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Do you want to know the one absolute secret to selling in a soft market? Set the price right. So I know that’s not rocket science but it’s the truth. The biggest killer is overpricing and being stubborn about it.
Getting the right agent
There is nothing more frustrating than hearing a real estate agent say “we just have to get realistic about our expectations”. If the original appraisal conversation between the agent and the vendor had been open and honest the vendor wouldn’t have unrealistic expectations. Again be careful about the agent trying to buy your listing and then talk you down. It’s just a numbers game for them.
I’d much rather work with an agent who, on our first meeting, is prepared to say “sorry I can’t sell your house for that price and if that’s what you ask for it will end up costing you money”. At least you know you are working with someone who trusts their judgment and is prepared to be honest. If the home is priced accordingly and the marketing is doing its job, the home will sell for close to your target.
In a softening market there will always be buyers wanting to pick up a bargain. They make low ball offers hoping you may be desperate. This is where the right agent will help you hold your nerve and negotiate your way to the right outcome.
Buying before you sell in a soft market is a big risk. If the market continues to drop and you are holding two properties and two mortgages or bridging finance you may be forced to make a poor decision and accept less just to get out of the circumstance you are in. So in this market don’t buy before you sell.