If you go to market with an asking price that is too high, potential buyers may give the property a wide berth and not make appointments to view it.
Because prospective tenants know the market and its prices very well. On average, they spend more than a year looking for a new place to live. In addition, the internet contributes to the fact that property prices, broken down into districts and neighbourhoods, are very transparent. Almost all real estate portals also show searchers average prices and rents and how they have developed over the past months.
In the case of excessive offers, the price often has to be corrected downwards during the sales process. The bad thing is: many prospective buyers notice this because they have set up a notification service with the large real estate portals according to their search criteria. This automatically informs them by e-mail when a new offer that meets their search criteria has been posted online or a price adjustment has been made. In their eyes, the overvalued object appears at some point like a slow seller, possibly speculating that the price will drop further. This is an unsatisfactory situation for the seller: the brokerage period drags on for several months, and often the actual sales price achieved at the end of the day is below the market value.
Therefore, as a seller, do not let yourself be wrapped around the finger by an estate agent who promises you an exceptionally high sales price. Often, his aim is to get the brokerage contract for your property from you. In the following months, he will then have to adjust his offer price downwards - with the above-mentioned effects.
Therefore, property owners should orientate themselves on the determined market value of their property when selling. If the property is very much in demand, prospective buyers often start bidding more for the four walls on their own initiative. Then the owner, together with an experienced estate agent, can consider starting a bidding process.
You can't find any interested parties for your property and think that this might be due to a price that is too high? We will determine the right selling price for you.
Photo: KittisakJira
