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The Story Behind The SOLD Signs

The Story Behind The "SOLD" Signs

Sometimes vendors are disappointed with the price achieved when their property sells. Perhaps it is lower than the price they originally expected. But did they arrive at the price they expected in a realistic way?

Many people see ‘Sold’ signs and knowing what the property was advertised at assume that it must have sold for that figure. These assumptions stay with them in their first discussions about pricing with their agent. This makes things very difficult for the agent who naturally wants to take on the property for sale but has to take into account any pre-conceived ideas in setting the asking price of the property.
 Of course, sound research starts with comparing your own property with others that are similar. While no vendor is likely to compare a three bedroom townhouse with a five bedroom family home on a large block, it is surprising how often vendors think of, for example, a three bedroom house with a small sewing room or study as a four bedroom home, even though the floor area of the four bedroom that sold round the corner is greater.

In order to be a more informed client when it comes to strategies for the pricing of their property, vendors should ask their agent what is the average percentage difference between the selling and asking prices of comparable properties sold in the area. If they can’t give you an answer, it might be better to choose another agent.

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