When a property market slows (as it is occurring now in various sectors of the Perth property market), both real estate agents and sellers adopt an attitude that it will simply take longer to get a result.
When a property market slows it is important for a seller to seek a result within good time because the longer the property is on the market it is increasingly less likely to attract the seller's price expectation.
Why?...because prices are falling rather than rising and also because buyer interest will be diluted the longer the property is on the market, especially with increased buyer choice continuing to enter the market weekly. The result is the seller often finds itself chasing the market (price) down!.
Put more simple, a longer time on market means a decreasing opportunity for a premium price.
Unfortunately, most real estate agents adopt a mindset that this "is just the market" and therefore ask for longer and longer listing periods to give them more time to let the market slowly "condition the seller". This in tern creates a mindset in both the agent and the seller that
it's going to take 80, 90, 120, 180 days or longer to get a result, rather than keeping a focus on trying to achieve the sale within the optimum 30 day selling period whilst the property is fresh to the market and buyer interest most acute.
In these circumstances sellers should consider only issuing real estate agents a tight selling appointment period of say not more than 45-60 days to keep the agent focused on achieving a result for the seller in the time period that is optimum for them in the current market conditions.
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