Hervey Bay real estate and higher house selling prices along with the influx of potential buyers coming from interstate and larger cities to escape heavily populated areas to a more relaxed Hervey Bay lifestyle. Looking at comparable properties that have recently sold, it’s certainly an exciting time to be selling property in the region. With the best real estate agent marketing their home, sellers have every opportunity to attract the highest market price more easily than ever.
The best-selling real estate agent will create a comparative market analysis CMA based on similar properties in the area. This document will assist in answering the typical questions asked by home sellers. These include buying and selling an existing property, anticipated Hervey Bay property prices for 2021, and the main question of “How much is my property worth”?
I’ve often heard it from the so-called “industry experts” and media commentators telling you that the best way to choose an agent is to simply obtain three “market appraisals” (3 quotes) with the aim of employing the agency that offers you the middle price! This won’t get you the highest market price.
The theory is that the agent who suggests the ‘middle price’ is supposedly more on the mark than the other two agents. This is because, according to their thinking, the agent who quoted the highest is “buying your listing”; and the lowest priced quote is given by someone who simply doesn’t know what they’re doing!
In other words, the agent with the highest quote has told you that your property is worth a price they hope you’ll find irresistible. (Of course, on the face of it, if one agent said you should list at ten thousand dollars more than the next agent, it’d be a pretty attractive proposition, wouldn’t it?)
What about the real estate agent who quoted the lowest figure? The theory is that they have no idea of what they’re talking about and won’t try hard enough for you! You see, this strategy assumes all three agencies offer a comparable service and are similarly placed in the crucial areas of marketing and negotiation skills.
Choosing a real estate agency using this strategy is potentially fatal. It could easily lead to the “under selling” or “over selling” of your property and the loss of thousands of dollars.
So You’ve Been Told That the Agent “In the Middle is Your Best Bet
“If you were to blindly go with this you stand the chance of losing out – big time”
Under Selling is clearly dangerous. You could stand to lose thousands of dollars in the negotiating process, particularly if your listing agent isn’t a highly skilled negotiator – and after all, only a poor negotiator would list property under its true value, to begin with.
Over Selling is where the listed price is higher than what the market will bear. (The genuine market price) This is also dangerous, as it can severely limit interest in your property and lead to an increased time on the market, impacting negatively on its perceived value and eventual selling price.
The Middle Ground appraisal may in fact be still under selling or over selling the property! How will you know if you are in this situation and failing to achieve the highest market price for your property? The only way to know is with a thoroughly prepared CMA to go by.
Don’t automatically assume the middle quote is correct. Ask for a Comparative Market Analysis (commonly referred to as a ‘CMA’). To assist in obtaining a premium market sale price for your property.
Choosing an agent purely on the basis of obtaining three quotes and then going with the ‘middle ground’ quotes can cost you dearly – in both time and money. There are other, more important criteria to consider when choosing an agent, which brings us to the second fatal mistake…
No Interview = No Information = Potential Thousands of Dollars Lost (further reading)
Are you aware that under QLD law the “Property Occupations Act”, Agents or Auctioneers over or underquoting on prices and auction reserves may be fined.
These changes to the laws were a direct result of agents putting unrealistic prices on properties. Under this new law, a CMA (“Comparative Market Analysis”) is defined as three (3) properties of similar style and standard and sold within a 5km radius within the past 6 months.
Any prices or quotes given to either a seller or buyer will have to be supported by a CMA. Vague price range ‘list’ prices (e.g. $500,000 to $560,000) may be regarded as misleading by the laws and the ACCC.
Whether selling your house and buying another one straight away or waiting, steady house prices in 2021 mean that local Hervey Bay real estate stock price is definitely on the rise.
Keeping in mind that choosing a real estate agent is an important part of the selling process. Here on Hervey Bay Real Estate Guide, we have plenty of top tips to help you find the best and most experienced real estate agents to represent you and your property. Why not start by checking out our recommended real estate agent listings pages.
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