Is this estate agents strategy sensible, or a bit mad?

ReadySteadyPop

Herzlos said:

People have always felt the need to get a bargain. That's how retail has operated for centuries. 

It is not how the UK property market has operated for the last 20 years.

ReadySteadyPop

Herzlos said:

Slashrfnr said:

He did say that if he went listed at £350,000, if anyone viewing it said it was a bit high, he would just tell them to make an offer (which ironically is what happened when I bought the place)

With the frankly broken system in England, every feels the need to get a discount and the target price is usually somewhere about 10% under asking price. So you'll see offers at 90% whatever you list it for. 

So if you want £330k, list it at £350k, someone will offer £315k and then you can meet in the middle-ish. 

Is it stupid? Absolutely, but that's the game you play. 

These sorts of games don`t work any more, lots of people are just getting offers way below what they want or no interest at all.

Herzlos

ReadySteadyPop said:

Herzlos said:

People have always felt the need to get a bargain. That's how retail has operated for centuries. 

It is not how the UK property market has operated for the last 20 years.

Here's a post on here, from 19 years ago admittedly, which indicates that offering for about 10% under asking price is a pretty common thing:

https://forums.moneysavingexpert.com/discussion/303261/offers-on-houses-is-there-a-normal-below-asking-price-starting-point-in-england

So I'm not sure where you're getting your information from. Bidding below asking price has been pretty common in England for as long as a I remember. 

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

Herzlos said:

People have always felt the need to get a bargain. That's how retail has operated for centuries. 

It is not how the UK property market has operated for the last 20 years.

Here's a post on here, from 19 years ago admittedly, which indicates that offering for about 10% under asking price is a pretty common thing:

https://forums.moneysavingexpert.com/discussion/303261/offers-on-houses-is-there-a-normal-below-asking-price-starting-point-in-england

So I'm not sure where you're getting your information from. Bidding below asking price has been pretty common in England for as long as a I remember. 

That wouldn`t be enough now to qualify as a "bargain", nowhere near. As I said, back then that was a version of "haggling" and it helped people to feel that they had made a smart financial move, now it is financial necessity/reality that is causing low offers and pull outs.