By Wayne Nicholson
ON the market, but not IN the market
How often have you heard your friends say “I have had my property on the market for 6 months and haven’t even got an offer” NEWS FLASH TO THAT SELLER………YOU ARE PRICED ABOVE THE MARKET REACTION ZONE. Now that’s a nice way of saying “your property is asking too much for the market conditions today”
A property that is priced to meet the market will sell in a normal 4-6 week time frame and in many instances even quicker. A good agent will demonstrate the market to you by showing you evidence of comparative sales. That is, the agent will show you exactly what has sold in your area and for how much and you can compare your property to theirs. Buyers are astute and they also have access to comparative sales in the area so they know when a home is priced too high and they will ignore it in droves. A good agent can tell you how many “hits” you have received on the internet. Hits are from people who are searching for property on the net and click on yours. If you receive say 300 hits and nobody phones to ask for an inspection or a viewing, it means that they perceive the home to be NOT GOOD VALUE FOR MONEY.
There is more than enough evidence available today to set your price correctly at correct market price. Failing to do so will result in your home sitting on the market for a very long time and if its sits for too long, as many do, it will “die on the vine” and that is simply a real estate term meaning that your property will be passed over forever as buyers think there must be something wrong with it to sit on the market for so long. If a home is worth say $350,000 in today’s market, then you will not get $360,000 for it. Price conscious markets as we are in at the moment dictate that property MUST BE PRICED CORRECTLY.
ENSURE YOU ARE IN THE MARKET….AND NOT JUST ON THE MARKET.
By Wayne P. Nicholson