i have a unit currently selling in the market (stanmore- nsw)and have recently been told to lower my price expectations as unit prices have been dropping recently[V]… (whereas i was told a month ago i should get close to my pricing expectations)
anyone concurr with the agents assesment of the unit market in this area?
taThats what agents are like. They build you up to get the job of selling the property then they condition your price expectations down.
Go check out jenman.com.auShould be some interesting reading for you. Even worth reading his book. I enjoyed it.
Most agents just want your business. They up the price initially until you sign then they do what they like afterward.
I would suggest researches the market yourself and find out how your unit should be worth. If the agent come back to you to low the price, just say no and stick to your researches.
Good luck.
Warm Regards
ChanDollars
[Keep going, you’re on your way to financial freedom]tv last night said property boom busted
sales were down as a result of two inerest rate hikesHey Marketmad,
The same thing has been happening in Ashfield. 2 or 3 months back a person here mentioned a whole block of units for sale, they are STILL for sale, with a sigh saying “liquidation sale” or some sort of word to imply that the units want to get of-loaded cheap… i think they are 1 bedders with parking for $199k “ONO”… so it seems that the prices agents are asking are too high. its amazing what an interest rate rise or 2 will do to the “buy buy buy” mentality everyone had, even just 4 or 5 months ago.
The hardest hit will be inner city apartments, one being advertised on realestate.com proudly mentions that it was purchased less then a year ago for a much higher price then what the vendor wants for it now, (like $50 of 60 K less if memory serves)…
My advice would be, if you really must sell it, perhaps use more then 1 agent, maybee use an agent thats more towards the inner city, so that your price seems to be better value to an observer when they are comparing it to a similar unit 2 suburbs closer to the CBD.
But the way things are going now, i dont like to give advice, because even i am in 2 minds about what i should do with some of the real estate i hav at the moment…
Time will tell, i hope u get what u wanted for it, each rate rise will put it into the reach of fewer buysers, dont forget…
Jason
Ps, 3 months ago my friend, who works at a real estate agent in the Campbelltown area, told me how her boss was starting to be very temprimental with his staff and sellers, he had promised many vendors a selling price, and they havn’t been getting even close to in some instances, he had to call about a dozen vendors telling them they had to lower their expectations on a selling price (wasnt a happy man after some of the responses so i been told)… campbelltown is nowhere near stanmore i know, but i fear your story is just the tip of the ice berg as to whats ahead…
(Talking about Ashfield NSW) >>i think they are 1 bedders with parking for $199k “ONO”…<<
Not having seen the units, that price sounds a bargain.
I have a client who buys blocks of flats (or units), renovates them and thence sells them off.
He certainly is still in a buying mode and mood. And, he surely doesn’t talk about $ 199 K units.
Pisces
Hey Pisces,
“He certainly is still in a buying mode and mood. And, he surely doesn’t talk about $ 199 K units.”
Does this mean he wouldnt talk about them caus they are such a good buy? (and wants no 1 else to snap them up???)
Ill be more then happy to tell you where they are, its no skin off my nose, and as far as i know its a whole block…
Jason
Marketmad,
Why don’t you ask the agent for evidence that prices are dropping? Ask the agent for the a list of recent sales showing that prices are dropping, then check out for yourself to make sure that properties are comparable.
If you can’t find any clear evidence, then you might want to consider getting another agent. Don’t waste your time with an agent whose strategy is to convince the seller to lower their price rather than convincing a buyer to pay a high price.
My 2 cents worth.
CarLover.
thanks for all the helpful comments
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