Start of selling process: What should I expect?

[waltzer]

Hi, guidance from anyone who has it appreciated on my current situation.
My apartment has been on the market since last week. I know, not long and the market is slow. I have had 3 viewers this week who were all very interested the estate agent says. How long should I expect to wait to receive a bid? Is there a strategy buyers use? I bought this apartment from new so don't know how the buying side works in a bid situation.
Also, do estate agents always come back with positive feedback from viewings or do they give it when it's negative. I know that the EA knows I love my apartment and maybe loathe to say anything bad about it.

 

[Steve D]

Depending upon where it is and how keenly it is priced, it may take a long time to get an offer. In the current market some properties have been on the market for 6 months and have reduced their asking prices by 20% and still have not had an offer!

 

[waltzer]

It's in Dublin and I would say keenly priced. I discussed the valuation with EA just 2 weeks ago, so I would say it is pretty close to a 'current' market value. Put another way, if I had sold last year, I would have been expecting to go with an MV of about 30k higher based on selling prices at that time.

 

[robd]

How long's a piece of string?

I'd say every EA is different and every Buyer has a different strategy, maybe no strategy at all. Also, every property and area is different. What's prob more important is that you have a Sales Stategy.

e.g.

What to do if I get offered the asking price this week. What to do if I get no offer after X weeks. What to do if I get an offer of X under the asking price now or in X weeks etc. etc.

 

[Niallm]

Being an ftb myself. I want a bargain and I would not offer the asking price even if I really liked a place I have offered 5k below. If they don’t take it well I have loads to choose from and I move on

I have talked to a lot of EA and most of them will tell if there has been any offers on a place and what price

I laughed at one house started at 345000 they got a offer 330000 and said no 6 months later and no more offers .we put a offer on 317500 and they said no but they would take 330000

Now we got a even better house in a better area for 305000.

The choice is there for buyer if they do offer consider carefully

 

[waltzer]

That wasn't quite my question Niallm, I'm pretty well up on the state of the market at the moment and wanted some input as to the process itself. But thanks for the input anyway. Glad you feel you got a good deal on your property and best of luck with it.