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Why do estate agents advertise a price range for properties?
GentleGiant_2
Posts: 532 Forumite
Why do estate agents advertise a price range for properties?
Surely anyone making an offer, will go in at the bottom of that range.
Is there a point to it, that I am not aware of?
Thanks.
Surely anyone making an offer, will go in at the bottom of that range.
Is there a point to it, that I am not aware of?
Thanks.
0
Comments
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I've wondered exactly the same thing. Surely they can't refuse an offer of the bottom price if they've essentially stated that it's acceptable.
Perhaps the sellers have a fixed price in mind, so simply add a range on the top of that to avoid lower offers?0 -
I have always wondered this too!
I think it to calm sellers who believe the property is worth x while the EA thinks its worth x-20k !
It keeps the seller happy to see the number they first thought of on print!0 -
I have always thought that they are imitating the Scottish system where buyers bid . I don't like it and would not choose an agent who used it0
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Having just put our house on the market I asked our EA the same question, he said it is to do with internet searches, i.e. if a house in on the market for between £250K - £270k, it should show up when someone searched for 250, 260 and 270, whereas if it's on at a fixed price it will only come up in the one price bracket.
Lozz x0 -
I don't know but have an impression. I think the idea is to encourage more people to maybe put offers in, which the lower price will tend to encourage. But then if they can get a bit of a bidding war going (which will only happen if the property really is worth more than the lower price) then people can bid higher without feeling they are paying over the odds.
I'd guess the psychology is somewhere along those lines. And even if that's not why they do it, I still think that could be how it goes.Favours are returned ... Trust is earned
Reality is an illusion ... don't knock it
There's a fine line between faith and arrogance ... Heaven only knows where the line is
Being like everyone else when it's right, is as important as being different when it's right
The interpretation you're most likely to believe, is the one you most want to believe0 -
But surely people search in price brackets anyway don't they? Though I suppose in your example above, if they searched for properties up to 250K, then it would show up.Having just put our house on the market I asked our EA the same question, he said it is to do with internet searches, i.e. if a house in on the market for between £250K - £270k, it should show up when someone searched for 250, 260 and 270, whereas if it's on at a fixed price it will only come up in the one price bracket.
Lozz xFavours are returned ... Trust is earned
Reality is an illusion ... don't knock it
There's a fine line between faith and arrogance ... Heaven only knows where the line is
Being like everyone else when it's right, is as important as being different when it's right
The interpretation you're most likely to believe, is the one you most want to believe0 -
We've been looking at one on rightmove it's up for in the region of £250,000 the current offer is £330,000 and it's still not sstc. Been like that for a couple of weeks now.0
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Having just put our house on the market I asked our EA the same question, he said it is to do with internet searches, i.e. if a house in on the market for between £250K - £270k, it should show up when someone searched for 250, 260 and 270, whereas if it's on at a fixed price it will only come up in the one price bracket.
Lozz x
Actually, I find that the price on the websites is the lowest of the range and then the range is mentioned in the blurb.Waterlily24 wrote: »We've been looking at one on rightmove it's up for in the region of £250,000 the current offer is £330,000 and it's still not sstc. Been like that for a couple of weeks now.
How would you know the current offer?0 -
Lower price is to draw people in, most sellers will want mid price.0
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GentleGiant wrote: »Actually, I find that the price on the websites is the lowest of the range and then the range is mentioned in the blurb.
How would you know the current offer?
Hi it's on rightmove.0
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