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Bid to prevent price guides is excessive Property
by Gold Coast Bulletin columnist and host of Lifestyle Channel Selling Houses Australia Andrew Winter
You will find moves afoot legitimate auctions to quote the best price or perhaps be prosecuted. How ridiculous.
A current article (Under quoting as bad as dummy bidding, Daily Telegraph,[link widoczny dla zalogowanych], on October 6), claimed this terrible modern-day phenomenon should be illegal,[link widoczny dla zalogowanych], home sellers ought to be stopped within their naughty, misleading tracks also it should be banned, like the practice of the auction dummy bid.
What else can we find to legislate on next? Maybe what about sellers that fail to clean their windows to a streak-free finish? Or to hang high those who don't disclose fully -- at the property in the form of an enormous sign -- that maybe,[link widoczny dla zalogowanych], just maybe, there might be several leaves within the gutters from the last bad storm?
We're being a handholding, blame-anyone-except-us society and we need to stop this obsession with needless in most cases unworkable legislation.
A primary reason why the Australian housing market has held on and continued to be the envy of many bigger countries is that we're perceived as a totally free market. Free finance industry is complex and often tricky to resolve, but it does allow relatively easy buying and selling.
But claims that people have to legislate to prevent price guides is Big Brother (no, not the television one) for action on and on too much.
The way it can be compared to dummy bidding I cannot comprehend. Dummy bidding was always a quantifiable direct lie, so was clearly bad practice also it made sense to ban it. However,[link widoczny dla zalogowanych], price guides, no price guides, inflated prices,[link widoczny dla zalogowanych], cheap prices -- it is as much as the vendor. And every buyer is generally also a seller. So please are suffering from all some choice.
Let us consider a vendor who quotes low,[link widoczny dla zalogowanych]. She or he may generate excessive buying interest which could result in heightened demand from buyers and a best selling price way over this figure being quoted,[link widoczny dla zalogowanych].
Now I said could,[link widoczny dla zalogowanych], because for each "could do" will be the scenario where this method of selling just simply fails and falls flat on its face.
The flip side is the fact that buyers just get annoyed and move on. So quoting low can be risky and could create a very slow sale and a low price being achieved.
Exchanging on eBay works exactly the same way where you can buy anything from jousting sticks to some pre-loved Barbie Doll,[link widoczny dla zalogowanych], complete with chewed hair and half a bikini at increments of 50 or lower.
Now I realise medieval weaponry and children toys are not as important as the sale of the family McMansion but no one would reason that these things require legislation to avoid disappointment from those who lose out at bidding time.
I do understand a buyer frustration only at that. But it is forget about frustrating than no price guide at all. That is a practice I thoroughly dislike, however i don want to buy made illegal with all participants given a damn good thrashing.
The pricing strategy requires consideration. Both you and your agent have to discuss, research and analyse your local market and compare your property to others available on the market of a similar ilk to get a feel for which you should be requesting.
You may choose a variety of options, as well as change those options during the sales campaign. Buyers need to comprehend that certain day the shoe will be on their foot plus they too will need all possibilities for them.
If any legislative changes are essential, they must be to create residential property law/ auction procedures the same across the country,[link widoczny dla zalogowanych], since it is the differences between states that is in which the real confusion and misunderstandings occur.
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