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Rising interest rates have slowed the market. Buyers are more cautious than in recent times and there are more houses on the market to choose from. This means that the price of most houses has fallen. Whilst some sellers still want last years price those that are pricing their property well are seeing buyers willing to compete to buy. Sadly I am talking to a lot of sellers who have spent wasted money on advertising their property with a real estate company and yet the house remains unsold. In some cases this amounts to thousands of hard earned, after tax dollars. Some sellers tell me that they don’t mind ‘gambling’ say a few hundred dollars on advertising but are uncertain about what to do when that gamble doesn’t come off.
Others tell me that they failed to read the fine print. They say that they are told that they will only have to pay the advertising when the property sells but the fine print of the agents listing contract states “when sold or withdrawn”. This removes their ability to choose another agent no matter how unsatisfactory the relationship may become. The message is simple. An agency agreement is a legally binding contract. It has been prepared by solicitors to protect the real estate agent that is asking you to sign it. Remember, don’t sign anything with an agent until you have read it and studied the fine print. If you are not a lawyer or are not at least very familiar with the law of contract then insist that the agent sign your agreement (download here ) before you sign theirs. If you would like a real, straight opinion about what your property is worth, whether it is listed by us or not, call the office and ask for either of my sales managers Steve or Terry. After working with them for 12 and 18 years respectively, I am prepared to place my reputation on the line that they will give you a well considered, fair dinkum opinion of value. You will find it so much easier to make objective decisions once you have the bare facts in front of you. Peter Lees |
