Some inexperienced vendors overprice their properties in the belief that the ‘right’ buyer will eventually come along and buy their property. But people buy with their pockets as well as their hearts. For 97% of Australian home owners the family home is the biggest purchase they will ever make. Buyers want value for money, and houses are ‘right’ when the price matches the property.
If a property is overpriced, purchasers just sit back and wait to see what happens. If they’ve been looking around long enough to be ready to commit themselves, they’ve also done their homework.
It might help first-time sellers (who think that no matter what the price a property is advertised at purchasers will always make offers) to put themselves in the purchaser’s shoes. Buying a house is really stressful. Most people won’t let themselves get emotionally committed to something they feel is never going to come down to a realistic level. It’s easier to move on and make an offer on something that is more realistically priced.
It’s always worthwhile to leave a negotiating factor when setting the asking price of a property sale, but the price should be competitive so that buyers will want to snap it up before someone else does. The best price is nearly always achieved in the early stages of marketing.
At Ray White Alexandra Hills we can assist you in all aspects of real estate. Feel free to call our friendly team on 07 3824 2700.