MAKE A SPLASH THIS SUMMER WITH PROPERTY

January 4, 2013 Leave a comment

Selling in Summer

Selling a home in summer can be tricky for some but rewarding for many.  First National Real Estate Lakeshores Principal, Mark Millington says it all comes down to getting the details right.

“Pretty gardens, spectacular views and a well-presented home will only go so far, especially in a market where buyers would rather be relaxing with a cool drink instead of house-hunting in the heat,” Mark Millington said.

“It is essential home sellers price their property correctly, choose the most appropriate sale method and market it appropriately.  Real estate agents can make a lot of difference here as they have the necessary knowledge and experience to maximise the value of your property.”

Mark Millington said that when it came to pricing the property, home-owners need to consider the market and buying conditions.

“Summer is a time when buyer numbers plateau – particularly during the holiday period – but the current market conditions of low interest rates and affordable prices will prove too tempting for many to pass up,” Mark Millington said.

“So it requires real skill to set the price at a realistic level where both the buyer and seller feel comfortable that they have paid and received a fair price.”

One of the biggest dilemmas summer sellers face is whether to go to auction or sell their house through private treaty (for sale).  In making this decision, there are a number of factors that should be considered such as location, style of property, level of demand and timing of the sale.

“Private treaty sales offer the advantage of a clearly stated price. This can be powerfully attractive to buyers who sell their property just prior to Christmas and are facing settlement in early January Mark Millington said.

“When you have properly priced your property, these types of buyers can be super motivated to make strong, fair offers, with a minimum of negotiation, but it’s essential to have your price right in the first place if you’re going to do business.

‘On the other hand, auctions allow the market to determine the price and competitive bidding can push the price up. Auction also offers the seller certainty that once the reserve is reached, the property will be sold, and there is no Cooling Off Period so the sale is secure – the buyer can’t change their mind. However, the timing of an auction is crucial so it’s best to have auction campaigns completed before the holiday period gets underway.”

When it comes to auctions, Mark Millington said there are two types to be considered: in-room or on-site.

“At an on-site auction, buyers can actually touch and smell what they are buying, which can provide a stronger emotional connection to the property,” Mark Millington said.  “Also, there is an argument to be made that suggests when it comes to those final bids, and the buyer is standing in what is to be their new home if they are successful, they are more likely to go that little bit further to secure their new home.

“However, in-room auctions are not affected by the weather or other environmental factors and when the market is running hot, the enthusiasm for other properties offered by auction at the same event can positively influence the bidding on your own property.

According to Mark Millington, the soft market of recent times is showing a trend towards private sales over auctions, with sellers more inclined to take that route than what they perceive as the uncertainty of the potential outcome on auction day.

“My advice would be to discuss all the options available with a real estate agent, who will help determine which method of sale best suits your individual circumstances and the likely degree of demand for the type of property you’ll be offering the marketplace,” Mark Millington said.

“The agent is there to help weight up the benefits and costs and pro’s and con’s of each scenario and to support a seller through the sale process.  They can only do that if the seller is open and honest about their feelings and share their concerns.

“At First National, we are there to put our clients first, which is why we lead our industry.”

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Issued by: First National Real Estate

For further information contact:

Mark Millington, Principal, First National Real Estate Lakeshores, on 02 4359 1555

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CENTRAL COAST PROPERTY MARKET TO TREND UPWARDS

August 1, 2012 1 Comment

Market conditions in New South Wales’ Central Coast region are expected to improve in the second half of 2012, according to First National Real Estate’s 2012 Property Market Outlook Mid-Year Update.

The Update, released this week, is based on a survey of the 400+ member network, and provides an insight on what member agents expect the market to do, drawing on their experience at the grass roots level.

“A number of infrastructure and development projects, reducing interest rates and fewer new listings increasing price competition will support the market improvement keeping it in line with most other areas of the state which are already experiencing an upswing,” Mr Mark Millington, Principal, First National Real Estate Lakeshores said.

“A number of approved land releases and a shopping centre development due for completion in the coming 6 to 12 months will see buyers once again become active, which should see listing levels decrease as a result of the improving marketing conditions,” Mr Millington said.

Sales are expected to increase, while the average number of days a property is on the market should also fall.

“These are all signs the market is set to trend upwards, but economic conditions are still holding consumer confidence at bay,” Mr Millington said.

House prices are expected to head upwards as a result of current lower levels of new listings creating a competitive environment for buyers.  However, limited land availability will see land prices fall.

A shortage of rental accommodation in the region will keep already extremely low vacancy rates, flat.  This will force weekly rental prices upwards and improve investor returns.

Investor activity is expected to increase, driven by reducing interest rates, talk the market has bottomed out, and increasing rental returns.

“Investors will represent the strongest growth in activity for the Central Coast region as they capitalise on better returns based on lower interest rates and increasing weekly rentals,” Mr Millington said.

Interest rates are expected to decrease further in the second half of 2012, which should see buyer confidence improve, especially in the “bargain” market of properties priced below $350,000.

According to Mr Millington, the key challenges for the Central Coast property market in the coming six months will be the unstable economic conditions, unemployment fears and the ability to secure bank funding.

“The market will be further bolstered by land releases in Gwandalan and Catherine Hill Bay, the first in the area for more than 10 years,” Mr Millington said.

“The shopping centre development in Lake Munmorah/Chain Valley Bay will inject some much need infrastructure as well as create local jobs for the community.”

Solar power and energy are the most sought after energy efficient features of a property on the Central Coast.

Issued by: First National Real Estate. 

For further information or to receive a copy of the 2012 Property Market Outlook Mid-Year Update, contact Mark Millington, Principal from First National Real Estate Lakeshores, on 02 4359 1555

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Stamp Duty standing in the way

June 29, 2012 Leave a comment

Stamp Duty Property NSW and AustraliaSupport for the Prime Minister, Julia Gillard, has come from an unusual source today from the local member of First National Real Estate, Mark Millington, who agrees with her call for the review of state based property taxes.

“It is a rare thing for me to say I agree with the Prime Minister, but I believe she has it entirely right when she says State Government based property taxes are standing in the way of economic growth in this country,” Mark Millington said.

“As Australia’s largest independent real estate network, we do everything we can to help people with workforce and lifestyle driven mobility,” Mark Millington says “but the State Governments are not doing anything to help – a fact we have been on the record as raising on numerous occasions over the last 12 to 18 months.”

Mark Millington said research has shown that a lot of city dwellers would like to make a move to the country, but find the costs of selling and buying a home, including stamp duty, prohibitive.

“There is certainly a high level of interest in people moving within a state and possibly even between states for lifestyle reasons”,  Mark Millington said.

“The main thing standing in their way is the cost of buying and selling a home and stamp duty is a large part of that cost,” Mark Millington said. “So, on the one hand State Governments want people to move within their State and the Federal Government needs them to be able to move between states, but the State Governments’ stamp duty is one of the major costs that is stopping that happening.”

Last year, stamp duty accounted for 37% of total property related taxes in Australia and Mark Millington believes the reliance of Governments on property taxes is standing in the way of Australia’s economic growth.

“We need to stop penalizing people who have saved enough money to buy a house or who are prepared to follow job opportunities interstate.  Stamp duty is an anti-growth tax, and is a lazy way for governments to keep their budgets in check,” Mark Millington said.

Issued by: First National Real Estate Lakeshores

For further information contact:

Mark Millington, Principal, First National Real Estate Lakeshores, on 0418 970 591

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Seven Habits of Highly Effective Home Sellers

January 14, 2012 Leave a comment

Seven Habits of Highly Effective Home SellersYour property will possibly be the most valuable asset you will ever sell so it’s important to heed professional advice in order to maximise its sale price.

Selling your property is not a task undertaken everyday. When you’re selling, it’s important to be fully informed and plan each step carefully.

There is something to be learned from how home sellers have approached the often complex task of putting their home on the market, and more importantly, closing the deal.

Effective Habit #1: Be Realistic

Property is one of those rate things with no recommended retail price. What your neighbour sold their home for last year, or even last month, doesn’t matter. What you “lost” because you didn’t sell your home at the peak of the market doesn’t matter. The enemy is any other property for sale within your area and price range.

Selling a home ranks WAY up the list of “life’s most stressful moments”. But you have to understand and be realistic about your home’s value, your neighbourhood, and the real estate market you’re in. There are many factors that impact the potential sale of your home. You do not have control over current market dynamics (economy, interest rates, outlook, consumer sentiment, employment, wages) or local supply versus demand. But there are things you can control (presentation, cleanliness, street appeal, availability). Address what you can control, and understand the impact of what you can’t. Realistically.

Effective Habit #2: Be Open to Suggestions

You’ve selected a real estate agent to help you, trust their advice. After all, you wouldn’t visit a doctor and then tell them how you should be treated. Your real estate agent will be able to add real value to the process and is an essential component in selling for more. Sure, you may not be able to do everything they suggest, but at least listen and consider suggestions your agent may have for the best way to present, market and sell your home.

Effective Habit #3: Be Available

YOU don’t necessarily have to be available to buyers interested in your home, but you do need to be flexible with inspection times. In fact, you should avoid staying inside the house while a buyer inspections. Buyer’s sometimes feel they cannot openly discuss concerns with your agent in your presence. Golden opportunities may there be lost. Should it be necessary for you to remain at home, be courteous but don’t force conversation with a potential buyer. The buyer wants to inspect your home – not pay a social call. However, should you be asked questions about the home, the neighbours or the area answer them.

At times you need to be able to vacate the premises with reasonable notice – and occasionally with unreasonable notice. Your home can not be sold if potential buyers can’t view it. “No inspections on weekends” or “Inspections only between 11:00am and 1:00pm on Thursdays and Fridays” won’t cut it.

Effective Habit #4: Be Smart

Understand the local real estate market. Understand the home selling process. Understand the buyers’ cycle (you may not be buying, but you want to understand what your potential buyers are dealing with).

Why understand all this? KNOWELDGE IS POWER!

How do you understand all this? Let your agent help you understand it. That’s what you’re paying them for.

Effective Habit #5: Invest in a Marketing Campaign

Choosing a marketing plan that ensures your home is exposed to the maximum number of buyers is critical to achieving the best price.

YOU CAN’T SELL A SECRET! This is a well-known saying in the real estate industry. In other words, a property may be immaculate, fresh and supremely interesting but if you don’t tell ‘the world’ you will struggle to sell for more.

Let’s now look at an effective marketing campaign.

  1. It attracts buyers with increased chance of attracting offers, resulting in a great sale!
  2. It encourages competition between buyers resulting in top prices being paid!
  3. It is an insurance policy against underselling. Every suitable buyer in the market will see the advertising and will make the decision whether or not to inspect further. Those buyers who do view and want to the property will vie for the chance to buy!

Think about it…would you like the first buyer or the best buyer.

Effective Habit #6: Balance Emotion with Logic

Selling your home and all the things involved with the transaction can be very exciting, but many times it is an extremely stressful event.

Home sellers not only have to worry about their home remaining clean and available to buyers on a daily basis but they often have other important things that they could be doing to ready themselves for their move. It is also true that most Sellers have a tremendous amount of pride in their home and want to make certain that the marketing and eventual sale price are reflective of that pride.

The moment you list your home for sale, it just becomes a house on a shelf – 1 of many. You may not like what the market tells you but it will never lie to you. If you don’t have inspections you will very likely not receive any offers. If you have inspections and still don’t get any offers you must be prepared to adjust the price. Don’t take it personally.

The best homes remain unsold due to price!

Effective Habit #7: Don’t Be Afraid to Ask Questions

This is YOUR home you are trying to sell. You need to be comfortable with what is going on. If there is anything you don’t understand, ask your Real Estate Agent for clarification. Don’t be embarrassed about things you don’t know. You don’t sell a home every day. Most real estate terms and jargon aren’t important to you 99.9% of the time. But they are important now, and often agents tend to forget we frequently speak in a foreign language. There are no stupid questions. Ask.

The Bottom Line

These “seven habits” can help you through the home selling process. There is every chance your efforts will be rewarded with more buyers and the potential for buyers competing for your home, a faster sale and a better price. You will also be able to take comfort in the knowledge that you did your absolute best to influence the value of your home and your stress levels may be greatly reduced.  It may also greatly reduce the stress levels of your real estate agent as well. That’s not a bad thing. People don’t like stress so anything that can be done to alleviate a stressful situation is a good thing.

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WARM UP WINTER BUYERS

July 2, 2011 Leave a comment

Selling your home can be nerve-racking, and with the number of days properties are on the market having lengthened this year, First National Real Estate Lakeshores has some simple tips to make sure your property stays on the boil during winter, and reduce any associated stress.

“The value of a property is mainly determined by its location, size and suitability to the buyer,” First National Real Estate Lakeshores principal Mark Millington, said.

“But there are things that a seller can do to maximise the value of the property, particularly in terms of its presentation, even if the weather is cold and things look a bit dull and gray.

“I mean, when someone wants to impress, they go all out to make themselves look and sound good, no matter what the weather is doing – it’s no different with the property you want to sell.

“It’s all about making a good impression and while it’s true that there will be fewer buyers in winter, it also means there will be less competition and less stock.”

According to Mark Millington the most important tip is to appoint a well-respected, reputable and trustworthy real estate agent.

“Agents have a duty to achieve the best price for their clients, keep their finger on the pulse of the market and keep their clients educated and informed about current market dynamics,” Mark Millington said.

“We are encouraging our agents to think creatively and strategically to shorten the number of days listings are on the market and maximise the price of their clients’ properties, including updating photography, remaining positive and upbeat, using all the leading edge marketing tools such as social media and buyer matching technologies, to make sure everything is being done to get the seller the best achievable price.

“Using an agent also offers security, acting as a barrier or deterrent to buyers who are not really serious about the property or who wish to make unrealistic offers for the property.  Most of all, many First National agents offer the additional protection of ISO 9001 Quality Assurance accreditation.”

Winter makes staging your home, the concept of showcasing its best, more important to securing top value for your property.  Mark Millington says putting in a little effort will make the world of difference.

“A well-presented house is likely to achieve its selling price more readily than an untidy, unsightly and unkempt property that has obviously not been well-cared for or maintained,” Mark Millington said.

“That’s why it’s important to make sure the owner does everything they can to make the property look good and that it is always presented in as pristine condition as possible.”

Here are a few things that Mark Millington says can be easily undertaken and are affordable:

  • Paint a few feature walls to create visual impact.  Consider using the services of an interior decorator for a quick consultation and some ideas.
  • Add a few personal touches like family photos and memorabilia around the place to give that ‘homey’ feel
  • Keep lights on during inspections to brighten the atmosphere and make sure curtains, shutters and blinds are open – letting in as much natural light as possible as well as make rooms feel much more spacious.
  • Make sure everything is clean including windows, both inside and out, and light fittings.
  • Place some flowers in vases to liven things up a bit, and even consider spraying some quality fragrance around (but not too much!)
  • Turn on heaters or light fires so that the temperature inside the home is comfortable, inviting the buyer to linger longer, especially on cold days.

Mark Millington said another key tip is that sellers should always try to keep in mind who they are selling to, just like any other product that is for sale.

“At the end of the day, the seller should put themselves in the place of the buyer, think about what would they look for and make sure their home delivers as best as it can,” Mark Millington said.

“That’s what we do here at First National Real Estate Lakeshores. We think of our clients and put them first, because that’s what we would like if we were their clients.”

For further information contact Mark Milligton, First National Real Estate Lakeshores, on 02 4359 1555.

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FIRST NATIONAL BUCKS INDUSTRY STANCE

April 22, 2011 Leave a comment

First National Real Estate Lakeshores Principal Mark Millington, has snubbed industry representatives who have said in recent media reports that the property industry would support moves to replace stamp duties with a broadening land tax or any other tax.

“It has long been recognised that stamp duty as a tax is inefficient and a complete rort,” Mark Millington said.

“So, while First National Real Estate agrees it needs to go, it does not support the notion that it be replaced with some other tax.

“As far as we are concerned, when the GST was introduced, it was meant to phase out a number of various state and territory government taxes, duties and levies such as banking taxes and stamp duty.

“Now, more than a decade on, we are still being burdened with stamp duty.  What’s worse, the property industry appears to be portrayed in some news articles as willing to settle for replacing the duty, instead of having it abolished altogether.”

Beyond the benefits to the property market of lowering the cost of buying, abolishing stamp duty would also serve to help the economy, by making room for the resources boom.

“Stamp duty inhibits mobility for many, which mean mining areas which are desperate for workers are finding it difficult to encourage workers to sell their homes and move to another area,” Mark Millington said.

“The government needs to look at policies that will encourage mobility rather than inhibit it.”

Mark Millington said the upcoming 2011 Federal Tax Summit presents the ideal opportunity to get blanket approval from state and federal governments to abolish this duty and there should be no further talk of ‘replacement’, but to deliver what was promised in the first place.

“Affordability is rearing its ugly head again, and governments need to stop being greedy and looking to the property industry to make up the shortfalls in inefficient spending and ‘black holes’,” Mark Millington said.

“As well as helping first home buyers enter the market, we need to keep stocks available in the upgrader and investor markets.  These people are looking at other investments because of the expenses involved in upgrading and investing in property.

“Governments even go so far as to put a stamp duty on the GST that is paid on commercial and industrial properties that are sold, which just seems ludicrous to me.”

Mark Millington is at a loss to understand why governments are resisting the move to abolish stamp duty, when so many are in agreement that it needs to go.

“A recent article said the OECD supported the rationalisation of state and government taxes particularly stamp duty on house sales, the ex-Treasurer Peter Costello said it should have been eliminated when the GST was introduced and even the Henry Review recognises the need for it to go,” Mark Millington said.

“The GST was meant to provide sufficient funding for state needs, and if they are not able to raise enough revenue through the GST they need to look at reform, rather than rorting hard-working Australians and replacing one tax for another.  We should get rid of stamp duty altogether.”

Issued by: First National Real Estate.  For further information contact Mark Millington, Principal, First National Real Estate Lakeshores, on 02 4359 1555.

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Australian Floods Appeal

January 11, 2011 Leave a comment

Click on the link to make your donation

First National Real Estate has launched a fundraising appeal through the First National Foundation, pledging that all funds raised will go to Australian Red Cross Emergency Services in support of people affected by the Queensland and Western Australia floods.

First National Foundation is committed to the support of Australian Red Cross Emergency Services and, through the fundraising efforts of First National Real Estate agents nationally, has already donated over $1 million towards the preparation of Australian communities for natural disasters such as those currently being experienced.

Funds donated provide real assistance on the ground such as helping Red Cross Emergency Services to coordinate the National Registration and Enquiry System that assists families, friends and relatives to locate each other.

3,919 people have already used the NRIS system currently being operated by Red Cross in Queensland. Red Cross is also assisting with recovery in Bundaberg, Dalby, Warwick, Chinchilla, Emerald and is on standby to provide additional support where necessary.

Red Cross is also distributing practical resources and useful tips to help Queenslanders and Western Australiansbegin cleaning up after floods. The ‘Cleaning Up After Flooding’ booklet helps households start the process, both practically and emotionally, but with a firm eye on safety.

Donations can be made to First National Foundation’s Australian Floods Appeal by visitinghttp://www.firstnationalrealestate.com.au

Issued by: First National Real Estate

For further information contact National Communications Manager, Stewart Bunn from First National Real Estate on 1800 032 332

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