Your competition in the market

Selling Advice

Written by Paul Kounnas | Monday, 02 April 2007

The real estate market, just like any other market, involves competition. When you put your home on the market your competition is the other homes for sale and the other agents.

How do you get buyers to choose your home over other homes on the market? You cannot easily change your home’s features nor its size and location, but you can beat the competition by presenting your home better.

Although no two homes are ever alike, many homes offer similar accommodation so buyers will use two things to compare them; price and presentation. If your home is not superbly presented and you are not willing or able to ...

improve the presentation, you limit your capacity to compete. Your only way of beating the competition is to offer your home for less than the other homes.

When selling your home do some research and be realistic with your expectations. have a look at what other homes are on the market, at what price and what condition are they in? Ask your agent for a list of similar homes they havesold in recent months and ask them about those homes. Having knowledge of recent sales and what other homes are currently on the market for, allows you to base your asking price on real facts. You can then decide how competitively you would like to price your home. You should set the asking price on your home with the help of an agent you can trust.

Just as the presentation of your home can translate into tens of thousands of dollars in the price you achieve, so can the right agent.

Your agent has to be skilled enough to persuade buyers to inspect your home and buy it in preference to other homes they may have seen with other agents. This is what you pay the agent to do, to sell your home at the best possible price. So choose your agent carefully, they must have good sales skills and be a good negotiator.

Do you sell first or buy first?

Real Estate Information

Written by Paul Kounnas | Monday, 26 March 2007

If you want to sell your home and buy another one, which do you do first? Do you buy first? Or sell first? Although the answer to this depends greatly on your finances, in my many years as a local real estate agent I have seen many people in distress because they have bought before they sold and vice versa.

The ideal outcome, of course, is to buy and sell at the same time. But how do you do that? Only with the help of a good agent. first, you put your home on the market for sale and immediately start looking for a new home.

Putting your home for sale does not mean you have to sell. You are in control and you do ...

not have to sell until you have found another home to buy. By putting your home on the market it will give you a good idea of how much you are likely to get which in turn helps you decide how much you can spend. You can tell your agent that one of your conditions of selling the house is that you have found another home to buy.

The process of selling and buying at the same time can be summarised in four simple steps and a good agent will be happy to work with you in this way;

1. Put your home for Sale in order to find a buyer.
2. Start looking for a home to buy. If you find a home you like before you find a buyer for your home, you can make an offer to buy subject to your home selling.
3. Once you have found a buyer for your home and you have also found a home to buy, you have to make sure there is enough money from your sale to cover your purchase.
4. You can then simultaneously sign a contract to sell and buy. You make the purchase of your new home subject to the sale of your current home becoming unconditional.

If you can find a good agent you can trust to guide you through this, you have the perfect situation with no risk and low stress. If you are not sure, get advice from your solicitor before you sign anything.

Advice to the elderly: Don’t wait till it’s too late

Real Estate Information

Written by Paul Kounnas | Monday, 19 March 2007

Many elderly people delay selling the family home until it is too late and the decision to sell is often made for them by others. The main reason why elderly people have to move is because the upkeep and maintenance of their home becomes too much for them.

There are two reasons why many delay moving;

1. As you get older the uncertainty of moving to a new and unknown environment becomes understandably more difficult and scary.
2. The cost to purchase a new unit in or outside a retirement village is too high and they can’t afford it.

So what do you do? Do you compromise by moving ...

into an older unit or an older retirement village, one you can afford? Or do you move to an area you can afford? Or do you consider staying cashed up and renting?

If you delay moving you will eventually have overstayed in the home to the point when you are forced to move due to circumstances beyond your control and more often than not it is after a health problem occurs or even a fatality. Don’t let this happen to you, it is so much easier to move together than on your own.

Selling the family home can be a stressful time, particularly when it is full of memories. It’s been part of your family’s life and has many sentimental attachments. But once the kids have all moved out, if you are getting on in years it is time to plan the next stage of your life while you are healthy and can both enjoy the move.

If you make the decision to move now while you are in control, you can choose to move anywhere you want within your means. It may be a unit with less garden or a retirement village, whatever you decide it will be your choice and nobody else’s.

Making the decision to sell the family home can be very emotional and difficult, but change is inevitable. Look at improving your quality of life. Don’t wait until it is so late that you are forced out.

Negotiate to win

Real Estate Information

Written by Paul Kounnas | Monday, 12 March 2007

Whether we know it or not we all negotiate many times each and everyday. If you approach those with whom you negotiate, with an attitude of understanding, show respect and demonstrate that you care about achieving an outcome that will be beneficial to all, you will be pleased with your efforts.

It is quite normal for each party in a negotiation to want what is best for themselves. For example, sellers may set a high asking price from fear of selling too low, while buyers may offer a low price from fear of paying too much.

My advice to sellers and buyers is, do your homework, find out what other comparable properties have sold ...

for and base your decisions on real facts.

As a seller, if you set an unrealistically high asking price buyers may not even look at your home, and if they do, they may be put off by the high price. (Setting a low asking price and adding a ‘plus’ is also dangerous because it attracts the wrong buyers). As a buyer, if you start your offer too low, you risk offending the sellers and could destroy your chance of buying. If you start with a low offer and another buyer puts in a better one, you may not get a chance to increase your offer.

Don’t be inflexible in your negotiations, look for common ground. You will rarely get what you want if you’re a tough ‘take it or leave it’ type. the best way to get what you want is to help the other party get what they want. Give them an incentive to accept your offer by using various terms and conditions in your proposal as bargaining chips to add value. For example, as a trade off for a price concession you may offer the settlement they prefer.

Always maintain good relations, don’t play games, don’t let pride or ego get in the way and don’t say anything that could offend the other party.

Be fair, realistic and treat people with respect and you will stand a better chance of receiving fair treatment in return. this will make your home buying and selling experience more pleasant.

Real estate tips for sellers

Selling Advice

Written by Paul Kounnas | Monday, 05 March 2007

The most important decision you will ever make when selling your home is selecting the right real estate agent. It could mean a difference of tens of thousands of dollars more in the price a good agent can negotiate for you.

1. You want an agent who is competent, honest and whom you can trust and believe will act in your best interest at all times. Recommendations from family, friends and acquaintances can be a good place to source information.
2. Don’t just choose the agent who quotes you the highest price (this is a mistake many seller’s make which leads to disappointment and sadly a loss of thousands ...

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   of dollars). Ask the agent to show you sales evidence of comparable properties. A good question to ask is “Do your properties sell for the price you quote sellers?” Ask for proof.

3. Remember agents do not set or control market prices, the buyers determine what price they want to pay, so you need a good negotiator acting for you.
4. Present your home so that it looks its best. The outside appearance is most important. Buyers will form their first impression of your home from outside and then will be influenced by the internal presentation and atmosphere.
5. Tidy up the garden and if possible add appeal with some colourful flowers.
6. De-clutter the home to make the rooms look neat and spacious.
7. Let lots of natural light into the house and make sure its clean and airy. 
8. If your paintwork is looking a little dull, consider a fresh coat of paint. 
9. The kitchen and bathrooms are a big influence on the buyer’s opinion of your home, make sure they are clean and free of clutter.

A good agent will help you with the right advice and how to have your home looking its best so they can get you the highest price.