Why sometimes a lemon can be sweet

Just because a property has been on the market eight weeks or more doesn’t necessarily mean it’s sour.  There are three key reasons why a property doesn’t sell:

1. There is something wrong with it that’s difficult and expensive to fix.
2. The selling agent the vendor has chosen is pretty ordinary.
3. It’s way overpriced for what it offers.

Of the three main reasons the most common reason why a property doesn’t sell is because it’s overpriced and in this case it can take the sales agent several weeks, sometimes several months, to adjust the vendor’s expectations down to fair market value.

Unfortunately for the vendors (but not for buyers) by the time they do this the market perception of the property is that it’s a lemon.

In my experience vendors whose properties were advertised at unrealistically high prices for many months are usually more willing to accept market value when they become tired of the entire selling process. 

In fact buying great properties that started off as overpriced and have been listed for sale for a long time is often where we get some of the best genuine bargains. 

The vendors are usually over the stress, open homes and sales process and if you deploy good negotiation tactics at the right time you can get some great deals.

So don’t be too quick to pass judgement on a property simply on the basis that it’s been sitting on the shelf too long.  It might be what you’re looking for – and at a bargain price too!