Dubbo Blog

How long has your Property been on the market?

History has proved an extended time on the market can be costly

Sellers need to understand that while the Internet can provide their property exposure to the market like never before it also can have a reverse effect. Potential buyers through this medium have the ability to find out:

• How long the property has been on the market
• How many views of the property have been made
• Have there been any price reductions
• How your home compares with other sold properties in the area

Peter Allan director at Raine & Horne Dubbo says “I am often asked by buyers what is wrong with that home”. They know it has been on the market for an extended time and believe there must be something physically wrong with it. In most cases there is nothing wrong except the initial pricing may have been too high and buyers are quick to recognise this.

Competition for property peaks in the first few weeks and buyers are most likely to make offers because they fear losing it to someone else. However after the property has been on the market for months on end they actually fear making a bad buying decision because no-one else wanted to buy the property.

This then may lead to an owner having to accept a lower than anticipated offer costing them thousands of dollars of tax free income (if the sale is their principle place of residence).

Some of the tips to try and avoid this are:

• Research – Attend open homes in your area to compare with your competition
• Advice – Listen carefully to advice on pricing recommendations made. Be careful about selecting an agent based solely on the highest selling price given. This can lead to a poor result down the track
• Listen to buyer feedback – Your agent should provide you with detailed feedback on all inspections.
• Will we accept the 1^st offer – A very difficult decision. We have seen sellers say no as they believe it has happened all too quickly. Unfortunately this can lead to a financial loss if you do not have the right advice or research.
• Marketing – Professionally marketing is so important in attracting buyers to your property. Photography, Internet marketing & sales brochures all need to be professionally produced to help enhance the benefits a property offers.

Raine & Horne Dubbo is very conscious of the importance of marketing & carefully advising our owners on the best method of sale and a correct pricing structure.

For a free no obligation market appraisal please contact any member of our sales team.