Simon’s Town Real Estate News

Drop Prices By 25% The Market Is Dead

According to a memo sent out by Lew Geffen (the head of Sotheby’s Realty).

For your info the following quote:

There are 60% less buyers in the market than recorded at the same time last year. Attendances at showhouses are generally poor (Echoes of Sharpeville) and only when the Agent has convinced the seller to use the most aggressive parameters i.e. 40% below asking price, does the showhouse receive 10 couples or more leading to a subsequent sale. All the guns are loaded against us in this market and it will take your own courage and perspecuity in order to survive.

This morning I told a member of my own family to drop his price by 25% in order to get a quick sale and I would advise you to tell your clients the same.

Interesting times when you are trying to sell a home.