What is a Guide Price?

9 years ago

last modified: 9 years ago

Hello, I'm going to view a house tomorrow which has a guide price. The property is located in a highly desireable street in a conservation area and whenever they hit the market they are normally sold within a couple of days.
To my mind the property is over priced as it needs new bathrooms, kitchen, decorating etc and is listed at the sold price of houses that within the past couple of years have sold at that price but renovated like palaces.
The owner needs to sell as she is upgrading to another house in the area, so why is her property being listed with a guide price and what does that mean? I will be asking the agent on the viewing but any ideas would be much appreciated. Thanks

Featured Answer

minnie101

9 years ago

Guide price is really just the same as offers in the region of, they're expecting something around that Mark. What area of the country are you in? House prices have risen so much, particularly london and the Home Counties over the last couple of years that you will pay so much more. We started looking in South London c20months ago and could have got a 4bed house on our budget and it's now down to a 2 bed flat although we moved locally in the end! If she needs a quick sale she may be willing to take a lower offer. Estate agents typically value domestic properties based on comparable sales in that location over a period of time. Therefore you should expect a valuation to be a reasonable reflection of its market value however agents may over value to appease clients. If it's grossly overvalued, it should be identified in a mortgage valuation. If you want to put in a lower offer do some homework to substantiate your offer, ie details of the costs of all works to bring the house up to a good standard, rather than to your taste, and details of all comparable properties that have sold in the area over the last 18 months. If you do present a good case and it is overpriced she may be willing to drop the price.

Comments (8)

crowningfashion
Original Author
9 years ago
Hi Minnie101, thanks for your response. I did go on the viewing. It was for a period house in a conservation area. The price was a ceiling breaker for the street but unfortunately the condition of the property just did not reflect the asking price (new kitchen, bathroom, sink the electrics etc.) The photos taken by the estate agent made the house look outstanding! I did ask the agent and he told me that she wanted X amount however if a buyer came forward in a strong position (eg. cash or no chain) she would consider an offer. I would like to make an offer but as I have to sell my current home (and I'm still finishing it off) I can wait. I was hoping it was worth her asking as I would have paid it in full and gone into a chain.
Re. the market, it is crazy. The house we are in at the moment would be worth 200k more if it was 3 minutes away in the next suburb. We have a rental in this area and it's not flying out (reasonably priced) and just today I was offered a very low offer for it (rejected - am happy to continue renting out) so I'm wondering how quickly I will now be able to move :(
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minnie101
9 years ago
Sounds lovely but does sound like a lot of work although I prefer that personally to put your own stamp on it but not if it's overpriced! Is it listed as well as being in a conservation area? Estate agents are very skilled with photography! House prices are totally mad. I bet you wish yours was 3 mins away! If the new house has only just gone on the market and needs a lot of work, hopefully it will sit there for a while and then get reduced if no interest as not everyone is up for a challenge! Has your rental been on the market long? Are you happy with the agent? People will always be cheeky with low offers so don't be disheartened if you think it's valued correctly
crowningfashion
Original Author
9 years ago
Yep, I do wish I was 3 minutes away - lol! The house I viewed has had plenty of viewings because I walk my dog past it regularly and I have seen the agent there a few times. It's still for sale so it looks as if others feel the same. It's not listed so the inside can be played around with but the original style windows must stay (no double glazing, wooden sash style.) It sounds as if we both feel the same - I prefer to renovate but projects here are getting harder to find!
Re. the rental it has been on since February. It was priced fairly and had just one viewing so I reduced it by £35k last weekend (the absolute biggest reduction I can make, any less and I will be selling at a loss.) I was made a low offer today and rejected it so if it's not sold by the time I come out of contract I will carry on renting it. Never mind, it's not the end of the world and I am more than well aware of how fortunate I am to own more than one property! And as they say "As one door closes, another door opens." :P Thanks for listening ;)
minnie101
9 years ago
If they normally fly off and it's had that many be viewings others are obviously thinking the same. Not being not listed does help even if you've got to keep the conservation people happy on the exterior. Agree, no point paying for work other people have done that isn't to your taste! One viewing is not great. What has the agent said about it? This is a really silly question given I read all your comments on houzz so I know the answer but is there anything you can do to make it appeal more? Are other places selling nearby? At least you don't need to sell in a rush though and certainly not at a loss. Good luck with it all anyway!
crowningfashion thanked minnie101
crowningfashion
Original Author
9 years ago
If I spend on it, I won't get the money back. It has 80s decor but is double the size of other semi's on the street and for sale for the same price. It is slow around here, which I didn't realise until I have now come to sell. Not to worry. Btw I love to read your posts!
minnie101
9 years ago
Definitely not worth doing then! I think you need your agent ringing round people to push it as it seems a bargain. Some places are slow which is unfortunate although works if you're moving within the same location i suppose. Thanks, it is addictive! I'm never too sure whether I'm saying the right thing but it is good to read other people's views and open your eyes to other ideas! I just love houses and interiors but am even madder about cooking!
Up Seo
6 years ago
In property selling terms, the guide price it’s a price that gives buyers a general idea of how much the seller wants but which may be reduced or indeed increase. In simple terms, it is just a rough idea of what the price will be.

What is a Guide Price?

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