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The top 5 reasons why your property is not selling – Reason 3 inaccurate pricing being quoted by the selling agent

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Reason 3 of 5 why your property isn’t selling – inaccurate pricing being quoted by the selling agent

The appraisal in my opinion is one of the most important parts of the selling process.

Get several appraisals from different agents.  This should give you an idea of the realistic selling price of your property if done correctly.

The days of the agent “high balling the vendor to get the business” have been legislated against several years ago, however unfortunately it still goes on in some cases.  If that happens and the property is priced too high in comparison to others that are similar, the property just sits there.  That is what I call being on the market, but not in the market, due to it being priced too high.  It might be advertised in all the right places, but it is not priced where the buyers are and as such it gets little or no interest or enquiry.

The appraisal should be based on facts.  What have similar properties sold for and when?  What is currently on the market in the area that is similar and what is the current market sentiment?  By putting these facts together the seller can see from the data shown to them, what a realistic price range would be for the property they are selling.

Of course, an experienced agent will be able to analyze the data to give the seller his professional, unbiased and non-emotive interpretation of the facts in the form of an accurate estimate of the selling price.  If the appraising agents are doing their job, the estimates of the selling prices should all be similar if done correctly.

If an inaccurate price is quoted to you by the selling agent, you will be led to believe that higher price will be able to be achieved.  Buyers these days are well educated and often have access to the same data agents use to do their appraisals.  In most cases the buyers will know that a property is “overpriced” and they will look elsewhere.

For a no obligation review of your property please call Peter Davies Licensed Agent, Chilli Realty on 0402 335 005