Is the offer too low?
One of the most stressful situations facing any home seller is finding that the offers on their property fall short of their expectations.
Stressful though the experience might be, most vendors readily understand the relationship between timing and price in achieving the ultimate best sale price for their property. Others find it difficult to accept any variation in the price they have their hearts set on.
The good news is that many vendors ultimately finish by achieving a sale price they are ultimately happy with – which is not the same necessarily as getting what they first hoped for. Many find that in the end the emotional value that they place on years of living in their home is simply not reflected in actual dollars when buyers are making their comparisons and looking for value for money.
To help with the decision-making process when an offer lower than the figure they were originally hoping for, vendors should ask their agent to provide the facts and figures from the past sales of similar properties. They need to be scrupulously impartial when making comparisons – (Ask questions such as: ‘Is the fourth bedroom really a bedroom or would it be better described as a sunroom or study’ ‘Is the driveway steeper than the same house that sold down the road for the price’)
By analysing the gap between original asking price and final selling price on such sales, vendors are in a better position to consider the reasonableness or otherwise of their own current offer.
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