Stories

Buyer Argued That No One Will Offer $1.45mil For My Property. At The End...

Being confident and not easily swayed.

Recently, I was trying to sell a 3-bedroom unit in District 19.

The asking price was $1.45M.

Every weekend, there would be about 5-6 viewers and we did receive a few offers.

And there was a particular buyer who expressed keen interest in the unit.

However, his offer was $1.36M which I kindly rejected as my seller-client was looking at $1.45M.

Buyer viewing property
Buyers viewing the property

"Your Property Is Not Worth $1.45mil!"

Usually most buyers would accept this and move on.

But for this particular buyer was a little different.

He provided various reasons to justify why the unit I am selling is not worth $1.45M.

To be honest, what he said is not wrong.

Looking at past recent transacted prices, a level 6 unit with similar size and facing was sold at $1.33M in Sept 2023.

And for the entire year of 2023 – all the 3-bedroom transactions was between $1.2xM to $1.3xM.

So the buyer was very adamant that it will never hit $1.4xM.

I remembered as we walked to the lift lobby, he exclaimed:

“No buyer will offer your owner the price of $1.45M!”

Past Transacted Prices For 3 Bedroom
Buyer Shared Past Transacted Prices

His confidence and reasoning made the whole situation very interesting for me.

Should I just give up and agree with the buyer and try to influence my seller-client to lower their prices?

On what basis or analysis should I try to back up and hold this price point?

This is where an agent’s experience and confidence is so important.

If I myself am not convinced of the $1.45M price tag, how can I convince buyers?

And that’s why my own research goes deeper than what is obvious.

I also did some research on the surrounding resale condos’ transacted prices.

There is a condo that is located just beside which is 4 years older than the one I am selling.

Surrounding Resale Condo Transacted Prices Have Reached $1.4mil
Surrounding Resale Condo Transacted Prices Have Reached $1.4mil

In 2023, there have already been 4 out of 17 transactions that have hit $1.4xM.

This boosted my confidence because I knew that it’s just a matter of time that we can test this new price level for this condo.

Furthermore, the one I am selling is newer.

At the same time, the unit I am selling is in great condition as the renovation was only 7 years old.

To renovate the unit today, it would easily cost more than $50K.

And that’s why I am not easily swayed by buyers who are doing their best to lower the asking price.

This is why my clients and myself are aligned together and hold on to this price we are looking at.

Property sold at $1,445,000
Property sold at $1,445,000

About 2 weeks later, we managed to secure an offer of $1.445M from another buyer.

During negotiation, a lot of emotions can come out.

A battle of wills, wants and reasonings as one party try to convince the other.

Not easy at all.

So it becomes a matter of belief in the value and price of the particular unit.

And how we should think about the positive selling angle instead on just focusing on the negative aspects.

I sincerely believe that every property has its own value and worth and we should do our best to showcase it.

PS. This was a record price for this development. I think all my clients’ neighbours will be very happy.