How Much Should I Offer Under Asking Price in Victoria, BC?

How Much Should I Offer Under Asking Price in Victoria, BC?

One of the most common questions buyers ask is: How much should I offer under asking? The short answer is that there’s no single number that works in every situation. The right offer depends on the property, current market conditions, comparable sales, and the seller’s expectations.

Here’s a simple way to think about offering under asking in Victoria, BC.

Asking Price Is a Strategy, Not Always the Value

A home’s list price doesn’t automatically equal its market value. Sellers may price:

• Below market value to generate interest

• At market value to attract serious buyers

• Above market value to test demand

Because of this, offering under asking only makes sense when the context supports it.

When Offering Under Asking Can Make Sense

Offering under asking is more common when:

• The home has been on the market for a while

• Buyer competition is low

• The price looks high compared to recent comparable sales

• The property needs updates or repairs

• The seller appears flexible on timing

In these cases, buyers often have room to negotiate.

How Much Under Asking Do Buyers Typically Offer?

There’s no fixed rule, but in more balanced or slower segments of the market, buyers often start around:

• 1%–5% under asking, depending on the situation

More aggressive offers can happen, but they also increase the chance of rejection.

When Offering Under Asking May Not Work

Offering under asking is less likely to succeed when:

• The home is newly listed

• There are multiple offers

• The property is priced competitively

• Demand is strong in that neighbourhood or price range

In these situations, under-asking offers may be ignored or declined.

Price Isn’t the Only Part of an Offer

Even if your price is under asking, other terms can make your offer more appealing, such as:

• Flexible completion or possession dates

• Clean timelines

• Deposit structure

• Appropriate conditions for the situation

Sellers often focus on certainty and overall strength, not just the headline price.

Why Comparable Sales Matter More Than Asking Price

Recent comparable sales (“comps”) give buyers a clearer picture of value than the list price alone. Looking at:

• What similar homes actually sold for

• How long they were on the market

• Whether they sold above or below asking

…helps determine whether an under-asking offer is realistic.

So, How Much Should You Offer Under Asking?

Some homes justify an under-asking offer. Others don’t. The right approach depends on:

• Market conditions

• Comparable sales

• Competition

• The specific property

Many buyers like to understand how pricing strategies typically work early on, so there are fewer surprises once they’re actively viewing homes or getting ready to submit an offer.

If you’re in that early learning stage and want to get familiar with how this usually plays out in today’s market, you’re welcome to call or text me anytime at 778-922-2231.

You can also check out my YouTube channel for market updates, buyer and seller tips, and neighbourhood breakdowns across Greater Victoria:
youtube.com/@gsoldhomes

Disclaimer:
The information and opinions shared are provided for general informational purposes only and should not be relied upon as advice. Nothing in this communication constitutes professional, financial, legal, real estate advice, or any type of advice, nor does it create or imply any form of agency relationship. Market conditions and circumstances can vary significantly based on individual situations, property types, and neighbourhoods. Always consult your own qualified professional advisor before making decisions related to buying, selling, or investing in real estate or other aspects. This communication is not intended to cause or induce breach of any existing agency agreement. Everyone’s situation is different, so please chat with your own trusted professional advisor before making any decisions.