PHOTO: As Australia’s auction clearance rates fall to a dismal 41 per cent, the more stock builds up in the market, and the more options buyers have to choose from.
WANT to know the most dangerous words in the market right now? “Passed in.”
Ever been to an auction where nobody bids? If buyers and sellers can’t agree on a price, the house is passed in. Usually if a house is passed in it remains unsold — sometimes for months.
This is a real estate agent’s nightmare. Their marketing campaign for the house has failed, they don’t get any commission and their client is cross. Worse, they have to keep working on selling the place.
A passed-in house will still be on the market next weekend, when the real estate agent is trying to sell other properties. And the weekend after, as more and more other houses are put up for sale.
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