“Almost two thirds of Brisbane houses are hitting the market without a price guide, leaving home hunters blind when it comes to making one of the biggest decisions of their lives,” reports realestate.com.au.
It says some 63 per cent of properties are being listed with generic terms in place of a price: “contact agent”, “for sale”, and “submit offers”.
While price guide practices vary across states, the gap between buyer and seller expectations can be significant regardless of location. Domain’s latest Matching Demand report shows a $300,000 gap between buyer searches and listed prices for inner ring houses in Sydney, Melbourne and Brisbane.
Further out it’s a different story, with Brisbane’s gap narrowing to $98,000 in the middle ring and just $29,000 in the outer ring.
But we get it – it’s tough for buyers to offer with confidence in the absence of a price guide.
So why don’t all properties just have a price?
Agents must work within the marketing campaign parameters agreed with the seller. So if a seller wishes to advertise with an “offers above” or “inviting offers” campaign, the agent will need to deliver this.
Another reason can be the market itself. In a fast-growing market like Brisbane, the price a property may have sold for three months ago or even one month ago may be different to what buyers are willing to pay now. Starting a campaign by “inviting offers” gives the agent and buyer feedback on what buyers think the property is worth and they can set a firmer price from there.
So how do you navigate a no-price listing as a buyer?
Talk to the agent and build relationships with other local agents so you can gather some clear market insights.
Ask the agents to share with you how much comparable properties have sold for within the last few weeks and months.
Be clear on your own budget, then you can offer with confidence regardless of the strategy the seller is using.
Ready to put some offers out there? View our current listings for sale or contact us for a chat about anything real estate.
