What is the asking price on a range

[Kingsmead]

If I house is on at £375,000 and the blurb says offers between £375,000 - £400,000 what is the asking price?

£400k.

It effectively means that the seller isn’t inclined to consider offers under £375k, whereas £400k would probably do it. They’re expecting to get a few offers and will choose the best one.

@MyAnacondaMight

£400k.

It effectively means that the seller isn’t inclined to consider offers under £375k, whereas £400k would probably do it. They’re expecting to get a few offers and will choose the best one.

Thanks - seems to be a new thing since we bought last time.

@Kingsmead

If I house is on at £375,000 and the blurb says offers between £375,000 - £400,000 what is the asking price?

You can test this by searching on rightmove at min and max both £375,000 and then min and max both £400,000. I think this will demonstrate that the asking price is £375,000.

I was persuaded to use a guide price range by an agent and everyone offered below the minimum. It was initially 400-425 and I received an offer of 390 which they refused to increase. Then I received an offer of 395, which increased to 410 and I accepted. I relisted and received two offers of 380. I was then persuaded by the agent to reduce the range to 390-410. Then a third offer of 380 was made and we negotiated up to 390 and I finally sold.

So I think people will generally pay attention to the lower end.

I would say it means they are looking for offers between the two. But offers tend to be below the lowest. Mine was on at 600 to 625 listed at 600 and after a week offer was given at 580 which increased to 590.

Means they want 400
Won't take less than 375
Will probably accept anything in between

We offered on a house which was £785 to £825 we offered £770, agent told us there was another offer and there was clear blue water. So we offered more. After 2 or 3 more gos we ended up at £837 and they went with the others.
I think they went with the others because they offered more to start with. They just used us to drive the price up.

I really don’t like ranges! An estate agent I know said they were old fashioned.

@Alexalee

Means they want 400 Won't take less than 375 Will probably accept anything in between

This isn't true. It means they are trying to convince you they won't accept less than 375. It's the same with offers over.

A couple of examples:

1. I remember seeing a house asking for offers over 500 several years ago. It also contained a reminder that first time buyers paid reduced stamp duty on property purchases under 500k! In other words, they were expecting overs under 500k.

2. I've seen properties reduced from 425k to offers over 400k. If people interpreted offers over 400k as they will only accept offers over 400k, that would probably result in increased offers after the "decrease" from 425k to offers over 400k!