Look at the value on offer rather than the shortfall on selling. Most vendors have adjusted their price expectations to reflect the market correction. Given interest rates are at historical lows, buyers have not enjoyed such excellent buying conditions in some time. This opportunity can be easily overlooked if one finds themselves obsessing about the decline in their existing property as opposed to the value in the broader market.
Tools, tips, industry knowledge & market trends.
Most people describe a property market as either a buyer’s market (prices going down) or a seller’s market (prices rising). Simply put, one is deemed bad for buyers and one deemed good for sellers and vice versa.
The traditional real estate agent is under attack from the left and the right. On the one hand, companies such as Buy My Place are teaching consumers how to sell without a real estate agent. On the other, UK outfit Purple Bricks hit Sydney in recent times to offer home sellers a real estate agent whose total fees are under $6000.
The traditional full service, full fee agent is coming to realise the real estate office next door and down the road is not their only competition.
Even if you are fiercely determined to avoid being caught up in an auction when buying, you still may find yourself having to bid at one to secure your dream home. At an auction, the property sells to the buyer who submits the final bid above the vendor's reserve price. Most people attend auctions without a bidding strategy.
As more apartments are constructed, many people will be moving into strata living arrangements for the first time. If you are purchasing a strata title property it's crucial that you buy into a good apartment and a well managed building.
The selection of the selling agent is usually decided upon from an interview and/or a sales proposal process. Whether it's an interview or a sales proposal that you are using to determine your agent, neither actually shows the agent in action. Agents are fully rehearsed with scripts and dialogues to ensure a slick presentation when they are being interviewed by sellers.
Real estate agents across the country are increasingly moving towards off market transactions.
Despite the negative talk surrounding property prices in 2016, it is now becoming apparent that what experts warned could happen has not actually happened.
The May interest rate cut has stimulated the Sydney housing market right at the time that many felt the boom was done for.
Many economists will state that this is unhealthy for the economy and they may be right. However, if you are trading in the current market, it is crucial you watch what is happening in the market rather than reading reports on what is expected to happen.
When a property sells for $1 million and later resells for $1.5 million, many people jump to the conclusion that the owners made about $500,000 profit.You often see this type of commentary in the property pages of newspapers about the real estate transactions of sports stars, celebrities and socialites.
During the sales campaign of your property, the agent will more than likely have to make some recommendations.Whether these recommendations relate to the marketing, 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. Being so relatively inexperienced in such an important transaction can be daunting. If you are aware of the key indicators that govern every transaction, it will assist you in determining the merit of your agent's recommendation. .
As the boom fades, the damage and pain caused by underquoting has shifted from buyers to sellers.
In a boom, a low price guide attracts an excess of bidders who all compete vigorously for the home.The sellers end up with a satisfactory price, one buyer gets the home and there are many devastated buyers who line up to have another go next weekend.
What happens when the price guide doesn't attract the promised crowd of bidders? The pain of under quoting is transferred to the seller.
In a rising market, vendors can over-price with minimal risks in doing so.
However, in a normal or falling market, overpricing often leads to underselling.
The opposite is also true: if you price at market price, you increase the chances of selling above market price even if the market is falling or flat. Vendors who list above market price often languish on the market unsold and inadvertently turn the best buyers off their home.