What do you think to “offers in the excess of” when buying a house?

[sourdoughfan]

We’ve just asked our EA to change this on our house price. To me it seems a bit off putting. Keen to hear what others think of it?

Whatever the number is, whether expressed as the price or OIEO, any buyer in this market sees that number as a starting point from which to move down - unless the number is strategically pitched quite low, in which case you can end up getting competitive bids over.

Currently looking. Don’t like it, gives impression that sellers will not take a lower offer and in fact expect more.

I know you have no right to expect to buy it for less than advertised, but each party wants to feel they have got something from the negotiation on purchase price.

The ones that have this in their listing have not budged on price and been sat there for months.

So many unrealistic sellers at the moment. We had to drop ours by £60k to get it sold, as relocating so couldn’t wait forever.

it wouldn’t put me off looking, but I know I’d have a bit of a battle ahead of if I wanted it but didn’t think it was worth the advertised price. Offers in the region of is better.

It doesn’t put me off, but at the moment I just think ‘you’ll be lucky in this market’.

I know it does vary with the area but IMO we’re not just ‘moving away’ from a seller’s market, we’re in the most extreme buyers market, if there were any buyers.

In my recent experience, it usually signals a seller whose house has been overvalued.

I prefer OIRO - that suggests flexibility.

Usually, I bookmark them, and sit and wait.

That's how I ended up with the house I'm in the process of buying. I patiently waited for it to be reduced - twice.

I think it's a mistake putting it in an ad unless you know with not even one iota of doubt that your house is underpriced. Especially in the current market (in most places).

One near us has been on ages, as in well over a year. It went on at £795 and has slowly been reduced with ‘offers over’ various prices and is now on at ‘offers over’ £625.
So it’s not offers over atall is it?! Pisses me off tbh and wastes everyone’s time including their own.

I wouldn’t take much notice of it and would just take the price to be a guide price.

Just chases the market down and costs them money.

Plus no one now looking at it will believe the floor price is the floor price.

The house we bought said this and it didn’t bother us. We knew from seeing 20+ houses already that it was worth the price so offered asking, and then £5k over when asked for best and final offers. Lived there for 4 years and was happy with the price we paid.

We then also used OIEO when we sold it as we had a minimum price we were willing to accept that was fair for the current market, and were happy not to move if we didn’t get that price. I view it as an added bonus if people wanting to put a lower offer in were put off viewing because of that wording. It saves everyone’s time.

I think it’s a bit silly unless you are going for fixed bids.

I think some people find OIEO off putting and for that reason I would never use that phrase. Just give a price and see what the market decides.

A house worth what someone will pay for it. “Offers in excess of…” actually sounds a bit arrogant to me tbh…might put some people off coming to look yes.

The main thing you need is lots of viewers to see it, in order to find your best price. Estate agents need to get on with arranging viewings, not coming up with annoying marketing ploys!
Either someone wants to buy your house or they don’t. If they do then discuss price.