What is a Guide Price?

When looking to buy your first home in Peterborough, you may come across terms that you don’t understand or haven’t seen before. Here at Mandairs, we want to help you every step of the way. We know buying a home can see somewhat overwhelming. It’s not something you do every day, so there are lots of new things to learn and understand. This is why we are here for you, to hold your hand with the purchase of your home, as much as you need.

One of the phrases you may come across when buying your first home is a ‘guide price’. 

A guide price is usually the minimum amount that the seller wants to sell their home for. It is the amount that the seller thinks their home is worth. If you are bidding for a property in a house auction, the guide price is where the bidding will often start. However, when it comes to estate agents, the guide price will give you a ‘rough guide’ for how much you can expect to pay for the property.

When a seller is looking for a quick sale, you will often see that the guide price is low. This is to drum up extra interest in a property. In turn, this will result in increased viewing and hopefully get a quicker sale for the home.

Another term you might come across when buying your first home in Peterborough is an ‘asking price’. The asking price is not to be confused with the guide price. The asking price is the price that the seller puts on their home. Buyers are welcome to make offers lower than the asking price, however the asking price is often very close to what the sellers are expecting from the sale of the home.

Meanwhile, the guide price is more of an indication for what the property is worth. It is possible that there is more room for negotiation on the guide price than the asking price.

If you are finding the process of buying a home in Peterborough overwhelming, then call our team. We have a friendly team of estate agents that will happily answer any questions that you may have. They will also cut through all the jargon and buzzwords for you, so you can understand how the process of buying a home works.