Asking price on property

[Cafemad]

Hi

A desirable property is on the market for “offers in excess of £600,000”. We are the first to make an offer of £600,000. The minimum. If you were the seller, would you accept or hold out for a better offer? What about the economy? As a seller would you worry about the impact of an economic downturn?

I'd take it. If I was advertising offers over x I'd be willing to accept x. But it does depend on the local market.

The thing is, none of us can say as it depends on the situation they are in.
We are considering putting our house on the market, and moving to a slightly smaller property, but in a slightly better position (in terms of less busy road, looking for more parking). However, we are not moving to any timescale and it is only worth us selling if we got enough to buy the sort of house we are after. If we can't achieve the asking price I think we would need, then there's no point in us moving.
OTOH, when we bought this house, the family were moving to another City They were moving for work, he'd been doing a combination of commuting and staying over near work for months and also they were really hoping to get dc into schools for the start of the year etc. - In their circumstances, the need to move, was FAR more urgent, so they would be more likely to accept a lower offer than we would.
Each and every vendor will have their own circumstances and own reasons for wanting to sell quickly or for only wanting to sell if they can get the minimum amount they 'need' for the reason they are selling.

They have some time constraint from what I understand (up until Nov/Dec) they could wait but would get desperate as time progresses. However, they may have alternatives. I don’t know for sure. I can wait too. So in theory, I am a perfect buyer for them. No chain, mortgage ready, and I can work with their timing.

You’re right. Every vendor will make their own decision. I am trying to put myself in their shoes to see what the likely conclusion would be albeit I don’t know all the ins and outs of their considerations. Just high level info I gleaned from the estate agent. I will not offer any more than I have so I’ll just prepare to move on emotionally from the house ☹️