The property market in Maryborough is probably more competitive today than it has ever been. We are seeing auctions, substantial price drops and a huge number of new listings on a weekly basis.
It is therefore imperative, if selling a house, that your initial list price is spot on. Too often a seller will overprice a property to allow ‘room for negotiation’, yet overpriced properties will not generate much buyer interest in the crucial first two weeks of the listing. The advertising will slip further down the list on internet searches, and ultimately the property will appear ‘stale’ on the market. This leads buyers to believe that there is a problem with the house which turns buyers off. A price reduction can help, however the impact of the new listing has long gone and buyers will generally stay away.
When a real estate salesperson appraises your home, not only is it based on comparative sales in the area – it is also taking advantage of years of sales experience and market knowledge. Every home is different, and often subtle differences can raise or lower an agents appraisal price, and ultimately affect it’s saleability in the marketplace.
An experienced sales agent’s appraisal price will be the best price he or she thinks is realistically achievable for the property in the shortest period of time. Keep in mind the agent will only receive commission when a property sells, so it is in their best interest to obtain the highest possible price for the seller, but at the same time keeping it in line with the market conditions.
Therefore when you receive a property appraisal and it differs from the price you had in mind, have a chat with your agent and discuss how the price was decided. It may be that the market is flooded and prices are coming down, so you may be best to hold off selling until it picks up again. You might find subtle changes to the house could improve its chances of a quick sale (internal paint, general tidy up etc). But overall take into consideration your agents comments and take advantage of their experience, and make sure you list at the correct price!
- by Trevor Newman (Sales Assistant, Wide Bay Prestige Properties)
3 Comments
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It is quite important to settle the price of the property into the right limits (both the bottom and the top ones). Buyers always compare the prices to find out the most suitable one for them. The price should be realistic and affordable for certain group of potential buyers and comparable to the property conditions. That can keep fair-play handling on the both sides.