In Interstate Buyers, Moving to Adelaide, Negotiation, Property Market

Yesterday, we noted how the first couple of weeks on the market are a critical opportunity for the owner to get the best price for the property. New listings attract the most buyer attention. But care is required – a mis-priced property may squander that initial buyer interest.

If that occurs, an effective way for the agent to generate more interest, is to move the property to a different market  level. The only economical way to do this is by a ‘price adjustment‘ – a price reduction!

Here’s why…

The property portal sites allow buyers to select price ranges in $50,000, $250,000 or greater increments. So depending on the price level, a reduction of $5,000 or $10,000 or even $20,000, may make little or no difference to buyer response. That’s because a price adjustment of less than about 10% means the property is still in the same price range, so it’s exposed to the same buyers as before.

A price change of $50,000 or 10% is needed, to find different buyers. This will work, but the best way to get the highest price for your property will be in the next post in this series.

Click here for the rest of the articles in this series

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