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What does Guide Price mean?
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# 1
vet8
Old 02-04-2010, 5:04 PM
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Question What does Guide Price mean?

Excuse me if this has been asked before, but our EA has put our house on the market with a "guide price". Since every buyer always offers under the asking price, how does this differ from a normal price?

Should I expect offers a lot lower or higher or will it not make any difference?

Thanks
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# 2
Cannon Fodder
Old 02-04-2010, 5:13 PM
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I think its EA mumbo jumbo, and don't pay it any attention.

Might be an idea to ask your EA. They presumably know what they are doing, and have a strategy in mind...or maybe not.
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# 3
DVardysShadow
Old 02-04-2010, 6:33 PM
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Quote:
Originally Posted by vet8 View Post
Excuse me if this has been asked before, but our EA has put our house on the market with a "guide price". Since every buyer always offers under the asking price, how does this differ from a normal price?

Should I expect offers a lot lower or higher or will it not make any difference?

Thanks
Did they tell you what it means? Did they tell you this was what they were going to do? Basically, you should have understood this and agreed to it before it was ever put on the market so described.
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# 4
Eric1
Old 02-04-2010, 6:38 PM
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Quote:
Originally Posted by Cannon Fodder View Post
I think its EA mumbo jumbo, and don't pay it any attention.
EAs must be thinking they are giving some hidden psychological messages to attract buyers like myself.
But the problem is I don't care
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# 5
vet8
Old 03-04-2010, 1:14 PM
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The "guide price" was a higher price than the figure I had in mind. Mine was clearly only a guess, but a pretty educated one bearing in mind the value of other houses sold in the area. The EA was insistent it was a guide price and someone told me I should expect higher offers, someon else said lower. It seems to mean nothing special, but I just wondered if anyone knew the definitive answer.
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DVardysShadow
Old 03-04-2010, 9:42 PM
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The problem is that because there is no generally understood meaning to the term guide price, you are effectively filing to communicate your expectations clearly to the market. Personally, as buyer I would tend avoid EA's who use guide price for just that reason. That is just me. And as seller, I would not agree to be marketed in that way.
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ciano125
Old 03-04-2010, 9:53 PM
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Put yourself in a potential buyers shoes. If you saw a house with a guide price of say 130k to 140k, would you be likely to offer 150k? Of course not, they've already indicated they will take 130k. I imagine that some EA's will hope that by doing this some people will be put off offering lower than 130k, but most buyers these days I imagine will see straight past that and go in lower anyway.
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# 8
vet8
Old 04-04-2010, 5:53 PM
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That's my view.

We have had one offer, which is slightly below the figure I thought the house was worth, I am happy with that, but I cannot see what the EA hoped to gain by their Guide price which was slightly higher. It seems to work out the same anyway.

Having said that I must say, much to my amazement, that I am very impressed with the EA. They are a fairly new, very local, independent firm who seem to really work like Trogans to sell the house. They are much better than any firm I have used in the past. Yes, they are still greasy salesmen, but I am impressed by them. They started up in the worst of the recession and seemed to have survived well, even though 4 other local EAs have folded.
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