A good real estate agent understands the markets and locations they work in. So they know what a property is worth and how to maximise the price. But every so often a property takes everyone by surprise. Why?
There are properties out there with an X factor—ones where auction frenzy drives up the price. And they can pop up anywhere and in any price bracket. But one thing has to happen—two parties have to want the property and be willing to bid it up.
Essentially, there has to be someone willing to pay for the property and someone else willing to push up the price.
Most agents agree that the primary criterion is supply and demand. But while the market is slower, there will always be potential buyers, wealthy developers or families looking to upsize.
People have different needs and often it’s not easy to fill them all. So when a property comes along that ticks all the boxes, it’s worth bidding for. Buyers who have the money and want it, will keep bidding.
What exactly motivates the buyer can be as varied as the properties themselves. Many a buyer will pursue their “dream home”, while developers can see a profit down the line and force up the price.
As agents with experience in the area, we tend to be able to spot the properties that have unique appeal and are suitable for auctioning.
So if you are thinking of selling or would like assistance in locating a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Browns Plains 3800 4000, Marsden 3200 4495, Springwood 3808 5544 or Waterford 3299 7733.
Thursday, April 22, 2010
Monday, April 19, 2010
Spot the Professionals at the 101FM Live & Local Expo
Such a popular event. We have to direct you to left of screen ---- our Open Flag!!!! We were certainly in good company with over 100 exhibitors and circa 6,000 visitors - Good one llr team!
A Vendor Checklist for Auctions
You can improve your chances for a successful auction if you lay the proper groundwork first. Here are some suggestions.
Find an agent you’re comfortable with before the main selling season begins and engage the auctioneer. Then work out an auction date early in the piece specifying the time of day you want the auction to take place—ideally between 11am and 3pm.
By having the auction date early in the selling season you insure that should the auction fail, you will still have plenty of time for it to be listed for a subsequent private sale.
Most people overlook the fact that you can leave an auction too late by running it in mid-November or the first week of December. This is because if it passes in you will need three or four weeks to sell and this then clashes with the Christmas season. Everything shuts down, buyers go on vacation, school lets out and so forth.
There is also the matter of having your agent look at the property and advising you on what work you can do to get your presentation in top condition. While major renovations like installing a deck for entertaining are good, it’s critical to speak to a professional builder first to make sure the job can be completed in time for the selling season.
Don’t forget, when the market heats up there will be a strong demand for renovations and it could be months before your renovation is finished.
If you have a question about real estate, or would like assistance in locating a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Browns Plains 3800 4000, Marsden 3200 4495, Springwood 3808 5544 or Waterford 3299 7733.
Find an agent you’re comfortable with before the main selling season begins and engage the auctioneer. Then work out an auction date early in the piece specifying the time of day you want the auction to take place—ideally between 11am and 3pm.
By having the auction date early in the selling season you insure that should the auction fail, you will still have plenty of time for it to be listed for a subsequent private sale.
Most people overlook the fact that you can leave an auction too late by running it in mid-November or the first week of December. This is because if it passes in you will need three or four weeks to sell and this then clashes with the Christmas season. Everything shuts down, buyers go on vacation, school lets out and so forth.
There is also the matter of having your agent look at the property and advising you on what work you can do to get your presentation in top condition. While major renovations like installing a deck for entertaining are good, it’s critical to speak to a professional builder first to make sure the job can be completed in time for the selling season.
Don’t forget, when the market heats up there will be a strong demand for renovations and it could be months before your renovation is finished.
If you have a question about real estate, or would like assistance in locating a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Browns Plains 3800 4000, Marsden 3200 4495, Springwood 3808 5544 or Waterford 3299 7733.
Thursday, April 8, 2010
Should You Buy Before Selling?
Many take a calculated risk, knowing they can afford it if their property doesn’t sell for a while. One vendor, for example, bought a house with great views near his one-bedroom, top-floor apartment. “I knew,” he commented, “that if the apartment doesn’t sell straight away, we could rent out the house for two or three years to cover the mortgage.”
Another vendor who was a conveyancer describes her experience: “The price for the other property was cheaper than it would have been in an active market and we thought it was worth grabbing. We are selling for a cheaper price too, but if we don’t sell, I made sure I had finance in place so we could still afford it.”
The key in both these two examples is that the sellers were managing their risks.
“You always want to make sure you’re not in a position where you have to take bridging finance, says financial planner Andrew Bowring. “That can cost you an enormous amount of money.”
The safest bet is provided by Steve Martin, a real estate association president: “It’s always a good recommendation to sell first, to know exactly how much you have to spend, and buy later. It’s always easier to buy than to sell, especially when you don’t know how much you have to spend. With properties now sitting on the market much longer before they sell, the risk factor is so much greater and a more conservative approach is required.”
If you have a question about real estate, or would like assistance in locating a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Browns Plains 3800 4000, Marsden 3200 4495, Springwood 3808 5544 or Waterford 3299 7733.
Another vendor who was a conveyancer describes her experience: “The price for the other property was cheaper than it would have been in an active market and we thought it was worth grabbing. We are selling for a cheaper price too, but if we don’t sell, I made sure I had finance in place so we could still afford it.”
The key in both these two examples is that the sellers were managing their risks.
“You always want to make sure you’re not in a position where you have to take bridging finance, says financial planner Andrew Bowring. “That can cost you an enormous amount of money.”
The safest bet is provided by Steve Martin, a real estate association president: “It’s always a good recommendation to sell first, to know exactly how much you have to spend, and buy later. It’s always easier to buy than to sell, especially when you don’t know how much you have to spend. With properties now sitting on the market much longer before they sell, the risk factor is so much greater and a more conservative approach is required.”
If you have a question about real estate, or would like assistance in locating a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Browns Plains 3800 4000, Marsden 3200 4495, Springwood 3808 5544 or Waterford 3299 7733.
Tuesday, April 6, 2010
Defensive Property Strategies
Being able to scout out good property deals and purchase them is definitely a talent. But don’t forget to cover your bases with a good defensive strategy as well.
This is what I mean by defensive property strategies—making sure that you never have to sell your property regardless of market conditions and your personal situation.
What this does is puts you into the advantageous situation of being able to hold a property for the long term. As properties always go up over the long term, you are then taking out insurance against any loses.
So what can you do to boost your defenses? Here are 3 tips:
* Be willing to be disciplined in your expenditures over the long term. Follow strict financial rules.
* Select investment properties that have proven track records of increasing in value over long periods of time. It is not necessary to have extraordinary growth in the short term. Focus on the long term.
* Manage your own budget so you have sufficient funds to cover any necessary property expenses and to avoid lenders recalling their loans during bad times.
The good thing about a good defensive strategy is that it will put you in good stead to take advantage of the opportunities that arise during the good times. The reason for this is that your property will rise in value and you will be in good financial condition.
If you have a question about real estate, or would like assistance in locating a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Browns Plains 3800 4000, Marsden 3200 4495, Springwood 3808 5544 or Waterford 3299 7733.
This is what I mean by defensive property strategies—making sure that you never have to sell your property regardless of market conditions and your personal situation.
What this does is puts you into the advantageous situation of being able to hold a property for the long term. As properties always go up over the long term, you are then taking out insurance against any loses.
So what can you do to boost your defenses? Here are 3 tips:
* Be willing to be disciplined in your expenditures over the long term. Follow strict financial rules.
* Select investment properties that have proven track records of increasing in value over long periods of time. It is not necessary to have extraordinary growth in the short term. Focus on the long term.
* Manage your own budget so you have sufficient funds to cover any necessary property expenses and to avoid lenders recalling their loans during bad times.
The good thing about a good defensive strategy is that it will put you in good stead to take advantage of the opportunities that arise during the good times. The reason for this is that your property will rise in value and you will be in good financial condition.
If you have a question about real estate, or would like assistance in locating a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Browns Plains 3800 4000, Marsden 3200 4495, Springwood 3808 5544 or Waterford 3299 7733.
Thursday, April 1, 2010
Professionals Logan Lifestyles Attended the 101FM Live & Local Expo
Thanks to everyone that attended the 101FM Live & Local Expo last week!!! We created the biggest event of its kind in Logan City :) Visitors totalled over 6000! Brilliant effort
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