sorry Y-Man, im not following..
so what you are saying is that it aeks 2.5-3 months to setup the selling process, of which you already have a price in mind at the very start....
but what I don't get what you are trying to say by "This means the market may have moved significantly in this time, and if it is down, it can means a significant revision of your expected sell price."???
so are you saying that if the market goes sour or if you think it is or about to be sour, you might lower your expectations?
What y-man is saying is that say a property goes on auction with a reserve of $300k. That might just be what the property was worth 3 months ago when the vendor signed the agreement with the agent and decided on what price they 'wanted' to sell at.
In these 3 months, the market may go up or down. In a hot market, you might be able to sell significantly about what you expected 3 months ago. If it goes down, then you might not be able to sell at what you expected.
As an extreme example, maybe the vendor doesn't know how much their place is worth. So the agent underquotes with a low figure, and puts that on the ad. Then the vendor is pleasantly surprised when the actual sales price comes in at so much higher than what they expected.
Alex