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The Importance of Price in a Tight Buyers Market

The market is very price sensitive at the moment.

Time and time again we see properties sit stagnant whilst the buyers grapple with getting the best value they can find. When a property is priced 10% or more above what buyers think is fair market value, usually the property will not only not attract offers, but probably the wrong buyers are viewing the property.

As soon as the price is adjusted to within 5-7% of current fair market value, some interest starts to firm up, and we find that when the figure is 3-5% several offers usually occur and buyers emerge.

Typically, when a property is on the market longer than 6 weeks, or has had more than 12 inspections and no offers, this could be a sign that the asking price is too high.

Even slight adjustments to an asking price can have a positive effect.  (Psychologically, the first 2 numbers are all the buyer looks at), hence $995,000 appears $100,000 less than $1,000,000.

Thank you and see you in the market place.

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