Saturday, 6 July 2019
Tuesday, 26 June 2018
Who Determines The Property Price?
Well this is like flipping a toss of a coin. It depends how you look at it: what the agent wants to get as the maximum market value, so they can maximise their commission as well as maximise customer satisfaction from they seller customer as opposed to their buying customer, who will be looking to commit to themselves to fulfil the purchase at the best lowest price.
We hear the terms, it is a "Buyers Market" and it is a "Sellers Market" but what isn't clear is the real estate agent is the go-between person that really is the person that determine the "market".
The decision does depend on you as the purchaser/buyer as to the limit of your purchasing price and the lower the seller would need to sell, to meet your buying price. Remember, the Seller wants to sell to obtain the highest profitable margin and ids guided by the local Real Estate agents experience.
If you have reached your buying capacity and the seller will not sell, then it is not mean to be your property, unless further funds are raised.
The most important thing is to make sure you are fully prepared and funded to purchased your property
Dictionary.com meaning on 'Buyers Market':
Dictionary.com meaning on 'Sellers Market':
The power is really with the buyer, if you don't buy, the Seller will find someone else. The power to negotiate is with you - play the negotiating game.
We hear the terms, it is a "Buyers Market" and it is a "Sellers Market" but what isn't clear is the real estate agent is the go-between person that really is the person that determine the "market".
The decision does depend on you as the purchaser/buyer as to the limit of your purchasing price and the lower the seller would need to sell, to meet your buying price. Remember, the Seller wants to sell to obtain the highest profitable margin and ids guided by the local Real Estate agents experience.
If you have reached your buying capacity and the seller will not sell, then it is not mean to be your property, unless further funds are raised.
The most important thing is to make sure you are fully prepared and funded to purchased your property
Dictionary.com meaning on 'Buyers Market':
1.
An economic situation in which goods or shares are plentiful and buyers can keep prices down
1.
An economic situation in which goods or shares are scarce and sellers can keep prices high.
The power is really with the buyer, if you don't buy, the Seller will find someone else. The power to negotiate is with you - play the negotiating game.
Thursday, 2 June 2016
Gazumping Laws Is A Freightenting Situation And Shouldn't Happen!
Unless you have extra money to purchase towards and raise your bid the sale will through to the new owner, you would be refunded your holding deposit and this was on the basis that contracts were not signed. The better market value offered and 'Sold to the Highest Bidder, even after they agreed to a previous lower bidder's price. Once the 10 per cent deposit is paid and contracts are exchanged, this secures the price - not the holding deposit
The laws should change, so a buyer is not disadvantaged to a possible gazumping dealing. The neither parties are compensated in NSW for any hardship caused. The backflip for for the seller could that the highest bidders accepted price may not be full funded to exchange contracts and then the Real Estate Agent is stuck placing property on the market again.
A Suggestion is,'Once a holding deposit is paid a "Preliminary Contract of Sale Document" - should be signed by all parties concerned accepting the sale price, maximum time frame for settlement and confirming any further offers to be supplied in writing. This will be provided prior to exchange of contract from the Agent/Seller.
The bonus on Auctions is Gazumping can not occur after Sale.
NSW Gazumping Laws
Monday, 1 June 2015
Home Buyer Tricks In Purchasing Real Estate!
Well, this is quite simple. We understand that Real Estate Agents may use tricks to up the bid of a property, so why can't buyers do the same, to lower the bid?
It is quite funny, to think that buyers can play tricks to 'Lower the bid'. What made myself think this way? Quite simply reaction to an agent this weekend! This is in relating to a non-auctions:
So my suggestion is quite simple: have a family member or friend inspect the real estate and offer a bid the bid is higher than yours (they text you their result) and when you place your bid after theirs, check the reaction of the Real Estate Agent. Does he or she give you the facts that a high bid was placed or do they simply accept your bid to be accepted with others.
If you get a negative response or non-response ask why they cannot provide an answer now and then put them into place with a new question, 'What amount would you and/or your client be prepared to accept today for selling property?'
If they have a higher bidder and it is your friend or family - you can offer just over to that bid by $50 upwards and say, this is your final offer and if not accepted now, walk out! Do not tell them that you know that friend/family at all!
It is a risk you take but the agent doesn't want to lose any business or reputation, so they will try to keep you interested. If not, then leave!
You are never guaranteed a purchased property until a finalised initial deposit is made! Don't have your heart set on this real estate, just have your mind set on a possible goal reaching bargain!
It is quite funny, to think that buyers can play tricks to 'Lower the bid'. What made myself think this way? Quite simply reaction to an agent this weekend! This is in relating to a non-auctions:
So my suggestion is quite simple: have a family member or friend inspect the real estate and offer a bid the bid is higher than yours (they text you their result) and when you place your bid after theirs, check the reaction of the Real Estate Agent. Does he or she give you the facts that a high bid was placed or do they simply accept your bid to be accepted with others.
If you get a negative response or non-response ask why they cannot provide an answer now and then put them into place with a new question, 'What amount would you and/or your client be prepared to accept today for selling property?'
If they have a higher bidder and it is your friend or family - you can offer just over to that bid by $50 upwards and say, this is your final offer and if not accepted now, walk out! Do not tell them that you know that friend/family at all!
It is a risk you take but the agent doesn't want to lose any business or reputation, so they will try to keep you interested. If not, then leave!
You are never guaranteed a purchased property until a finalised initial deposit is made! Don't have your heart set on this real estate, just have your mind set on a possible goal reaching bargain!
If You Have Saved A Lot - How Would You Deal With Purchasing Real Properties?
There are the few buyers that have saved a lot of money and wonder how much deposit they should pay for the property.
Well, this will depend on how your Pre-Approval Loan has been approved? That is, have you applied for 100% fully funded Home Loan or less? So, the general suggestion I have is whatever percentage of the real estate home is funded and accepted, do it that way. The use your savings for incidentals like moving in costs, household furniture (if needed), all your solicitors costs (paid in cash on settlement), immediately pay any stamp duty costs and any other necessary costs.
So for example, if a couple has saved $100,000 combined and after all above mentioned costs paid and say they are left with $60,000, then a suggested sum of $30,000 is directly deposited into the Home Loan - if the lending authority allows to do this. Then keep the left over balance of $30,000 remains keep it as a buffer, in case there are lifestyle changes that affect making repaying from combined general income!
We will leave for you to decide!
Well, this will depend on how your Pre-Approval Loan has been approved? That is, have you applied for 100% fully funded Home Loan or less? So, the general suggestion I have is whatever percentage of the real estate home is funded and accepted, do it that way. The use your savings for incidentals like moving in costs, household furniture (if needed), all your solicitors costs (paid in cash on settlement), immediately pay any stamp duty costs and any other necessary costs.
So for example, if a couple has saved $100,000 combined and after all above mentioned costs paid and say they are left with $60,000, then a suggested sum of $30,000 is directly deposited into the Home Loan - if the lending authority allows to do this. Then keep the left over balance of $30,000 remains keep it as a buffer, in case there are lifestyle changes that affect making repaying from combined general income!
We will leave for you to decide!
Friday, 13 February 2015
Strata Property Buyers - Quenstion And Answer!
I haven't published a blog for a while on this blogspot, but today that will change. Although, I do not want to purchase a property I went to inspect a property for curiosity at 8/26 Hythe Street, Mount Druitt.
There was no left over profile of the property on a flyer left, as the Real Estate Agent, Adam Silva from Wiseberry Real Estate, Prospect brought 25 copies for the inspection and it had all been used up. This tells you that there are lots more potential buyers for the property then available properties, in the area I would assume. Maybe why Mount Druitt, is a "Hot Property Spot".
There was this young man who had been to other Strata Management Properties on the market and requested to the agent a copy of the Strata Management Report. The agent responded in a clear and correct manner, 'They do not supply copy of Strata Management Reports as this is requested through the buyers solicitor, once the initial deposit is paid and the solicitor will discuss the report with their client.'
This young gentleman advised that he was giving the same reports by other Real Estate Agents before, whilst inspecting these properties. Apparently, this may be legally an issue to supply this information on inspection.
From experience, I agree with Mr. Silva, agents are there to show the property to potential customers, Strata Management Report can be obtained from solicitors. There is a cost for the report to be released from the Strata Management as they will not release for the sake of releasing!
So keep this in mind when looking for Strata Management Property!
There was no left over profile of the property on a flyer left, as the Real Estate Agent, Adam Silva from Wiseberry Real Estate, Prospect brought 25 copies for the inspection and it had all been used up. This tells you that there are lots more potential buyers for the property then available properties, in the area I would assume. Maybe why Mount Druitt, is a "Hot Property Spot".
There was this young man who had been to other Strata Management Properties on the market and requested to the agent a copy of the Strata Management Report. The agent responded in a clear and correct manner, 'They do not supply copy of Strata Management Reports as this is requested through the buyers solicitor, once the initial deposit is paid and the solicitor will discuss the report with their client.'
This young gentleman advised that he was giving the same reports by other Real Estate Agents before, whilst inspecting these properties. Apparently, this may be legally an issue to supply this information on inspection.
From experience, I agree with Mr. Silva, agents are there to show the property to potential customers, Strata Management Report can be obtained from solicitors. There is a cost for the report to be released from the Strata Management as they will not release for the sake of releasing!
So keep this in mind when looking for Strata Management Property!
Friday, 27 June 2014
Check Out Median Prices Of Property!
So you are looking for a property in a suburb/town and you don't know what is the average price of property?
So what you do is you can just going property to proper a property, until you make a purchase and by then you know roughly what the median price is. The other way is check via internet search engines: median house prices and type is the suburb your searching for.
How is this helpful? It helps you decide whether you will purchase over or under the market price and it sets your goals straight, knowing how much you might be looking for!
Here a result from realestate.com
Here is a Property Snapshot from realestate investar
Here is one from Investment property mag
There are many others that may make you pay for reports, not really required unless you really want to spend the money to do so. Reaching makes it easier for you if you need to understand the property market!
So what you do is you can just going property to proper a property, until you make a purchase and by then you know roughly what the median price is. The other way is check via internet search engines: median house prices and type is the suburb your searching for.
How is this helpful? It helps you decide whether you will purchase over or under the market price and it sets your goals straight, knowing how much you might be looking for!
Here a result from realestate.com
Here is a Property Snapshot from realestate investar
Here is one from Investment property mag
There are many others that may make you pay for reports, not really required unless you really want to spend the money to do so. Reaching makes it easier for you if you need to understand the property market!
Subscribe to:
Posts (Atom)