Hi All
I am currently looking for a house to buy in Canberra, and am coming across quite a lot being listed in the following format:
1 Address Street, Suburb
Price $320,000 – $350,000and the like.
I am just wondering is the vendor expecting offers in the range they have specified, eg like if you offer 320k they will accept it, or is this more of a tactic to rope in people with lower budgets but then the seller won't usually consider an offer below say $335,000 on the above range?
Or would the vendor be expecting offers more like 310k for the above range?
Is it likely if you ask the real estate would the owner consider an offer below this range they would answer it or would it just be the standard reply 'submit your offer and we will present to owner for consideration' type thing..?
This is regarding properties in Canberra ACT, I think the reason behind it is the property market is so hot at the moment (things only staying on the market for a few days in alot of cases), even the agents don't know what a property is worth/will get at the moment so thats why they are putting these ranges out? So they sort of get a 'submit your offer along with the 10 other people' to try and bump the prices up?
Any comments/ideas on the above?
Thnx in advance
With due respect to all forum members, I believe that any serious Buyer who has been looking for a period of time and in a particular price range will very quickly be able to place a fairly accurate value on a property that they may be seriously interested in.
The fact of the matter is that when we see a price range of $320,000 to $350,000, the Buyer will only see $320,000 and the Seller will only see $350,000. It is the nature of the beast and at some time in our lives we will wear both of these hats.
Show me a person believing that great deals are still to be made in central locations on todays market, and I'll show you a person still looking. A good deal is often created only after you have bought it. I often hear people who tell me how lucky so and so was when they purchased such and such a property and I say no they made their own luck and we can only appreciate it in hind sight.
I also see so many people trying to negotiate that extra $5,000 off the purchase price and wonder why they keep missing out on the purchase. Consider this – A property worth $300,000 with an annual growth rate of 10% would mean that in the first year you only made $25,000 instead of $30,000. If you did not purchase because of the $5,000 then in fact you lost $25,000.
Just another way of looking at the issue.
Jon
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