Whilst a buyer may be ready and willing to strike, access to the funds they need to do so may be harder to secure. With less buyers around with more homes to choose from, wise sellers are quickly adjusting their price expectations.
What happens to those that don’t?
Back in July I shared my experience at auction bidding for a property in Ascot Vale. You’ll recall it was passed in to me and the reserve was $1,050,000, $60,000 above the guide price. I still believe that to be an unrealistic vendor more so than underquoting.
After languishing on the market for over eight weeks, I later saw an email to say the property was now being offered “off market” (they’ve removed it from the internet). Code for “we better take it off before people really, REALLY think there is a problem with it”. When a property does not sell, buyers start to wonder
why…
Fast forward a few months and I was speaking to an agent at another agency in the area. I mentioned that property. Guess what? It is now listed with them. It’s still off market.
This seller has basically stuffed up their sale by not being realistic in a cooling market. They probably didn’t listen to the advice at the time of their selling agent either. Far easier to
sack them and appoint someone else than to admit they might have got it wrong. I know both the first and current agents well. They are both good operators. But we are in waters not seen by sellers for some years.
If you are selling, ignore the market at your peril. With rumblings of a change of government heralding potential changes to negative gearing, many buyers appear to be adopting a wait and see approach in what has become a very uncertain market.
If you are nervous about what the market is doing and need a hand buying or selling, I’m happy to have a chat with you. Drop me an email or give me a call on 03 9686 2288. I’m here to help.
