So…how’s the market going? If you own property or are considering buying or selling this is a question that I’m sure you have asked often. The answer to this question is, it depends…..
It would be an understatement to say that home buyers and investors have struggled to secure finance for the past six months or so.
Buying or selling residential real estate is likely to be one of the most emotionally charged transactions you will do in your life.
Once you decide to sell a property any money that you put into the property should be deemed as an investment. This applies even if you have bought an un-renovated property that you intend to sell.
During the sales campaign of your property, the agent will more than likely have to make some recommendations.
Whether these recommendations relate to the market, the price or whether to accept or reject an offer, their significance cannot be understated. On average most people sell real estate every 7 or 8 years.
One of the most commonly asked questions to a real estate agent is when is a good time to buy or sell?
The answer to this question depends greatly on personal circumstances.
Conditioning is one of the real estate industry’s favourite tricks used to get home sellers to lower their price expectations.
If you are aware of it happening, you can protect yourself against it but if you don’t realise that you are being conditioned, you can make decisions that you come to regret.
The internet has just about killed off newspapers world wide. With it has gone the rivers of gold – the classifieds.
Classified advertising for cars, real estate and jobs all underpinned newspaper’s profits.
The rivers of gold for newspapers also created rivers of gold for estate agents. Agents packaged up expensive and largely needless print campaigns that home sellers were convinced to pay for upfront.
It wasn’t so long ago, when a homeowner decided to sell their property the agent would advertise it for the agreed price. The price was set by the agent in consultation with the homeowner.
The advertised price was simply the price the owner wanted – it was straightforward, transparent and honest. Why has the advertised price of many properties today become so misleading?
The goal when you list your home for sale is to achieve the highest possible price for it.
This seems like an obvious goal for any home seller, yet it is often lost during the campaign.
Agents will focus on days on market, clearance rates or the reserve price. None of these indicators should ever supersede the vendor’s ultimate goal,
Who is wandering through your home?
Opening your home for public inspection is one of the worst mistakes you can make when selling your home.
It is always a financial mistake, but it can also be your worst emotional mistake.
You have a much better chance of selling your property quickly and for more if you price it to meet the market in the first weeks of the marketing campaign.
This strategy is much more successful than pricing it high and hoping that someone may pay that ‘premium’ price.
You should always be careful of an unscrupulous agent promising you an unrealistic price.
The best agents keep detailed records of buyers.
Most agents get dozens of enquiries from buyers each month. Some get hundreds. But most don’t keep records of these people – names, enquiry details, email addresses and phone numbers.
Usually these agents do not feel the need because their home sellers pay for advertising.
If there is any unfinished work inside the property – such as skirting boards that have been removed – fix these things.
If there are any obvious minor repairs – such as door handles missing or broken hooks – fix these too.
When interviewing agents to sell your home, the more agents you meet, the more you will be confronted with the dilemma on whether to spend money upfront to advertise your home.
The advertising money is spent and gone regardless of the outcome of your campaign.
When selling a property, most people have two conflicting emotions. They desire a quick sale, but if that is achieved, they fear that the property may have been undersold.
Have you ever wondered why some families are confidently choosing to upgrade their homes in the current market?
Did you know the slowdown in the property market is in fact financially advantageous for homeowners who want to upgrade their homes?
Nearly every buyer asks the question – “Why are the owners selling?” The answer to this seemingly innocent question can have far reaching effects during any negotiation process.
Buyers are always amazed how often an agent will disclose the personal details of their paying client, the homeowner. Innocuous responses such as ‘the owners are going their separate ways’ or ‘they cannot afford to hang onto this investment home anymore’.
You rarely need to spend thousands of dollars to make your home attractive.
Buyers are attracted by the appearance of your property and, when they inspect it, they are influenced by its atmosphere. The right appearance outside, followed by the right mood inside, gives you the best chance to get the highest price.
Quite often when home sellers ask an agent to give them a price estimate on their home, the expectations they have are usually higher than the price the agent is thinking.
Some real estate agents, unlike valuers who are objective, may be tempted to raise their estimate price in order to get the listing.