Daily Archives: July 18, 2010

Price reduction of $230,000?

July 18th 2010

You know the feeling.

You’ve just brought that new 50” Full HD LCD screen and the week after its delivered some glossy junkmail arrives from XYZ electrical retailer (different than where you brought yours) proclaiming that exact same TV now comes with a free/bonus Blue-Ray™ player!

You’d spent hours researching the different brands, brightness, colours and the respective warranties. You’d watched the prices for at least a month. How could this happen.**

But you know what?

You would think when someone is looking to sell their pride and joy, their biggest asset that they would carry out some hours of due diligence beforehand.

Frankly, it seems like many just don’t.

bit of a drop if I dont say so myself.......

bit of a drop if I don't say so myself.......

Otherwise why do we see headers to Real Estate advertisements like this?

When you make your list up selecting what criteria to choose an agent from/by, there is one thing that should be at the top of that list.

And that thing is…..how realistic are they in their appraisal price? Does the agent “buy listings?” Do they have an above average track record of getting the pricing wrong.

In the Nelson Real Estate market, is there any way I can find this sort of info out before hand?

Luckily in regards to New Zealand Real Estate, there is a way you can find this information out.

And as luck would have it, it’s real easy to do.

look for any trends......

look for any trends......

All you have to do is go back over your last 2-4 Property Weeklies / local weekly Real  Estate features.

See if you can spot if there are any trends……….. ie; which person seems to have more than their fair share of “PRICE REDUCED” or “PRICE REDUCTION” stamped across their adds.

....just another coincidence?

....just another coincidence?

Then imagine yourself in the shoes of one of the owners of the homes in that situation.

After all this could very likely be the same situation you will find yourself in, experiencing the type of stress associated with lowering your expectations some weeks down the line from the listing date?

Forewarned is forearmed.

** – as it turns out there are some electrical stores where this sort of thing doesn’t happen, DSE, for example have a 14 day Satsfaction Guarantee policy to alleviate the pain that such a scenario as painted could cause.