tag:blogger.com,1999:blog-64845730040350624702024-03-29T04:53:14.019-07:00Sydney property blogAnonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-6484573004035062470.post-82509595268642230382014-05-16T00:00:00.002-07:002014-05-16T00:00:54.148-07:00Buy first or sell first?
<span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;">Question:
Do you buy first and take the risk of selling under pressure – or do you sell
first and take the risk of being stranded without a home?<o:p></o:p></span></span><br />
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;"><o:p> </o:p></span></span><span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;">As with
most things in life, there is no easy answer here; each strategy involves risk.
And in the back of most people’s minds is that when the property market
changes, it changes quickly and unforeseen events can trigger immediate effects
to market sentiment. <o:p></o:p></span></span></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;"><o:p> </o:p></span></span><span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;">If you buy
first (and you are upsizing) you are taking a considerable risk – if the market
changes or your property doesn’t sell easily then it can be a financial
disaster. <o:p></o:p></span></span></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;"><o:p> </o:p></span></span><span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;">On the
other hand, if you sell and then nothing comes up that is suitable, you may
face the dreaded prospect of having two moves. This can be incredibly
inconvenient and of course expensive.<o:p></o:p></span></span></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;"><o:p> </o:p></span></span><span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;">Second
question: What would be worse?<o:p></o:p></span></span></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;"><o:p> </o:p></span></span><span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;">If you
have the stomach to buy first – the key to safety is to be conservative ie.
under-estimate the likely sale value and allow for longer time on market of
your current property; and overestimate the costs associated with buying your
new home.<o:p></o:p></span></span></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;"><o:p> </o:p></span></span><span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;">In this
market, people are becoming increasingly risk adverse and this is largely due
to the extraordinary conditions we have experienced of late. However – this is
not a normal market and at some point it will change. Stories of people being
caught out and having to use bridging finance are rare these days, but it
wasn’t long ago when it was a common occurrence.<o:p></o:p></span></span></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;"><o:p> </o:p></span></span><span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;">If like
me, you are a fiscal conservative then I would suggest a different path and
sell first. It’s a seller’s market so when you sell you have more leeway to
dictate terms – not just on price but also on settlement. The best outcome is
to sell with no pressure, secure the best price and elect for a 12-16 week
settlement. This extra time gives you certainty on your sale price and ample
time to find a new home. <o:p></o:p></span></span></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;"><o:p> </o:p></span></span><span class="s5"><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-weight: bold;">It might
sound like boring advice but I say play it safe.</span></span><o:p></o:p></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span style="font-family: "Calibri","sans-serif";"><o:p> </o:p></span><span class="s6"><b><i><span style="font-family: "Calibri","sans-serif";">David Murphy owns an independent
real estate agency in Sydney’s lower north shore – feel free to call on </span></i></b></span><a href="tel:02%209968%202088"><b><i><span style="font-family: "Calibri","sans-serif";"><span style="color: blue;">02
9968 2088</span></span></i></b></a><span class="s6"><b><i><span style="font-family: "Calibri","sans-serif";"> or
email with questions </span></i></b></span><a href="mailto:david@davidmurphy.com.au"><span class="s7"><b><i><span style="font-family: "Calibri","sans-serif"; text-decoration: none; text-underline: none;"><span style="color: blue;">david@davidmurphy.com.au</span></span></i></b></span></a></div>
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<span style="font-family: "Calibri","sans-serif";"><o:p></o:p></span> </div>
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Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com504tag:blogger.com,1999:blog-6484573004035062470.post-23548393394903203122014-03-16T21:28:00.000-07:002014-03-16T21:29:52.926-07:00Beware the building inspector <span style="font-family: "Calibri","sans-serif";">Buying a house is terrifying. House hunting is
difficult in any market but in the current market it’s basically the quick and
the dead.<o:p></o:p></span><br />
<span style="font-family: "Calibri","sans-serif";"></span><br />
<span style="font-family: "Calibri","sans-serif";">Once you find the right property, you have to perform
your due diligence with lightning speed. We all know of stories of people being
99% the way there, another buyer swoops at the very last minute and the
property is lost.<o:p></o:p></span><br />
<span style="font-family: "Calibri","sans-serif";"></span><br />
<span style="font-family: "Calibri","sans-serif";">The one part of the process that often scuttles a sale
is the building and pest inspection. The elation of finding the right home is
often met with the horror of a written fault report on your dream home.
Inspection reports even on the best homes never read well.<o:p></o:p></span><br />
<br />
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<span style="font-family: "Calibri","sans-serif";"><o:p> </o:p></span><span style="font-family: "Calibri","sans-serif";">Building inspectors have a pretty tough gig and the
legal exposure for them is frightening. In approximately one hour they have to
determine whether a building is structurally sound, if termites are present and
if there are going to be any major issues in the future. If you read a report
these days, it is basically one very big disclaimer with a few comments thrown
in. In many cases the reports are useless. Recently my wife and I bought a
house and we didn’t even read the report; I rang the inspector (who I know and
trust) and asked ‘if you were me, would you buy it?’ he said ‘yes’. SOLD! <o:p></o:p></span></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span style="font-family: "Calibri","sans-serif";">Every house in the country has faults that a building
inspector will find. Common things we see are rising damp in walls, inadequate
sub-floor ventilation, past termite damage, settlement cracks etc. Often people
attempt to re-negotiate an agreed sale price because of these findings, which
in my opinion is simply unreasonable. <o:p></o:p></span></div>
<span style="font-family: "Calibri","sans-serif";"></span><br />
<span style="font-family: "Calibri","sans-serif";">My advice would be that the things you really need to
look out for are major issues like structural problems, live pests and safety
hazards. These are the things that can cost a small fortune to address and by
addressing them you are not adding value you are simply restoring it. This
needs to be factored into the price and I believe it’s reasonable to expect
that.<o:p></o:p></span><br />
<span style="font-family: "Calibri","sans-serif";"></span><br />
<span style="font-family: "Calibri","sans-serif";">If you are looking for the perfect home, you won’t find
it. The best thing you can do is get a good inspector that you can trust and
one that will talk to you. We are happy to recommend some – and we do not
receive any kickbacks from any of them. <o:p></o:p></span><br />
<br />
<span style="font-family: "Calibri","sans-serif";"><o:p><div class="s4" style="margin: 0cm 0cm 0pt;">
<span class="s6"><b><i><span style="font-family: "Calibri","sans-serif";">David Murphy owns an independent real estate agency in Sydney’s lower north shore – feel free to call ON </span></i></b></span><a href="tel:02%209968%202088"><b><i><span style="font-family: "Calibri","sans-serif";"><span style="color: blue;">02 9968 2088</span></span></i></b></a><span class="s6"><b><i><span style="font-family: "Calibri","sans-serif";"> or email with questions</span></i></b></span><a href="mailto:questionsdavid@davidmurphy.com.au"><span class="s7"><b><i><span style="font-family: "Calibri","sans-serif"; text-decoration: none; text-underline: none;"><span style="color: blue;">david@davidmurphy.com.au</span></span></i></b></span></a></div>
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Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com189tag:blogger.com,1999:blog-6484573004035062470.post-24395390385419095262014-02-25T16:54:00.001-08:002014-02-25T16:54:49.315-08:00Proper Management<span class="s3"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Property management is a very tough
business…hot water systems seem to know the worst possible time to explode
and tenants seem to vacate just when everything seems to be going like
clockwork.</span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span><br />
<span class="s3"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"></span></span><br />
<span class="s3"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Everybody has a story about a bad experience
with a property manager. Whether it’s a neglected tenant or a landlord that is
shocked to find their property hasn’t been cared for. It's never-ending.
Now I understand why this is, and the answer is simple - too many
properties and not enough property managers.</span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span><br />
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span class="s3"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">About 18 months ago we decided to take
the leap from being a busy ‘sales only’ office and hired a superb property
manager to start a brand new rent roll. Thankfully
- and through a lot of hard work - our rent roll has grown fast, and we
now have a property management department we are proud of.</span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<br />
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<span class="s3"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">The
typical agency model however, of having hundreds of
properties on a rent roll and one or two people managing it is plain madness.
Presiding over a rent roll is like being in air traffic control - lots of
things happening all at once and if you miss something it can turn into an
absolute disaster. Of course you have to make a profit, but when
things go wrong in this business they can go very wrong. And this should be
considered when you go to lease your property out.</span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">I</span><span class="s3"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">f you are looking for an investment property
or already have one, then you need to be aware of the structure of the business
that is managing the property on your behalf.
Before appointing a property manager you should ask the agent for
references from current landlords. In fact, the best way to do this is to ask
for a list of rental properties and select two or three at random.</span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span class="s3"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">I’m surprised by how many people tell me they
aren’t happy with their property manager but don’t want to move the management
because it may upset the tenant! If you are not happy then your tenant is
probably unhappy as well.</span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<br />
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<span class="s3"><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">If you cant find a good property
manager, manage it yourself and if you cant manage it yourself make
sure you find a good property manager.</span></span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
<br />
<div class="s4" style="margin: 0cm 0cm 0pt;">
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span><span class="s6"><b><i><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">David Murphy owns an independent real estate
agency in Sydney’s lower north shore – feel free to call ON </span></i></b></span><a href="tel:02%209968%202088"><b><i><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="color: blue;">02 9968 2088</span></span></i></b></a><span class="s6"><b><i><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> or email with questions </span></i></b></span><a href="mailto:david@davidmurphy.com.au"><span class="s7"><b><i><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; text-decoration: none; text-underline: none;"><span style="color: blue;">david@davidmurphy.com.au</span></span></i></b></span></a><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com115tag:blogger.com,1999:blog-6484573004035062470.post-68243349938655337712014-01-16T16:44:00.003-08:002014-01-16T16:44:34.090-08:00Private property<div class="MsoPlainText">
<span style="font-size: 12.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Recently whilst enjoying a coffee with friends I was asked ‘what
is the most important factor when it comes to real estate?’ The first thing
that comes to mind is of course location. In a city with very limited land available,
that’s a given. <o:p></o:p></span></div>
<div class="MsoPlainText">
<br /></div>
<div class="MsoPlainText">
<span style="font-size: 12.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Apart from location there is one other factor think makes an enormous
difference to a property’s value – and that is privacy. Put simply, we all want
to live near everything but we don’t want it to feel like we do. Location and privacy
are inextricably linked; it’s often the properties in the most popular location
that have the greatest privacy challenges.<o:p></o:p></span></div>
<div class="MsoPlainText">
<br /></div>
<div class="MsoPlainText">
<span style="font-size: 12.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">In all my years of selling property, I have to say that one of the
most challenging obstacles to overcome when selling a home is when the property
is overlooked by another property (or several others). I remember marketing a
beautiful multi-million dollar home in Mosman a few years ago that was heavily
overlooked by units and when I took the buyers out to the back garden there
were people on a balcony listening to music and smoking. This resulted in the
buyers asking the dreaded real estate question 'do you have anything else?'<o:p></o:p></span></div>
<div class="MsoPlainText">
<br /></div>
<div class="MsoPlainText">
<span style="font-size: 12.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The good news is that if you are thinking of selling, renting or
renovating and you have some privacy concerns, there are all sorts of things
you can do to counter the issue. In gardens, the obvious answer is landscaping
– a nice hedge can instantly change the atmosphere of your outdoor area. In
apartments, blinds or frosted glass can keep the natural light coming in and
keep peering eyes out. <o:p></o:p></span></div>
<div class="MsoPlainText">
<br /></div>
<div class="MsoPlainText">
<span style="font-size: 12.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The key to ensuring you achieve the greatest value for your
property is making sure that it appeals to as many potential buyers as possible
– and a major part of this is maximising the feeling of privacy and seclusion.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
<b><i><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">David
Murphy owns an independent real estate agency in Sydney’s lower north shore –
feel free to call ON 02 9968 2088 or email with questions </span></i></b><span lang="EN-US"><b><i><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"><a href="mailto:david@davidmurphy.com.au">david@davidmurphy.com.au</a></span></i></b></span><b><i><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;"> <o:p></o:p></span></i></b></div>
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Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com115tag:blogger.com,1999:blog-6484573004035062470.post-4576507880805982172013-12-02T22:08:00.001-08:002013-12-02T22:08:50.529-08:00'Tis the season<!--[if gte mso 9]><xml>
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<![endif]--><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">It’s that time of year
again, where all of the promises we make to ourselves about how much we will
eat (or drink) are forgotten, where busy families re-unite for a traditional
roast meal on a scorching hot summer’s day and celebrate Christmas. What a
fantastic time of year it is and probably the right time for most of us to
remind ourselves just how lucky we are to live in this beautiful city. </span>
<br />
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">Since starting my real
estate career in 1999 this has been one of the most extraordinary years I have
seen in the domestic property market. In December 2012, the property market was
soft, average times on market were prolonged, clearance rates were hovering
around 45% and the overall sentiment was negative.</span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">What a difference a year
makes…</span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">2013 has seen the
property market roar back to life. Self-managed super funds, overseas buyers
and record low interest rates have helped to fuel a boom with new price levels
being tested and an average clearance rate of around 80%.</span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">Apart from fundamentals,
it has to be said that there is something in the Australian psyche about the
desire to own your own home and an un-waivering belief that property will
always go up in the long term. The one thing I have heard all year is people
saying ‘if you are going to live in it for a long time, don’t worry too much
about the price.’</span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">If you believe what’s in the
media, 2014 promises to be another big year for real estate. SQM’s Louis
Christopher has forecasted 15-20% gains for Sydney; and St George banks CEO
George Frazis recently commented on prices saying ‘you have got to remember
we’ve had 10 years of very subdued activity, particularly in NSW, so theres a
lot of catch up occurring.’</span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">One thing this year has
proven is that predicting the future is impossible. But isn’t it nice to be
heading into the season where friends and family take front seat and
predictions on property prices fade into the background.</span></div>
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<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">On a personal note I
would like to thank all of my <a href="http://www.blogger.com/null" name="_GoBack"></a>friends, family and clients
for their support this year and wish everyone a very Merry Christmas and a safe
and happy new year in 2014. </span></div>
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<b><i><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial;">David Murphy owns an independent real estate agency
in Sydney’s lower north shore – feel free to call ON 02 9968 2088 or email with
questions </span></i></b><span lang="EN-US"><a href="mailto:david@davidmurphy.com.au"><b><i><span style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial;">david@davidmurphy.com.au</span></i></b></a></span></div>
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Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com99tag:blogger.com,1999:blog-6484573004035062470.post-87160615417259395342013-10-14T18:48:00.000-07:002013-10-14T18:48:04.626-07:00Don't hide the price.<span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial;"><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">When
you list your home for sale or auction it makes perfect sense to display a
price guide. Recent research from <a href="http://realestate.com.au/"><span style="color: blue;">realestate.com.au</span></a>
has indicated that properties with a price guide receive 66% more views than
properties without. This data is quite consistent from surveys done years ago
in the newspapers which suggested that if you had no price guide, you could
lose 50% of the buyer enquiry on your property (yes…buyers used to look for
properties in the newspaper).<u5:p></u5:p><o:p></o:p></span><br />
<span style="font-family: Times New Roman;">
</span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">So
why do so many properties get listed without a price guide? Some agents suggest
that listing without a price allows the market to determine the value. In my
experience, this strategy often leads to inconclusive open homes with a lot of
the wrong buyers coming. Many sellers are reluctant to list with a price
because they don’t want to limit what they could get. This is a fair point,
however if you have a price indication you are ensuring that the people that
turn up on Saturday are the right buyers (ie can afford the property) and have
some idea of what you are looking for. And you can always update the price
guide if necessary.<u5:p></u5:p><o:p></o:p></span><br />
<span style="font-family: Times New Roman;">
</span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">Common
sense is often elusive in real estate. When you sell, it’s basically a process
of price discovery - if you do not attract interest with a price guide then you
have a very clear market reaction. On the other hand, if you have multiple
interested buyers then you also have a clear market reaction. The strategy from
there is up to you and your agent.<u5:p></u5:p><o:p></o:p></span><br />
<span style="font-family: Times New Roman;">
</span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">One
warning that should be heeded is to avoid over pricing your property. I would
go as far to say that the only thing worse than no price is a price that is too
high. Why? When your property hits the market it is worth the most in the first
few weeks of listing; it's fresh and all of the best buyers want to see it. If
you list at too high a price you may repel the best buyers and have to lower
the price – clearly this will send a negative signal and potentially attract
buyers looking for a 'bargain'.<u5:p></u5:p><o:p></o:p></span><br />
<span style="font-family: Times New Roman;">
</span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">The
other thing to consider in the digital age is your digital footprint. In his
recent (excellent) book ‘Real Estate Uncovered’ property writer Peter O’Malley
refers to the importance of being aware of your digital footprint. The internet
never forgets and potential buyers are likely to google your property - if they
see it's been for sale for a while at different price points this will
certainly weaken your negotiating position.<u5:p></u5:p><o:p></o:p></span><br />
<span style="font-family: Times New Roman;">
</span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">Ask
yourself when you are looking to buy, which properties do you pay most
attention to? A major law of marketing is to make your product easy to buy,
this seems like common sense to me.<u5:p></u5:p><o:p></o:p></span></span> </span><span style="font-family: Arial, Helvetica, sans-serif;"><b><i><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial;">David Murphy owns an independent real estate agency
in Sydney’s lower north shore – feel free to call ON 02 9968 2088 or email with
questions </span></i></b><span lang="EN-US" style="font-family: "Calibri","sans-serif";"><a href="mailto:david@davidmurphy.com.au"><b><i><span style="mso-bidi-font-family: Arial;"><span style="color: blue;">david@davidmurphy.com.au</span></span></i></b></a></span></span><b><i><span lang="EN-US" style="font-family: "Calibri","sans-serif"; mso-bidi-font-family: Arial;">
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<u5:p></u5:p><u5:p></u5:p>Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com82tag:blogger.com,1999:blog-6484573004035062470.post-43712061388865454892013-09-15T18:01:00.001-07:002013-09-15T18:01:46.755-07:00Getting gazumped.
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">By
definition getting ‘gazumped’ means when you have a verbal agreement with a
seller of a property, another buyer then offers more and then you are informed
that the property has been sold. You have not been given the chance to match or
better the offer, gazumped. Heartbreaking.<o:p></o:p></span><br />
<br />
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">According
to research the average home buyer searches for approx 85 days before signing
on the dotted line. Saturdays are ruined with frustration, traffic jams and false
advertising. The amount of time and money that is wasted is on searching for
property simply staggering.<o:p></o:p></span></div>
<br />
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">When
you actually find the right home the feeling is indescribable. It really stuck
with me when recently a client of ours said to me ‘the moment I walked in the
door I just knew this was my new home, after 6 months of looking I knew immediately.’
<o:p></o:p></span></div>
<br />
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p> </o:p></span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">If
finding the right home is a great feeling then being gazumped is the absolute opposite.
Admittedly, agents often deal with buyers without remorse but the fact is at
the moment it’s a sellers market and as a buyer you are very vulnerable.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">Until
the contract is physically exchanged the property is on the public market. A
verbal agreement is not legally binding and until exchange both you and the
seller can pull out of the deal without penalty. Sometimes just before exchange
buyers find a better home at a better price and change their minds, equally
sometimes sellers get made a last minute offer that is much better and have the
right to take it. <o:p></o:p></span></div>
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">An
ethical agent (and seller) will normally give the original buyer the
opportunity to match or better the new offer but this often doesn’t happen.
This is a critical point, if another buyer makes a better offer and you are
given the chance to match it and you refuse – you haven’t been gazumped, you
have been out bid. Its easy to slam the owners for reneging on a deal but ask
yourself what you would do if you were about to sell for $1.1Million and then
you were offered another $50,000? <o:p></o:p></span><br />
<br />
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p> </o:p></span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">By
law estate agents must submit all offers to their clients and for some mystical
reason whenever a property is close to being sold more buyers seem to come out
of the woodwork. Recently we had a large prestigious home for sale for 5 months
with no interest, finally a buyer showed up…2 days later another appeared and suddenly
it was a heated battle to secure the property.<o:p></o:p></span></div>
<br />
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p> </o:p></span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">So
what’s the solution? Be prepared, have your finances in order and when you see
the home you want don’t haggle too much. I know dozens of people that regret
missing the right property over a few thousand dollars and very few that regret
paying a premium for their dream home.<o:p></o:p></span></div>
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Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com125tag:blogger.com,1999:blog-6484573004035062470.post-73341797758024712172013-08-18T19:45:00.001-07:002013-08-18T19:45:49.212-07:00Boom or bubble?<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">Earlier
in the year I saw the property writer Terry Ryder speak at a training
conference and he openly declared to the audience that house prices were about to
rise, I have to admit I didn’t believe him. Ryder spoke of a rise in residential
rents and sales activity, an increase in investment loan applications and a
general improvement in sentiment and so on….it turns out he was 100% right.</span>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">There
is no doubt that the freight train that is the Sydney property market has been
on the move this year and prices in many areas have sky rocketed. I have been
selling property for over 15 years and the current climate reminds me of mid 2003
when the market was on fire (late 2003 was very different).</span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">High
auction clearance rates, packed open houses and lightning fast sales are all
hallmarks of a white hot property market…hang on…I’m a bit confused?</span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">On
one hand we read that the Australian economy is in a precarious position and on
the other property prices are soaring?! China is slowing down meaning the faster
part of our 2 speed economy is in danger. Shouldn’t this mean we should all be
a little cautious?</span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">The
bulls say that there is a shortage of property and new housing and as a result
prices will continue to rise. The bears on the other hand point to housing
affordability in comparison to global markets and point out how far prices
could fall here.</span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">One
thing is certain, predicting what will happen in the future is impossible but
in my humble opinion I think we should all be a little bit careful. Low
interest rates are tempting buyers into the market but my guess is that they
won’t be at record lows forever. I’m certainly no economist but if the job
market is softening, China is slowing and rates have never been lower you
should have a good think before you sign on the dotted line.</span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">There
is never a bad time to buy a family home that you can afford but affording it
means factoring in that things will change, that’s one prediction that I am
happy to make.</span></div>
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<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">David
Murphy owns an independent real estate agency in Sydney’s lower north shore –
feel free to call ON 02 9968 2088 or email with questions </span></i></b><span lang="EN-US"><a href="mailto:david@davidmurphy.com.au"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">david@davidmurphy.com.au</span></i></b></a></span></div>
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Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com36tag:blogger.com,1999:blog-6484573004035062470.post-63043049292504355022013-06-19T00:22:00.004-07:002013-06-19T00:25:17.644-07:00Try before you sell<!--[if gte mso 9]><xml>
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<![endif]--><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">If
you were going to buy a car, you wouldn’t dream of handing over the money
before you took it for a drive…so why wouldn’t you test a real estate agent
before you hired them?</span>
<br />
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<br /></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">It
is often estimated that the difference between a good agent and a bad agent can
be the difference of 5-10% on your sale price, if you look at the average cost
of property in Sydney then that’s a huge difference to what may or may not get.</span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">How
do you ‘test drive’ an agent? How do you really know who your hiring? Sure,
when the agent came in to meet you they were charming, said hi to the kids,
patted the dog and made you feel wonderful about your home but is this really
the same person that is going to be talking to the potential buyers when you
are not there?</span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">How
do you find out? Easy…before you choose an agent just pretend you are a buyer.
It stands to reason that a good selling agent will be good to buyers, they will
follow up and point out positives for the properties they are selling. Believe
it or not, a lot of agents don’t even call the buyers that come through your
open house…fact.</span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">Before
even inviting an agent to discuss your home or investment property call a few
agents and ask them about a property they are selling – its crucial that you
don’t tell them that you are a potential seller! Ask questions like ‘why are
the owners selling?’ How much is it? And perhaps the best one of all ‘what do
you think they would take?.’ Just by asking these simple questions you will
really get a feel for what kind of agent they are. Many agents will say things
like they have bought another house, they have to sell, it’s a divorce, the
price is a probably a bit high etc etc…..at this stage alarm bells should start
ringing.</span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">After
you have narrowed down to 2 or 3 agents that pass the above test, go and visit
an open house, assess how the property is presented, how the agent is presented
and then simply wait…did they call you back?</span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">Warning
this type of mystery shopping may shock you, so be prepared. </span></div>
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<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">David
Murphy owns an independent real estate agency in Sydney’s lower north shore –
feel free to call ON 02 9968 2088 or email with questions </span></i></b><span lang="EN-US"><a href="mailto:david@davidmurphy.com.au"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">david@davidmurphy.com.au</span></i></b></a></span></div>
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<span lang="EN-US"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 11.0pt;"> </span></i></b></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;"> </span></i></b></div>
Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com30tag:blogger.com,1999:blog-6484573004035062470.post-1675620311328914172013-05-23T17:33:00.000-07:002013-05-23T17:33:27.982-07:00Avoiding the buyer blues...
<span lang="EN-US" style="font-family: "Arial","sans-serif";"><span style="font-family: Arial, Helvetica, sans-serif;">Most
of the articles we have written in the past have been focused on helping people
who want to sell. That’s probably no accident as real estate agents (myself
included) are obsessed about helping and finding sellers.<o:p></o:p></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";"></span></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif";"><span style="font-family: Arial, Helvetica, sans-serif;">This
month I wanted to write something that focused on arguably the most mistreated and
neglected creature in the real estate market – the buyer.<o:p></o:p></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-US" style="font-family: "Arial","sans-serif";">If
you are a buyer out there in today’s market, I don’t envy you. The market is white
hot, agents are back to boom time attitudes and it’s almost impossible to work
out what a property is worth let alone what it looks like in real life (thanks
to wide angle lenses). <o:p></o:p></span></span></div>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";"><span style="font-family: Arial, Helvetica, sans-serif;">Let’s
face it – it’s a sellers’ market, and unfortunately if you’re a buyer, that makes
life pretty tough. So where do we start?<o:p></o:p></span></span></div>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";"><span style="font-family: Arial, Helvetica, sans-serif;">Firstly,
if you are looking to buy a home or an investment property – research is paramount.
In my view, the best thing you can do is choose an area and get to know it inside
out. It’s very difficult, and can be a disservice, to compare apartments in
Kirribilli to houses in Killarney Heights – it will just confuse you. Find out
what key attributes affect values; for example, being close to the train
station in Waverton is as important as being near a ferry wharf in Neutral Bay.
Researching a specific area will empower you to make a quick buying decision
when you find the right property – and believe me, in this market you have to
be quick.<o:p></o:p></span></span></div>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";"><span style="font-family: Arial, Helvetica, sans-serif;">Secondly,
get ready <i style="mso-bidi-font-style: normal;">before</i> you start looking.
Ensure your finances are in order and have a good conveyancer and/or solicitor
ready to go. The best buyers get the best properties and that’s because they
are ready. It’s no secret that sellers and agents won’t wait if there is a
‘bird in the hand.’<o:p></o:p></span></span></div>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";"><span style="font-family: Arial, Helvetica, sans-serif;">Finally,
get realistic. Often people talk about sellers being unrealistic but there are
a lot of buyers walking around week in and week out looking for a property at a
price that doesn’t exist in the current market. Subscribe to house price
reports, keep track of recent sales, and I’m sad to say this but be skeptical
about what selling agents say with price guides. If it sounds too cheap to be
true, then it probably is.<o:p></o:p></span></span></div>
<span style="font-family: Arial, Helvetica, sans-serif;">
</span><span lang="EN-US" style="font-family: "Arial","sans-serif";"><br /><span style="font-family: Arial, Helvetica, sans-serif;">
If you look in a specific area and a particular price range, it won’t be long
before you are very familiar with that part of the market. And if you know your
stuff and are ready to buy you will invariably save yourself months of
heartache and hard earned savings (eg you won’t be spending money doing due
diligence on properties that you can’t afford</span><a href="http://www.blogger.com/null" name="_GoBack"></a><span style="font-family: Arial, Helvetica, sans-serif;">).<o:p></o:p></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">
</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-US" style="font-family: "Arial","sans-serif";"><o:p> </o:p></span><span lang="EN-US" style="font-family: "Arial","sans-serif";">A
final word: be patient and be prepared to pay a good price for a good property
-<span style="mso-spacerun: yes;"> </span>if you don’t someone else will!</span></span></div>
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<br />
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<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10pt;">David
Murphy owns an independent real estate agency in Sydney’s lower north shore –
feel free to call ON 02 9968 2088 or email with questions </span></i></b><span lang="EN-US"><a href="mailto:david@davidmurphy.com.au"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><span style="color: blue;">david@davidmurphy.com.au</span></span></i></b></a></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10pt;"> <o:p></o:p></span></i></b></div>
Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com3tag:blogger.com,1999:blog-6484573004035062470.post-54741400647416270892013-04-25T19:22:00.001-07:002013-04-25T19:22:44.892-07:00Working out what work to do.<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;">One
question we are commonly asked by clients is ‘how much should we spend on the
house before we sell?.’ </span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;"><o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;">Obviously
every case is different but generally speaking people need to be very careful
with this as we often see thousands sometimes tens of thousands of dollars
wasted on pre-sale renovations. <o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;">In
my experience there are 2 types of properties that attract alot of interest and
get high prices in Sydney, renovated homes and un-renovated homes. </span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;"><o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;">If
you own a classic period home on a good street that hasn’t had any work done to
it in decades chances are you are going to have hordes of interested young
couples that have watched television shows like ‘The Block’ and they will be
champing at the bit to<span style="mso-spacerun: yes;"> </span>create their own
dream home. Suffice to say many of these young couples have never been through
a renovation and often have no idea of the cost both in time & money a
renovation requires. All of this amounts to potential packed homes selling for
top dollar in the current market.</span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;"><o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;">On
the other hand a recently renovated home with all of the ‘bells & whistles’
will attract buyers (many of whom who <i style="mso-bidi-font-style: normal;">have</i>
renovated before!) that will pay a premium for a completed product. The catch
here is that Sydney-siders will pay handsomely for quality but will turn their
nose up at cheap renovations, good properties get good prices.</span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;"><o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;">There
is a third type of property and that is the ‘in-betweener.’ These properties
have often had bits & pieces done over time, maybe an extension in the
70’s, a pool in the 80’s, a bathroom in the 90’s and so on. Its this category
where people have to be careful. If your home is like many Australian homes
that is a patchwork of renovations and you want to sell be extremely careful
before you spend vast sums of money on modernising the property.</span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;"><o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;">The
fundamentals have changed with time for example open plan is in, formal dining
is out. If your property has a dated floor-plan then spending $30,000 on a new
kitchen could be a complete waste of money. Our office once sold a house in the
prestigious harbourside suburb of Clifton Gardens and the owners insisted on
replacing the kitchen before sale. The purchaser was<span style="mso-spacerun: yes;"> </span>a young cashed (or perhaps mortgaged) up
executive who had grand renovation plans.....1 week after settlement the former
owners drove past and there was most of the kitchen – on the nature strip.</span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;"><o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;">When
you go to sell your home, presentation is key but that doesnt mean renovation.
Focus on making your home welcoming & make sure it sparkles. Tidy up the
front garden, plant some flowers, consider painting, lose the heavy old
curtains that prevent natural light from coming into your home and clean those
windows!<o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;"><o:p>Y</o:p></span><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;">ou
will be surprised by what clever tidying up will do to the impression that your
home makes rather than trying to guess what the next generation wants in their
kitchen.</span><br />
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;"><o:p></o:p></span><br />
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt; mso-bidi-font-family: Arial;">David Murphy owns an independent real estate agency
in Sydney’s lower north shore – feel free to call ON 02 9968 2088 or email with
questions </span></i></b><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt;"><a href="mailto:david@davidmurphy.com.au"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="mso-bidi-font-family: Arial;"><span style="color: blue;">david@davidmurphy.com.au</span></span></i></b></a></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11pt; mso-bidi-font-family: Arial;"> <o:p></o:p></span></i></b><br />
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Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com3tag:blogger.com,1999:blog-6484573004035062470.post-26482117108973992122013-03-25T20:53:00.001-07:002013-03-25T20:53:33.365-07:00Look before you leap...
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">Before
a real estate agent can show prospective purchasers (legally) through your home
there are two pieces of paperwork that you need to have in place. The first is
a contract of sale, which is normally prepared by a solicitor or conveyancer –
on rare occasions people opt to do their own legal work (it was Lincoln who
famously said ‘He who represents himself has a fool for a client!’).<o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">The
second piece of paperwork is called an agency agreement. These agreements
confirm the terms under which your agent has been appointed and legally
authorize the agent to perform duties on your behalf.<o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">But
be warned. These agency agreements are designed solely for the protection of
the agent, not you. <o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">In
real estate, it’s all about getting the listing. If you work as a selling agent
you simply have to get listings or you will not survive. The Sydney market is
one of the best in the world so it stands to reason that if you can find and
secure stock (ie properties) you will make sales.<span style="mso-spacerun: yes;"> </span>Not surprisingly, the competition amongst
agents for listings is fierce.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">What
many sellers don’t realise is that the agreement you sign with an agent is a
very powerful document. And surprisingly, many people don’t read the whole
document – until it’s too late. On one hand, I’m not surprised that this
happens as an average agency agreement is about four pages in small print.
However, you simply must know what you are signing before you sign it!<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">What
can go wrong? Plenty. We regularly meet consumers that signed an agreement with
an agent without realising that even if their property didn’t sell they would
be slugged for thousands of dollars in expenses. We also meet people who sign
agreements with agents that have exclusive periods (ie only that particular
agent is permitted to sell the property) that exceed <b style="mso-bidi-font-weight: normal;">four months</b>. Which raises the obvious question: if an agent is
promising you that they already have buyers and will sell your house in two
weeks, why on earth are they asking you to sign a 16 week agreement? <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">A
very well known ‘premium’ franchise signs people up from 30 days prior to the
auction and then 90 days after the auction. Why? Why do they need 90 days after
the auction if they’re so confident that it will sell either prior to or at the
auction? Very good question…and this is where it gets interesting or sinister –
depending on how you are looking at it. <o:p></o:p></span></div>
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">No
matter what you have been promised by the agent prior to signing the agreement
– once you have signed the agreement, you are trapped. It’s very common to hear
people say the agent was great and then the minute they signed, things changed
and the agent started talking the price down. <o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p> </o:p></span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">It’s
worth asking your agent if they’d be prepared to add a dismissal clause to the
agreement – stating that if you, the seller, are not happy with the service,
the agent will cancel the agreement within three days of being notified in
writing. If they are not prepared to add the clause, then you have to ask
yourself why not?<o:p></o:p></span></div>
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">When
you sign with an agent, the high point of the relationship shouldn’t be when
they get your signature, but rather when contracts are exchanged for a price
you’re delighted with.</span><br />
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p></o:p></span><br />
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<br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10pt;">David
Murphy owns an independent real estate agency in Sydney’s lower north shore –
feel free to call ON 02 9968 2088 or email with questions </span></i></b><span lang="EN-US"><a href="mailto:david@davidmurphy.com.au"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 10pt;"><span style="color: blue;">david@davidmurphy.com.au</span></span></i></b></a></span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com12tag:blogger.com,1999:blog-6484573004035062470.post-41839952411871818742013-02-18T20:56:00.002-08:002013-02-18T20:58:31.289-08:00The house is ready....are you?<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">According
to wikipidia <i style="mso-bidi-font-style: normal;">‘The <b style="mso-bidi-font-weight: normal;">endowment effect</b> is the hypothesis that a person’s willingness to
accept compensation for a good is greater than their willing to pay for it once
their property right has been established.’ </i>In the world of real estate
this means we all think our home is worth more than it really is. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Given
that I have been selling real estate for well over a decade, I expected that I
would be immune to this phenomenon. However, as the last coat of paint is
rolled onto the walls of my own home, I find myself day dreaming at what the
property may now be worth (despite the fact it was bought at the height of the
boom and our original renovation budget has doubled).</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">When
it comes to our homes, the endowment effect costs average Australians millions
of dollars a year in squandered opportunities. Our homes are normally our biggest
assets and we are emotionally attached to them. It’s impossible to be objective
about the market value of a place where you watch your children take their
first steps or where you bowled Dad out in that legendary game of back yard
cricket.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Combine
this with a market where more and more real estate agents than ever are
competing for less and less sales, and you have a recipe for disaster.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Most
people call in three agents and ask one simple question: ‘what is it worth?’ Knowing
their answer will affect their chance of getting the listing, the agents normally
give the owners an ‘optimistic assessment’, ham up how many perfect buyers they
have on their books, and before the house even hits the market they’ve painted
the scene for a fever pitch auction.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">At
this stage most people go on the market and their ability to recognize a good
offer is all but gone – and who can blame them? But the worst is yet to come…</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Your
property is likely to be worth the most the first day it is put on the market.
The best buyers spot it quickly and turn up immediately – these buyers are
ready and if it’s what they are looking for, they will pounce. As the seller,
you are in a very strong negotiating position – you own the product and it’s
brand new to the market.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">This
is where the disaster normally unfolds – the overconfident seller meets the
best buyers in the market and rejects their early offers. The expectation is
that next week there will be even more but in most cases the next week there
are less. Ask friends and you will find this happens all the time.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">The
greatest challenge that home sellers across the globe face is finding out how
much their beloved home is worth <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">before</i></b> putting it on the public
market.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">So
how do you find out? Either call an independent valuer before you select an
agent, or when interviewing agents ask <u>them</u> to propose a sliding scale
on their commission – going from best case to worst case. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">A
sliding scale will reveal to you where the agent really thinks the house will
sell and this is exactly what you need to know before you start. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirESnRs4Og9CivdMxlUTASPW1Ho59ApH6Yjf9DJzFrCGLWWHvJr39CAUgPyPQw1jXteWSADFT_xGbgGJEXdtK8Efi0tRRTmUJwuor5hRMIZvbTc62HY9xFO4vJMfO7SAavksrpogwIYM4W/s1600/Dining.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirESnRs4Og9CivdMxlUTASPW1Ho59ApH6Yjf9DJzFrCGLWWHvJr39CAUgPyPQw1jXteWSADFT_xGbgGJEXdtK8Efi0tRRTmUJwuor5hRMIZvbTc62HY9xFO4vJMfO7SAavksrpogwIYM4W/s400/Dining.jpg" width="400" /></a></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><a href="http://www.blogger.com/blogger.g?blogID=6484573004035062470" name="_GoBack"></a></span></div>
Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com9tag:blogger.com,1999:blog-6484573004035062470.post-62973298183142626042013-01-30T17:42:00.000-08:002013-01-30T17:42:33.932-08:00The truth about cats & dogs
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">According
to the Australian Bureaus of statistics (& the RSPCA) pets are part of the
family in 63% of Australian households. The same sources state that Australia
has the highest level of pet ownership in the developed world.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p> </o:p></span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">Coupled
with some of the most expensive real estate on the planet this has created an
interesting issue for pet owners. The dream of owning the quarter acre block in
Australia’s capital cities is fast becoming just that. More & more of us
are now living in more affordable strata title properties like apartments,
duplexes & townhouses. Many experts predict this trend will continue and in
the future the big back yard will be for the very few that can afford it.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">So
where does this leave our pets? We have recently been seeing a growing trend of
strata title buildings enforcing a ‘no pets’ policy, leaving a lot of potential
buyers wary and in many cases existing owners frustrated by the restriction.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p> </o:p></span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">The
irony here is that many people living in strata buildings believe that by
saying ‘no pets allowed’ are protecting the value of their asset but I would
suggest as an experienced selling agent there is very strong evidence to the
contrary.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">Recently
our office was selling a garden apartment in Neutral Bay and the amount of
initial interest in the property was very high (mainly from young couples &
downsizers – the majority of which had pets). On the strata records there was
clear evidence of an anti pet sentiment in the building and many buyers simply
walked away – in this case it probably lowered the sale value of the property
by 5-10% which in real terms meant $50,000-$100,000.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">Obviously
the common sense rule needs to apply with animals and above all the welfare of
the animal should be paramount, clearly a neglected dog barking all day in a
block of apartments is not acceptable to anyone (at the very least for the poor
animals sake!).<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p> </o:p></span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">When
deciding on rules there are often things that are not considered by owners corporations.
For example, most pet owning purchasers are owner occupiers & its fair to
say that most buildings prefer owner occupiers due to owners corporation involvement
& stability (we have seen far more problems caused in buildings by people
rather than pets).<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p> </o:p></span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11pt;">In
the interest of full disclosure, I live in small strata building on the lower
north shore & have very happy neighbours and an even happier rescue dog so you
could certainly question my objectivity on this issue. However, from a real
estate perspective I would suggest that owners corporations think twice before applying
a ‘no pet policy’ because it just might lower the value of your property.<o:p></o:p></span></div>
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 10pt;"></span></i></b><br />
<div class="separator" style="clear: both; text-align: center;">
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Anonymoushttp://www.blogger.com/profile/09365167433529285380noreply@blogger.com9