Price ranges

trevbob

Anyone from the industry got any insight into the new policy some EAs have of quoting a range. If something is quoted at £230-250 I read this as being that the asking price is actually £230, however I can understand that it might be that EAs would have previously pitched the property at £260 to get an off at 250, but due to the moribund market are trying to stimulate interest.

If so it starts to look more like the Scottish system & really there's no point in me looking at such properties if e.g. I have a ceiling of £220 or whatever

Doozergirl

:wave:

I've only seen this sort of thing as the guide for auction properties before, or possibly where the house needs a lot of work and they anticipate more than one offer. Where are you? Which agent is it and are they marketing all properties like this? :nosey icon:

John_M_Business

I think it means that they will listen to offers in that price range... but not necessarily accept.

It probably means that the vendor is willing to consider lower offers if nothing else comes through. But the lower you bid, the more likely they'll make you wait and shop around for better offers.

lush_walrus

Exactly as above, its to encourage offers within that range.

Often this is used as a tactic when the market is unknown due to current climate, a vendor is in a hurry or indeed if a particularily unusual property enters the market. Its a tester really, if offers consistantly come in at 210,000ish then offers then the agent will encourage the vendor to accept offers in this region. Equally with this sort of pricing method the property may attact offers near to the maximum.

As with all properties, judge what you feel it is worth yourself according to other properties you have seen in the area. Don't be put off with this pricing method, just continue to offer according to what you feel the properties are worth (but avoid offering on what you can afford).

trevbob

Seen a few priced this way in the local rag property section - bog standard properties. SE by the way. Just thought it seemed an interesting scam - all very well for the seller if they stimulate a bidding war but not if all the viewers have a budget £50k - 40k or more less than what they really want to sell for where it could waste everyone's time (though EA gets to say look what a good job we're doing getting all these people through the door)

bunking_off

I'd noticed some of the agents doing that around here - NW. My attitude was that it was a waste of ink...in the current market if something is marketed at £220k-240k, it means the asking price is £220k as far as I'm concerned. Sure, you can offer above that, but you've always been able to offer above the asking price if a bidding war ensues...