What price should I ask?
June 8th, 2015 by Geoff Baldwin
If we imagine for a moment that all buyers are contained in a pyramid. The biggest concentration of buyers are grouped at the bottom of the pyramid and as we move up in price, the buyers thin out, until only one buyer stands alone at the top.
How much you decide to ask for your property will determine the number of potential buyers who are attracted to “have a look” and consequently the length of time it will take to sell.
Shorter time means a higher price … The two most frequently asked buyer questions are, “how much will they take” and “how long has it been on the market”. The first question is a great opportunity for a good agent to invite an offer but the second question is always a curly one. When people ask how long a property has been for sale, it is usually because, the longer it’s been for sale, the less they think they will need to pay.
It has been proven that the best opportunity to achieve top price for your property is within the first 30 to 45 days. After that the “scavengers are gathering” waiting for it to show signs of a last desperate price reduction.