But 99% of homeowners do it, or try it. Don't know how it works down under, but here in the UK most people wanting to buy a home never pay the asking price, unless they are desperate to buy that particular house. If the house is on the market and you want to buy it, you make a offer to the seller, its up to him / her to decline the offer or accept it. If they are selling at 500k i would look to see how long that property has been on the market, if its been on the market for a long time i would make a offer 450k. The seller could decline and run the risk of never finding a buyer or come back and and say that they would accept 480k. No difference to haggling with taxi drivers and venders, you may just want to call it something else, though.