Purchasers are born to look around

How many purchasers buy the first property they see? Ask most agents and they will tell you it rarely happens. Most purchasers stay on agents’ books for weeks, months and even longer.

“Purchasers really like to shop around,” Bellarine Property managing director Christian Bartley said.

“After all, the family home is the most important purchase most people ever make and they need to do their homework before they buy.

“The amount of time they spend shopping around reflects the amount of money invested.”

According to Mr Bartley, purchasers shop not only to find their ideal home, but also to be really confident that the price they are paying is market value.

“By the time purchasers are ready to make a commitment, they know exactly what their money will buy.

“That’s why sellers need to do the same amount of homework when deciding what price to advertise the property at in the first place.

“Pricing a property too high and hoping someone will come along just wastes time and potential purchasers.

“At any one time, the percentage of qualified purchasers (those with finance and enough market knowledge to commit themselves) is only the tip of the iceberg compared to those who have just started looking or are still trying to get a feel for what their money will buy.”

According to Mr Bartley, one of the most important aspects of shopping around for any product or service is comparing prices.

“One of the reasons there is often a gap between what vendors and purchasers think a property is worth is that vendors usually look at the asking prices of properties similar to their own.

“Purchasers on the other hand compare selling prices.”

According to Mr Bartley, the selling price reflects the market value of the property and while the asking price should include a negotiating factor to achieve the highest possible figure; overpricing will simply make purchasers lose interest.

“It’s important not to underestimate the amount of homework a serious purchaser will have done before deciding to make an offer on your property.

“Qualified buyers know when prices are inflated and they tend to focus their interest where they can see value for money.”

For more information, phone Christian Bartley on 0410 695 325, email [email protected] or head to the website at bellarineproperty.com.au.