Date Published 13 October 2022
Phrases that appear on property adverts can often confuse buyers, such 'offers in excess of' and 'guide price' and POA...
So here's what it all means in simple terms:
- Offers In Excess Of: The lowest figure the vendor will accept.
- Guide Price/Offers In the Region Of: Offer what you feel the property is worth in and around that figure - could be higher if you really want to secure it, or could be lower if you fancy chancing your arm (without being insultingly low). And if they offer a range (eg. £300k - £325k), go low and work your way up.
- Asking Price: Offer it, they will accept it.
- POA: the property is damn expensive and we just want to add you to our database!
- Offers Invited: the agent hasn't a clue and is asking what you'd pay!
Over pricing a property does nobody any favours. The result is the property sits on the market for too long, ending up with a price reduction after going seriously stale.
And when Joe Public see a price reduction after a long period on the market, they simply think "It was never worth that in the first place".
Properties don't sell for two reasons and two reasons alone: Price or Marketing. Get both right and its a done deal.
Regardless of what the price advertised is, the first thing you should do if you see a property you like is pick up the phone and make friends with your estate agent! Strange I know but you will thank me in the long run. We're not all weirdos you know!
For a refreshingly honest discussion about the value of your home, why not give us a call?
