When comparing property prices online, have you ever noticed that the price is often lead with “offers in excess of”, “offers in regions of” or “guide price”? If so, you might be confused as to what they mean! Don’t worry, Joules Estates is here to break down the jargon!
Guide price explained: Offers in Regions of (OIRO)
“Offers in Regions of” gives the buyer a rough idea of how much the seller is asking for. Though they may prefer something higher, they are lenient and willing to accept something slowly lower if necessary.
In other words, there is more room for negotiation with the buyer. However, be aware that if you offer a lower price and another buyer offers something higher, you likely won’t be accepted. Properties with “offers in regions of” tend to be more competitive.
Offers in Excess of (OIEO)
An “offer in excess of” basically means that they would prefer the buyer to make an offer above the specified amount. This is usually laid out as a firm message that the seller will not accept anything lower. In some cases, it could be due to the seller has a clear idea of how much they want to sell the property for. Quite similar to a “fixed price”, there is next to no room for negotiation.
Auction Guide Price
If you are looking at a property at auction, you may see that the listing reads “guide price”. This is an indication of the seller’s minimum expectation at auction. It is not necessarily the figure that the property will sell for, as this is subject to change prior to the auction.
How do you know what to offer?
There are many things that could affect how much you should offer. As mentioned, competition plays a large role, especially for “offers in regions of”. If the seller is desperate to make a sale, they will likely negotiate on price. If not, they will likely be willing to wait for the best offer.
Another thing to consider is seller expectations. Though they may want a specific price for the property, does not mean it is worth it. Many sellers set their expectations too high, which could leave their property on the market for quite some time.
Find the perfect property for your budget with Joules Estate Agents
At Joules Estate Agents, we work with homeowners to give them the best value for their property, while giving the buyer best value for money. As we are well-acquainted with homes in the Heaton’s, we can find you the best property in the area that suits your needs and budget. Get in touch to speak with a member of our team!