Overpricing is the most common reason a property fails to sell in Officer or Pakenham. When a home launches above what the current buyer pool is willing to pay, it creates a market stigma that is difficult to reverse.
The impact of overpricing
Properties listed above the current market typically sit for 70 to 90+ days. This delay often necessitates a price reduction to attract interest and regain momentum.
Price bracket timeframes
Selling time varies by value, with properties over $850,000 typically taking 55 to 70 days to sell. Understanding these windows prevents sellers from assuming a property is failing when it is simply in a slower price bracket.
The honest reality
Homes that launch above the current buyer pool develop market stigma fast. Buyers assume something is wrong with a property that has been sitting, and that assumption costs more than a correct price from day one ever would.
Questions to consider
- Is the expected price based on current buyer demand or outdated figures?
- Does the expected timeframe for sale align with the typical days on market for that specific price bracket?
- Would a public campaign or an off-market approach better suit the property’s appeal to avoid it sitting on the market?
Talk to KR Peters for a straight-talking appraisal with no obligation.
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Market information is general in nature and reflects conditions
at the time of publication. For advice specific to your property,
contact KR Peters.