ok,
so there is this situation, that my friend is facing.
Looking at a suburb whose median is about $330k.
most properties have been advertised for about $320k
most have been selling for between $300k and $330k
One that was new and nicer was advertised for $360k, sold for $340k about 1 week ago
Another one has just come up, its almost identical from first looks, only going by photos at this stage, we need to contact the agent to get more info, so assuming that everything is OK (hypothetically), almost identical, land is only slightly smaller, its even less then 50 m away,
however this one says the following "Auction Sat 14th Mar, Price: 280k-$290k"
so although we don't have the full info, my friend is quite keen on this one, its quite a rare one, in terms of what has been sold in the last 3-4 months, maybe only the 2nd one that fits his criteria
Sold prices indicate that the sellers who ask for realistic prices eg $320k-$340k, are pretty much selling at the lower price range of $320k PLUS/MINUS $5k
now my question is, unless this agent is a complete moron, which I doubt, what are they trying to acheive by putting such a lower price range,
my friend says that he doesn't trust agents, and that its probably to generate a big interest, with the expectation that the property might go well about $330k
so my friend is quite keen, should he be putting offers for about $270k -$280k right before the auction or asap....
I just find this a bit strange, all of the above is on the assumption that nothing is majorly wrong with it!
so based on past sales, one sold last week for $340k, and hence being just about identical from first views, and the land being a teeny weeny bit smaller, my friend said anything between $330-$340k is the market price, and anything cheaper, he'd be happy with, so 10% less = $310k, so the asking price of $270-$280k, just seems crazy... obvious;y if its about to fall apart, while being infested by termites, then this ia complete different story!
so there is this situation, that my friend is facing.
Looking at a suburb whose median is about $330k.
most properties have been advertised for about $320k
most have been selling for between $300k and $330k
One that was new and nicer was advertised for $360k, sold for $340k about 1 week ago
Another one has just come up, its almost identical from first looks, only going by photos at this stage, we need to contact the agent to get more info, so assuming that everything is OK (hypothetically), almost identical, land is only slightly smaller, its even less then 50 m away,
however this one says the following "Auction Sat 14th Mar, Price: 280k-$290k"
so although we don't have the full info, my friend is quite keen on this one, its quite a rare one, in terms of what has been sold in the last 3-4 months, maybe only the 2nd one that fits his criteria
Sold prices indicate that the sellers who ask for realistic prices eg $320k-$340k, are pretty much selling at the lower price range of $320k PLUS/MINUS $5k
now my question is, unless this agent is a complete moron, which I doubt, what are they trying to acheive by putting such a lower price range,
my friend says that he doesn't trust agents, and that its probably to generate a big interest, with the expectation that the property might go well about $330k
so my friend is quite keen, should he be putting offers for about $270k -$280k right before the auction or asap....
I just find this a bit strange, all of the above is on the assumption that nothing is majorly wrong with it!
so based on past sales, one sold last week for $340k, and hence being just about identical from first views, and the land being a teeny weeny bit smaller, my friend said anything between $330-$340k is the market price, and anything cheaper, he'd be happy with, so 10% less = $310k, so the asking price of $270-$280k, just seems crazy... obvious;y if its about to fall apart, while being infested by termites, then this ia complete different story!
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