Interested in a property that is overpriced and needs massive renovation. It has been on the market for 4 weeks and the open houses have just been discontinued. I know there is a period whereby overpriced houses lose their original target market, and everybody who was interested has seen it and disregarded it and then everybody else thinks if it has been on the market that long there must be something wrong with it, anybody hazard a guess as to what timeframe that will be
loosing interest - how long?
- Thread starter fernfurn
- Start date
What's the average time for sales in the area? Our area at the moment is seeing 6 weeks. Since we've had our place on for 4, we're not worried yet.
Good advice, the averages are where it is at.
Bear in mind that in the first few weeks, you'll have all the new buyers on the market, as well as repeat visitors who are interested, but after that usually only (say) 10% of the market is people who haven't seen it before.
Also remember agents rights to sale expire after about 60ish days from memory, so they may be desperate to offload just before their time expires and the vendor potentially moves to someone else.
If you haven't had an offer after 4 weeks it's unlikely you'll get oe after 6. The first 4 weeks is the crucial time in any market.
How many people have seen it? Any contracts been handed out?
How many people have seen it? Any contracts been handed out?
True - we are a little surprised we've had no offers, but not concerned. There's been about 20 parties come through for a look. There are 2 2nd lookers coming through this weekend.
Yep - we've got one just gone on the market up the road from us. About and easy half a million overpriced (if not more).
Problem is the agent, who used to have a very good reputation, is now very elderly and just lets vendors set their "wish" price rather then guiding them as to what a property is worth. That agent also now has an awful lot of dead stock sitting around.
Problem is the agent, who used to have a very good reputation, is now very elderly and just lets vendors set their "wish" price rather then guiding them as to what a property is worth. That agent also now has an awful lot of dead stock sitting around.
Achieving Price
I've had a few years buying and selling and have learned to stay calm and hold . The urgency comes from the Agent! " you may need to drop the price"
2 weeks into their 30 day contracts. I keep on top of things by viewing similar open homes and moniter the online sites, it is from those you get an indication of your home's comparitive value. On one house it stayed on the market for 5 months, I had good rapport with the agent... no attractive offers
in that time and then on one Spring day 2 private inspections delivered 2 offers, one in the morning $20,000 below asking price and the second $35,000higher which was gladly accepted. Property is a cycle with new players entering the game every day...if your home is worth it...they will come !
I've had a few years buying and selling and have learned to stay calm and hold . The urgency comes from the Agent! " you may need to drop the price"
2 weeks into their 30 day contracts. I keep on top of things by viewing similar open homes and moniter the online sites, it is from those you get an indication of your home's comparitive value. On one house it stayed on the market for 5 months, I had good rapport with the agent... no attractive offers
in that time and then on one Spring day 2 private inspections delivered 2 offers, one in the morning $20,000 below asking price and the second $35,000higher which was gladly accepted. Property is a cycle with new players entering the game every day...if your home is worth it...they will come !
