Sometimes when owners are selling their property they think, because they have time up their sleeve they can stay on the market longer. Generally, this type of owner is not agreeing with the advice of their agent regarding price and is happy to put a higher price on and stay on the market hoping someone will come along and overpay for their property.
This used to be a great method… forty years ago. But things have changed and in the last decade with all the advancements in technology and access to data. People are a lot more informed today and time is their most precious asset. If the vast majority of buyers aren’t agreeing with your price or your neighbour’s property (the competition) are priced more attractively, then they are going to capture the market and leave you with nothing.
In many cases, the buyer of your property is usually found within the first two weeks. Depending on how you’re positioned (priced) will depend on whether that buyer or multiple buyers will act. In a lot of scenarios buyers won’t even give a low offer as they do not want to offend the owner or they feel the owner doesn’t have the motivation to sell and they don’t want to waste their time.
Over time you become more and more motivated to sell and you begin to chase down the market after your property has sat for months and has become stale in the eyes of the market. By the time you react and start dropping your price, a lot of the initial buyers have already bought and are out of the market. When you start to chase down the market you generally end up with the bottom feeders. You may get a small increase in activity, though unfortunately, the buyers having done their research will have known your property has been on the market longer than usual.
By this stage, whatever hope there is of getting an amazing result, let alone a market value result have diminished. The lone buyer will know they have the ball in there court and they will definitely be in it to save as much as possible. Expect a low offer and I mean LOW. The great thing is, in these cases they will negotiate, the biggest problem is you usually go down further in price than they go up. Always remember when you’re thinking about selling, most records are broken in less than thirty days, there aren’t many broken in six months.