“Guide price” - what to offer

[Kylereese]

The house we want to offer on has been listed with a “guide price” of £295k.

What would you offer? Quite hard to gauge as not has much sold comparatively

We've sold ours for around that amount 3 times in the past year due to chain problems (don't ask). Depends how fast the seller wants to get going.

Around where we live all houses are similar, nothing special but they hold their value. We were going to go 10k under asking if in a hurry, but 5k would be favourable. Depends on how many offers they get and what positions the buyers are in. If you're happy to start at 5k under I'd at least take you as a serious buyer but it's all apples and oranges.

"Guide Price" is normally an estate agent's way of saying "I suggested less but the vendor is insisting its listed higher" and, if so, vendor would not be surprised by a relatively low offer

I can't post links but sites like houseprices.io offer a pretty good guide to the current estimate for anything sold since 1995, if you have a post code

But it does not factor in things like condition of property, improvements, lease length (if not freehold)

Thanks - that’s good to know as I am torn between going in at £285k and £290k because it needs a new kitchen and doesn’t have a utility or downstairs WC.

The zoopla estimate is a lot lower as well.

We’re in a chain free position also and there’s no upward chain.

Can PM anyone a link to house if want ?

Zoopla is a completely inaccurate algorithm based program that isn’t worth looking at. You simply cannot value a property via Zoopla.

@friendlycat

Zoopla is a completely inaccurate algorithm based program that isn’t worth looking at. You simply cannot value a property via Zoopla.

BUT... it is what people use as a price guide.

Zoopla isn’t a guide price. Rightmove sold prices for similar properties is a true guide price. Zoopla is just an algorithm that’s wildly inaccurate.

Thanks everyone - I’m scouting Rightmove sold prices to see if I can find a comparator!

So I’ve offered £292k and that was rejected. I’ve increased it to the £295k that was yesterday afternoon and I’ve still not heard so I suppose they’re considering the offer.

Husband doesn’t want to offer anymore - I was going to leave it a few days then maybe go up to £297k but husband doesn’t want too. He’d rather walk away. But not much we can consider until we hear back about the £295k offer!

I think you need to get to know your local market better - keep an eye on Rightmove and the sold prices. We put offers in under asking price and we lost - and tried again and we lost - offered a bit over and we lost - we were slow learners but basically we tested the market and it was bloody hot and we either bid high or gave up. We ended up paying 10% over asking but we knew it was what was needed so we didn't feel so bad.

@Glasspen we do know the local market well and houses are selling fast.

She does have an offer in that’s higher apparently but that buyer isn’t ready to proceed she’s got a 4 bed to sell so she could be stuck in a chain that collapses over and over when the seller is chain free above.

We’re no chain (not FTB) with AIPs in place I could instruct solicitor today and be in quickly.

I was annoyed it was a “guide price” if she wants £300k should have listed it as such!!

It’s hard to find a comparator locally as it’s a 3 bed with a garage with the garage built over to make it a 4 bed.

A none extended 3 bed goes for about £260k and a “true” 4 bed with the bigger space goes for about £350k.

It isn’t in great nick, needs a new kitchen and just has room instead of a utility and loo which we will be adding if we get it.

Yeah we thought being cash buyers we were in a great position but we were not alone - lots of cash buyers out there and no point in getting annoyed - offer what you think it’s worth to you - there are few bargains to be had in this market.

Based on what is going on in my county, that offer wouldn’t be enough to secure it, we viewed a property yesterday marketed at £325k, already had 3 offers over £350k 😱 needless to say we haven’t bothered making an offer! We have decided to wait as the market here is totally bonkers.

We bought our house in September 2020 - we offered £21k over the guide price because the location could not have been more perfect. There were 11 offers and we were all asked if we could provide a “back story” saying why we wanted to buy the house.

After our offer was accepted, the EA told us that ours wasn’t the highest offer, but the buyer (an elderly woman who had live in the house for 76 years) liked our back story. We were so relieved!

Thanks everyone I have had my offer accepted for £295k and due to mine and their unique position I am only slightly worried the other person may sell her house and come forward this week.

Congrats, I hope the transaction goes through smoothly for you. 🙏

@Warmduscher that's lovely :) Must be hard to leave somewhere after a whole life!

@Kylereese That's fab, hope it works out!