It’s not uncommon for buyers to tell us that they like a property and are interested in making an offer but compared to other properties they’ve seen they think it’s overpriced.
So here’s my message to those buyers. If you’ve genuinely seen another property that you like just as much, or better, and think is better value – what are you waiting for – buy it!
But is the conversation really about having seen something else that you think is better value, because to me that seems like a no brainer, or is the truth that this is the property that ticks all the boxes and that it’s either a) over your budget or b) you’re just trying to test the waters to see if you can negotiate a better deal?!
And if the latter is the case, what are you expecting the selling agent to say? That they agree with you and that the seller will consider offers $50k less than what they’re asking?
If this is property that you like best, has the better location, better finishes, better layout and is the better fit for you and your family, doesn’t that in itself say something and have value?
So here’s my advice. If you like a property and really want to know what a seller will take, don’t play games with the agent – make an offer! It’s not the agents job to say yes or no to money, that’s the sellers. And don’t do the old “I don’t want to waste anyone’s time” thing – offers aren’t real for sellers until they’re in writing.
Don’t assume what a seller may or may not sell for. Start the process and give the seller the chance to decide. It takes less than 30 minutes to write an offer – you’ve spent more time than that thinking about it already.
What’s the worst thing that could happen?! You could get the property for a price you’re happy to pay!
And if you test the waters with an offer and still believe the sellers expectations are unrealistic then no big deal – walk away from the process.
In my experience, the vast majority of sellers in Perth are priced to meet the current market and there some incredible deals to be had out there at the moment.
Sometimes it’s not the sellers expectations that are too high, but the buyers – either because of budgetary constraints, an over reliance on online valuation reports, a lack of understanding of Perth’s micro markets or sometimes it’s just personal ego and the need for a deal.
So if you’re a buyer in the current market and have been missing out on multiple properties or think that everything you’re looking at that you like is overpriced, maybe the issue isn’t the sellers expectations, but yours.
And if it genuinely is a case of liking another property better, then simple – stop faffing around and buy it!
Natalie Hoye is the Founder and Licensee of Red Fox Property Group – a boutique agency doing things differently in the suburbs surrounding Beaufort Street. We call it ‘real estate alchemy’: a genuine blend of science and intuition, marketing and magic, head and heart. The Red Fox Way. And we’d love to chat with you about your local real estate needs. Call us now on 0405 812 273.