Out there somewhere is a place called Buyer School and they teach buyers all the questions they need to ask agents. There must be – because at any open home there’ll be at least one buyer who’ll ask : “So how long it’s been on the market?”, with just a glint in their eye that adds “and I’ll know if you’re bluffing!”
Apparently any answer of more than 3 weeks allows the buyer to nod knowingly and think “So no-one wants this one.”
One of the prominent market researchers is reporting Brisbane’s average days on market as 85 for a house and 90 days for an apartment. So if you buy a place that’s been for sale for 12-13 weeks that just makes you average. Off memory in 08 during the GFC we were running a bit over 55 days??
So is this really the most important question for buyers? Often, more often than not, the seller’s asking price has been adjusted since the home came on the market. RP Data report Brisbane sellers are currently dropping their prices almost 8% between that first day on the market and the final agreed price.
Could a better question be: “How long’s it been for sale at this price?” And here’s an insiders tip: often sellers have run marketing campaigns in their early stages and after a few weeks on the market they’re left with just the web in their promotional toolbox. Less promotion means less enquiry and when interest is lowest that’s your best opportunity to buy well.
Ironically we all desire something most when it’s fresh, sought-after by the crowds and there’s a buzz around the place. In other words, when it’s at its dearest price. For my money I’d do my homework, seek out the place that really suits me, the investment that fits the bill, and ignore the crowds. That’s what they should teach at Buyer School!
Referenced… Bees Nees Realty
I think the question "how long it has been on the market?" is good, but only when it is preceded and followed with a litany of other questions.
"Has there been any other paper offers?" as well as "why do you think the property hasn't sold?" are good ones to see an agent cringe over. Let's be honest the agent never wants to say "I suck" or alternatively "It's over priced."
When we go out as Buyers Agents we have a script of about 10 – 15 questions we ask. This of course is then reported back to the buyer and a negotiation strategy is undertaken according to this information. I think you can never ask enough questions, regardless of quality, any information you have is good information.
Sometimes, a question is just asked to direct attention away from another question. Let's face it, we've all fallen for the magician before
You must be logged in to reply to this topic. If you don't have an account, you can register here.
