The asking price for a property is usually based on recommendations by the vendor’s real estate agent.

In some cases the vendor will set a price above their agent’s recommendation. In these circumstances it is usual for the vendor to agree to reduce the price if there is little interest in the property and/or submitted offers are closer to the appraised price than the vendor’s price.

Reputable agents will be able to demonstrate and justify the way they have arrived at the appraised price.