Who Controls Property Prices
Property prices are controlled by real estate agents, true or false?
In my opinion sellers need to be aware that agents mostly do control prices
Agents when listing a property for sale are obligated to provide evidence of the most recent similar properties that are for sale and also sold
However this is where it starts and ends with most agents, and the price they suggest listing a property at is based on using this information only
Supply and demand is a simple principle in the pricing of any product in any industry. Everyone knows it....the higher the demand and lower the supply, prices must rise. Lower demand and higher supply they stagnate and retract
Why is it then, in the strong rising market we are currently experiencing not just in Kingscliff but also throughout most of the country, that most agents don't factor into their pricing where the market has or is heading to over and above the most recent sale prices?
Probably because they have no vision, so it is easier to price at the last sale price of a similar property, not above it, and as a result achieve a quick and easy sale
As real estate agents we are being entrusted by a seller to achieve the highest price possible, therefore we have to be capable in our professional role to at least make an attempt to do so, and price properties accordingly.