Posted on 30/08/2017 by Todd Pearce
Many home buyers no doubt wish they had a dollar (or a property!) for every time a real estate agent has told them “this one won’t last long.”
Inexperienced agents use this cliché to create urgency regardless of whether it is appropriate or not. The result is that professional agents wishing to give their best advice to purchasers in circumstances where the comment is in fact justified, hold back or risk disbelief.
Purchasers need to do their own research to determine whether they are buying in a sellers’ or a buyers’ market.
If there are more buyers than sellers then there are ipso facto not enough properties to go round - a bit like musical chairs. In this situation buyers who spend too much time deciding whether to make an offer end up losing the property to another more aware buyer.
Certain types of properties are more sought after than others no matter what the state of the market. Popular property categories vary from location to location. But a property that is well priced will almost always sell faster than one that is grossly overpriced.
Agents are knowledgeable about property values over a broad geographic area, price band and property category. Buyers on the other hand may start their search looking more broadly but by the time they are ready to buy they are specialists in a more narrow category and price range. They will also be well aware of the type of market they are shopping in.
In fact buyers who are ready to make a decision should be able to answer the question of whether a particular property will or won’t last as well as the agent they are talking to.