Difference between asking price and guide price

[TeaChocKitKat]

Im on an estate agents website. Some of the prices are listed as a guide price, others asking price and some are 'offers in excess of'. What's the difference?!

In my experience:

Offers over /in excess of means just that.

Guide price /asking price is what the estate agent as valued it at. I'd normally expect it to sell for less than that, but in the current market (or what it was a few weeks ago) it might go over.

We've also seen OIRO, which means the owner is expecting something close to that amount.

Offers over /in excess of means just that.
Guide price /asking price is what the estate agent as valued it at. I'd normally expect it to sell for less than that, but in the current market (or what it was a few weeks ago) it might go over.

Guide price is usually for auctions or sealed bids

Our estate agent put ours on as a guide price of between two figures he said the market is a bit bonkers at the minute so guide price tells people that realistically they need to come in between those two prices and avoids silly offers. Also think they do it when they’re not quite sure how to value a property.

offers over is usually a lower starting price to drive viewers in but vendor not like to take the bottom price or less.

But in reality, they’re all just marketing tools.
Different agents believe their preferred phrase affects the psychology of potential buyers the best/gets that property picked up by most online search brackets. Treat them all as a guide price, compare to past sales/similar properties and decide what you think is a fair price that buyers might accept, decide what your maximum price for that property is and be prepared to negotiate between the two.

No difference in reality - some agents prefer to use guide price. I think offers above indicates that a vendor wants more than the price stipulated but that doesnt mean they will get it.

I saw a listing recently that had no price and just said 'offers welcome'. Wtf is that all about?

I always took Guide Price to mean it's going to auction. That's certainly what it meant 10 years ago when I last bought but maybe it's usage has changed?

Asking price is just the price they are aiming for. What the EA has valued it at but sometimes they offer it at a higher price assuming there will be offers below.

OIEO means they want offers over the price quoted and they won't take an offer less than this.

Oh and a property will usually sell for way more than its guide price at auction.

I spoke to a property auctioneer when thinking about selling a property via auction. He told me that the guide price listed on an auction property has to be within 10% of the reserve. Just an interesting fact!

I always thought Offers Over was what they put to placate a vendor who wanted to list it for more, though it might literally mean that in the current market.

With the Offers Invited or Price on Application, look at the price asked for properties either side of the listing when you sort by price on Rightmove and that’ll give an indication of what they’re expecting.