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Would you buy old fruit?

By Dan Sowden

The next time you walk through the supermarket aisle, consider what you would pay for a piece of fruit that has been sitting on the shelf that little bit longer then it should?

We all go down the fruit aisle we often pick up that apple or avocado and give it the squeeze test… Is it ripe? Is it too hard, too soft of just right?

The reality is that we are all very selective about where we spend our money. Heavens the prices of avocados seems to rise and fall like like the value of bitcoins.

As buyers in the property market we demonstrate similar behavior to the supermarket ‘squeeze test’. Let me show you how; Let’s assume you see a property on the market and its listed in your price range for say $725,000 and you are wanting to buy it, what would you pay for it given the 3 scenarios below.

  1. You see the property in the first week it’s been on the market?
  2. You have seen it on the market for around 3 months, then you decide to buy it?
  3. You have seen it on the market for around 6 months, then you decide to buy it?

The reality is that most buyers will pay more for a property the fresher it is to the market. The same property on the market for 5 days as opposed to 5 months is worth a lot more.The psychology suggests that the longer a home is on the market the less it’s worth.

When it comes time to selling; be sure to give considered thought to your strategy and expected selling time. In some markets you might have to work harder to achieve a sale in good time.

In the end, your marketing agent should be providing you with recommendations on how to ‘collapse’ the time frame on market and ensure your home is sold before it spends a little too long on the shelf.

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