Gazundering is when a buyer reduces their offer at a late stage of negotiations to try to pressure the seller into accepting a lower offer. Searches for the term rose by 97% between January and September 2023*. Its rising occurrence indicates that cooling market conditions may have handed the power to homebuyers.
“It’s not so long ago that we saw an unprecedented rise in gazumping in the UK market, with desperate buyers swooping in to outbid each other at the last minute,” commented Colby Short of Get Agent.co.uk.
Now, sellers are the ones fearing for the worst. Good communication is the best way to avoid being gazundered. Being prepared – starting with knowing exactly what gazundering is – helps too.
6 February, 2024