Understanding a few pointers about property data is important for a home buyer. It can give you a picture of the home’s ‘behind the scenes’ sale environment.
Property data tells us that vendors view the first three weeks of their sale campaign as their best opportunity to sell their home.
If the property for sale is being marketed efficiently, then it should draw attention and traffic right from the start. The seller hopes there will be keen interest in this new listing, plus a sense of urgency from buyers to see the property. The seller is hoping offers will then follow. A desirable property will certainly attract attention and a sense of competition.
When multiple buyers compete for a home, this literally creates its own ‘seller’s market’. Usually, the initial offers will come in within, or very close to the asking range. If the seller is lucky there might be a ‘hot’ buyer who will even offer above the asking range, to get clear of other keen buyers and secure the property.
80% of potential buyers view the home in the first two weeks
Property data tells us, that if supported by an extensive and engaging marketing campaign, 80% of buyers who view the home on the internet will do so in the first one or two weeks. It follows that this period is the best window to attract the majority of interested parties at once and produce a sense of urgency about the home sale.
The most important thing for a buyer is being well informed about the property’s value, or even better, having a good Buyer Advocate on your side giving you accurate and experienced advice.
High expectations can cause sellers to miss the boat
Because market sentiment continually fluctuates, property data tells us the biggest mistake home sellers can make is by being too greedy, and missing the boat by holding out for a higher price goal. Those 80% of (internet viewing) buyers described above, will not see value for money and move on, searching for a property that jumps out as a better value opportunity.
If buyers can’t see value in the property then that home has only become a useful stepping stone for other comparable properties, that may be priced more realistically, to sell faster. If a home seller is getting good advice they will understand this, not wanting the ship of opportunity to sail away. Because what happens next can make things more complicated for a seller.
After four weeks, a house will usually sell for less
In most cases, property data shows that homes that are on the market for more than four weeks will end up selling for less than the initial value estimation at the start of the sale campaign.
The home seller’s Agents will try to maximise the price
If a home seller is supported by good advisors, they will have been presented with a realistic scenario about what the market will pay for the home. But at the same time, the selling agents will be trying to maximise the price potential, with a professional marketing campaign, advice on presentation, plus negotiating skills.
This is why, for a buyer, it’s good to have a Buyer Advocate on your own side. They can steer through this environment with clarity and experience, making sure the playing field stays level.
A Buyer Advocate is your sounding board for advice about what the home is worth and how much the seller may be prepared to sell for. With a Buyer Advocate you are better positioned to make a well-informed and realistic offer, quickly.
Buyer Marketing – Melbourne’s most experienced buyer advocates are your winning edge with property buying. We specialise in locating and negotiating the best property for you. Our strategies help you get the home you want at the right price.
We are highly qualified in assessing property data about the home you target, and how to use that property data to get the best purchase price, for you the buyer. For more information, call us on 1300 835 835.
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