How long is too long?

At what point do we consider that the price the owner and agent are looking for is too high?


I don’t really listen to what all the so-called experts would have you believe about how the property market has performed over the past few years. The fact is that it has been pretty flat for the most part with some seasonal ups and downs and if you want to sell for the very best price then you need to have a strategy to attract serious buyers that are emotionally connected to your property.


My blogs are going to start to explain and give some basic tips on the fundamentals of selling real estate that will never change no matter what the market is doing.


At what point do we consider that the price the owner and agent are looking for is too high?


The simple fact is that in my experience the buyers are getting into a lot of home opens to compare value and the sellers are not! With information on listings, sales, market conditions, economic factors etc so easily accessible via the internet our buyers are generally very savvy and well informed.


The first 14 days on market are critical as all of the serious buyers for your property that have been active for a few months or longer will see it and judge it. If you are priced correctly then you will see good home open numbers and may even have an offer on the table. The following 14 days should see home open numbers soften a little but activity such as second inspections and more offers should be forth coming. If this is not the case in the first 28 days you are more than likely overpriced for the current market.


The longer your property stays on the market the less likely you are of achieving your price as buyers will feel there may be something wrong with the property or they are waiting for the price adjustment.


My belief and experience tells me that If you have not received an offer at a level you are prepared to negotiate with after the first 28 days then you will need to consider a price adjustment, look to rent it out for a period or stay in the home until the market improves.


As always, I would welcome the opportunity to discuss this or any other of your real estate questions in person.

If you have a couple of minutes please check out this little video;

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