In the New Year we are finding listings still very slow coming onto the market. Agents are pricing properties high because of the ‘hangover’ of panic buying prior to Christmas, however listings are taking longer to sell as Buyers are now not in a rush to secure.
We have had a number of client’s request our ‘Buyers Agent appraisals’ on properties before they make an offer, as there are so many conflicting media reports on if the market is up or down. Interestingly in 2 cases the properties were $100,000 overpriced by our appraisal (This is in the $550-$700,000) range.
They were Sellers that had purchased in the 2007 boom and are trying to now secure at least what they paid plus the Selling agents commission. In short don’t buy into that scenario, be confident that you are buying 1. The Best Location, then 2. For the Best Price.