Preparing to sell

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If you like a property agent to survey your home and get a better idea about how much your property is worth, call 

JM Chase First National at 8877 6688! We'd love you help you in anyway we can! 

Check out our website too - JM Chase First National Real Estate 

11 KEY STEPS TO SELLING A PROPERTY

1. What is happening in the broader market? What is best for your particular situation? Are you better off buying a new home before or after you sell your current home.
2. Choosing an agent. Your agent will be in charge of advertising, showing and completing the legal requirements of selling your property, so choose carefully. Find out more about choosing an agent here.
3. How do you want to sell? You and your agent will work out a plan for listing, showing and selling your property.
   
4. Determining your selling price and property inclusions comes next. Your property’s location, size, age and features will be assessed, as will the current market and area trends. Click here to get your free suburb report. You may not want to sell now but wouldn't it be a good idea to know what your property is valued in the market today? its potential in the future? Maybe a few changes need to be made to enhance the value of your property.. 
   
5. You'll sign an agreement with your agent. This legally binding contract will detail any commissions, the estimated sale price, duration of the agreement, advertising costs, process and much much more.
    
6. Now you must prepare the Vendor’s Statement (or Section 32) for your property and the Contract of Sale through your solicitor or conveyancer. These will include all of the details prospective purchasers will need. 
7. Advertising and showing your property. The fun part!! This generally involves photographing your property, drawing up floor plans and writing your online ads. For help with presenting your property, check out our presentation section here, or download our presentation checklist. Think about the lighting, setting the mood, what you want to portray to your potential target customers
8. Going on the market. Prospective buyers will contact your agent and arrange times to view your property, or attend your open homes. Marketing keeps going till sale is over - so keep it neat, tidy, clean, bright and fresh.
   
9. Sale and negotiation. Your agent will auction your property or mediate between you and buyers to reach a mutually acceptable price. The buyer will then pay a deposit.
   
10. Under contract. Both seller and buyer’s lawyers and banks will work out the details of the sale to ensure both parties meet all legal and financial requirements.
    
11. Settlement day. All going to plan, you’ll relinquish the keys and legal rights to your property in exchange for the balance of payment from the buyer or their bank. Congratulations, you have sold your home!
    

AUCTION OR SET DATE SALE OR ASKING PRICE (PRIVATE SALE)??

Auction: 

You set a reserve price with your agent (the minimum price you will sell your property for) and the agent conducts the auction on the specified date. If bids don't reach your reserve price, your agent may negotiate with the highest bidder on your behalf.

Auctions can result in a higher price for your property as there can be a sense of urgency and competition amongst buyers, however the prospect of an auction can also put buyers off. It's important to discuss with your agent what the best way to sell your property is for you. For auction day tips, check out the on auction day section. 

Set Date Sale: 

You and your real estate agent work out a price range for your property, prior to it being advertised and shown. The agent invites prospective buyers to formally submit their best offer, which must be received by a specific date and time. After the set date, your agent will collect and present the offers to you. You can choose to accept the highest offer, enter negotiations or re-list the property if your desired price is not reached. Set Date Sales are popular in a slower market.

Asking Price / Private Sale: 

Listing an asking price or requesting offers or expressions of interest can be more appealing to buyers, as the process is less intimidating and easier to understand. Buyers will usually try to negotiate below the asking price, so it is important to discuss your expectations with your agent. Private sales are attractive to buyers but can take longer as there is not the same sense of urgency compared to an Auction or Set Date Sale.

The art of selling to the Chinese

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Selling Sydney mansions to wealthy Chinese buyers involves much more than placing ads and hammering a sign into the lawn.

''They want to become part of Australian society, and that's where I come in: I'm like a cultural tour''

Introducing clients to organisations like the Australian Arts Foundation, charities and to boat vendors. Such attentions make sense given the increasing role these buyers are playing in the Sydney property market.

''As a starting point anything with a four in it isn't good, but with a number like 18 it'll get a much bigger percentage of potential buyers looking at it''

 

All the major real estate agencies are targeting Chinese buyers in various ways:

- with offices throughout Asia, translators, assistants fluent in Cantonese and Mandarin

- advertising property on China's online property websites

- specialised China desk with a Chinese-speaking agent who works with the non-English-speaking buyers through the whole process.

"More people realise that Chinese people won't touch a property if the feng shui is no good''

  Click here for full article

Slash hundreds of thousands of dollars and years off your mortgage

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Buying just one suburb away from your preferred location could help buyers own their home outright up to 17 years earlier...

Most Australians consider owning their home outright a key priority - this can be achieved much faster by having a broader look at suburbs.

 

The benefits of saving a larger deposit and paying off your mortgage sooner are the savings on interest and the faster build-up of equity.

This would benefit all home buyers, but particularly for first-home buyers that are just beginning to build their equity.

WHY PAY MORE?

House
Popular suburb: Median: Neighbour: Median: Saving:

BERWICK $447,995 CRANBOURNE NORTH $330,542 $117,453
ST KILDA $807,057 WINDSOR $742,154 $64,903
BRIGHTON $1,739,840 RIPPONLEA $739,339 $1,000,501
MORNINGTON $495,274 BAXTER $310,300 $184,974
GLEN WAVERLEY $734,776 SCORESBY $440,656 $294,121 40.0%

Units:
Popular suburb: Median: Neighbour: Median: Saving:

SOUTH YARRA $514,818 BURNLEY $377,265 $137,553
BERWICK $352,890 CRANBOURNE NORTH $274,404 $78,486
TOORAK $746,098 ARMADALE $498,237 $247,861
RICHMOND $495,129 MELBOURNE CBD $389,682 $105,447
GLEN WAVERLEY $558,411 WANTIRNA SOUTH $360,848 $197,563

For full article, click here

Melbourne named world's most liveable city ... once again!!

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WOOOOOHOOOOO!!!! Aren't we just a lucky bunch?! I know I am grateful for the opportunities that I have had in this beautiful city.. Let's hope this city will only improve :) 

Melbourne has again been rated the world's most liveable city - for the third year in a row!!

 

Three other Australian cities were in the top 10 - Adelaide (5), Sydney (7) and Perth (9)....

 

"Improvements to infrastructure in Australia, where the federal government initiated an ambitious long-term road-building programme in 2010, prompted rises in some cities in 2011"

Strong battler appeal for house sellers

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TOP 10 VICTORIAN HOT SPOTS

Albury-Wodonga

Ballarat

Bendigo

Berwick

Epping

Frankston

Geelong (city)

Maryborough

Sale and East Gippsland

Sunshine

Ballarat town

"It is really evolving into a major hub for education and medical sectors."

 

 

Surrounding suburbs also boast good affordability and could soon be looking good to investors --> a big factor in real estate these days!!

"Benny Nguyen, from Sweeney real estate in Sunshine, said the area had been transforming for a while and prices were rebounding well from a dip following the market peak in 2010.. It's a great location and five kilometres down the road is West Footscray and their prices are already up"

Geelong

For full article, click here

House Hunting?? Then, do your homework!!

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The search is long and exhausting.. make sure you have your needs carefully planned..

Buyers should continually drive around the streets they want to live in!! Get a feel of the environment, imagine yourself living in that area.. is it the close proximity to the shops or beach or park that you enjoy? Or simply the tranquility and safeness of the area?

''They need to start doing the rounds, even if they are properties they are not interested in. Look at who is going to open for inspections and listen to what agents are telling them and start reading the media about home-buyer reporting. Compare this period data with the same period last year - year-on-year."

Buyers should ask themselves why they are buying - for a home, for lifestyle reasons, for an investment or a combination of both? The answer will determine the features that are important to them.

They need to work out the budget and to obtain finance pre-approval.

''Get a feel for the overall state of the market, but confine it to the general area they are interested in, one or two suburbs. Establish whether what other properties are actually selling for are within your budget to see whether the quoting range is then followed through, and go to the auction - see what it actually sells for and how much competition there is for it.''

Buyers should ask whether the vendor would consider a pre-auction offer - more likely when the market is not booming - while Coutinho recommends saving such questions for a follow-up phone call or private viewing, rather than alerting potential competition at an open home.

HOWEVER.... Questions such as openness to offers and flexibility of settlement period should be asked only when buyers are sure they are very interested in a property. And don't tell the agent how much you have to spend, or give clues by divulging which other properties you have seen.

''You never reveal your hand publicly.."

 

Here's a few starting points to finding the right one for you :

- Begin by making lists: your preferred areas, essential features and non-essential features.

- Research market values in your preferred areas.

- Make several visits to a home before deciding to buy it.

- Don't be pressured into making hasty decisions.

- Read and understand all documents before signing. Have all verbal agreements put in writing.

- Consider obtaining independent advice, especially if uncertain about documents and contracts.

- Consider obtaining an independent, professional building inspection report, even if the agent or seller offers one.

- Use an inspection service with full professional indemnity insurance.

 For the full article, click here

Is Micro living for you??

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'Micro-apartments'' are a trend in the world's Western cities 

Micro trend constituted ''rampant exploitation of renters'' and called for minimum size standards.

Chef Josephine Lee, 37, in her 'micro apartment' in Flinders Street. She pays $300 a week for 11.2 square metres of living space.

Investors usually buy such apartments and rent them to international students and workers.

''Often the bedrooms have no direct sunlight,'' he said. ''Developers make money by such cramming but also by not providing car parking and other facilities. People who buy such small spaces don't live in them.''

However, other cities have embraced micros

The Urban Development Institute of Australia said there was demand from Melbourne buyers and renters. 

''It's very dangerous trying to interfere with the market by having a minimum size because we need the choice of affordable stock,'' chief executive officer Tony De Domenico said. ''If there are people who are prepared to live in smaller apartments, and most are not, why should they have to pay double for space they don't need?''

For full article, click here