The importance of Property Data with respect to ‘Days on Market’

Property data shows the best opportunity to achieve the maximum price when selling your home is within the first 3 weeks of the campaign.

Property data will also prove if your property is marketed correctly, it should draw enough interest and traffic to create a sense of excitement and urgency with buyers and encourage them to inspect and make an offer. With multiple buyers competing for your home you have literally created your own ‘seller’s market.’ And more often than not the initial offers received will fall within the asking range and sometimes even above the asking price range as a ‘hot’ buyer just has to have this property that everyone else seems to be so interested in.

Property data shows that 80% of buyers who will view your home on the internet will do so within the first 1-2 weeks through an extensive and engaging real estate marketing campaign. Therefore this is the best window of opportunity to engage all interested parties at once and create a sense of urgency around your home.

The most important thing when selling a home is being well informed of your property’s valuation and having a good selling agent on your side providing honest and accurate advice.

With market sentiment continually fluctuating, property data shows the biggest mistake home sellers can make is being too greedy on price and by doing so risk ‘missing the boat’ as the same 80% of buyers who will view the property in the first 2 weeks will fail to see value for money and continue on with their search until they find a property that jumps out at them representing realistic or perceived value for money.

If buyers cannot see value in your property then it has just become a useful tool or exercise for your competition i.e. other comparable properties to sell before yours and by then ‘the ship would have set sail’ as they say! From here, it then becomes a race to try and catch the market which is speeding away faster than first expected.

Property data in most cases will indicate that properties which are on the market for more than 4 weeks will sell for less than the initial estimation of valuation at the commencement of their respective campaigns.

What this exemplifies for home sellers is if you are thinking of selling make sure you are extremely well educated and honest with what the market could expect to pay for your home. It is then upto a reputable selling agent to maximise the true potential and value of your home with an extensive and professional marketing campaign along with excellent negotiation skills applied to each and every interested buyer.

Vendor Marketing – Melbourne’s most qualified vendor advocates, specialises in both property marketing and real estate agent selection for property sellers within Melbourne, therefore we are highly qualified to independently assess property data in relation to your property.