Luxury Atlantic Seaboard ST market now responding to current conditions
Adrian Mauerberger and Cecily Sher, sectional title specialists for Seeff, said that buyers are avoiding overpriced properties and generally becoming more conservative with their offered prices.
“Buyers now have more choice than last year, with more sellers putting up their properties for sale,” said Mauerberger. “The market last year was short of stock, with buyers prepared to pay close to asking price to avoid possibly losing the property.”
According to the agents, while the offers coming in are below asking price, they are market related. “Sellers believe that they can achieve higher prices,” said the agents. “In actual fact the prices coming in are closer to the prices we suggest to our sellers.”
The agents warned that it is time sellers become more negotiable on asking price, or they risk buyers simply walking away. “There now needs to be more balance otherwise sellers are going to sit for longer periods with what they deem ‘unacceptable’ offers while the willing buyers will simply go where sellers are more negotiable,” said the agents.
According to the agents, sellers need to keep in mind that, during a weak economic phase such as the current climate, the first offer might be the only offer right now, never mind a higher one.