Business as usual.

Last night I had a long chat with a close friend who is considering buying a property tomorrow at auction (not through me). My first question was ‘what is the agent saying?’
 
Before he answered I knew what was coming, it was a familiar story….according to the agent interest in the property was just ok (down played), maybe two or three interested parties (probably more like 6-7) and the owners wanted it sold (ummm yeah). Price guide is $1Million (reserve probably $1.3M).
 
Gaaawd, does anyone else find it exhausting? My tip, if you are looking in this market you really need to follow the form and work out which agents are ok and which ones are just not cool. Bait pricing has made a comeback and its coming to a street near you.
 
Is there anything more frustrating than seeing a good property go on the market with a 2010 price guide and then listening to a bumbling sales person at the open house say ‘ummm who knows in this market?’ Hmmm great question, who could know? Maybe someone who works in the market every day and tracks sales? Gosh, if only such a person existed…
 
To save yourself time and energy I suggest you do your research and monitor what agents say and then compare it to what the property eventually sells for….you will see a trend.
 
To quote President George W Bush ‘fool me once, shame on — shame on you. Fool me — you can't get fooled again' (I’m aware that doesn’t really fit here but he actually said that).
 
If you don’t have time to do the research or track agents maybe consider using a buyer’s agent, there are a few good ones around (we can tell you who they are).
 
Until next week, 

David Murphy