Demand for development zone housing is creating a risk of underselling for the unwary: Geoff Baldwin

Demand for suburban blocks that are zoned for development has risen significantly and owners of these sites should choose their marketing method very carefully or risk underselling.

We are repeatedly seeing owners of potential development blocks being approached directly  by builders and developers with offers to buy their properties. However, in many cases the prices being offered are substantially lower than what they would receive with a professional and targeted marketing campaign.

Often these properties are owned by elderly people who have lived in them for decades and hence they have little concept of the true value so when they are approached with what looks like being a trouble free sale they are trapped into selling cheaply.

Owners of properties in any area that is popular with developers should seek indications of their likely sale price through local agents who have a proven record of achieving good prices for sellers and who have a thorough understanding of how to pitch the property to ensure maximum exposure.

These sites are now in high demand and although developers won’t overpay, it is important that an agent knows how to create competition and hopefully attract multiple offers to ensure the best result is achieved for the seller.