What Is A Guide Price On A Property

In simple terms it is just a rough idea of what the selling price will be. Unlike estate agents who in the vast majority of cases simply quote an asking price auctioneers quote a guide price or a guide price range. Home price guide price estimate for any property full history for any building street or suburb.

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3 Bedroom Bungalow For Sale Basildon Guide Price 320 000

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5 Bedroom Property In Maple Gardens Rugby Guide Price 595 000

These may change at any time prior to the auction.

What is a guide price on a property. As a bit of background to the question our house will be on the market tomorrow with an asking price of 279k. Guide prices can either be a single figure price or a price range. A guide price gives an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve. The final selling price could end up being higher or lower than the guide price.

They are not necessarily figures which a property will sell for the sale price will be dependent on bidding in the auction room. As in it s a guide to the price the owners are hoping to achieve for their property. A guide price is a marketing figure which is used to guide potential buyers as to how much a property could be worth. The key difference here is that whilst an estate agent s client is likely to accept an offer at the asking price and sell the property in auctions the bidding may go well above the guide and reserve before being sold to the highest bidder.

A guide price is because their estate agent has told them to put in their marketing material that you should be guided to a price of around x or x y if they have guided a range but frankly they may be wanting more than that or they may take less they just want everyone on the planet who has a budget of about that amount to come and put an offer in. In property selling terms the guide price is a value that gives buyers a general idea of how much the seller wants. What are your experiences of a property that states a guide price. When deciding on asking price we had 3 agents round who all gave very similar valuations.

How much under the guide price you can offer depends a little on the price the house is up for on a house guided 100 000 110 000 i would offer 95 000 and be prepared to go up to 100 000. Also depends a little on how successful the market is in your area at the moment. But i really wouldn t read too much into it. Guide prices are for information only and shouldn t be relied.

The phrase offers invited also makes an appearance on property listings with mr pryor claiming that the estate agent doesn t actually have a clue about what price the property is worth and is. The use of guide price is increasingly common and is probably a clearer description.