Days on the market - unsure what it means? By Monica van Riet, Mortgage Choice South Melbourne

How important is it? 

In a single word, CRUCIAL to you achieving the maximum market price for your home.

Why is it so important, I hear you ask? You have probably all been to an open home and said: How long has this property been on the market for? The vendors must be getting keen to sell? Not many people inspecting the home today?

All of these questions, you as the vendor wish to avoid when selling.

All the research that has been conducted show that the first 4 weeks of a sales campaign are the strongest as far as enquiries for your property, especially the first 2 weeks. This is when pressure is on for the potential purchasers as competition with other purchasers is out there. 

So capturing the buyers interest is important! These are the key things things you should know about your potential buyer:

Buyers will look at an area and a price, they will normally end up spending 10 – 15% more than they planned, interest is always captured by a fresh listing on the market, interest is strongest in the first few weeks of marketing you property... This is why it is extremely important to price the property correctly

Setting the price too high in the first few weeks could result in buyers purchasing other homes in the area representing more value for money. This can lessen the chance of achieving top price!

Posted in: Property market

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