Nov 09, 2011 - 0 Comments
In a buyer’s market, it’s critical that the seller gets the price right. All vendors want the highest possible price for their property — and agents should share that objective. But the price can only be determined by two factors: recent local sales and listings, and buyer feedback.
Here are some important points to consider:
- Think locally. Market conditions can be vastly different in neighbouring areas. Even if a comparable home is located just 15 minutes away, if it’s in a different suburb, the perception of value may be very different. Place the most weight on sales in the immediate market.
- Focus more on sales than listings. Sure – a similar home may be listed for a very impressive price. Whether or not it sells for that price is another matter. Sales tell the full story on the market temperature.
- Listen to your prospective buyers. We arrange as many inspections as possible before setting a price guide, and we get detailed feedback from everyone that comes through. This gives invaluable information about what purchasers are prepared to pay.
A good agent will show you the price using the principals above, rather than telling it to you. Too often, we see other agents overvalue homes in order to win business from the vendor. The house doesn’t sell and after a while, the price is lowered. Unfortunately, by that point, there’s a perception in the market that there must be something wrong with the house. This hurts the final value. Beware the agent who quotes you a price that is much higher than other estimates.
There are also agents who undervalue homes to encourage competition. The idea is that the price can later be hiked up when there are many offers. This is certainly frustrating for buyers — it basically amounts to a “bait and switch” — but it is also disadvantageous to the seller. A lot of time and marketing spend is wasted courting buyers who just don’t have the budget for the property.
Ideally the price of the home is set right where the market dictates it should be. This stimulates maximum interest from the market, leading to competition (through negotiations or a bidding war at auction) and ultimately, a quick sale with the best possible selling price.
Tagged melbourne, real estate, selling tips
Oct 03, 2011 - 0 Comments
The Victorian Seniors Festival is on! This once-yearly, weeklong event hosts hundreds of activities, performances and exhibitions. Not only are most free to card-holding seniors, but transportation is as well.
Running through Sunday, October 9th, the festival sponsors too many events to list, but we’ve highlighted some local favourites below. For the full list of offerings, click here or visit any Coles outlet or library for a brochure.
Veteran Community Story Writing & Art Exhibition
Veterans’ Affairs Red Cross Centre, Heidelberg
Monday 3 October – Friday 7 October, 10:00am-3:00pm
Saturday 8 October-Sunday 9 October, 12:00pm-4:00pm
Marvel at an extensive display of art, crafts, photography and writings from members of the Victorian veteran community. For more information, click here or call 9496 2290.
Fitzroy Gardens Day
Thursday 6 October 10:00am-1:00pm
Take a trip to Fitzroy for free admission to the gardens with guided tours, special exhibits, dance classes, complimentary showbags and much more. Call 9658 9658 for more information. Be sure to arrive at the event between 9:00am and 10:00pm for same-day admission.
Bowls Victoria Open Door Day
Thursday 6 October, 1:30-4:00 pm
Donvale Bowls Club
Head to one of our favourite local organizations, The Donvale Bowls Club, for a day of bowls and light refreshments. For more information, call Barry at 9840 1313.
Seniors Multicultural Gathering
Friday 7 October, 10:00am-12:00pm
Shoppingtown Hotel, Doncaster
Local seniors clubs will perform in the Cabaret Room and morning tea will be served. Click here for more information or call 9840 9700. Bookings are essential.
Appraisals and Film
Friday 7 October 10:00am-4:00pm
Doncaster Church of Christ
Ever wondered how much your favourite collectible is worth? Find out with an appraisal by the Antique Collectors Club of Victoria. This event also includes a film screening and morning/afternoon tea. Click here for more information.
Tagged Bowl Victoria, Doncaster, Donvale Bowls, Fitzroy Gardens, Manningham, Seniors, Veteran Affairs Heidelberg, Victoria, Victorian Seniors Festival
Sep 27, 2011 - 0 Comments
It’s time to invest.
The current property market in Melbourne presents an excellent opportunity for the astute investor to purchase not only at an affordable price but also while interest rates are low and possibly falling. There is still a strong demand for rental accommodation, particularly in suburbs with good infrastructure such as transport, shops and schools nearby.
For the past decade we have witnessed a substantial rise in property prices. In the next few years it is unlikely that capital appreciation will be as buoyant, however our prediction is that rental yields will steadily rise. If increasing your investment portfolio is something that interests you, talk to one of our property investment specialists who will shortlist some suitable properties to suit your needs.
We currently have a wide range of properties in Doncaster, Doncaster East, Templestowe Lower, Abbotsford, Brunswick East, Docklands and more.
Sep 15, 2011 - 0 Comments
Here at Parkes Property, we pride ourselves on keeping you up-to-date with everything that’s happening in real estate and the current property market.
We hope that this blog will become a handy resource, with regular advice on buying and selling property, helpful links, exclusive property previews and all the latest real estate gossip.
Stay tuned for more!
- The Parkes Property team.
Tagged Blog, welcome