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IF YOU LOVE IT, SECURE IT!

by ShelMarkblog In Uncategorized

24 September 2016

Time and time again we see buyers miss out on buying the perfect home or investment property to another buyer through procrastination and a few other common traps.

If you’re in the market to buy, there are 6 common traps to avoid. Avoiding these traps will minimise your risk of losing the property you love to another buyer who is faster to act.

  1. Waiting too long to list your own home on the market

Unless you are prepared to run the risk of having to take out expensive bridging finance, it is important to be ready to buy if you’re serious about securing the perfect home. This means having your own home sold or listed on the market for sale so you will have ready access to funds for a deposit on your new home.

  1. Over-shopping

Some people have a tendency to procrastinate when it comes to making a decision. Unfortunately these people often miss out on the property they love because they’ve failed to make a decision before another buyer comes along and takes it off the market.

  1. Failing to secure finance

Shopping around for finance (especially these days when there is so much competition between lenders) and obtaining finance approval can take a considerable amount of time to organise. If you aren’t approved in advance you could miss out on your dream home to another buyer who is. Our best advice is to secure your finance early and obtain a letter of pre-approval from your bank or mortgage broker if you’re serious about buying.

  1. Assuming the market will keep going down

If you wait until you think the market can’t go any lower, you can be almost guaranteed that it will rise and you’ll end up paying more.  The truth is, the only sign we will get if the market is at its lowest point is when it starts to improve. By then it’s too late.

  1. Waiting for a price reduction

Many properties are sold before they have an advertised price reduction, because somebody made an offer and the owner accepted it.  The offer is usually below the asking price, but you won’t see it or get a chance to buy the property.  If you are interested in a property, then you should submit an offer, otherwise you could miss out to the person who steps forward.

  1. Failing to list your details with an agent

Some homes these days are listed for sale without being advertised at all. Registering your details with us, including what you are looking for in a property, allows us to alert you to all the properties (advertised and non-advertised) that match what you’re looking for.

At the end of the day you could be competing with many other buyers for the same property, especially when the marketplace is moving quickly. Being prepared allows you to act decisively. If you love it, secure it before it’s gone.

 


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Meet the market for the best chance at making a sale

by ShelMarkblog In Uncategorized

09 September 2016

According to the latest data from REIWA, 45% of sellers are discounting the price of their property by an average of 7% in order to sell. This indicates that their properties were not accurately priced when listed on the market for sale.

It’s like placing an ad to sell your car. If you don’t do your research and check what similar cars are being sold for (cars with similar mileage and wear and tear as well as the make and model), and you end up listing your car for sale at a price beyond what the market is prepared to pay, then you’ll be lucky to get a single enquiry. Meanwhile the cars that have been realistically priced to sell will be sold before you know it. The same is true for the property market. If you are serious about selling, it’s important that you adapt to the current market conditions. Fail to do this and you’ll end up having to reduce the price to get a sale.

REIWA President Hayden Groves says it’s important to get the price right from the start. “Pricing your property appropriately as soon as it goes on the market is key. The number one reason why a home stays on the market for an extended period is because it’s over-priced. If you want to sell, you need to be realistic about price,” he said.

Pricing your home in accordance with current marketplace conditions will attract more buyers. And when you have more buyers you also have more offers and competition.

Consider an auction

Mr Groves also recommends considering going to auction if you’re having trouble selling and aren’t willing to compromise on the price. Auctions are gaining popularity in WA and are generally a faster way to sell, with properties selling in 28 days on average.

First impressions are everything

When there’s plenty on offer for buyers you need to make sure you take the extra time and care to ensure your home stands out from the crowd. Ask us about our property styling offer, which works wonders in many properties and truly gives them the special touches they were lacking before.

Put things into perspective

When you’re buying and selling at the same time, it’s the changeover cost that is the key to focus on. In other words, if you sell for a little less than you’d hoped, you may find you can buy at a better price than you anticipated. It’s all relative in the end.

Do your homework

Find out how the market is performing in your local area. Do your research online but most importantly, speak to us for an honest, reliable appraisal and discussion about how the local market is really performing (it’s what we do for a living so we know the market in depth).

Mr Groves said, “There are buyers out there and we know that if your property is priced correctly, from the start, it will be snapped up by those eager to buy their first home, trade up or downsize.”


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To sell or not to sell? That is the question!

by ShelMarkblog In Uncategorized

03 September 2016

Have you ever been at the point where you just can’t decide whether or not to sell your home? You may be tossing up the pros and cons of selling right now. Indecisiveness around selling property is much more common than you may think. It is after all one of life’s most major decisions.

If you can’t decide whether or not to sell your property perhaps it may help you in your decision making process to work out your motivation for selling. Below are the top 5 reasons for selling a property, according to realestate.com.au.

  1. Financial

If you’re experiencing financial difficulties and feel overcommitted with debt then it’s best to address this early and proactively rather than wait until things get totally out of hand. The last thing you need is for the bank to make the decision for you.

  1. You’ve outgrown your home or it has outgrown you

Moving to something larger to accommodate a growing family is a very common reason for people selling and moving on. Others decide to extend to give them the extra space and rooms they need, but this option needs to be carefully weighed up as renovating can often end up being more costly than selling and moving. On the other hand you may find yourself in a large family home with only two of you to live in it as the kids have all moved on. Downsizing is another common and very valid reason for selling.

  1. The market is in your favour to sell

Believe it or not, there are distinct advantages to selling in both a strong and a slow market. It is most conducive to sell in a strong market if you’re looking to downsize or buy a property of lesser value. If on the other hand you are aiming to upsize or move to a better area, then that can be a good time to sell too as there will potentially be a smaller gap between the cost to buy and the amount you achieve in the sale.

  1. Change

Are you tired of commuting? Perhaps you’ve been offered a better job at the other end of town. Or maybe you are starting a family and want to move to the area zoned for the school you would like your children to attend. All those reasons are valid reasons to sell.

  1. It just feels right

Selling a home is a very personal decision. Sometimes the motivation to move on is driven more by our emotions than it is by logic. And that’s perfectly fine, as long as you consider the financial aspects as well.

At the end of the day, if you have balanced up all the pros and cons and find the pros for selling outweigh the cons (including emotional reasons), it’s probably a good time to sell.

Contact us if you’d like a current market appraisal on your property, as without the numbers you don’t have the full picture, which would make it impossible to make an educated decision.

 


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