouldn’t release or expose a substantial deposit before the conditions and refund circumstances are clearly written. The exact handling will depend on the South African contract and transaction structure, so have the wording checked locally rather than relying on an informal assurance. A strong deposit can support the offer, but only if the consequences of a failed inspection, finance approval or valuation are unambiguous.

 

[timo.flint]

There’s another negotiating option: keep 7% as the opening price but avoid demanding every possible concession at once. If the seller counters, you could move on price in exchange for documented defect work, a repair credit, or the completion date you prefer. That makes each concession reciprocal. I agree with enelson that purely aesthetic updating should not be overplayed.

 

[esme.snow]

Before sending anything, I’d ask for the closest completed sales the agent or seller is relying on, plus clarification of the flat’s time on market and the outstanding work. They may not provide useful completed evidence, but the response will still be informative.

Then set three numbers privately: the opening offer, the maximum price if inspection and valuation are satisfactory, and the maximum cash you would cover above a lender valuation. Keep those limits out of the rationale.