Discussion
So having managed to sell my house today.
Am relocating to Bristol, which has a crazy property market and have noticed a lot of properties listed with a "guide price"
Could someone in the know explain what that means, I'm happy with asking price, oieo, oiro, etc etc etc ! But guide price is what I thought auctions used.
Am relocating to Bristol, which has a crazy property market and have noticed a lot of properties listed with a "guide price"
Could someone in the know explain what that means, I'm happy with asking price, oieo, oiro, etc etc etc ! But guide price is what I thought auctions used.
round here it generally means, say a property has a guide of 250-270k
250k - a look in, if its not selling, they need to move quickly, your a cash buyer no chain etc you might get lucky.
260k - the price that offer has a very good chance of being accepted assuming there isn't competition for the property.
270k - if its popular, they've shown lots of people round etc expect to have to get close to this to secure it, especially if they are doing open days / double viewing etc.
250k - a look in, if its not selling, they need to move quickly, your a cash buyer no chain etc you might get lucky.
260k - the price that offer has a very good chance of being accepted assuming there isn't competition for the property.
270k - if its popular, they've shown lots of people round etc expect to have to get close to this to secure it, especially if they are doing open days / double viewing etc.
Guide price is used by lazy agents/ giving the vendor a come on to win an instruction.
Buyer expects to pay around the lower limit
Vendor expects to achieve around the upper limit
Agent - either doesn't know or wants the business so this gives them a roundabout way of adding £20k to a valuation.
Personally I hate 'guide prices' for normal sales.
Buyer expects to pay around the lower limit
Vendor expects to achieve around the upper limit
Agent - either doesn't know or wants the business so this gives them a roundabout way of adding £20k to a valuation.
Personally I hate 'guide prices' for normal sales.
^^^ Yes, the agent's commission is virtually the same whether they sell the house for £250k or £270k. Their primary motivation is to get it sold as quickly as possible with a little work as possible. The top end of the range is essentially "hope" for the seller.
The only certainty is that once you've offered £x the negotiations are always going to be in an upwards direction - so make sure you start low.
The only certainty is that once you've offered £x the negotiations are always going to be in an upwards direction - so make sure you start low.
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