Buying or selling a house can be a difficult process. Everyone wants to get the best deal possible but it can be hard to know how much a house is worth at a particular moment. One strategy that some homeowners use to try and ensure they get a good deal is to set an asking price that they expect offers to exceed, which is also known as “offers over.” The hope is that this means nobody will try to undercut the asking price because the price listed is the minimum that the seller will be willing to accept.

But what does offers over mean in practice? And is this a successful strategy?

In this article, we will explain exactly what “offers over” means, why sellers use it and offer guidance for those who are buying or selling a property in an “offers over” market.

For help buying or selling an “offers over” property contact us here or give us a call at 0151 541 7087

The Meaning of “Offers Over” When Buying or Selling a Property

If you are looking to buy or sell a property, it is vital that you understand the current market value. This will ensure you don’t buy or sell the property for more or less than its worth.

One issue that sellers often experience is potential buyers trying to undercut each other by offering less than the asking price. An “offers over” price is exactly as it sounds-a minimum asking price set by the seller which they expect offers above. This ensures potential buyers have some idea of how much money should be offered if they want to stand any chance of securing the property. This price will often be set slightly lower than the actual market value of the home in order to pique potential buyers’ interest and hopefully start a bidding war.

Why Sellers Use List “Offers Over” Asking Prices

There are a number of reasons why sellers might set an “offers over” price. They may feel that the market is particularly competitive and can expect multiple offers, meaning buyers will likely bid against each other to buy their property. Another reason may be that the seller has a specific price in mind and is hoping to get at least that amount regardless of what the market is doing. This can be a good strategy if the owner is not in a rush to sell. Property developers and “house flippers”, for example, may need to clear a certain sales price to make a profit so they are unable to consider any offers below a certain value.

What Happens if Nobody Meets the “Offers Over” Price?

As explained above, many sellers set a lower initial price when using an “offers over” strategy because they hope buyers or investors will show interest and start a bidding war in order to secure the property for less than its true market value. When this happens, sellers can choose whether they want to accept any offer made or wait until other bids come through. Timing is key here because if the seller waits too long, interested parties may end up walking away and they may be forced to start all over again.

If there were multiple potential buyers interested but nobody makes a solid bid, this could mean that everybody has walked away from buying the house because it was simply too expensive compared to similar properties available on the market.

estate agents showing property

For help buying or selling an “offers over” property contact us here or give us a call at 0151 541 7087

How to Get the Best Price When Selling an “Offers Over” House

In order to get a good price when selling a house, it is important that potential buyers can see what you are offering and why your home is worth investing in. This means ensuring any pictures or virtual tours of your home show it at its best so as many people as possible will want to view it. If there have been repairs or renovations carried out recently, highlight them because this will show potential buyers how much work has gone into improving the property. Make sure to highlight key features and details of the property as well as the lower asking price compared to other similar properties in the area.

What To Do if You Are Trying to Buy an “Offers Over” Property

When buying a property, it is important to be realistic about the price you are willing to pay. If there have been multiple offers on your desired home and yours was not accepted, this could mean that somebody else simply offered more money than you were prepared to put down or the seller believes that they will get a better price if they wait. If you want to buy an “offers over” property but there is no way you are able to meet the minimum asking price, it may be worth looking at alternative properties because it is likely the seller is actually seeking far more than the listed price.

How Our Estate Agents Can Help You Buy or Sell an “Offers Over” Property

An estate agent can be a very useful resource when looking to buy or sell a house. Their knowledge and experience in the industry will help you navigate your way through the selling process, from determining how much money should be offered to negotiating with interested parties before reaching an agreement that everyone is happy with. Our team of experts have extensive experience helping sellers get their asking price while making sure buyers are getting everything they need in order for them to feel secure about moving forward. We know what is needed to bring both sides of the buying/selling equation together so we work hard on behalf of all our clients to make this happen as smoothly as possible every time!

When it comes to “offers over” properties, we know what it takes to get the best price for our clients. We take into account current market conditions, location and property features when determining an appropriate asking price. This means that when the property is listed, we can attract as many potential buyers as possible. If you are interested in selling your house or need help buying one with “offers over” terms, contact us today!

How are Asking Prices Usually Decided?

There are various factors that affect a property’s market value and asking price. These include:

  • Location of the property – The desirability of the neighbourhood will depend on everything from local schools to council tax rates
  • Condition of the property – The condition and overall appearance of a house can have an impact on how much it is worth.
  • Size of the property – This includes the size of the home in terms of square metres, number of bedrooms, number of bathrooms and size of the living room and kitchen
  • Outdoor space – This may mean the size of a garden or patio area, or whether the property has a terrace or balconies
  • Age and type of property– This means whether the property is an apartment or a house; detached, semi-detached or terraced; what year it was built and its style (e.g. Victorian)

When deciding what “offers over” price to put on their property, sellers may look at the market value of the property with all of the above factors considered, then list it at a slightly discounted price. If you need help deciding what “offers over” price to put on your property, get in touch with us and we can help you with the process.

buying a property

For help buying or selling an “offers over” property contact us here or give us a call at 0151 541 7087

Final Thoughts

Buying or selling a house with an “offers over” price can have many benefits if you know what you are doing and you understand the current market value of the home. The best thing to do is to work with an experienced local estate agent who understands exactly what is going on locally and knows what price is achievable whether you are a buyer or a seller. If you are still wondering “what does offers over mean?” or you want some expert assistance with an “offers over” property, get in touch with us today!