Do You Want to Stay or Go?
You may wonder why this question is important when selling your property but it is probably the most important question you have to ask yourself. Why is that? Well if you want to sell in this buyers market you have some pretty hard decisions to make and you need to weigh up a variety of factors such as are the prices falling, stable or rising in the area you are wanting to move too. What is happening in the market you are selling in, is it falling, stable or rising?
When is the right time to make that move… and how do you achieve the most out of such a market to either make gain, stay evens or take a loss so that you can make a gain at the other end?
IF YOU WANT TO GO:
You need to meet the market price. If you are not prepared too then you will end up staying whether you want to or not.
How do you meet the market price? By reducing your property incrementally by $5,000 or $10,000 at a time until the market starts biting. If your property is well priced for the current market you will start receiving offers.
How do you know if your property is over priced? You are receiving a fair amount of visits and everyone loves your property but nothing happens.
Why don’t people make an offer? They don’t. They don’t start making offers until the price is right and then buyers make fairly sensible offers. Buyers currently are more aware of prices than practically anyone else… they spend days, weeks, months and in some cases years on the internet checking prices, properties, different towns throughout the south west and if the prices are not right in a certain area they start buying in another. Those buyers are like gold dust at the moment and losing them to other areas is not a good scene because they are gone forever. It’s harder for us to perceive the full market than for buyers because as sellers we are concentrating on our market. However, put yourself in the position of looking for a property either in Busselton, Perth or wherever you may be wanting to move and you become a price expert very quickly. You know which properties have been sitting on the market for months. You visit properties and compare one against the other and say things such as ‘This property is good value’ or ‘How can they be asking so much money for this dump’ and ‘This is a beautiful property and it’s well priced but out of our budget’. Just remember that buyers coming to see your property are making similar comments and guess what … you are the market and the market price for the area you are looking in…
Take a Step Back… What would you say about your property if you did your research, it’s a good exercise. Check your property against the competition in your area. How does it stand up… honestly… Is it better then others, mostly average or doesn’t seem to be good value at all. You may be saying that’s what my agent is supposed to be doing, that’s what they are charging me a big fat fee for and that is fair enough but a motivated seller will want to know. They will understand that an agent may have anything between 20 and 80 properties to look after as well dealing with buyers. A motivated agent will be spending as much time as possible with buyers trying to get sales for their clients.