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New Year- New wave of buyers

Traditionally, New Year always means a fresh new impetus in the local property market.

Buyers and sellers alike set goals to move on, interstate transfers happen and people want to get the kids settled for the new school year.

Homes present well with the summer weather and generally people are more active.

I am particularly interested in recent years with the New Year, as I think a break from all the negative press of the previous year, is also a good thing. Also, people tend to look forward after Christmas, whereas there was a lot of crystal ball gazing and rear mirror reflection of the events of 2016 going on late last year.

2017 is no different. No doubt there are new buyers emerging, as is evident from the large enquiry over the Christmas break.

All in all, a great time for sellers to consider a move as there is good buyer activity, and often more new listings coming on for the buyers.

If you are looking for a move, contact the team at Evolution Realty and we would be delighted to assist you with your moving aspirations. 

The 5 Reasons Why a Home Does Not Sell

Reason 1) -The marketing is incomplete or ineffective. 
Not all real estate agents are alike and unfortunately, some do a minimal job in marketing the property once they’ve obtained the listing. 

I often research properties as part of my commitment to my craft. I’m frequently surprised by the number of incomplete property descriptions, lack of multiple attractive photos, and many times, just incorrect or incomplete information reported in the listing. In most situations, once a listing is entered onto the internet and the REIWA website it will appear on many sites on the internet, as well as the agents own sites and national real estate sites they may participate in. 

Those properties with limited information, or worse, just a few photos or unflattering photos are eliminated by buyers and their agents without the buyer ever setting foot on the property. There are three groups of people your property must appeal to: agents, local buyers and out-of-town buyers. All three are influenced by the computerized representation of your property. If your property’s online and printed marketing isn’t appealing, you will have no physical showings. 

While a very small percentage of homes are bought "sight unseen," the general rule is if the buyer doesn’t step inside your home, they won’t be buying it.

Reason 2) - The home shows poorly.
Let’s face it; your home has to compete with all the shiny model homes going up in every corner of the city. You are competing with professional decorators and landscapers who are experts at creating emotional appeal. These model homes don’t have real families living in them while being on the market. 

Thankfully, this is one of the easiest things to fix. A good cleaning, de-cluttering and cosmetic facelift is pretty inexpensive compared to the return in a higher sales price and faster sales time. Sparkling windows, kitchens and bathrooms, professionally cleaned carpets and fresh paint make a world of difference. 

Curb appeal from an attractively-maintained yard and an inviting front door doesn’t require a professional or large amounts of money.

Reason 3) - The property is in a bad location.
This is one thing that can’t be changed. A good real estate agent will be able to maximize the positive aspects of your property while trying to minimize the negatives. It may be possible to screen an adjacent property with landscaping either to lessen the visual impact or the sound impact of a busy street.

If your home is located in a less desirable school district or close to perceived nuisances, the best way to compensate is usually to reduce the sales price.

Reason 4) - The market is the market. 
It’s all based on supply and demand. All real estate markets are cyclical, sometimes hot, sometimes cold, and sometimes just in balance. They are affected by any number of things that you have no control over, such as interest rates, the economy, weather, national or local disasters, consumer confidence, and sometimes the time of year, such as the winter holidays.

If there are many buyers for a type of property and there is a limited supply, the market will be faster and sellers won’t need to pay as much attention to condition, marketing and proper pricing. If there is a large supply of inventory, with little buyer interest, homes will languish on the market and buyers will choose the best of the available inventory. 

That’s the time that paying attention to the items mentioned above makes a real difference in terms of how long it will take to sell your property and ultimately the price you’ll receive.

Reason 5) The home is overpriced.
I’ve seldom met an owner who doesn’t think his/her home is "better." I’ve been told many times about specific features that "should" make the home be worth more money than comparable homes. No matter how much you may appreciate your home and its particular special features, the buyers ultimately set the price by what they are willing to pay for the property. Overpricing, either by you or by an agent willing to suggest a higher price in order to obtain the listing, begins a chain of events that often works against you.

Real estate agents and qualified buyers currently in the market will see your listing within the first two to three weeks, and if it’s overpriced they will note that and move on to other properties. After those important first few weeks on the market, the only buyers who will see your property are those that are new to the market, and your property will be labelled as "overpriced." Buyers and their agents always look for "days on market" when searching the REIWA member website listings.  

Day-old bread, leftovers, and overstocks are always discounted. The longer your home is on the market, the lower the price you will eventually be offered. Every property will sell, if it is priced properly. I have said it all of my career, the way to get the highest price is to price the property correctly at current fair market value.

Thank you and see you in the market place.

MARKET UPDATE October 2016


Spring has come late in 2016, with early October still with a winter feel about it.

As soon as the cooler, wetter months subside traditionally spring represents a more buoyant and positive lift in local real estate markets.

More stocks to come on, more buyers are out and about, and a generally more upbeat disposition overall. We expect this year will be the same.

Right now, Applecross has 81 listings which are now up to 302 days average (median 171) on the market and Mount Pleasant has 70 properties 
on the market which are now up to 159 

days on the market average (75 days median). Stock numbers are down too about 15-20% in listing numbers.

This tells me that three things have occurred.
1) The sellable/best value properties have been sold

2) Many properties have been rested (unsold) where sellers are contemplating a new launch in spring. Watch for some more listing numbers

3) The properties priced optimistically have remained unsold as buyers continue to seek value.

We are also noticing finance from the banks is very tight, with examples of some properties coming back onto the market due to finance declines, as well as extensions being sought by brokers/banks for some finance applications as the lending criteria tightens.We see buyers prepared to engage the market and make offers where they see properties that broadly meet their criteria.

Buyer activity continues to be bold with many offers coming in way below expectations. This is quite normal as some buyers are looking for perceived distress sales or windfall opportunities.

Mostly, the sales that occur are in line with market value and we remain confident that the remainder of 2016 will be strong, in sales volumes and buyer activity.

Thank you and see you in the market place.

Market Insights- January/ February/ March 2010

What an amazing end to 2009! It appears that for the time being buoyancy and in some cases bullish optimism exists with many buyers, creating a mini boom in some price categories. Properties in Mount Pleasant, below $1 million, have been snapped up and are selling quickly, often close to full price.  We think that in many cases, within this category, we have seen an upwards market correction of 10-15% in the space of 3 short months. The same applies in Applecross, in properties in the mid to high $1M range. Lower priced properties in Ardross and surrounds are also changing hands in rapid fashion.

Buyers, as always, are looking for value. In this market the location is very important. Homes in excellent condition, presented to a high standard and/or in superb locations will attract the most interest and usually sell quickest.

Several top end properties have changed hands in this period, indicating strong demand for the premium end of the market.  All of this is caused by a general lack of stock and the subsequent strong demand causes upward pressure on prices.

Generally we are finding that Buyers have more confidence as they have seen consistency of pricing, albeit at a higher level than last year and sellers have a renewed sense of perspective having seen sufficient recent sales.  As a result the market has established a new equilibrium, based on actual sales evidence, rather than the varied and often erroneous data that existed in the first half of 2009.

Evolution Realty has finished the year strongly, registering many sales in December and has started the year with an amazing record number of appraisals.  Our interpretation of the number of appraisals is that many potential sellers are aspirational buyers, taking stock of the value of their current homes as they consider upgrading. We find that this is often the case in the New Year. Many new listings have hit the market for Evolution Realty and we expect strong selling months in February and March 2010.

On a happy note, we recently celebrated out first Anniversary with a bang, and are well primed to continue the massive success enjoyed in 2009. We look forward to meeting you, at our website www.evolutuonrealty.com.au, at our office at 15 Kearns Crescent Applecross or at many of the homes open that we conduct every weekend though the City of Melville and surrounds.

 

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