Because buyer interest is highest when your property is new to the market.
The best price will be achieved if the property is priced exactly right from the start.
If your property is priced right you have a very good chance of attracting multiple offers early on and this can be most advantageous. The ideal scenario is having buyers competing against each other for your property. If the listed price is too high you just won’t be able to achieve this.
Pricing can be difficult if the market is rising or falling, or comparative sales are few and far between. Even so, if you and/or your agent have got it wrong, it is so important to adjust your price according to buyer feedback and response this needs to be done fast!
Not receiving enquiries or inspections? You are likely to be 10% or more over-priced. If your property presented well and advertised correctly you should get inspections. If your agent is pro-active in returning calls you should get inspections.
If your property is over-priced busy buyers will not even make the effort to inspect. Everyone is time-poor and they are likely to have other properties that are better priced on their lists.
No offers after several inspections? You are more than likely at least 5% over-priced. Inspections seem to go well but nothing ever eventuates from them. Buyers are finding better value elsewhere. You are simply attracting the wrong buyer.
The average ‘discount’ from list price to sale price in Main Beach is currently 9.63% and average days on market is 70 days (Hometrack Pty Limited). One of the earliest indicators of a rising market for us is strong sales of ‘old stock’ i.e. property that has been listed for sale and not sold for significantly longer than the average days on market.
Ideally you need to be priced within at least 5% of market value. You will receive offers and hopefully create some competition and receive multiple offers where buyers are competing against each other.
There are exceptions to these rules of course.
My overwhelming experience however is, the best results for the seller occur when the property starts in that 5% range!
EMAIL : [email protected]
PHONE : 0408 00 00 88
Posted By Shelley Fuller
18 years experience in the both Sales and Property Management makes Shelley Fuller an asset to the MBPS Property Management team. Shelley has extensive experience in managing real estate office as well as being out 'on the field' conducting Routine Inspections and Vacate Inspections when called upon to do so. Shelley has extensive knowledge of real estate law and the PO Act so our landlords' investments are in safe hands whilst she is overseeing the smooth transition from vacating tenants to new tenants taking possession of various properties.
Updated : 9th October 2021 | Words : 364 | Views : 1684