Difference between asking price and guide price
You’ve probably heard these terms when searching for a home within your budget: asking price, guide price and offers over.
They may sound similar, but they can impact the effectiveness of your offer. They indicate whether the buyer wants a specific price or is open to negotiations.
The asking price is simple – it’s how much the buyer wants to get for their home. The seller will likely only accept offers that are close to the asking price.
Every seller is unique, and depending on the circumstances, they may accept a lower offer or a higher one.
Offer more than what is asked for and you will increase your chances to secure the property.
You may save some money by making a low-ball offer, but you risk putting off the seller if you make it too low.
If you’re serious about the property, you should offer a price that is close to or higher than the asking price. For help from Gloucester Estate Agents, visit Tgres
What is a “guide price”?
Guide price is the amount that the seller wishes to receive for the property but indicates they are open to negotiation.
A guide price may be used by sellers who are open to receiving a variety of offers. Other reasons could include a dispute between a seller and an estate agent about the value of the property, leading to a “guide price” rather than a “asking price”.
More is more likely to be effective for most sellers who want to get the highest price possible for their house. Some motivated sellers are looking for a quick sale, and a lower price can be more effective. It all depends on their motivation.
You can ask the local branch for help if you are looking at a house and are not sure how much you should offer.
The property listing that asks for “offers around” is very similar to the property listed at a guide price. This indicates that the seller is willing to negotiate, possibly more than if they listed with a price guide.
What does “offers over” mean?
The seller of a property who asks for higher offers than the list price is seeking more.
A request for higher offers is a way to get a better offer on the property. It also makes it clear to buyers that they need to make a serious offer.
Asking for an offer over does not mean that the seller wouldn’t accept a lower one. However, they are less likely to do so and it could damage your relationship if you make an offer too low.
It depends on what the seller is motivated by and the circumstances. If you’re serious, you’ll make a higher offer.
