Auction rather than fixed price the best strategy
Homes with a price tag are likely to stay on the market for a lot longer and potentially achieve less than they would if the market determined the price, according to Harcourts International managing director Mike Green.
People putting a price on their properties in New Zealand and Australia are not doing themselves any favours in the current climate, where buyers are still cautious and "testing" the market.
"The current real estate market is rapidly changing, very much impacted on by volatile global economic conditions, and the number of properties being listed for sale is lower than usual too so that's adding another dimension, namely a build-up of demand in some areas," Green says.
"Given these circumstances it is particularly difficult for real estate sales professionals to give sellers an accurate appraisal as to what price a home might achieve and so marketing with a price may be unwise."
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