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Keep Your Vendor Discount Low By Pricing Your Property For A Fast Sale

By Angela Hill

If you're looking into selling your property in Brunswick, ensure you apply the right price to your property in order to gather a quick sale – it could end up saving you time and money in the long run.

New analysis from RP Data has highlighted that the longer a property is on the market, the higher the vendor discount level will become.

RP Data researcher Cameron Kusher said that it was imperative that sellers are setting the right price for their homes, in order to encourage a faster sale.

"One of the greatest challenges for vendors is whether to accept an initial offer on their property or whether holding out for a better price is a better strategy," Mr Kusher said in a July 18 statement.

"Holding out for a better price tends to ultimately result in a greater level of discounting."

Mr Kusher said that houses selling within the first 30 days are continually recording lower levels of vendor discount than those on the market longer.

For example, properties that sell in 30 days or less in Melbourne average a 3.8 per cent vendor discount. However, properties on the market for over 120 days reach an average vendor discount of 8.8 per cent – a significant increase over three months.

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