Buying real estate is the most significant purchase many people make in their lives. It can take months to find the dream home. If you stay at it long enough though, you will find the one! The grind of giving up your weekends traipsing around inspections is over.
Tools, tips, industry knowledge & market trends.
When a Federal Election rolls around, pundits, commentators and the public ponder the likely impact on the real estate market. Traditionally, an election date is set about six weeks out and that is the duration of the campaign.
This is most absurd marketing method of all
Given the dominant reach of the internet and the cost effectiveness of its service, it begs the question:
'Why would real estate agents continue to persevere with expensive print campaigns?'
One real estate agent in Melbourne recently reported how a developer client insisted on a large newspaper campaign. The client spent $30,000 over a three week period. The response was one direct phone call as a result of the entire print advertising campaign!
Deciding whether to accept or decline an offer can be the most challenging of times for owners. There is no rule book to follow on how to play the offer scenario when it arises. Receiving an offer is good news when selling as it means there is interest in your home. But no one wants to undersell either.
It leads back to a simple question with a complicated answer – how do we extract the best price without losing the buyer?
Whilst there are no certainties in a real estate negotiation, there are some principles that will help guide you through the process.
In most cases, one makes a move to improve their personal circumstance. But what if it does not? What if the move is a mistake? The transaction costs are non-refundable. Furthermore, you could be faced with the unfortunate situation whereby you either transact again (burning more equity) or stay in a property that you are unhappy in.
As many baby boomers make the decision in the next decade to downgrade from the family home, many will face the challenge of making the right move.
The simple task of selecting an agent to sell your home can become problematic very quickly. Whilst there will be many agents who pitch for your business, knowing which agent is the right agent won't necessarily be a straight-forward decision. Selecting the right agent becomes all the more challenging if you don't know how to identify a good real estate agent from one that over-promises and under-delivers.
When it comes to investing in real estate, the greatest fear after buying the wrong property is selecting the wrong agent to manage the property. Many investors have found that it is better and safer to actually self-manage their property. However, this is not always a practical solution for investors and therefore finding the right agent is imperative.
As thousands of apartments currently under construction across Sydney complete in the next 12 months, many investors (speculators) will aim to exit (dump) their off plan purchase.
The reason for wanting to exit the purchase may have been pre-planned or it may be due to a change in circumstances since they initially put their deposit down.
Whatever the reason for wanting to resell the off plan purchase, one thing is for certain. Buying off the plan is easier than selling off the plan.
While our current real estate market may have some more price growth left in it, according to many experts who study the relevant economic indicators, we are now entering into a 'fully priced to overpriced' phase. This suggests that a market correction may occur in the not too distant future.
Where do you invest your money? It's the question that has investors stumped. Returns on bank deposits are non-existent, residential investors are faced with net returns of 2-3% as home buyers drive prices up & share prices look fully loaded.
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, yet it can be the focus of the agent if you allow it to be.
Extracting the best offering in the market.
Finding value in a real estate market that has been rising for two years seems optimistic. Value can be extracted in many more ways than just buying at a low price. Indeed, there are not too many (if any) sales happening at a low price.
Even though the market is fully priced, there are still opportunities galore in this low interest rate environment.
First Home Buyers