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Original poster

Guide Price offers

21 replies

Islandgrid · 29/08/2023 19:30

Evening all, we're getting increasingly confused with "guide prices". Only our second time buying and first time (a decade ago) was a fixed price.

What's a reasonable offer to put in with guide prices ? SE England and seeing prices 600-650? Tia

OP posts:
Twiglets1 · 29/08/2023 19:34

When I see guide prices (in a buyers market) I always consider the price to be the lowest point and start with an offer about 10% below that. Re the above property, if I really liked it I would consider offering 550k.

XVGN · 29/08/2023 19:48

Ignore the range. Check out the property. If you want it then offer the maximum amount you are comfortably prepared to pay. That could be 15% under or 15% over. It makes no difference.

Don't explain how you came to that figure and don't budge.

Original poster
Islandgrid · 29/08/2023 21:04

Thank you @Twiglets1 @XVGN we will definitely keep that in mind. Viewing the property this weekend and don't want to offend the vendor with an offer that's considered too low.

OP posts:
XVGN · 29/08/2023 22:05

Islandgrid · 29/08/2023 21:04

Thank you @Twiglets1 @XVGN we will definitely keep that in mind. Viewing the property this weekend and don't want to offend the vendor with an offer that's considered too low.

Np. Just remember that if your offer is the only one they get then your offer is THE market for that home. Leave sentiment aside, but if making what you consider to be a low offer feels off, then make no offer at all. Just don't over pay beyond what feels comfortable.

USaYwHatNow · 29/08/2023 22:06

@Islandgrid we have recently had an offer accepted on a house that started at £415k, was dropped to £385k when we first noticed it on Rightmove. Whilst we put our house on the market (and before they knew we were interested) it dropped to £375k. We had an offer of £365k accepted. It was what they needed to be able to move, by all accounts. The estate agent was really helpful in helping us gauge how much to offer to make sure it was accepted and taken off the market there and then. We weren't able to view the house until we had an offer on ours. Luckily we sold within 2 days.

Original poster
Islandgrid · 30/08/2023 15:55

USaYwHatNow · 29/08/2023 22:06

@Islandgrid we have recently had an offer accepted on a house that started at £415k, was dropped to £385k when we first noticed it on Rightmove. Whilst we put our house on the market (and before they knew we were interested) it dropped to £375k. We had an offer of £365k accepted. It was what they needed to be able to move, by all accounts. The estate agent was really helpful in helping us gauge how much to offer to make sure it was accepted and taken off the market there and then. We weren't able to view the house until we had an offer on ours. Luckily we sold within 2 days.

That's really interesting thank you for thus. I hadn't thought about the property being taken off the market quickly as well. Just assumed the estate agent did that without being asked to.

My next concern is now what mortgage term to look into fixing .

OP posts:
Original poster
Islandgrid · 30/08/2023 16:03

@XVGN that is a really going point and we certainly don't want to overpay. We will make sure to ask the agent about other offers on the property. Hopefully they give us genuine answers

OP posts:
Nextbigthing · 30/08/2023 16:17

Twiglets1 · 29/08/2023 19:34

When I see guide prices (in a buyers market) I always consider the price to be the lowest point and start with an offer about 10% below that. Re the above property, if I really liked it I would consider offering 550k.

Terrible advise.

I never understood why people are going to do the biggest purchase of their life but will research more for their next coffee machine than their local market.

OP, no shortcut here, you need to know what’s happening in the area. Check what else is for sale, what shifted recently and how long those properties were on the market, view houses and build your knowledge of the agents, type of houses, etc to get a feel for how the local market is doing and what sort of price is worth paying for you .

Twiglets1 · 30/08/2023 16:46

Nextbigthing · 30/08/2023 16:17

Terrible advise.

I never understood why people are going to do the biggest purchase of their life but will research more for their next coffee machine than their local market.

OP, no shortcut here, you need to know what’s happening in the area. Check what else is for sale, what shifted recently and how long those properties were on the market, view houses and build your knowledge of the agents, type of houses, etc to get a feel for how the local market is doing and what sort of price is worth paying for you .

Show quote history

Coming from someone who can't even spell advice.

Original poster
Islandgrid · 02/09/2023 18:00

We've put in an offer at £560k this afternoon and I'm a nervous wreck as still waiting for an answer. EA said they have a second viewing booking in on Monday and really want to avoid a bidding war. I keep thinking there can't possibly be a bidding war in this current climate but who knows.

OP posts:
XVGN · 02/09/2023 18:05

Islandgrid · 02/09/2023 18:00

We've put in an offer at £560k this afternoon and I'm a nervous wreck as still waiting for an answer. EA said they have a second viewing booking in on Monday and really want to avoid a bidding war. I keep thinking there can't possibly be a bidding war in this current climate but who knows.

If you offered the maximum price you are comfortable paying for that property then you really shouldn't be dragged into a bidding war. You should be walking away.

Good luck. I have my fingers crossed for you.

Twiglets1 · 02/09/2023 20:09

Good Luck @Islandgrid

Original poster
Islandgrid · 04/09/2023 14:11

The vendors rejected our offer saying they want something in the middle of their guide price.

OP posts:
AX35 · 04/09/2023 15:12

Islandgrid · 04/09/2023 14:11

The vendors rejected our offer saying they want something in the middle of their guide price.

If you are not married to the house then just wait it out.

We had that the first time around and they came back to meet us at our initial offer a month later.

Time is probably more on your side as it is on theirs as the market keeps slipping.

Twiglets1 · 04/09/2023 15:30

Islandgrid · 04/09/2023 14:11

The vendors rejected our offer saying they want something in the middle of their guide price.

They are unlikely to get something in the middle of their guide price in this market, unless that particular property is particularly competitively priced for the local area.

Ideally, the EAs should have pushed the vendors to respond with a counter offer so they come down a bit, you come up a bit etc.

If they didn't respond with a counter offer, they are possibly adamant they will not consider anything below the guide price. So it comes down to how much you like the property & how well priced you believe it to be. if you really like it and are comfortable with paying more then you could consider increasing your offer to the lowest point of their range (600k?) and calling it "best and final offer". If they reject your offer again I would point out to the EA that you won't be bidding against yourself any further so will leave the offer on the table while you carry on viewing other properties.

If you are uncomfortable paying as much as 600k you could increase your offer slightly (say 575k) and if the EA tells you that is rejected also, ask them to get a counter offer for you but inform them that you can't stretch to 600k due to high interest rates.

isthesolution · 04/09/2023 16:09

We are about to market our house at £695,000. We want at least £675,000.

I really think it depends on the sellers situation. We are happy to wait for the £675,000 whether it takes a week or a year (or longer!) but some people want a quick sale and will accept considerably less than their asking price to get the sale through.

AX35 · 04/09/2023 17:40

isthesolution · 04/09/2023 16:09

We are about to market our house at £695,000. We want at least £675,000.

I really think it depends on the sellers situation. We are happy to wait for the £675,000 whether it takes a week or a year (or longer!) but some people want a quick sale and will accept considerably less than their asking price to get the sale through.

Just wondering, isn't that exhausting?

We got a viewing scheduled for a week's time for a house that has been on the market for more tha a year now without a price reduction with what I assume a similar situation (875k wanting 850k at least). They are by far the most expensive house in the area in their category (The rest is 100-150k cheaper and in similar condition / size) and missed the hot market last year and seem to ignore the market drop completely.

Now I get that they won't have as many viewings as in the beginning but they still will have to put in some effort every now and then to make their home presentable for a viewing?

Anxioys · 04/09/2023 17:50

Guide price always suggests that bottom price listed is a bit soft! In this market, I would go lower, not higher.

Original poster
Islandgrid · 04/09/2023 20:35

They want £625 which I'm not sure the house is worth, particularly in this current market.

OP posts:
oiltrader · 05/09/2023 07:37

Guide prices are irrelevant. The market has changed. I see some sellers wanting 2021 prices. they missed the boat x

Original poster
Islandgrid · 05/09/2023 08:17

oiltrader · 05/09/2023 07:37

Guide prices are irrelevant. The market has changed. I see some sellers wanting 2021 prices. they missed the boat x

Precisely what's happening . We saw a house that was clearly overpriced and after looking at the listing history noticed they'd reduced by £125k since April . It was only sold 2 or 3 years prior so not sure how that price came about.

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