Estate agent ‘guideprice’

[Twospaniels]

So the hoiuse my daughter wants to buy has just been reduced from ‘guideprice’ £450K, to ‘guideprice’ £400k-£430k.

There is no chain and she has a buyer for her house albeit lower than they really wanted.

The house they want to buy is their dream house and will last them a long time.

What do you think might be a fair offer? Go in at £400k and maybe go up a bit?

These guide prices are so stupid. Who is going to see that and offer 430?! It really depends what the market is like in that area, what similar houses are selling for, how long it's been in for and how much your daughter would be willing to pay.

Personally I wouldn't be wanting to pay more than the 400, as I'm assuming this is an acceptable amount to the vendor, or they'd have put it up with "offers over".

That’s a good point about the ‘offers over’ thing, thank you.

We had a guide price of between £500k and £525k. Got offers of £517k and £525k.

Guide price was suggested by estate agent nog sure if the point of it really as we said we would take £500k 🤷‍♀️

I guess they may have gone with that to entice people in with the 50k price drop and start a bit of a bidding war. Just important your daughter keeps in mind the absolutely max she'd be happy to pay. Easier said than done, I know!

We recently had an offer accepted at the bottom of a guide price range. We had already offered £10k under but were prepared to go up to the start point but no further. The place had only been on the market for 2 days. If they’ve had to reduce then it must have been on the market a while. The key thing is to decide the absolute maximum you are prepared to pay. We couldn’t afford to pay any more than the lowest guide price. In your daughter’s case I wouldn’t offer more than £400k as an opening offer.

I'd go with the above advice and start at 400k and see how it goes.