Sur­vey shows ven­dors may have un­re­al­is­tic ex­pec­ta­tions

Stanthorpe Border Post - - REAL ESTATE -

COME sell­ing time, every­one wants the best price on their prop­erty – but with prices drop­ping over re­cent months, are home­own­ers still ex­pect­ing to sell for a tidy profit?

Sur­pris­ing new re­search has re­vealed that sell­ers’ price ex­pec­ta­tions are out of line with the mar­ket.

The find­ings come from a sur­vey com­mis­sioned by Gavl (gavl.com) in con­junc­tion with lead­ing data and in­sights com­pany Pure­pro­file (busi­nesses.pure­pro­file.com), to gauge the price ex­pec­ta­tions of 1001 Aussies who were in the mar­ket to buy or sell prop­erty. A sep­a­rate sur­vey was con­ducted by Gavl to com­pare these find­ings with those of real es­tate agents. Gavl is the Aus­tralian-founded global leader in real es­tate auc­tion livestream­ing and bid­ding tech­nol­ogy.

While nearly all (92 per cent) of agents said ven­dors have un­re­al­is­tic price ex­pec­ta­tions when sell­ing their prop­erty, in fact, 55 per cent of agents ad­mit­ted that gen­er­ally, ven­dors’ sale ex­pec­ta­tions are above mar­ket price ex­pec­ta­tions by $50,000 or more. A fur­ther 36 per cent of ven­dors gen­er­ally had ex­pec­ta­tions up to $50,000 above the mar­ket price.

Given the eas­ing prop­erty mar­ket Aus­tralians are fac­ing, it seems there are still many home­own­ers who haven’t shifted their ex­pec­ta­tions – prop­erty prices are no longer sell­ing for what they once were.

When con­sumers were asked whether they would ad­just their price guide based on agent feed­back on mar­ket ex­pec­ta­tions, half (52 per cent) said they would ad­just it only slightly. The good news for agents is that a fur­ther four-in-five (39 per cent) ven­dors said they would ad­just their price ex­pec­ta­tions to match the agent’s. To com­pare, agents were asked how of­ten ven­dors take their ad­vice for a list­ing price or price guide: 77 per cent said they took on their ad­vice most of the time, while just 7 per cent be­lieve ven­dors will take on their ad­vice ev­ery time.

Gavl spokesper­son and multi-award-win­ning auc­tion­eer Justin Nick­er­son, says: "While the data re­veals that there are agents who don’t have trou­ble man­ag­ing sales price ex­pec­ta­tions, I haven’t met one who said this wasn’t a chal­lenge. These dif­fer­ences will al­ways be a fac­tor for agents and ven­dors to work through.”

BY THE NUM­BERS:

■ 9 in 10 ven­dors have un­re­al­is­tic price ex­pec­ta­tions, ac­cord­ing to real es­tate agents

■ 92 per cent of agents think ven­dors have un­re­al­is­tic sales price ex­pec­ta­tions

■ 78 per cent of home­own­ers be­lieve their price ex­pec­ta­tions are real­is­tic

■ 55 per cent of agents said ven­dors’ sale ex­pec­ta­tions are above mar­ket price ex­pec­ta­tions by $50k or more

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.