Why your house may not be selling? Price and Current Market

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No doubt about it, the most common reason for a home not selling is that the asking price has been set too high. The price you list at and the current market will impact you directly when trying to sell your house.

There are ways to work with these two factors. The reasons for setting your price too high to begin with are many. Ranging from over enthusiastic listing agents to unrealistic seller expectations. Regardless of the reason though, if you’ve priced your home too high, you’ve set yourself up for a number of obstacles to selling your home. These obstacles can include a lack of attendees at open for inspections and even if you do accept an offer at an overly high asking price the purchase may fall apart before finalisation because the buyer may have problems financing at too high a price. It is best practice to look at other homes for sale, ones as similar and as close to yours as possible. In particular research how much these similar homes are selling for, if they are going for less than you are asking then you may be priced above the market. The fact is, your home is for sale in competition not isolation, and what buyers are willing to pay is what determines final sales prices.

Another factor is the market. You’ll hear it described as a slow market, or a buyers market, or maybe a cold market. But it all means the same thing. That home sales in the local area, or market, are slow. That there are too many homes for sale and not enough active buyers. There are several things you can do to combat a slow market. The most effective strategy is to sell at a lower price. Buyers are expecting to find bargains during a slow market. You can also help yourself by offering to pay some concessions to help a buyer that might not have a lot of cash. The ultimate way to beat a slow market is to simply wait it out. But that’s not always an option for many sellers.

If you require assistance with finding out what other homes are selling for in and around your location feel free to contact Barry Plant Traralgon.

Don’t be taken in by price – Market plan is more relevant

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PROPERTY owners looking to sell their home have been warned not to fall into the trap of choosing a real estate agent based on price.

International real estate trainer David Knox, in Queensland to speak to 3000 agents at the Australian Real Estate Conference on the Gold Coast, said sellers needed to know that their home would sell for market value.

“Every seller wants to get a better price. Every buyer wants to get a better deal,” he said.

“The number one mistake that vendors make in every country on the planet is that they select an agent based upon what asking price the agent offers.

“And the problem is, agents who need listings can very often be induced to say that high price just to get the listing.

“The vendor wants to believe it because they think their home is worth more anyway.”

Mr Knox said that if a property was listed with too high an asking price, it would later require successive price reductions to secure a sale.

“Ultimately it’s going to sell for market value, or maybe even less because it’s been on the market (for so long),” he said.

“So the greatest challenge for a real estate agent is to tell you the truth – but still get your business.”

Having worked in real estate for 40 years and trained industry professionals across several continents, Mr Knox cautioned property sellers to be objective.

There is no exact price,” he said.

“My advice to a vendor would be if you are going to interview more than one agent, don’t let any of them give you a price.

“Don’t ask for an appraisal.

“Instead ask them to come out and describe their marketing plan and their process and see if they listen and see how they interact with you.

“Look for market knowledge. Do they really know the market and do they know the process of selling real estate?

“The agent better be able to describe their entire process from the management of the marketing all the way through the final payment.”

While he said liking the real estate agent you choose is important, Mr Knox also rated competency and trust as key attributes.

“There are a lot of people who are likable but are not competent,” he said. “And some of the most competent people in any profession aren’t always likable.

“It’s nice to get somebody who’s competent and who you have a rapport, but don’t be fooled by just likability. I think the one characteristic they should have is trust.”

Owners are also advised to make sure they are committed to selling before their property is listed.

“I think you have to go back and ask yourself, have I definitely decided to move?” Mr Knox said. “Do you want to sell; do you want to stay?

“If you are in touch with your motivations for moving then it’s a lot easier to let go.

“The owner has to realise it goes from a home to a house . . . it is just a commodity.”

Read more: http://www.news.com.au/realestate/selling/dont-be-taken-in-by-price-market-plan-is-more-relevant/story-fndbawks-1226651142585#ixzz2UY9zgT3C

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June 30 deadline for first home buyers

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Changes to the assistance package for first home buyers in Victoria have created a very important deadline for anyone wanting to become a property owner for the first time.

If you are looking to buy an established home as your first home, you have until June 30th this year to sign the contract if you want to take advantage of the State Government’s $7,000 First Home Buyer’s Grant.

Given that around 70% of first home buyers buy an established home, this becomes a very important deadline. If you purchase your first home after this date, you will receive a larger discount on the stamp duty, (increased from 30% to 40%), but the loss of the grant is a big change.

In contrast, if you buy a newly built home as your first home after the deadline, the grant will increase from $7,000 to $10,000.

Overall, the moves seem likely to spark a buying rush from first home buyers between now and the end of June who will be keen the $7,000 grant while it still applies to established homes.

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MORE than 250 suburbs around Australia are predicted to double in value in the next 10 years

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MORE than 250 suburbs around Australia are predicted to double in value in the next 10 years.

And tenants in almost 800 suburbs are potentially set to see their weekly rent double in the same time, according to new research by RP Data.

The real estate data firm’s Autumn Investor Guide has revealed the nation’s top property investment prospects include 263 suburbs or towns with the potential to see 100 per cent growth in the next decade, 792 where rental growth will do likewise, and 582 suburbs where rental margins are currently are topping 5.5 per cent.

It is thought these factors will make the suburbs a hit with investors, but they may also prove a nightmare for those renting and trying to get their feet on the property ladder.

Despite house prices tumbling from this time in 2010 until about May last year Victoria is the nation’s most likely state to see property values double, according to the report.

A total of 68 suburbs around the state are identified in the report, narrowly topping NSW at 65.

Among the nation’s capital cities, the top earners over the past five years, and top picks to see values double in the next ten are extremely varied.

Berrimah in Darwin tops the list with a 25.7 per cent average annual growth over the past five years, followed by Deakin, Canberra, and Potts Point, Sydney, at 19.8 per cent, and Williams Landing in Melbourne at 19.4 per cent.

RP Data analyst Cameron Kusher said a large number of the tipped property winners are in regional Queensland, NSW and WA – with mining growth a significant factor in their performance recently and a major element of their future prosperity.

“We don’t necessarily say that that is going to continue, but there are some good opportunities from over the last five years,” he said.

Mr Kusher said that while not all the suburbs mentioned in the report would continue on trend, those hoping to buy or who are still renting could take heart that many others would not see such dramatic growth.

“From the investors perspective these are the ones that have done very well in the last five years,” Mr Kusher said.

“(And) there are some (suburbs) in Victoria where rents are falling or haven’t moved.

“Over the past five years some of these areas have done quite well, perhaps they have cooled off over the last year or two.

“Renters in Sydney are most likely to feel the pinch if the predictions, based on growth over the past five years, come to pass.”

A whopping 249 suburbs have been identified in Sydney, including ritzy Vaucluse where rent for houses has grown by about $1015 (15.3 per cent per year) in the past five years and Potts Point, where houses now rent at $377 (13.9 per cent per year) more than they did in 2008.

Perth was a close second, with 181 suburbs tipped for a potential rental price double.

Houses in Menora are expected to see median rents double after they rose from $400 in 2008 to $1,100 currently, according to the RP Data figures.

Report co-author and RP Data analyst Tim Lawless said the growth had been predicted on suburbs with annual growth topping 7.2 per cent.

“By using a scenario based on compounding growth calculation, the value of an asset will double in ten years if it records an annual increase of 7.2 per cent,” Mr Lawless said.

“Based on this measure we have identified 263 suburbs where values are on track to double over a ten year period and 792 where weekly rents are on track to double over ten years.”

Mr Lawless said that investors were encouraged to view the free report as a guide or starting point for investigating investment opportunities.

Read more: http://www.news.com.au/realestate/buying/time-to-buy-property-prices-to-double/story-fndban6l-1226626822141#ixzz2RFYRyfzT

The perfect home: how does Australia compare?

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by Emma Sorensen

A freestanding house on a quarter-acre block: car in the driveway, a barbeque, hills hoist, and room for a game of backyard cricket. It used to be the great Australian dream. But our idea of what makes a perfect home has always been pretty subjective, and it’s still on the move.

Owning your own home

As Australians, “getting on the property ladder” is something that’s often drilled into us at a young age. It’s seen as a way of getting security and building future wealth so you can achieve the other stuff in life that’s important to you.

It’s true that, on a global scale our home ownership rates are high. Around 70% of people are owners in the property game. That puts us pretty much on a par with other English-speaking countries like Canada, the U.S. and UK, as well as Belgium and Luxembourg.

But it’s Spain that reigns. There, more than 80% of people own their own place.

On the other end of the spectrum are Germany, Austria and Switzerland, where owning a house remains a dream for most people. Apartments, townhouses and duplexes dominate in these densely populated European countries, and the majority of people rent. In fact, less than 40% of Germans or Swiss own their own home, usually achieving that goal later in life.

High costs also see most Japanese rent, especially in large cities like Toyko, where less than half of homes are owned by the occupant.

Sitting in the middle is The Netherlands, with home ownership rates of around 55%. And the Dutch have an impressive incentive to buy: mortgage interest and other fees on your principal place of resident are tax deductible for up to 30 years!

What does our dream home look like?

Though many Australians are embracing higher density, smaller proportioned living, we still haven’t let go of our desire for a large home – that iconic back yard experience, and the freedom we naturally feel goes along with it.

In fact, Aussie homes are the biggest in the world, with an average size of 243 square metres.

And our habit of supersizing our living arrangements is growing: the average new Australian home is 10% bigger than its U.S. equivalent. (Curiously, while our houses are getting bigger, the average household size decreased from 4.5 people in 1911 to 2.6 in 2011).

European houses tend to be smaller. Although Denmark has the reputation for Europe’s biggest homes, the average there is only 137 square metres. In the UK, average new homes are half the size of Australian or U.S. new builds. But even those ‘small’ dwellings are miles bigger than Hong Kong’s famously small flats where over 90% of families live in homes smaller than 65 square metres.

Our dreams are evolving

Issues like sustainability, concerns over urban sprawl, and immigration patterns are already adapting our Australian dream, as planners discuss the need to go green, increase density in inner city areas, and explore the creative possibilities of strata living.

While the quarter acre block might still be appealing, where that patch lies is more important to us: walkability, bike paths, public transport and schools are high on the list of priorities for buyers and renters alike.

According to research in the UK, the perfect house is freestanding in an idyllic pretty village, with its own front door, a pitched roof and chimney. In the U.S., the idyll of white picket fence, dog and 2.5 kids looms in the national consciousness, though unrealistic, even undesirable, for many modern Americans.

Even tiny homes are catching on with many around the world, becoming a new kind of housing dream, where compact and efficient is beautiful.

Visions of what constitutes a ‘perfect’ home take generations to evolve, and like everyone else, we’re adapting ours. Fewer quarter acres out bush perhaps. Now large, open-plan havens closer to the city.

And of course, ‘perfect’ has a lot to fo with when you’re at in life. Perfect for raising kids mightn’t be perfect retirement.

We asked our Facebook fans recently what three words describe their perfect home. Nearly 300 responses and almost every one was unique. Many focus on the lifestyle the home can deliver, and more than a few said perfect meant owned and mortgage free

Here’s how you all described your perfect home (the larger the word, the more often it was used).

Maybe it’s a unit with a killer view of the beach. Maybe it’s a rural escape with no neighbours in sight. A loft style apartment high above the traffic. A townhouse near cool bars. Or that quarter acre block with the old Hills hoist.

While you can probably tick all the boxes on many houses in your hunt for the right home, the perfect home has that something intangible extra that’s different for everyone; it just feels right. “Homey” is where you will it.

Positive signs for sellers

by Charlotte Cossar

It’s more good news for sellers with the levels of vendor discounting decreasing, property prices on the up, interest rates holding and higher auction clearance rates.

After a rocky 2012, it looks like the market is moving up a gear with a number of key determinants improving – all of which benefit home owners looking to put their houses up for sale.

Recent results from RP Data show that vendor discounting, the percentage the seller has to drop from the list price to obtain the sales price, on a typical house is continuing to decrease nationally.

Trending down from late 2011, the average discount across Australia’s capital cities is now only -6.4%, while at the same time last year it was -7.2%.

The only exceptions are Melbourne, which increased slightly from -7.1% to -7.4%, and Hobart, which incurred a shift from -7.8% to -9.4%.

From a national perspective, the rate now sits at -7.5%, dropping more than half a per cent from last year.

RP Data research analyst Cameron Kusher says if sellers have to apply fewer discounts this is positive for the housing market.

This combined with increased sales volumes, up 8% compared to the first half of 2012, cash rates remaining at 3.00% p.a. for April and an increase of median house prices (research released this week shows home prices rising, with capital gains over the March quarter the highest since May 2010), sellers are now experiencing more competition amongst buyers.

“Lower levels of discounting by vendors can also mean that sellers are becoming more realistic about their final sale price. Having said that, there is always going to be a level of negotiation on price,” Kusher says.

Another positive for sellers is the increased auction clearance rate this year.

For the week ending 17 March, Melbourne recorded 53% and Sydney 58.3%. Kusher says that this increase in sales transactions will mean there are fewer properties available to buyers and this can only be good for sellers.

This is echoed in realestate.com.au’s New Years’ Resolution study conducted at the end of last year. The results showed people are making property a priority for 2013, with half of respondents indicating that they intended to purchase a residential property this year.

Kusher says that with home values continuing to increase, we can expect to see further drops in the level of discounting by vendors in the near future.

Capital city vendor discounting

 
Canberra (-3.9%)
Darwin (-4.0%)
Sydney (-5.4%)
Perth (-5.6%)
Hobart (-9.4%)
Brisbane (-8.3%)
Melbourne (-7.4%)
Adelaide (-6.9%)

Shoestring savings to home ownership

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by Jeremy Cabral | homeloanfinder.com.au

First home buyer aspirants often save for a home without knowing how much deposit they actually need. Learn how you can cash in your chips for your first home.

How much deposit do I need to buy my first home?

As a rule of thumb, you’ll need at least a 10% of the purchase price of your future home as a deposit to qualify for a 95% Loan to Value Ratio loan.

This allows for the often overlooked upfront costs of Lenders Mortgage Insurance, a once-off payment which allows you to borrow more than 80%, and stamp duty, a state government tax on property purchases, to be capitalised on to the principal of your loan.  

On a house price of $300,000, a minimum deposit to get by is $30,000.

There are two exceptions to this, firstly as QLD, NT and WA don’t have stamp duty, which reduces upfront costs.

Secondly, everywhere but QLD and NSW have first home buyer grants for established properties, which provide a handy deposit cash injection to the budding first home buyer.

If by adding your local first home buyer grant to your pool of savings you get over the 10% deposit threshold, then you should have enough deposit to get into home ownership.

Rural homes come with a catch. Lenders are often unwilling to lend anywhere close to 95% of the purchase price. Lenders seem to be more comfortable with a loan amount somewhere in the 60-80% region.

Click here to find out how much you can borrow

How can I get a home loan without the minimum deposit?

There are a small selection of guarantor loans on the market that enable first home buyers to borrow from 97 to 120% of the purchase price.

Some loans also allow upfront costs to be tacked on as well. These loans rely on a family member financially guaranteeing the loan, which involves committing a set amount of money as a guarantee against your default.

I asked Heidi Armstrong of State Custodians Mortgage Company about minimum saving requirements:

Can I just get my parents to stump up the entire deposit?

“From a lenders perspective, we want to see that you really understand what’s involved in getting a loan. You’re going to have to pay off this loan for a long time. So what we want to see is that you’ve made a commitment to the process yourself, and that commitment’s come from you creating your own pot of genuine savings.”

How much do I need to prove ‘genuine savings’?

“Genuine savings is something that pretty much all lenders want to see, and if they don’t see it, they’ll generally charge a higher interest rate.

“Genuine savings means that you’ve put away a minimum of 5% of the deposit amount over no less than three months. That money should come from regular deposits like salary. So we don’t want to see that your 5% savings are from lump sums like tax refunds or gifts.

“Certainly gifts are fantastic and tax refunds are fantastic, and all of that can contribute to enhancing your deposit. But, as a first home buyer, you need to show a lender you’re diligent in terms of putting away the pennies yourself for a period of time.” 

Options abound for getting into first home ownership; you just need to figure out which road suits your individual requirements.

If you go to a lender informed, with a purposeful deposit technique in mind, and an understanding of how much you can borrow — home ownership can transform from dream to reality.

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BUYING a house is still the best long-term financial decision that people can make

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Falling home prices in recent years, reports that we’re becoming a nation of renters, adult children hanging around mum and dad’s home for decades and lingering housing affordability issues might all paint a negative picture of the future of property ownership.

However, none of those are as powerful as the financial benefits of holding an asset that puts a roof over your head forever and delivers delicious inflation-beating benefits.

It wasn’t that long ago that $180,000 seemed like a monster mortgage, but now that figure is well below half the median house price. Anyone who bought 10 or 15 years ago is sitting on a more expensive asset with relatively low mortgage payments – as long as they didn’t blow their equity on big screen TVs and other toys.

Even if you don’t think house prices are going anywhere in the foreseeable future, owning property gives you a shield against rising inflation.

Since late 2009, Adelaide’s average house rents have jumped almost $30 a week to $359. Rents will continue to rise in the years ahead as inflation pushes everything up, which means tenants will always be at the mercy of their landlords.

Almost 20 years ago, I attended a pre-marriage couples course at which a financial adviser told us that crunching the numbers showed it was better to rent than buy, and then invest the savings in shares.

He may have been right back then, but that was well before that nasty little wealth-destroyer called the GFC, and he also failed to grasp the reality that most people spend whatever is left over after paying their bills and loans every month.

There are just too many temptations out there.

Being an owner rather than a renter becomes a forced form of saving that will pay off over the long term, which these days means at least seven or 10 years. The icing on the cake is the tax benefit of having your own home. It’s the only asset that is free of capital gains tax when you sell it.

It may not feel like it when house prices are weak, but owning property for the long term is still an extremely wise financial move. Just ask most 60-year-old renters.

Anthony Keane is the editor of Your Money.
Read more: http://www.news.com.au/realestate/experts/home-is-where-the-house-is/story-fneofxxf-1226595688700#ixzz2NNpBMVJh

 

 

Barry Plant auctions ‘Ramsay St’ property

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A MELBOURNE expatriate and Neighbours fanatic living in the UK has paid $867,000 to secure his second “Ramsay St” house at auction.

Andrew Whitney, 37, the York-based director of a private jet and helicopter charter flight company in the UK, outbid seven other hopefuls at the auction of 3 Pin Oak Court, Vermont South – better known as 30 Ramsay St, the home of Jarrod “Toadie” Rebecchi, played by Ryan Moloney.

The former Blackburn North resident carried bidding $127,000 past the reserve to become his own neighbour after picking up 6 Pin Oak Court 16 years ago before moving to the UK.

Mr Whitney was awake at 3am, UK time, for the auction.

“I was so nervous. I’ve been to the toilet twice, nearly thrown up three times and the friend with me has bruises on his arm,” Mr Whitney said.

“I know the street better than anyone. I record every episode of Neighbours.”

After running a number of Australian companies, he moved to the UK and has held a range of executive positions, including his current role as commercial director of flymenow.co.uk

About 150 fans and would-be buyers gathered for the auction, conducted by Barry Plant group director Barry Plant.

Competitive bids reached the $740,000 reserve in minutes after opening at $500,000.

Buyers weren’t just vying for the home; residents are paid a substantial annual fee by the show’s producers and agree to avoid changes to their facades without consultation.

Mr Whitney’s childhood friend, Rick Beasley, raised his hand on the expat’s behalf at $710,000, while wife Melanie relayed the action over the phone.

“A property like this has never really been tested. The bricks-and-mortar value is about $680,000, but you don’t know what part fame and celebrity will play in emotional bidding,” Mr Plant said after the auction.

It was an emotional day for owner Faye Pierce, who built the four-bedroom home with her husband in 1973.

“I’m so relieved. I was worried nobody would buy it,” she said. “We were sitting out the back, when my granddaughter ran out and said, ‘It’s hit $780,000!’. I said, ‘Don’t be silly’.

“When we heard it reach $800,000 we all ran to the bedroom window, we were so excited.”

Among the would-be buyers was Pakenham resident Janet Welbourne, whose daughter Chelsea, 4, was an extra on the show.

Source: http://www.news.com.au/realestate/buying/neighbours-uk-fan-spends-867000-for-second-ramsay-st-property/story-fndban6l-1226589073857

6 mistakes home sellers make

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Here are six of the most common mistakes homeowners make when trying to sell as quickly as they can. They’re easy traps to fall into, but it’s important to rise above them to get your place sold and for the price you want.

 1. Constantly reducing the price, little by little
When prospective buyers see a price dropping regularly it spells desperation. They’ll probably wait it out until the price gets even lower.

Lower prices can be a lure for buyers, but remember that price does communicate value more meaningfully than raw dollars. Price signals quality or workmanship, quality of life, and much more. Don’t undersell your property just to get rid of it. It rarely works.

The key is to price right for the market to begin with. Research your suburb and similar homes. Look at recent sales and trend data. Talk to your local agent about the history of the area and how it’s currently performing – no holds barred.

 

2. Hiring the agent charging the least commission
To get great results (and speedy ones, if that’s what you need), you should hire a top real estate agent.

Ask your friends, family and colleagues who they’d suggest and who they’ve used. Jump online, explore their website, blog and any reviews or recommendations from clients.

Our Find an Agent feature lets you know which agents are working in your area.

But don’t get blindsided by promises of low commisions. You get what you pay for. An agent charging a healthy commission will usually be working that much harder and creatively to sell your property.

Employing a professional agent who can negotiate you another $15,000 on your selling price for $3,000 more in commission is a better deal than using an agent who charges you next to nothing, but gives your place away.

Look for an agent who you can communicate with, who is prepared to go that extra mile for you, who has drive, commitment and will guide you through the selling process at a comfortable pace.

 

3. Waiting for the market to improve
If the market isn’t so great in your location, don’t hold your breath.

There are hundreds of home owners entering the market each and every day. Many aren’t in a particular hurry to sell, they’re just starting their ‘conversation’ with prospective buyers.

You’ll always have competitors, so if you want and need to sell, do it now and do it with care and conviction.

Who says the market is going to better in the next year or two anyway?

If you’re ready, go for it, with smarts.

 

4. Listing before your property’s dressed
A fatal misstep is to present your place to buyers before it’s been cleaned, coiffed and spruced.

Photos of your property shouldn’t make it online unless they’re showing it off to best (but not misleading) effect. Even if you update them later, the damage has been done and the photos will still be discoverable online for the nosy.

Staging your home can make an enormous difference to the amount you end up selling it for, and how quickly it sells.

Touch up any areas in the property that are showing wear and tear and get the garden regenerated, especially in the front.

Consider hiring a professional stager to help you out. This doesn’t have to be expensive.

 

5. Dismissing the first offer
A common mistake for owners, especially those who really need the highest possible sale price, is to turn down the first offer.

There’s a saying in real estate: ‘the first offer is the best offer’. It really does seem to be true most of the time. Certainly, your first offer is as worthy of consideration as any.

You will get a lot of lookers in the first couple of weeks your property is on the market. After that it can be challenging to sustain the momentum.

If an offer comes along during the first week or two, it’s tempting to turn it down, thinking the inspection rate will stay the same and interest will only grow. It rarely does, so give that first bite its due.

 

6. Agreeing to too many strings
If you’re pressed to sell, you’re inclined to compromise on price, settlement dates and the like.

There’s nothing wrong with adjusting your plans and expectations to help expidite a sale, but watch out for buyers asking too much in the way of compromise.

If you’re asked to add numerous contigencies, such as waiting until the buyers own home is sold, be wary. Your buyer might be totally trustworthy, but you’ll relying on a lot of variables here, and it doesn’t take much to sink your sale. Then you’ll be starting from scratch, only with more costs and more stress.

Source: realestate.com.au