On the market and holding out for your price?

Are you currently a vendor with your home on the market? Have you had any buyer interest?  Have you gone through a ‘campaign’ (like an Auction or a Deadline Sale) and not sold, maybe had no interest from buyers and are now waiting for a buyer to step up and offer at a certain level? This is a common scenario in this market – many of us have forgotten what a market like this feels like; it’s uncomfortable and it’s unsettling.

One thing buyers love is a price – it’s a very clear indicator of vendor expectation and allows buyers to be concise with their house-hunting and not waste time looking at property that is not within their budget or finance pre-approval range. If you set a price and still no-one enquires, visits, or wants to pursue, it’s either priced too high for the market or it’s a niche home that will have to wait for that perfect buyer, however long that takes. As we charge towards Christmas, we are now faced with a current oversupply of stock, and a lot more coming on. It’s tough, and with interest rates continuing to rise, it’s likely to get tougher. If you’re lucky enough to get a buyer engage, bid, or offer on your property, hang on to them and be clever with how you negotiate with them - good buyers are rare and they have a lot of choice. Are you prepared to take a lesser amount, get sold and move on, or do you want to stay on the market indefinitely and hold out for your price?