VALUABLE INFO FOR SELLERS & BUYERS
Days on Market Affect Sale Price
Buyers are watching you…
The number of days your home is on the market can have a big impact on how much your West Auckland home sells for. Remember, buyers believe that the best houses sell fast. If your house stays on the market for too long people will assume that something is wrong with it. Real estate buyers are always excited to see the new listings on the market, and they’re willing to pay more for them. On the other hand, homes that remain on the market look dated and uninteresting online. Find examples on http://www.realestate.co.nz or on http://www.trademe.co.nz/property.
“So I want to tell you a story about how time on market affects how much a seller got for their home. This is not a great story, but I think it really demonstrates how important days on market and market conditions are to a property sale. We went on the market with an asking price of $585,000. This was a price the vendor wanted but was not recommended. The asking price was too high. Apart from that, the property was previously market with another agency.
It took approximately 4 months to get an offer for $520,000. With a little bit of negotiating, we increased it to $555,000; however, the contract didn’t go through, and the buyer walked away. Now I have to tell you, one other thing happened during this time period too, which was something both the seller nor I could control, and that was that the market went kind of dead. So we decided to take it off the internet and later in spring, we put it back on the market.
We almost immediately, got another offer for $555,000 but conditional on the sale of the purchaser’s property. While the buyer was trying to sell his house we got a back up offer for $570,000. Unfortunately, the first offer as well as the backup offer didn’t go through.
In the end, we managed to get the property sold for $550,000. It took approximately 10 months to get it sold for what it was initially suggested as a selling price. Those months on the real estate market cost that seller money and stress. After marketing this house for months, I knew buyers were looking at it online thinking “Wow, it’s at a great price but it hasn’t sold. What’s wrong with it?” So when they were coming to look at the home, they were looking at it in a different light; not like “This is a great deal, we better make an offer to get this awesome house.” They were always like “Wow, I wonder what is going on, why this took so long to sell, and what’s wrong with it?”
So if you are looking to sell your property have in mind that days on real estate market really affect how much you are going to get for your home. Buyers watch that number very, very closely. For further assistance contact Gaston Coma “The Proactive Real Estate Agent You Need”. Gaston is an experienced licensed real estate salesperson specialised in West Auckland. DDI: 2129841 M; 0212343788. Licensed REAA 2008.