After months of preparation and hard work, your house is on the market with the help of your local real estate agent. Depending on market conditions, the quality of your preparation and advertising, and just general luck, there are various ways the sale of your house can go down. Some houses may go quickly and some slower, both manners can be good or bad and this will rely on the circumstances and your personal requirements for the sale. Your local real estate agent will do everything they can to assist you with your sale, but it’s always useful to be aware of the kinds of people that may come knocking at your door to live in it.
Recent research on home sellers’ perceptions of real estate agents has uncovered some great information for both sellers and agents – some surprising, and some downright shocking.
Here are ten of our favourite stats from the report. Hopefully they’ll help you when choosing an agent when to decide that you’re ready to sell
Spring is known for being real estate’s busiest season. Buying and selling numbers go up by more than double compared to June and July, usually peaking in the October-December period.
If you’re thinking about putting your home on the market, now is the time to act.
The key to making the most of the spring selling season is preparation. Here are three reasons why getting in early will help you reap better rewards.
Selling your home? Don’t fall into these common traps!
In this post, we take a look at some of the mistakes we come across most often. If you’re guilty of one or more, don’t feel bad – most of them come down to human nature. Just remember to keep an eye on yourself (or your other half!) before signing away your home.
Selecting a real estate agent to help sell your home is a tough decision. It’s equal parts business and personal – you want someone who knows the industry and will work hard for you, but you also want someone who ‘gets’ you and is easy to deal with.
We’ve put together a quick guide on the common factors that usually affect this decision. Have a read!
Here’s some good news: Brisbane is expected to overtake Sydney and Melbourne as the hottest area for property buyers in 2015.
While the big southern centres are predicted to see a bit of a slowdown, Brisbane’s growth is expected to increase by 4-5% while still remaining affordable – especially compared to Sydney and Melbourne, whose median prices are much higher (up to 70%!) across the board.
Low interest rates and land prices coupled with healthy interstate migration and a relative glut of inner-city highrises means the property market in Brisbane is suited to buyers and investors at all levels – particularly in the middle to upper categories.
Click through to find out more about why 2015 will be the year for buying property in Brisbane. Read more
At some stage, your home may well be too small or big for your needs. Or perhaps the size is right, but you want to live in a neighbourhood with better amenities or in a suburb with excellent schools for the kids. If you’re paying off a home loan for a house located in an area experiencing solid capital growth, you may even make a profit when you sell!
According to the most recent RP Data Pain and Gain report, 91 percent of all home re-sales during the second quarter earned a gross profit.
In fact, nearly one in three (30.5 percent) of home sellers at least doubled their purchase amount when re-selling! Referring to this bracket of sales, RP Data elaborated:
“The gross profit on these re-sales was $14.4 billion and the average gross profit per profit making transaction was $225,830.”
Are you living in a hot spot?
RP Data analysed re-sale statistics in states’ capital cities and regional areas. The area with the lowest proportion of re-sales that made a loss was Sydney (2.7 percent), followed by Perth (4.8 percent) and regional Northern Territory (6.4 percent).
In regional Western Australia, 43.4 percent of homes sold during the June quarter made a profit of 100 percent or greater, followed by Perth (40.3 percent), Melbourne (36.8 percent), Darwin (34.5 percent) and regional Northern Territory (33.9 percent).
So if you’re living in any of these locations, there’s a strong chance you could profit when you sell. But what about on a more local scale?
It’s hurtling towards Christmas. What’s normally the domain of department stores – to ram Christmas prematurely down your throat – should remain so, but since Spring is almost here, and for those of you who like to be organised, now is a great time to buy or sell. If that’s in your game plan..
For example … If you list in September. You sell in October. You settle in November. Pray your new home move-in date coincides. And that’s a good case-scenario.
Virtually everyone who is even remotely thinking about buying or selling wants to settle before Christmas. It’s like the world stops on this date.
So, we don’t wish to come across as alarmist, but seriously, if you’re thinking of selling, you should be hard-at-it getting your property presented in its best light to list it soon.
Typically, Spring is boom-time for this sector with much buying and selling activity ramping up around now. Gardens start to come back to life. The winds die-down. The mornings are delightful. And who doesn’t feel more motivated with the commencement of this glorious season.
And by the way, with this week’s ‘most liveable cities in the world’ report listing Brisbane at a lowly number 20 (it ranked Melbourne, Sydney, Adelaide and Perth in the top 10) we’ve got something to say about that.
We officially poo-poo you, The Economist Intelligence Unit’s Global Liveability Ranking for listing Brisbane as the 20th most liveable city in the world. Well, just a bit. But not completely, because it allows us to continue to tell our southern friends: “You could never get a house like this in Sydney or Melbourne for this price.”
Although The Economist Intelligence Unit’s Global Liveability Ranking places Brisbane at number 20 – for misdemeanours in infrastructure and education – it’s still pretty good, considering the report covered 140 counties.
So, if you’re thinking of buying or selling and looking for more bang-for-your buck than Sydney or Melbourne could ever deliver, then think … the Brisbane property market. Christmas will be here before you know it!
IMAGINE walking into a clothing store to buy a new shirt or dress, only to find that none of the items have price tags on them. When you ask staff how much the clothes cost, they refuse to tell you, explaining that by law, they are unable to discuss what anything might be worth.
The only way you can buy clothes is to outbid the other customers in the store, but if you’re anything like me, you have no idea whether a T-shirt is worth $10 or $200. You check a few nearby stores to get an idea of what the clothes might be worth, but they have no price tags either. You search the clothing brands online, but again, nothing.
You then find out the government has passed legislation to outlaw retail prices being disclosed before you buy, in order to benefit … the customers.
It sounds ridiculous, but something similar may soon happen in Queensland. However, rather than being on a trivial financial decision like clothes, the government is considering proposed legislation to ban price guides on properties going to auction, which would affect the biggest financial decision of people’s lives.
The Property Occupations Bill aims to separate the real estate industry from the motor industry in Queensland; an overhaul that is very much needed. However, some parts of the bill need work, because banning property price guides makes no sense.
Designed to combat the already illegal practice of underquoting, in which an agent tries to drum up competition by telling buyers the property is likely to sell for lower than it will, the legislation would cut all price communication between buyer and agent.
Most house hunters see agents as a valuable source of advice on their local real estate market. Without their help, you may as well be Ray Charles picking a new wall colour from a paint swatch.
Sellers might be all smiles, but buyers will be in the dark.
We all know the housing market is moving fast right now and when you find the right property, chances are, you’re not the only one who thinks so. So how do you go about securing ‘the one’ amongst what is sometimes fierce competition?
Firstly, and obviously, remember the golden rule of non-attachment when house hunting. Getting overly emotional about a property can be recipe for spending more than you planned.
Secondly, always have your finance pre-approved, your lawyer ready to go and your building and pest inspection company lined up. But you know that, right?
When making an offer in this market you must always consider that you may not be the only one doing so. In the biz this is called a multiple offer and when this happens, the reality is you shouldn’t hold out for a bargain.
Your first task is to talk to the agent and tell them you’d like to make an offer. Don’t be fearful about this step. You need to reveal your hand at some point. When more than one offer comes in for a property, the agent will have each buyer complete an acknowledgement of multiple offer form.
When it comes to multiple offers, you get to make your best offer once, and once only. There will be no counter-offer when multiple offers are placed on a property.
Don’t hope for negotiation. Offer your highest price.
But here’s where it gets a bit tricky landing your target. With the market moving as it is, many properties will be listed as, price by negotiation. This will tell you that the agent is uncertain of the property’s value and is gathering direct market feedback.
Don’t let a listing of price by negotiation put you off. Be as educated as you can be about prices in the area and put your best offer forward.
Also know that agents are obliged by law to submit all offers to vendors and sometimes vendors will choose an offer not solely based on price, they may choose a family over an investor, for example.
So if you find the perfect place, grit your teeth, make an offer and get on the multiple offer ride. You never know where it may take you.