[Investment Property] Display or Withhold Sold Price for Maximum Returns

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  fedwood on 14/07/2015 - 08:43

  Why would it matter to anyone what you paid for the property when it comes to selling?

  The place will sell for whatever people are willing to pay for it at the time. No one looks at the past price and says "i'm not gonna buy because this guy is gonna make too much profit".

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  sachz on 14/07/2015 - 08:59

  +1

  why do u consider 18% higher than asking price to be OK? because the sales agent told you so. I SURE HOPE NOT.

  its common practice in auctions for agents to say, buyers guide above $500k (lets say), where they and every chump knows it wont sell for $500k but a lot more, but if u r the only buyer there u can surely get it for $501k.

  were there 100 people fighting for the one property?

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    johndowy on 14/07/2015 - 11:20

    Wait. He said 18% from the asking price. Is that 18% below or above? I assumed it was below, given the current house market conditions.

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      blitzzbargain on 14/07/2015 - 11:25

      Above the asking price which I reckon was too low (based on my research)

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    DealzEddy123 on 14/07/2015 - 11:21

    lol maybe he meant 18% less than asking price…

    because… if they're asking for a particular price… wouldn't u just pay the price they asked for… not more? lol!

    It's whoever can put down the first deposit for the asking price.

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    blitzzbargain on 14/07/2015 - 11:24

    I did my research before I was willing to pay 18% above the asking price. What I understood the asking price was too low and I might be paying a maximum of 10K more that what the vendor was willing to sell at (it is just my speculation).
    I think people are still looking at how much the person was paying before determining how much they are willing to pay.

    It was open on Saturday and sold it on Monday. From what I understand, there are around 30+ group on the open inspection and it was 4 offers on the table and another 7 enquiries (offers via emails).

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    stratbargain on 14/07/2015 - 12:23

    "but if u r the only buyer there u can surely get it for $501k."

    Not true. They might say '500k and above' as a guide but chances of you getting it for 501 even if you're the only interest would be next to none.

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      sachz on 14/07/2015 - 17:05

      depends if its a depressed / forced sale.

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  hellbound on 14/07/2015 - 09:21

  +4

  As said, it really wont make a difference to perspective buyers when it comes to selling.
  Also, the REA still has to report the selling price to the government, so the price shows up in an REIV report regardless.

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  dasher86 on 14/07/2015 - 09:35

  +1

  When purchasing my apartment i used sold price to help determine what i was willing to pay.

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  bl1027 on 14/07/2015 - 13:46

  Of course you should display the sold price, considering it was 18% higher than the asking.

  The sold price becomes the floor price for other future sales in your area. This is how the price of housing gets bid up.

  When researching how much to pay for a house, people usually look at the prices of comparable houses in the area. So if prospective buyers can see the prices steadily increase, then they are more likely to pay a higher price for yours.

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  [Deactivated] on 14/07/2015 - 16:39

  As everyone stated here, buyers will pay market value. Not what you purchased it for.
  Contradicting to what I'm writing, I would be more concerned if the house I am buying is valued at less than the previous price (Ohh its gone down… must be haunted!).

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  Sweetnsour on 15/07/2015 - 08:04

  If you dont plan to sell in near short term, it wont matter either way. If you did sell in say 6 months time, as a buyer I would want to see what you paid before and use that as a guide for an offer.