Typically, when selling buyers will give their opinion on value or make offers, what we look for as a determining factor for market value is the consistency of where the offers are coming in. Now this would be most relevant because either you want more then what the market is willing to pay or you’ve been told more and you appointed the agent who bought your listing.
Nowadays most sales occur within two to four weeks. Within that time, you will have a consistency with offers put forward which should be in line with your selling price and then hopefully have a few emotional offers that will take it to the next level. By remaining conservative with your selling price and accepting the market, you will always get the best it has to offer.
Though say for instance you’ve been on the market for a little longer than usual. Your property has stalled a little and you pick up a few interested parties here and there. Straight away, these are signs that you are most likely overpriced. People make offers, all at different times during the campaign and they all come in the same vicinity, which is fifty thousand dollars less then you want.
At this stage, the market is clearly telling you something, you have either the choice to ignore it, which keeps you in the same position for months or even years. You can accept it, either take the offer and move forward with life or adjust your marketing to see if you can generate more competition to get the best you can. Another option is to improve your property and increase the level of value through renovations.
If your agent keeps you informed with how the market perceives your property, you should be able to act quick enough in order to get the most out of it. Whether you lower your advertising price to capture more buyers or do minor/major works to increase value, you have your options. The only one that doesn’t work is sitting there telling everyone they’re idiots because they don’t want to pay your price.