Tips, trends, warnings and advice

Tips, trends, warnings and advice

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With Robert returning today, it’s Steve and Richard’s last chance to throw a few more thoughts your way. So next week, watch out for more contentious and newsworthy journalism. Good luck out there to our vendors and purchasers alike. We wish you happy property hunting as we move into Spring.

Tim Mooney Photography

www.timmooneyphotography.com

RICHARD’S FIVE REAL ESTATE TIPS

•Investment tip of the month – without doubt, Holsworthy is now flush with bargains. Nice semi-rural setting although there may be a few local security issues.

•Interest rates on hold for the last time? – It’s probably a fair call. Although this is a negative thought for most, it is a positive sign for boosting the real estate market. We are at the bottom and the only way is up, so there is no reason for buyers to delay purchasing. Our banks are over it and they want to make money, so watch-out!

•Potential vendors, if you plan to sell in the next 12 months, I think the time is now! Buyers are screaming for more choice and they will to commit to a purchase. With less property on the market, buyers are forced to compete; simple forces of supply and demand apply, so sale prices will be higher this quarter. Interest rates are still very low and ‘the media’ hasn’t started its next wave of negative real estate commentary, which is sure to happen when the inevitable inflationary spike eventuates.

•Don’t let your agent under-quote your property in this market, claiming this is the best way to drive the price up, or blaming the tough market. The reality is, that although prices are firming, the market is still soft and more than ever, every buyer wants real value for money. No buyer today wants to believe that they paid the asking price in this market. Every agent will have excellent comparable sales to determine and justify a strong value for the property they represent, which every good buyer needs to appreciate.

•To determine the best agent to sell your property, the most important question is: “Tell me the strategies you will use to achieve the highest possible price and what do you do differently from other agents?” Today, more than ever, the difference between a good and poor result will cost you up to 20%. So, by choosing the wrong agent and agency, you could be risking hundreds of thousands of dollars. Any agent can quote a potential high sale price, but if they cannot convince you how and why they will achieve that price, then it won’t happen in the market.

HOT REAL ESTATE TIPS FROM STEPHEN PATRICK

•Timing – It is vitally important to get the selling period right when putting your property on the market. In suburbs like Mosman, many families have weekend properties or holiday homes that they head off to for the school holidays. Hence, on the Lower North Shore, our open inspection numbers can drop by over 50% during school holidays. So if we have an extensive marketing programme booked, we make sure that it falls between school holiday periods.

•Presentation – This can make a huge difference. For example, if the furniture in the house has been bashed to bits by your kids over the last 20 years, it may make the house look old and tired. It is often hugely successful to rent new furniture for a 4-week marketing period to maximise your price. Obviously the flooring and paint on the walls also have to be in good order to set off the furniture. This presentation can make a huge difference to the end price.

•Concept Plans – For properties that are under-developed, where there is extensive potential to extend and upgrade, we often have an architect draw up concept plans to give buyers ideas of what can be done to fully maximise the property’s potential. Fabulous computer images cam be produced to help buyers visualise the property on completion.

•Facts & Features – Many quality homes have numerous features of interest to buyers – too many to list on a standard sales brochure. With so many available choices of tiles, stones, c-bus systems etc. it is important to transfer all the information to the buyer when they are considering the property. All the extra quality features in the property substantiate the high price expectations. A house that cost $1m to build can seem an exact replica of a $2m home of higher quality with extra technology, but much of the extra cost is hidden unless we specifically let buyers know.

•Landscaping and Gardening – It is also important to have your gardens in order. The front entrance is particularly important to create that very important ‘first impression’.

•A Makeover – Can work wonders and this could include the cleaning of tiled/sandstone paths, a house wash and new colourful plants added to the garden. There are several companies who will do this at a very competitive price.

Kindest regards and good luck!

Stephen Patrick (Principal) & Richard Simeon (Director)

For this week’s recorded Mosman real estate, Cremorne real estate, Neutral Bay real estate and Cammeray real estate sales www.rwm.com.au/news/

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