New research has highlighted the importance of setting the right price for your property, in order to save yourself both time and money.
According to recent analysis by RP Data, the quicker a home sells, the less vendor discount is incurred. So setting your property value at the right price can help you to sell your home faster, resulting in a more tolerable discount.
Cameron Kusher, an RP Data researcher, said in a July 18 statement that one of the biggest challenges facing vendors is whether to settle for an initial offer or hold out for a potentially better one.
"Getting the price right in the first place is imperative – you can sell quicker and move on to your next property. Holding out for a better price tends to ultimately result in a greater level of discounting," Mr Kusher said.
For example, in Melbourne the vendor discount for a home on the market for less than 30 days averages 3.8 per cent. After 120 days on the market, this discount skyrockets to 8.8 per cent.
His knowledge of historical and current trends and clearance rates will help you to properly value your home – hopefully avoiding extended periods on the market and an increasing vendor discount price.