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The upside of downsizing for non-retirees

by ShelMarkblog In Uncategorized

23 November 2017

Real estate writer for CoreLogic, Cameron Kusher and his wife recently sold their five-bedroom house in the suburbs and moved, with their dog, to a three-bedroom ground floor apartment in the inner-city.

Nothing unusual there, except for the fact that Cameron and his wife are not empty-nesters or retirees; to the contrary they plan to have kids one day.

So why did this couple and their dog opt for apartment living at this stage of their lives?

Below are the key points Cameron wrote in his blog about why they made the move …

• When two people and a dog live in a five-bedroom house, it’s a lot of work and there are also a lot of costs associated with maintaining a house of that size.
• They found themselves closing off unused rooms in the house.
• Neither Cameron nor his wife particularly enjoy gardening, so they found maintaining a garden tiresome.
• Cameron travels interstate for work quite often, meaning most of the housework needs to be done on the weekend “when quite honestly, I would rather be doing almost anything else”.

The benefits of downsizing & inner city living according to Cameron:

• Close to all amenities and they can walk everywhere.
• They have an array of restaurants, clubs, bars and cafes on their doorstep.
• They are close to work, meaning they are home much earlier and have more time to enjoy leisure time.

So what about when they decide to start a family?

Cameron writes, “Think of how many families live in the larger European and American cities. You see very few houses anywhere near the city centre.  We chose a unit of a good size, in a building which is predominately lived in by owner occupiers with onsite amenities and directly adjacent to parks and the river and nearby to schools.”

In conclusion, there is no reason why apartment living should not be seen as a viable alternative to detached houses, especially given that it generally comes at a much more affordable price point. This is particularly true for apartment complexes that have been designed with liveability in mind – in terms of product type, product size, local amenities and location.


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Meet the market when pricing your home

by ShelMarkblog In Uncategorized

16 November 2017

The latest data from the Real Estate Institute of WA (REIWA) shows more than half of all sellers in WA (53.4%) have to discount the sales price on their property in order to sell. What’s more, the average amount they’re discounting is 7%.

REIWA President Hayden Groves advises that if you’re on the market or considering selling, you must adapt to the current property conditions.

This is better than dragging it out and eventually discounting in order to meet the market because all that does is extend the timeframe to sell.

The September quarter data revealed that it is taking an average of 70 days to sell, which is almost two and a half months. If you want to beat that average, you need to consider a different pricing strategy.

Here’s what you need to do to achieve a faster sale:

1. Meet the market from the outset – The number one reason a home stays on the market for longer than it should is if prospective buyers consider it over-priced.

For a faster sale, be realistic about the price from the outset. As real estate professionals, we conduct a thorough comparative market analysis before appraising a property and are always honest about a property’s marketplace value. We will never tell someone a price just because we think it will make them happy.

A realistically priced property will attract more buyers and, subsequently, more offers and competition. If you have not had an offer within the first 3 – 4 weeks of your campaign you should consider if the asking price is too high or if the marketing or sales method are not right for your property. A professional agent will always communicate with you openly and honestly and offer the best advice moving forward.

2. Consider an auction – More and more West Australians are showing interest in auctions because of the many benefits associated with this method of selling, including a faster sale. It currently takes an average of 27 days for a seller to secure a buyer when selling at auction.

Selling via auction can help your property stand out from the competition. It can also separate the genuine buyers from those who are just looking.

Click here for another 2 points recommended by Mr Groves.


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Hope returns to Perth property market

by ShelMarkblog In Uncategorized

09 November 2017

Encouraging news just in from the Real Estate Institute of WA (REIWA) indicates that the worst of the Perth property market is now behind us. Preliminary September quarter data has mirrored those in the June quarter and revealed steady or improved levels across most key markets and a general stabilising of the market overall.

REIWA President Hayden Groves said the fact that conditions mirrored those experienced in the June quarter indicates the Perth property market may have finally “found its floor”.

“We’ve observed six months of stable conditions, with both the June and September quarters posting consistent results. Historically, before a market improves there is a sustained period of level stock, sales activity and house prices, which is what we appear to be witnessing at the moment,” said Mr Groves.

Other interesting stats revealed in the preliminary data

Median House Price – $499,000 (expected to rise to $515,000 once all sales have settled. This is $5k more than the median house price in June).

Median Unit Price – $395,000 (expected to rise to $407,000 once all sales have settled. This is on par with the June quarter median unit price).

Sales Activity – Expected to exceed 6,000 once all sales have settled (not far off the 10-year quarterly average of 6,780).

Listings – 13,043 (7.3% lower than listings recorded at the end of June and 7.9% lower than listings recorded at the end of September 2016).

Average days on market – 70 (with fewer sellers needing to reduce their asking price).

Mr Groves said the numbers are promising. “With sales activity trending up and listing levels declining, this has improved net demand across the metro area and contributed to the healthy sales figures we’ve seen this quarter.”

Click here to read the full report.


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Common mistakes buyers make at auctions

by ShelMarkblog In Uncategorized

02 November 2017

With auctions becoming increasingly popular in Perth (and for good reason too) we have been sharing articles recently to educate our subscribers on the sales process that is very popular in other parts of Australia but, until recently, has been largely avoided by Perth home buyers and sellers. This blog highlights the most common mistakes buyers make at an auction.

If you’ve been looking to buy a property for a while and you’ve attended an auction or two you may have witnessed some bad buying behaviour.

Love them or loathe them, auctions present buyers with a level playing field, which is a positive thing. That being said, there are 6 common mistakes buyers make at auctions that you would be wise to avoid.

1. Lack of preparation – There is nothing worse than the hammer falling only to discover that the deposit that’s due or the settlement date that’s required can’t be met.
It is vital to consider all aspects of the auction process before auction day, from how much deposit is required on the day to the agreed settlement terms, the legal review of the contract and determining who will bid and who will sign the contract.

2. Failing to review the contract – Some properties have covenants preventing the new owners from certain activities or making changes to the property. Avoid nasty surprises by reading the contract thoroughly BEFORE bidding on the day.

3. Failing to stay in touch with the agent – Sometimes properties up for auction sell prior to the day if any offers received early are good enough. Without staying in touch with the agent, you could find a sold sticker on the signboard without having had the opportunity to put your best offer forward.

4. Letting emotions rule – Some buyers become overly caught up in the emotion of it all, causing them to become very competitive and potentially end up paying more than they set out to pay. It is very important to have a firm budget in mind and stick to it. If there’s someone at the auction who is happy to pay more, walk away and accept that it wasn’t meant to be.

5. Being too scared to bid – Being intimidated is another common mistake buyers make. Some buyers are too nervous to even put up their hand to bid only to end up regretting it when the home of their dreams sells for a price they would have been happy to pay.

6. Neglecting to arrange unconditional finance – This mistake is probably the worst one a bidder can make because, unlike the process when a home sells by private treaty, auctions require the successful buyer to sign an unconditional contract and pay the deposit on the day. This is regardless of whether the finance has been approved or not. If the buyer is unable to obtain finance they lose the deposit and could even be sued for damages if the vendor suffers any losses associated with the default.

7. Making incorrect assumptions about the Auction process – Many potential bidders think they know how the process is going to unfold and refrain from bidding because they presume one thing or another. For example, ‘you always must be registered to bid’ or ‘dummy bids are allowed’. Talk to the Agent prior to the Auction and ask lots of questions about the process. You may find your presumptions are wrong and you are comfortable to make a bid!

Buyers who succeed at auction are confident in their budget, understand what needs to be done to prepare for the auction, and are confident bidders. These are the 3 keys to bidding like a professional.

 


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