A Word from Wendy
By now I'm sure you've started to hear the media reporting that house prices are on the rise. For the past quarter, Melbourne house prices jumped 4.1 per cent, with houses regaining almost half of the price falls that occurred during the recent downturn.
For those of us immersed in all things real estate, out and about week in week out (and weekends!), we've seen the Melbourne market turning since the day after the Federal election back in May.
Regular readers will recall that back in June I was reporting the market had already shifted.
Sometimes it takes a little while for the media to catch up and often, by the time it does, many buyers have missed the boat. Is that the case for you? Were you looking for a home earlier in the year and you're still on the hunt now? Are your clients? If this is you and you are feeling disheartened, I can help you. You just need to let me.
Fun and games at auctions
On Saturday I bid on a house at auction for clients looking to buy in Burwood. Happily, they are now getting ready to move into their new home.
What I find interesting is how people approach buying real estate. Arguably, this is one of the biggest investments that a lot of people make, yet they don't really ask the right questions or quite frankly, know what they're doing.
It baffles me, because the help you need is right in front of you, you just need to be open to asking for it.
In the lead up to this auction, the agent told me they had 4-5 sold buyers interested in this home. On the day of the auction, there were seven bidders including us.
Prior to the auction, our due diligence uncovered two major issues with the contract of sale. The contract was invalid as a result.
We spent the week going back and forth between the agent, the vendor and their conveyancer trying to get it sorted. On the eve of the auction, it finally was, but only because we chased for it to be done. Post all of this, the agent confirmed to me that no other buyer questioned the contract or the issues it contained.
One of the first things you must do when buying real estate is make sure that you have a valid contract. That's basic due diligence that clearly some buyers either don't know or don't care to do.
Underquoting is still a thing
Having sorted out the contract issues, we showed up to the auction on Saturday to a house overrun with people inspecting the property. This made my clients nervous, as a crowd always can mean lots of bidders. But what I said to my clients was key - the property had been under quoted.
Agents still underquoting? Surely not! Yes, they are and there are still ways they can get around the laws that are supposed to stop it.
The most recent comparable sale from my own research and tracking the market in Burwood showed this type of property was likely to sell in the mid $900K range. The agent quoted the property during the campaign at $750K - $825K.
On auction day, the property was declared on the market at $870K ($45K over the guide range). It eventually sold to us, for $934K.
At the auction, there were 7 bidders. Following on from an opening low ball bid of $650K, the next bid was $770K and bids continued in $20K rises. One bidder then chimed in and asked the auctioneer if it was okay for him to bid in less than $20K increments.
1. the auctioneer works for the vendor, not the buyer. Do you think this guy is the most impartial person at the auction? His job is to get money out of you. Lots of it.
2. If you are attending an auction, actively bidding and still needing to seek advice about how to bid with the auction in full swing, do you really think you should be bidding at all?
I love auctions. They are a form of theatre and fun to watch. At least six people congratulated me on my bidding style post auction. The agent even told me afterwards I intimidated the other bidders so much they eventually just stopped bidding. I handed out a few business cards that day.
Auctions are my office where I do business.
The Definition of Lifestyle Delight in Maribyrnong
Offering exceptional first-home appeal, this home's comfortable dimensions are complemented substantially by sizeable, stylish bedrooms offering
built-in-robes, split system heating/cooling and ensuite to the master. Open kitchen and dining areas make a modern statement with stainless-steel Blanco appliances and granite bench tops, as does living and balcony both drenched in northern sun and enjoying rare green views.
What our happy clients have to say…
Wendy listened to every need we had, especially being our late father's estate and made sure she was very sensitive to our feelings, put us at ease and simplified every step by being the voice between the Real Estate Agent and The Trustees.
We feel Wendy and her team are extremely professional, thorough and always returns your emails and phone calls, even after hours. Wendy is on to it, getting you answers and replying to you. We did not have to worry about anything, we trust Wendy.
Wendy went above and beyond for us, finding keys, screening agents, writing up inspection reports, advising how marketing is going. Everything was completed on time, even before deadlines, Wendy would be following up with Agents and Trustees and reporting back to us ASAP. Her ability to return your call or reply to your email in an instant with all of her
honesty and knowledge is such a skill that Wendy executes so well.
Having Wendy's support and knowledge of the property market and the selling process was a great benefit to us. You can't beat Wendy! Amazing.
Trish & Lainie
Wendy in the media
Wendy has been asked to contribute to Domain's article about why buying your 'forever home' now is a great strategy.
Wendy has commented on when people tend to start searching for their forever home, how to choose the right property and what is important to these buyers.
Where is Wendy speaking next?
Wendy has been invited back as a guest speaker for Midday Panorama with Vilma Formosa
on Friday 29 November. Tune in North West FM to hear Wendy discuss the current property market.
Women's Network Australia - Upcoming event
Next Month's WNA networking event will be held on Tuesday 26 November at 11am. The events special topic will be How To Avoid The 3 Biggest Mistakes Made When Selling.
Please click the link below to join us.
The market has turned in Melbourne and sellers are again in the drivers seat. It always pays to have an expert in your corner.
Whether you are looking to sell your home or buy your next one, I am here to support you.
Please call the office on 03 9686 2288 or send an email to [email protected] and we can make a time for a confidential chat.
I’d love to help and make things easy for you.
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