Why do some properties sell and others don't?
In any high-demand you'd expect everything to sell. And yet some properties sit on the market for many months, sometimes years. The reasons are usually the same - unrealistic pricing, whether that's an owner who can't afford to drop, an agent who overvalued to win the instruction, or simply a mismatch between what the seller expects and what a buyer is prepared to pay.
Every buyer looking at an unrenovated property is doing the same calculation before they make an offer, what will it cost to bring this up to the standard I want, how long will that take, and perhaps more importantly in today's market, who will I get to do it?
If the purchase price doesn't leave enough room for that, they move on. Understanding what renovation costs look like in today's market, and how that affects what a buyer will pay, is something we can help you work through before you decide on a price. As we also work in renovations we can estimate the renovation costs and work backwards together to establish a sensible price point, this does often help to give a price and also offer the service to carry out the works, taking care of 2 big objections in one.
On the other side of the coin, a well-presented, recently renovated or move-in ready property commands a significant premium, and should be priced to reflect that. Buyers in this market will pay more to avoid the disruption of works, and a correctly priced turnkey property in a sought-after urbanisation like Quinta Jacintina will attract serious interest quickly. The key is knowing exactly where your property sits on that spectrum, and pricing it accordingly from day one.
Thinking about a quicker exit?
If speed matters more than achieving the best price, selling to a developer is an option, but it comes with a clear trade-off. Developers will only buy if there's profit in it for them, which means pricing aggressively. You can sell off-market and move quickly, but you will sell for less. For some owners that's the right decision, we'll give you an honest view on both scenarios.
The bottom line is always the same, at the right price any property regardless of condition will sell, but quite often that price is not the price sellers want!