The most common mistake sellers make in Officer and Pakenham is overpricing their home, which creates market stigma and extends the time a property sits available. This often results in a lower final sale price than if the property had been priced correctly from day one.
The overpricing trap
Properties launched above the current buyer pool often take 70 to 90+ days to sell and frequently require a price reduction. When a home sits on the market this long, buyers assume there is an underlying issue with the property, which erodes its perceived value.
Choosing the wrong campaign
Some sellers choose off-market sales for privacy or speed, but this is not always the right strategy. Broad-appeal family homes in active price brackets generally benefit from the competition that only a public campaign can create.
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. That assumption costs you more than a correct price from day one ever would.
Questions to consider
- Is my home a broad-appeal family property that would be better served by a public campaign rather than an off-market sale?
- Am I pricing my property to attract the deepest buyer pool, or am I risking a 70-to-90-day market presence?
- Do I have a strategy to avoid the market stigma that occurs when a property sits unsold?
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.