A newspaper reports that some sellers are being advised that defies the common logic, according to a blog post on Sell Your Property Fast.
Some property sellers are starting to raise their asking prices because buyers are demanding for deeper discounts. By asking high prices and accepting the percentage of discounts being asked for, both buyer and seller get what they want.
Seller gets the price they wanted for their property and the buyer gets the psychological satisfaction that he has achieved a bargain.
We think that this is a dangerous strategy on behalf of seller. This is because the true price will be revealed by the surveyor – that buyer without doubt will be conducting a few weeks down the line. After receiving the RICS valuation of the property, buyer may decide that despite the discount, he is still paying a higher price. This may unsettle him- worse, he may nervous about the uncertainties of the current market and may pull out.
This will leave seller with no option but to go back to the market and seek a new buyer – and start the whole process all over again.
We think that the prices should be set sensibly to start with, rather than the seller having to feel, or appear, desperate – and start seeking out a cash buyer.
To read in full, click on: Property Buyers Raising Their Asking Prices
Filed under: House Prices
