Buyers disappeared from Merrylands

Talking about bad timing to sell and yes, I have a house for sale in Merrylands....
In September 5 houses sold, in the month of October only 3!! Suburb, where used to, multiple houses would sell on the same weekend!
I know its the worst time still to come so I might reconsider and pull out

Since I didn't listen earlier and sold it last year or the one before (hurts when I write this), what do you people think, how long this can last?? When can we expect buyers to start buying houses over 800k in Merrylands???

 

Hi @Nem ,

I track merrylands and surrounds. The houses are still selling. I assume your house is basic with less land. If that is the case 800k seems unlikely. Else snything around 600sq mt sells if prices as per market.

This might last for snother 3 to 4 years. But everything is speculation.


Regards

 

Marrylands is an average suburb. In falling climate where buyers have choice they are choosing better suburbs,
My opinion only.

 

Hi mate,
Clearance rates are slow and it was like in 40s % this weekend, which simply means buyers sense of value does not match with the sellers valuation. I am tracking western Sydney at the moment and i see if priced correctly/ well located houses are doing well in auctions(attended few myself).
May be you need to evaluate your pricing or hold onto it if you can for another couple of years. Lets see how policies would change post coming elections.

 

@Nem property can always be sold. You just gotta adjust your expectations.
I sold my place for 17% less than what I would have got last year (I initially factored in a 10% reduction).

I could have held it, but I weighed up all other factors and decided it was better I let it go.

Sorry to say this, but the reason why it's not selling is most likely attributed to your price expectations.

My suggestion is to go for a tiered scale with the agent. Figure out the price it would walk out the door at (ie what seasoned property chat investors would snap it up at), then negotiate a very low rate (say 1%), then with everything over that figure it's 20% comms. Give the agent incentive to work harder.

The psychology behind it is simple - an agent would rather sell it for less and secure their commission, than risk trying to sell it for more and miss out completely. In your situation, they would rather focus their efforts on another house priced lower and increase their odds of a sale and sell multiple of those than focus on a higher price of yours and get nothing for the effort.