Armed with an array of options, investors and home buyers are refusing to consider any properties that are overvalued, RE/MAX WA managing director Geoff Baldwin has claimed.
According to Mr Baldwin, there are approximately 18,000 properties for sale at present, but only 700 qualified buyers, which equates to an average of 26 properties per buyer.
“A study of sales results over the past few months shows that almost all properties that have sold have not attracted that elusive offer until they were priced very close to their eventual sale price,” Mr Baldwin said.
“This demonstrates that properties that are even a little overpriced are being ignored and unfortunately this is resulting in sellers eventually taking less than they would have achieved had they come to market at the right price.
“In a market where buyers are spoiled for choice many sellers still believe they can ask over the odds and then negotiate, however this simply doesn’t work as prospective buyers never inquire to view these properties resulting in them sitting on the market and becoming stale.”
Mr Baldwin said one of the most commonly asked buyer questions is : “how long has it been for sale?”
“The longer it’s been for sale the less the buyer will offer hence it is critical that sellers come to the market at a price that will attract buyers,” Mr Baldwin said.