Strategy for bidding below asking price

Ah I know. But it just strikes me as a waste of time. For example, I have a budget of 500k and see a house listed at 480k. I view the house, like it and decide to ring up with an offer. I offer the asking price. Then the estate agent says, "well actually the sellers want 540k for it". My budget won't ever be able to stretch to that so I'm never going to offer close to it so walk away. It wastes my time and the agent's time answering calls and having to tell potential buyers that the 'real' asking price is different/much higher to the listed price.

I'm sure during silly season over the last couple of years it worked by getting desperate people invested in the idea of the house and then springing the real price on them. But when the house has been sitting there for months unsold, it seems a bit silly. Especially when the real asking is entirely unrealistic in the current climate. I'm sure there's an element of " Mary down the road got xxx for her house so we want that" without taking into account the varying conditions of houses and costs of renovation etc.

I mean, generally when you're selling something you set the price higher than you expect to get, with the expectation that you'll negotiate down to a price where both parties come out feeling like they won.

Honestly, I get why it happens but it doesn't any make it less annoying as a buyer! It's more like a POA than a genuine listing.

But anyway, it all worked out for the OP, so happy days!

maybe, it depends, I bought my house 2.5 years ago for 10% under the asking.

Yes.