Post to Facebook on 12/11/2018 at 5:00 PM
Commenting on “‘Buyers are willing to walk away’: Pushback against vendor quotes at Melbourne auctions”
https://www.domain.com.au/news/buyers-are-willing-to-walk-away-pushback-against-vendor-quotes-at-melbourne-auctions-20180603-h10wgc/
That’s it. The time has come that vendors are no longer having the upper hand. Buyers are not bidding, because they are concerned that the auction property is overpriced. This also applies to private sale properties.
If you have been following my blogs, I have said several times that most properties are likely to be 20% overpriced, and some may be as high as 50%. I think this is benchmark discount you should consider when negotiating when you come across a property that you like.
In accounting, an asset is something of value, in the present and future. Property is an asset. It is not about what is or are on the precious land now. It is, in fact, the land itself is of real worth.
If one pays high price for a property being renovated recently, constructed rather tastelessly or just follows the current trend, all these trimmings will soon lose their flavour and no longer command a premium price. It will be back to square one, that is, the worth of the total package is really predominantly the worth of the land.
Timing is everything. One must prepare to sell in a hot market, but refrain from buying at the same time. Unfortunately, many agents or representatives advise otherwise. DO NOT sell and buy in the same market condition.
When the hype is over, cash is king, and prepare to sharpen your tongue and really negotiate hard.
I think I have been giving you the right advice all along. I do sincerely hope that you will buy your first home soon.
Thank you for reading.
Commenting on “‘Buyers are willing to walk away’: Pushback against vendor quotes at Melbourne auctions”
https://www.domain.com.au/news/buyers-are-willing-to-walk-away-pushback-against-vendor-quotes-at-melbourne-auctions-20180603-h10wgc/
That’s it. The time has come that vendors are no longer having the upper hand. Buyers are not bidding, because they are concerned that the auction property is overpriced. This also applies to private sale properties.
If you have been following my blogs, I have said several times that most properties are likely to be 20% overpriced, and some may be as high as 50%. I think this is benchmark discount you should consider when negotiating when you come across a property that you like.
In accounting, an asset is something of value, in the present and future. Property is an asset. It is not about what is or are on the precious land now. It is, in fact, the land itself is of real worth.
If one pays high price for a property being renovated recently, constructed rather tastelessly or just follows the current trend, all these trimmings will soon lose their flavour and no longer command a premium price. It will be back to square one, that is, the worth of the total package is really predominantly the worth of the land.
Timing is everything. One must prepare to sell in a hot market, but refrain from buying at the same time. Unfortunately, many agents or representatives advise otherwise. DO NOT sell and buy in the same market condition.
When the hype is over, cash is king, and prepare to sharpen your tongue and really negotiate hard.
I think I have been giving you the right advice all along. I do sincerely hope that you will buy your first home soon.
Thank you for reading.
