Pricing property during and post-Covid 19 is determined upon a few factors. First of all, the most important thing to consider is the motivation of the seller. In my opinion, as I have closely observed buyer behavior during the 2007 crash and then the price spikes we saw 2015 onwards there is much to be learned from these times.
How the buyers react to the market is a determining factor in what’s ahead. You see there is no agent that can manufacture buyers. We are hired to market and expose the property, respond in a timely fashion, collaborate with other agents receive offers and negotiate without losing a very good potential buyer. Finally, advise their clients. The job goes on from there to monitoring the inspection and then transaction coordination. An agent does not have the ability to find a buyer in the market by pricing a property too high in a volatile market, like we have now, a market that is going to turn affirmatively into a buyers market, this is a job we can not take lightly.
It is not a time to test the market with high priced property and try to see what happens. Especially when selling the property is necessary and timely for the owner, as time goes by the price may or may not pick up and it may not be worth the risk, as potential loss may outweigh the potential gain and risk element for some.
These times are defining how we conduct business and before this change settles in there maybe a cost to this adjustment we need to be aware of now more than ever