NEVER take the listed price as an indication of the true value of a property, and thoroughly research the market before putting down an offer.
Those are just two of the tips suggested by Property Searchers director and buyers agent Scott McGeever.
He has been advising buyers on how to get the best deal when negotiating on price.
The latest RP Data statistics show Brisbane is recording the highest vendor discounting in Australia, averaging -7.7 per cent on houses and -7.9 per cent for units.
Vendor discounting is the average difference between the initial price of a property and what is sells for.
Mr McGeever said there were a number of ways to take advantage of the current buyer’s market, suggested inspecting as many properties as possible and gauging interest by attending auctions.
“When making an offer, don’t be afraid to go significantly below list price if that is where you think the value lies,” he said.
But make sure your offer is based on market research.
“It’s a price driven market and vendors need to meet buyer’s expectations,” he said. “A few years ago the market was vendor driven, with more buyers than properties on the market, and vendors were in a strong position to ask for higher prices. Now the shoe’s on the other foot.”
Mr McGeever said if a property has been on the market for some time then it is probably priced unrealistically.
Source: Ben Johnson from Quest News