Monthly Archives: May 2014

Hello Domain Readers.

 

When people talk about the three P’s of real estate they are referring to “Price, Position and Presentation”. If all these factors align, you will have a sale!

You can not always change the Position of your home however with the right Price and the correct Presentation it will indeed sell. As far as price goes this is based on several factors that your agent will go through with you. Remember though “the greatest homes in the world remain unsold due to price”. However in my mind the most important “P” is presentation!!!

 

I have seen homes sell for well above expectations based on presentation and it is the simplest things that make your home present better and get you those extra $$$$. Things like having lights on in dark rooms, fresh paint on those walls that have scuff marks, neat and tidy gardens with mowed lawns and trimmed bushes. When placing your home on the market just think like a buyer would and you will see the little things you could adjust, buyers often see small things as major times.

 

Every day your house is on the market it is getting seen as a future home for somebody else and like a job interview or looking for a new car, people are judging and comparing your property to other potential homes. Some times “that little paint job” can put you ahead of your competitors.

 

Feel free to ask your agent what they suggest when presenting your home for sale. At the HH office we have a FREE brochure with loads of tips and ideas for getting your home ready to sell. Remember you and your agent are working for the same goal; getting you moved. Your home is your castle and regardless of the Price, Position or Presentation it must be treated like that by your agent. Although sometime every castle does need a little “make-up”.

 

Until next week ……

Hello Domain Readers!

 

This week I thought I would discuss “Open Homes”. For many vendors, an “Open House” or “Open for Inspection” can be a very terrifying process. The thought of having all these people coming through your home can just be too much right?However, in this day and age many people are time poor. You see there could be people who have seen your property advertised in the paper and think “We should go and look at that place”.Things pop up and they never quite get around to organising a time for a viewing. With an Open House, the inspection is already organised for a prospective buyer and chances are they will do everything in their power to come and have a look. A lot of families find Open Homes an easier way to inspect properties too. The traditional Saturday timeslot allows parents to drop the kids at sport or other activities and then come and have a look together.

 

It is true that you may get some neighbours come and have a look through your home but remember neighbours have friends who may be looking to buy. It is also true that you get some very qualified buyers who appreciate the fact that an inspection is a less formal way to have that initial look. There are many pro’s to having an Open Home but if it doesn’t feel right, do not feel pressured that you must have one.

 

Your agent is there to recommend certain ideas when marketing your home but remember at the end of the day the final say is yours!

 

Until next week……

Hello Domain readers.

 

This week in major print media, national radio and television, a lot of coverage has been devoted to the un-affordability in housing in Australia. I read with interest in a major Sydney paper how renting is now un-affordable in Sydney and the dream of owning a home is just that for many people…… a dream! However one point came out of the story which was very similar to what I wrote two weeks ago. It was suggested that many people trying to get into the Sydney market should invest in a rental property in a regional area and use that to eventually buy something in Sydney.

This strategy was reinforced on an ABC radio interview with financial expert Paul Clitheroe. Paul agreed that this is a very good move for a lot of people wanting to break into the city markets.

 

With interest rates at an extremely low level, many people feel that now is a good time to invest in property. So, how does this affect the “home buyer” in Armidale? Well I have seen some shocked looks on faces when buyers realise that the potential repayment on a home loan is could be less than what they pay in rent! The opportunity to own your first home is once again becoming possible especially in Armidale.

 

If you have been sitting on the fence for sometime thinking about buying, but being unsure as to what you should do, just look at the trends that are happening around Australia. There is the very real possibility that you will no doubt face more competition from investors looking to use regional areas as “stepping stones”.

 

If you are in the market to buy a home, go and talk to a lending officer at your bank or credit union or a mortgage broker don’t let the “Australian Dream” become unattainable for you!

 

Until next week…..

 

Views and opinions in this column of those of Luke Fahy and may not reflect those of others.

 

 

 

 

This week I thought I would bring up the topic of “Exclusive Listings” to “Open Listings” (often referred to as Multi Listings).

 

When selling a home many owners will think that an “Open listing” is the way to go. The thought process is usually “We will give it to a few agents and that way there will be more buyers” or “We will give it to a few agents and it will be a race to sell it”. Sadly this is not true at all and often times listing the property with more than one agency is shooting yourself in the foot! Put yourself in the buyer’s shoes …… you drive past a property and see multiple real estate agents “FOR SALE” signs out the front, two things come to mind they are “That house is over priced” or “something must be wrong with that house”.

 

Buyers these days are very well informed and educated and with an “open listing” they will generally shop between the agents that have the home listed and will try and buy it of the cheapest one. What do I mean by this? The buyer will ask agent “A” “What can I get that home for?” agent “A” may say the full asking price that you have it listed for. The buyers will then ask Agent “B” or “C” the same question and that agent may well say $20,000 or $30,000 less (even though that’s your money they are playing with) who will the buyer go through?

 

I remember several years ago when this happened to me.. I ran into the buyer several months later and asked how they were going? They told me that they bought the property I showed them however they got it cheaper with another agent!!! They then told me it was great because they would have paid $30,000 more if they had too. A truly sad story for the vendor of that home.

 

No matter whom you choose when selling your home please GO EXCLUSIVE with that agency. If another agent really does have a buyer for your home that your agency doesn’t, they can do what’s called a “conjunction” in which the agents will split the fee at an agreed amount when settlement occurs. At least you have one agent looking after your needs and there is no conflict of interest.

 

Until Next Week

 

Views and opinions in this column of those of Luke Fahy and may not reflect those of others.

 

 

To renovate or not to renovate? That is the question.

 

With home improvement and reality TV shows such as “The Block” dominating TV ratings around the country, property renovation is at an all time high. But how much is too much?

 

The best way to decideis to go to some local open homes which you can find in the Domain Property Guide. See what is working in other homes in your area and get a general feel for the market place.

Another smart thing to do before you make that weekend trip to the hardware store is to call a Real Estate agent and ask them over for an appraisal. Explain to them what youwant to do and get their thoughts. An experienced real estate agent will be able to offer advice for long and short term results.

Some renovations are not going to get you the profit you are hoping for in the market place. However, if your plan is to stay in your home long term and this renovation is for you to enjoy for the next 10 plus years profit is probably not as important as making a house a home.

 

A quick renovation to try and gain a profit is also caught with risks!! Buyers will know if you have cut corners on your renovation to make a “quick buck” or to cover up faults. Any renovation, regardless of your budget, needs to be done well.

 

In some cases it may be better to sell your un-renovated home and upgrade into a home that is simply “more you” with the renovations complete or a slightly newer propertywithless headaches. Yes you may pay slightly more for these homes however the general rule of thumb is that if you buy and sell in the same market you will be ok.

 

Remember that real estate agents see properties every day and are able to sit down with you and give advice. Don’t be afraid to call and ask for an appraisal even if you have no plans for selling in the near future. The team at Hutchinson and Harlow offer no obligation, free market appraisals.

 

Until next week…..