Tag: Forest Lake home valuation

How To Choose A Real Estate Agent

Written by Forest Lake Real Estate on March 28, 2019. Posted in Buying Advice, Landlord Advice, Selling Advice.

How To Choose A Real Estate Agent

Saeed Moghaddam

If you’re selling your home, a good real estate agent can – and should – make a very big difference to the price you eventually achieve.

But, with so many real estate agents available, how can you tell which one is the right person for your job?

Here’s five things to consider when making the decision about which real estate agent to use.

Do they have local knowledge?

The real estate market differs greatly depending on location. The reality is that the value of homes can change from street-to-street, suburb-to-suburb and building-to-building. Only a real estate agent with local knowledge will be able to tell you how and why that’s the case and arrive at an accurate view of what your home is really worth.

That’s because they’ll know which buyers are in the market at the moment, what appeals to them and what doesn’t, and what people will pay extra for.

Have they sold similar properties?

Another way to tell whether an agent is best for your home, is to look at what comparable properties they’ve sold nearby recently and what prices they’ve achieved for them.

This will help you see whether they have experience achieving good prices for similar real estate in a similar market. It also shows that they should have a ready-made network of potential local buyers who they know are looking for homes just like yours.

How will they market your property?

Selling real estate is about much more than simply putting an advertisement online and hoping people will show up. It’s about matching the right property to the right buyers. It’s also about choosing the method of sale – such as auction or private treaty – that’s likely to make those buyers most comfortable and achieve the highest price for your property.

This usually means analysing the features of your property and highlighting those that are likely to appeal to their target buyers. It also means tapping into their existing network of potential buyers who may be ready to buy homes just like yours.

What are they like in action?

It’s one thing to read a real estate agent’s marketing material or hear their pitch. It’s another thing entirely to see them in action. If you can, attend the open homes of other properties for sale in your area to see how individual real estate agents behave at the open home.

Do they put their best foot forward when it comes to showcasing the property and encouraging you to buy? Are they polite, confident and – above all – knowledgeable? How they come across when you see them elsewhere is also how they’re likely to fare when it comes to selling your home.

A good agent will be a good salesperson and negotiator, with the vendors best interests at heart, but they should also treat buyers with respect and honesty.

Can you trust them?

Finally, and perhaps most importantly, it’s important that you trust the real estate agent you engage. You’re going to be working closely with them over the sales campaign and it’s important that you respect their opinion and ability. But measuring trust isn’t always easy.

So ask questions and, when you do, think about whether their answers are the truth or simply what you want to hear. Enquire with friends and family about their experiences with the agent. And do your own probing to make sure you’ll be comfortable with them. After all, you’ll be working closely with them and relying their expertise to get you the very best price for your home.

Just remember…

Choosing the right real estate agent is one of the most important decisions you’ll make when it comes to selling your home and it’s important you get it right. So take your time, do your own research and make sure your decision is an informed one.

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5 Ways To Minimize The Stress Of Selling Your Property

Written by Forest Lake Real Estate on March 27, 2019. Posted in Buying Advice, Landlord Advice, Selling Advice.

5 Ways To Minimize The Stress Of Selling Your Property

Saeed Moghaddam

Your property is one of your biggest financial assets, so selling it can be a very stressful process.

If it’s the family home there are also emotions and memories to add into the mix. And this stress can be overwhelming when you’re trying to focus on making the best decisions around selling on your property.

However, there are a number of simple steps and techniques you can use to ensure you keep your mind at ease and your emotions in check.

Let go

If you’re planning on selling, you need to get a certain amount of emotional distance from the property. This is easier said than done. Try thinking about the sale as a financial transaction, be objective, and prepare to let go once it’s on the market.

Speak to your agent ahead of time

Your agent can not only explain to you what the market is currently doing in your area, but can also help you through the process of selling your home. Ask them what steps they recommend so you can ensure you know what it is you need to do.

Get your experts lined up

Don’t feel that you have to go through the stress alone. Selling your house requires a crack team of experts to help get the best price and negotiate the legalities of the sale.

Your real estate agent should be your trusted advisor throughout the sales campaign. They should be able to answer all of your concerns and queries and advise you based on their local market knowledge and expertise.

But your expert team should also include a solicitor or conveyancer, and tradespeople and stylists to assist with improvements and repairs.

It’s also important to have anyone else financially implicated in the sale on board, up front. This could include tenants, a partner or family who are involved in the ownership of the home.

Research in advance

Have your real estate give you a market appraisal and look at recent comparable sales for similar properties so you are fully aware of what price is achievable. You can do additional research yourself by looking online at current listings and sale prices.

Knowing in advance what your property is worth, and deciding what you’re willing to accept and negotiate on will help you emotionally detach when it comes negotiating the sale.

Plan for the unexpected

Every property is unique so every sale is unique. This means there will be some unexpected situations. To reduce the chances that these will throw you off, consider various scenarios around how the sale may play out in advance.

This could be anything from your neighbour listing at the same time as you, to low offers, high offers, or last minute repairs.

Plan financially too: know what you will be paying in solicitors fees, real estate agent commissions, advertising and marketing and moving costs. What will you do financially if your home doesn’t sell quickly, or is passed in at auction?

Being prepared but flexible is key to minimizing the stress of selling your home.

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How To Make The Most Of Selling Your Home In Winter

Written by Forest Lake Real Estate on March 26, 2019. Posted in Buying Advice, Landlord Advice, Selling Advice.

How To Make The Most Of Selling Your Home In Winter

Saeed Moghaddam

While spring takes all the accolades as the most sought-after selling season, smart sellers know that all seasons can have opportunities to get the most for their homes.

And there are actually many benefits to listing your home in the colder months.

Why a winter market can be to a seller’s advantage

The June long weekend signifies the start of Australia’s winter, and is typically a quieter time in real estate. There are often less listings and less buyers around. For this reason, many people will tell you that the cooler months are not a great time to list a property.

But there are two upsides to winter for sellers:

Less properties on the market, means less competition. Your home will be more visible to buyers.
The buyers who are out who are out looking for a new home tend to be very motivated and genuine.

These two factors mean that winter can actually be a good time to sell, particularly if your home or garden shines at this time of year.

Tips for maximizing the atmosphere at a winter open home

If you’re selling your property in winter, create an atmosphere of warmth that appeals to chilly open home attendees by:

Having your agent highlight any in-house heating and insulation in the property.
Putting on any heating you have (you may want to rent outdoor heaters and even small indoor units if you don’t have any) and stoke a fire if you have one.
Turning on all the lights and lamps for a warm glow.
Opting for ‘warm’ scents, such as sandalwood or baking
Decorating with heavy throws, pillows, thick blankets on the beds. Small cozy touches like this will have people wanting to move right in.
Using a dehumidifier to reduce any dampness in the home.
Providing a doormat, umbrella stand or coat stand for potential buyers to use at open inspections.

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What Sellers Need To Know About Open Homes

Written by Forest Lake Real Estate on March 25, 2019. Posted in Buying Advice, Landlord Advice, Selling Advice.

What Sellers Need To Know About Open Homes

Saeed Moghaddam

An open for inspection is usually the first time that prospective purchasers view your property in person, and first impressions really matter when selling any property.

So how can sellers make the most of open homes?

Talk to your local real estate agent

When: ASAP

Your real estate agent will be your best advisor when it comes to preparing for open homes. They can quickly tell you what your property is up against in the current market and can often suggest simple changes or improvements that can get you top dollar. Remember, they’ve been doing open homes for years and will have a good idea of what buyers may expect.

Questions to ask your real estate agent include:

What are the most impressive parts of my home? How can you accentuate these selling points?
At what time of the day is it best to have the home open? Considerations include traffic noise, weather, the natural light in your property and what is convenient for local buyers.
Are there any common complaints or questions that you hear from buyers at open homes?
Are there any changes you should make before opening the property? These changes may be as simple as rearranging furniture. Ensure you consider each dollar outlay carefully so you do not overcapitalize.

When preparing for your home open, there are also a number of general things to consider and tick off your list:

Maintenance and repairs

When: A few weeks before

The most crucial part of preparing for an open home is to remove the most obvious objections that buyers may have. Walk through your home, both inside and outside, with a critical eye. Put yourself in the purchaser’s shoes.

Common maintenance issues include cracks in the wall, creaky doors or loose handles, broken light fittings and power sockets, broken tiles, patchy lawns, leaky taps, fencing that has come down and stains from water leaks on ceilings and walls. These things can really concern potential buyers, even if there isn’t an underlying issue.

Start rectifying all those little problems you never got around to fixing. If you have more things to fix than you can afford, start by focusing on the most obvious problems.

Minor cosmetic touch ups

When: A few weeks before

A light cosmetic renovation can go a long way towards making a good first impression. It’s also a way to get maximum effect for little cost.

Common improvements include a fresh coat of paint (look for neutral shades), curtains or blinds, some extra plants in the garden or replacing dated light fittings or a bathroom vanity unit. Considering the front of your house can also be crucial here – sometimes a new letterbox or house numbers can go a long way.

De-clutter and deep clean

When: A couple of weeks before

Removing personal effects and decor from your house can go a long way to helping a buyer to envisage living in the property. And de-cluttering will make your house seem more spacious and inviting.

Go through each room and remove what you can, with particular focus on overly personal items like too many ornaments, books, collections, toys or photos. Hide, or put away, cleaning equipment, personal toiletries and your own family’s clothes, such as shoes at the door. Consider also finding a nice space away from viewers’ eyes for your dustbin and any bins inside the home. You may need to consider storing or moving some your personal effects.

After de-cluttering a big spring clean will make your home sparkle. Professional house cleaners and carpet steaming companies can be invaluable here. Don’t forget to clean your windows, both inside and out, which will also maximise incoming natural light. It’s a good idea to tidy inside kitchen cupboards pantries as well as built in wardrobes. And remove any signs of pets food or litter trays.

Finish with a new shower curtain and some fresh crisp linen on your beds.

Styling

When: The week before your first open home

One of the growing trends in real estate is to have your home styled, or staged, to ensure it presents in the best possible light. This can be done by using a careful selection of your own furniture and rented furniture and decor.

A few styling rules:

Less is usually more
Simple color schemes work well
Ensure the furniture matches the size of the space
Consider adding lighting to areas that need it

Staging for a period of two months can set you back around $5,000 for a four bedroom house. But the International Institute of Home Staging suggests that the return on investment can be many thousands more.

Remember that it doesn’t need to be an “either/or” situation – you could ask for a professional stylist to stage a couple of your best rooms if you can’t afford the whole package. You can also ask for a styling consultation, a cheaper option that will give you expert advice on how to use your own furniture to best effect.

If you are planning on investing in professional styling you’ll need to book it in advance, and the stylist will usually stage your home the week of the first open house.

Welcome your buyers

When: On the day

On the day you’ll want to tidy up and give your home a final clean. Put out fresh towels and hide the dirty washing.

Having all the lights on, usually with the blinds or curtains in most of the rooms open, is a common decision to make to emphasize the light and airiness of the home. Consider turning on lamps in rooms that need an extra boost. You may even want to consider some soft music in the background.

Don’t forget to spray air freshener where needed, to put some fresh flowers out and to consider the temperature and how the weather may affect your home.

Finally, put out a new front door mat and ensure your buyers feel welcome. Don’t be tempted to stay – leave your property in the hands of your agent to open the door to your prospective buyers.

It’s time for your real estate agent to work their magic.

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What Is A Conditional Or Unconditional Offer?

Written by Forest Lake Real Estate on March 23, 2019. Posted in Buying Advice, Landlord Advice, Selling Advice.

What Is A Conditional Or Unconditional Offer?

Saeed Moghaddam

Whether you’re buying or selling property, by private treaty or at auction, you’ll want to understand what conditional and unconditional offers are and how they may affect your situation.

Conditional offers

In a private treaty sale, many buyers make “conditional” offers, or offers to buy a home subject to certain requirements being met. These conditions can vary greatly, so it’s important that vendors have their conveyancer or solicitor deal look into each offer.

Common conditions included in offers can be:

Finance – The contract is only valid if the purchaser manages to obtain a loan for the property.
Satisfactory building and pest inspection – Due diligence from the buyer may see them offer on the basis that expert reports, such as building reports or title reports, come back satisfactorily.
Subject to the sale of another dwelling – Homebuyers purchasing while waiting for their own home to sell may need to see their own sale go ahead first.

The seller can negotiate the conditions with the buyer. If these conditions are not met in a specified time period, the contract is invalid.

But buyers making conditional offers should be aware that if their conditions are met they are obliged to ahead. If all the conditions are met then the buyer cannot back out without paying a penalty. So the buyer is obligated to have gone to appropriate lengths to fulfill their end of the deal.

And it is important for vendors to consider the likelihood of each offer succeeding, based on how stringent the particular requirements are.

Unconditional offers

In an auction environment, all offers are unconditional. This means they are made without any conditions attached and represent an outright offer to purchase the property.

Unconditional offers can also be made outside of auctions. Unconditional offers can be more appealing to vendors as they know there won’t be a reason for the buyer to pull out from the contract.

Outside of auctions, buyers will usually include a time period for how long the unconditional offer is valid for. And when an unconditional offer is accepted the buyer will need to ensure they have access to the full amount required to pay the vendor.

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When Is The Best Time To Sell Your Property? | Forest Lake Real Estate

The Best Way To Sell Your Property

Written by Forest Lake Real Estate on March 21, 2019. Posted in Buying Advice, Landlord Advice, Selling Advice.

The Best Way To Sell Your Property

Saeed Moghaddam

When it comes time to sell your property the method of sale you choose can have a real impact on the type of sales campaign you hold as well as the sales price.

Each property and market is different, and there’s no one-size-fits-all approach when it comes to choosing between private treaty, auction, expressions of interest or off market.

Your real estate agent will be able to advise you on what the best approach might be for your property in the current market. But there are some general pros and cons to consider.

Here are some common sales methods and reasons to use them:

Auction

An auction campaign sees buyers battle it out on the day, bidding face-to-face. It can be a very powerful (and emotionally driven) selling method. A typical auction campaign runs for four weeks, with open homes on three weekends and the auction on the fourth Saturday.

The seller sets a reserve price, while competition on the day will determine the outcome. If the property does not reach the reserve or no bids are made, the home is ‘passed in’. At this time, the seller can negotiate with the highest bidder and if this outcome isn’t favorable they can sell by private treaty.

Pros:

Can achieve high prices in strong markets
High clearance rates provide more certainty of a timely sale
Buyers more likely to be competitive when facing each other
Home can also sell before or after the auction

Cons:

If it doesn’t sell on the day you may need to start over
Can be nerve wracking for sellers and buyers
If the reserve price is set too low there can be the risk of selling too cheaply
If the reserve it too high, there is a risk it won’t sell at all

Private treaty

The most common method of sale is through private treaty. This involves buyers making verbal and written offers, while the home is listed for sale. Usually a guide price is available or “offers over” specified, and the real estate agent acts as the negotiator between the seller and buyers. This is the type of sale most buyers and sellers feel comfortable with, however homes that do not sell and are listed for some time can quickly become ‘stale’.

Pros:

Allows the ultimate control over whether to accept offers or not
Provides plenty of time for back and forth negotiations
In markets with little competition it doesn’t reveal any lack of interest

Cons:

No guarantee of a timely sale
May not take full advantage of competitive buyers

Expressions of interest

Expressions of interest is less common. This type of selling campaign requires buyers to provide their offers, including the deposit, in writing in sealed envelopes by a closing date. A little like a combination between an auction and a private treaty, it encourages buyers to make their best bid upfront, but does not provide the emotional intensity of an auction.

Pros:

Allows some of the benefits of an auction, without the nerve wracking experience
Requires buyers to put their best hand on the table
Still allows space for negotiation on the offers presented

Cons:

Less commonly used, and less transparent, so some buyers may feel uncomfortable
Doesn’t provide the competitive experience of an auction

Off Market

Off market sales are becoming more common in prestige or hot markets as they allow sellers to capitalise on underlying interest without the hassle of going to market.

Pros:

Limited (if any) advertising and marketing required by sellers
A private way to sell, without fuss and neighbors knowing
Can sell quickly to buyers actively looking
Sellers don’t need to sell unless they receive an offer they’re really happy with.

Cons:

Without a proper campaign there is less exposure, so there can be less certainty that you’ve achieved the best price and explored all possible buyers.

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Five Questions Every Seller Should Ask Their Agent

Written by Forest Lake Real Estate on March 19, 2019. Posted in Buying Advice, Landlord Advice, Selling Advice.

Five Questions Every Seller Should Ask Their Agent

Saeed Moghaddam

Your home may be your biggest asset, so when you’re selling it you want to get the best price possible.

And when you’re selling your home the best tool you have for maximizing your sale price is your real estate agent. They are able to provide you with plenty of information and expertise that can assist you with making decisions with your sale.

So here are five critical questions to ask your agent before your home is on the market:

1. Should I consider renovations or improvements before selling my home?

Not every property needs major works before going on the market, but your agent is best placed to advise you about what, if any, improvements would maximize your sale price versus what would be overcapitalizing. Renovations may affect your timing and budget, so should be discussed upfront.

2. Is there strong demand for this type of home in the current local market?

Understanding how strong the local market is for the type of home you have is crucial. This will not only help you determine what price you may be willing to accept, but also how long your home will be on the market and how flexible to negotiations you may want to be.

3. Which type of buyer will be interested in my home?

It’s important to have a clear idea of the key target markets who may be interested in your property. If it’s first home buyers or investors they’ll be looking for different things from downsizers or upsizers. What are they looking for? What appeals to them and why? And how is your property a good match for them?

4. Is auction or private treaty the best way to get a result?

In certain areas auctions may be more common, while in others homes may sell by private treaty. Likewise, some sellers love the short, sharp approach of an auction campaign, while others are fearful of them. Each home has different attributes, and not all homes benefit from the same sales method. Ask your agent how the type of sale they recommend will get you the best result for your property. If it’s auction, you may want to attend a few auctions to prepare for the emotion of it; while if it’s sale by private treaty, you may want to discuss the agent’s preferred negotiation tactics.

5. Can you tell me about any comparable properties that have recently sold or are on the market?

Comparable properties will be yours and the agent’s best guide for how much your property may sell for. It’s important to look beyond the property’s characteristics at how they were presented and why they achieved the price they did. It can be hard to tell from listings alone what is truly comparable. And by knowing what has recently sold or is currently on the market you will also be ahead of the game in preparing yourself for the competition that your home will be up against when attracting buyers.

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Five Signs It’s Time To Sell Your Property

Written by Forest Lake Real Estate on March 17, 2019. Posted in Buying Advice, Landlord Advice, Selling Advice.

Five Signs It’s Time To Sell Your Property

Saeed Moghaddam

Making the decision to sell your home is not an easy one.

Sometimes there’s one big reason to sell, but at other times the tipping point to decide to sell depends on a combination of factors.

Here are five signs that it might be time to put your home on the market.

1. You’ve outgrown your property

People outgrow their homes in several ways. Maybe you’ve outgrown it by having children, those children have grown bigger and you’d like more space, or they’ve left home and you want to downsize.

If your home no longer suits your needs then it may be time to sell.

2. Upkeep costs rising

It can be costly to maintain a home, particularly when the home is older. Perhaps it needs a renovation, modernising or alterations but you don’t have the time or energy to dedicate to it. Moving on can be an alternative.

This also applies to apartments if major works are planned and you don’t want to invest in associated increased strata fees and levies.

3. Financial shifts

Financial circumstances change over the course of our lives in unexpected ways. Perhaps you’re feeling the pinch or suddenly have more money in your wallet than you’d expected. This may be your trigger to consider selling your home to upgrade or downsize.

And sometimes your property may have increased in value to the point where it’s worthwhile using the capital gain to your advantage to assist you with financial changes.

4. Location

Location is everything when it comes to property. Perhaps your home is in an area that no longer suits your lifestyle, work or family. Maybe your suburb no longer offers what you want, or you’d rather just be somewhere else.

Areas also change, and development or redevelopment plans may offer you previously unimaginable opportunities to capitalise on new demand for properties in your area.

5. The property market

It’s also worth considering timing when you’re toying with the idea of selling your property. Where is the local property market in its cycle? A hot market may be a good sign that now is the time to sell and make the most of buyer competition before a possible slow down in the market – particularly if you’re planning on downsizing to free up some cash for retirement. Or you may want to time your sale to upgrade in a flatter market, when the jump to the next price bracket is less of a challenge than it would be in a rising market.

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What Is A Cooling Off Period?

Written by Forest Lake Real Estate on March 15, 2019. Posted in Buying Advice, Landlord Advice, Selling Advice.

What Is A Cooling Off Period?

Saeed Moghaddam

A “cooling off period” is part of the terms of the contract for sale.

It gives a buyer the right to change their mind about entering into a contract to purchase property in some circumstances. Here’s what you need to know.

What does a cooling off period mean?

The cooling off period helps protect the buyer. It gives them a certain period of time in which they can choose to change their mind and back out of the signed agreement without losing their total deposit.

If the buyer does choose not to proceed with the purchase they will pay a much smaller termination fee, which varies from nothing to around 0.25% depending on the state or territory. The remainder of the deposit will be refunded to the buyer.

How long is the cooling off period?

The cooling off period is set by the state or territory and varies from 2-5 business days. Tasmania does not have cooling off periods.

Be aware that public holidays and weekends can affect the cooling off periods.

When does the cooling off period not apply?

The cooling off period does not apply to property purchased at auction. And while each state and territory has their own requirements for a cooling off period, it does not currently apply in Tasmania.

Buyers can also choose to waive their right to a cooling off period.

Can the cooling off period be changed?

Buyers can ask to have their cooling off period extended, but vendors have the right to refuse this. Buyers can also waive their right to a cooling off period altogether and vendors can also request this.

A written notice is usually required to cancel the contract during the cooling off period. After this, the balance of the deposit, minus the termination fee, should be refunded to the buyer.

What else should I know?

It’s worth discussing the cooling off period with your real estate agent, and solicitor or conveyancer.

For vendors, having no cooling off period can provide you with some certainty, however it may deter a motivated buyer.

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What To Expect At An Auction

Written by Forest Lake Real Estate on March 11, 2019. Posted in Buying Advice, Landlord Advice, Selling Advice.

What To Expect At An Auction

Saeed Moghaddam

Auctions are popular in many markets, but they can be nerve wracking for everyone involved – not least the seller, who has a lot riding on achieving a good price.

But understanding what can happen on auction day can put you in the front seat to success.

An auction campaign

An auction is generally held as the culmination of a four week auction campaign. So the property is advertised and over three weekends open home inspections are held. On the fourth weekend the home is auctioned. Auctions can be an effective way to generate interest and competition among buyers.

The exact conditions around auctions vary slightly in each state and territory but there are some commonalities.

Before the auction

If the property is being auctioned on site, an open home is generally held prior to the auction itself. Here buyers will be able to have a last chance look around your property to ensure they are ready to purchase.

Your real estate agent will ensure your contract is on display as well as the rules and information that are required to be available to purchasers. And depending on the regulations in your state or territory, potential bidders may have to register in advance to bid at the auction.

During the auction

The auctioneer will introduce themselves, detail any particulars of the contract and will make any necessary announcements. It is common for the home to be talked about and its features highlighted. You can speak to the auctioneer before if there’s anything you would like mentioned.

An opening bid will then be called for and anyone who is interested in purchasing has an opportunity to start the bidding.

Vendor bids may be placed, but must be clearly announced to the crowd. Once the auction is underway it is down to the bidders to make themselves heard and the auctioneer to call for more bids.

At some point, the auctioneer may announce that the home is officially “on the market”, meaning that the vendor’s reserve price has been met.

The highest bid above the reserve will see the home sold. If no bids are made above the reserve, and the home is not announced as “on the market”, then the home is “passed in”. The vendor then needs to be prepared to negotiate through their real estate agent with the highest bidder.

Dummy bids or non-genuine bids are illegal. And Australian auctions are unconditional, and do not have a cooling off period.

After the auction

If the home was sold during the bidding then the purchaser will immediately be asked to sign the contract and pay the vendor a deposit.

However, if the home has passed in then negotiations with the highest bidder will begin. If this doesn’t turn into a sale then other bidders may be asked to come and negotiate. If the home sells at this time then it does so under auction conditions with an unconditional contract and no cooling off period.

If the property still has not sold then the vendor has the option to put the home back onto the market for a private treaty sale.

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