Set the Price Right

 

Brisbane, as with much of Australia, is currently experiencing a fairly slow market. That is a good thing. The market over the last ten years in Brisbane has been an overall boom market so we require a short period of slower market to balance things out. It is also a good thing because right now it is a buyers' market. Bargains are to be found and if you buy the right property in the right location at the right price and with the right strategy, you are set to do very well.

If you are a seller, I’m sorry to say that you are at the mercy of us buyers. But we can give you one big tip based on what we are seeing right now in the market.

Set your price right from the start, because you don’t get a second chance and you will be punished if you set the price incorrectly.

In the past, if a realistic price for a property was $550k, you could very easily set the price at $589k or even offers over $560k. One of two things would generally happen. You will either sell for more than you had hoped thanks to the frenzied market, or you would sell for what you want a few weeks later.

This is not the case anymore.

If your property is worth $550k, you need to set a price that makes that sale price achievable in the first 2 weeks of listing, so probably an asking price of no more than $565k. This is because there are not as many buyers out there and a lot of those that are out there are playing hardball (like us!). You need to get the person that will pay fair market value through your property within the first 2 weeks. Any longer than this and your property has already started to go cold and the bargain hunters start to move in.

In the past 6-8 weeks, we have actually missed out on half a dozen or more deals because they have sold quickly or for more than what we offered. In every single instance the properties were listed at about what we thought the property was worth... we then put in an offer well below this! But because they have been listed correctly they have sold, and usually for close to the asking price. This isn’t what you’d expect of a quiet market is it? Buyers are out there and property is selling.

Do yourself a favour and set the price right from the start. You will attract buyers this way and you should be able to sell at a fair price, and not to someone like us.

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