Asking Price vs. Transaction Price:
Asking Price: This is the price the seller sets at the beginning of the marketing process. It can be influenced by several factors, including seller expectations, market trends, and negotiation strategies.
Transaction Price: This is the final price at which the property is sold. It's usually lower than or equal to the asking price due to negotiation between buyer and seller.
Reasons for Higher Asking Prices:
Marketing Strategy: Sellers might list their property with a high asking price to attract interest and create a buffer for negotiation.
Seller Expectations: Sellers might have high expectations for their property's value and set the asking price accordingly.
Market Conditions: In a hot property market, sellers might be more confident in setting a high asking price.
Unrealistic Asking Prices:
Not all high asking prices result in sales. Buyers typically research recent transaction prices to determine a fair offer. Extremely high asking prices might deter potential buyers.
Finding the "Real Price":
There's no single "real price" a seller has in mind. However, here are some ways to get a better idea of market value:
Recent Transactions: Research similar units in The Mornington that have recently sold to understand current market value.
Property Websites: Property portals often list asking prices and transaction prices, allowing for price comparisons.
Engaged a Property Agent: A good property agent can provide valuable insights into market trends, recent transactions, and realistic pricing strategies.
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