negotiating house price

How To Negotiate The Ideal Price For Your House

by Greg on November 22, 2012
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There are inevitably huge concerns when you’re planning to move to a new home. Things like whether you’ve made sure all your mail is redirected, and whether or not you’ve got the right home insurance for your new house, and of course – that you remember to “accidentally lose” that horrible framed picture that your […]

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How to find a great house for a good price by asking the right questions (part 2)

by Chris Lang on October 20, 2012
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In my previous article for first home buyers I started this list of questions – and reasons to ask them, to make sure you are buying a great house for a good price. As I promised, this is the rest of them: Questions about the house: Ask: What is the size of the block? Why: […]

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How to find a great house for a good price by asking the right questions (part 1)

by Chris Lang on October 18, 2012
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Many guides and articles will tell you what questions to ask when you are buying a house. None of them explain WHY you need to ask those questions – and many reasons are not obvious. So here is a list of questions you should ask before buying a house – and the reasons why you […]

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Selling a house without an agent: your options (part 2)

by Chris Lang on June 1, 2009
Selling a house without an agent: your options (part 2)

A woman makes for sale by owner signIn my previous post I didn’t get to the explanation how to advertise your house to reach the most buyers.

Exposing your house to the maximum of buyers can be achieved in a number of ways:

1. You can advertise on Domain.com as a private seller directly (as opposed to via some sort of agency or a company). At this time it is impossible for a private seller to advertise on Realestate.com.au directly, as they deal with real estate agencies exclusively.

2. You can get a company named Lawyersrealestate.com.au to advertise your house for you on both Domain.com and Realestate.com.au as a part of a package of services they offer to private sellers. The rest of the package includes photography, negotiating and conveyancing.

3. You can get your house advertised on both Domain and Realestate.com.au via a website http://www.forsalebyownerrealestate.com.au. This is a new service, I’ve just found out about it a couple of days ago.

The costs

Sign board 900x 600mm: $50 – $75 (the simple one without the photos)

Property photography: about $200 – $250

Advertising:

1. LaywersConveyancing.com.au: $4400 for the whole package, if your house is sold within 3 months. If not, you will be paying for advertising alone. Don’t forget to add 400 for the property valuation.

2. Domain.com for a month – $500

3. http://www.forsalebyownerrealestate.com.au: $300 for the first month and $80 for any additional month until property is sold.

Comparing the 3 options, here is what I think:

1. Domain.com alone won’t get your house the optimal exposure.

2. Lawyers real estate is cheaper than the agent’s fees and they include the conveyancing. However, they require a valuation by a professional property valuer which costs about $400 and takes a week to prepare. Another disadvantage is that they are setting the price range around the valuation, which could mean that the price you are after won’t be achievable.

3. The third way looks the best to me, because it covers both major websites and there are no “extras” in the bundle that you can live without but must pay for. There is a warning though – according to the policy of realestate.com.au they don’t accept listings from private buyers (read the whole story here) and this company could be promising something they can’t deliver. Buyers beware, as always.

And now over to you – have you tried to sell your own house? How did you do it? What was the outcome?

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Selling a house without an agent: your options (part 1)

by Chris Lang on May 25, 2009
Selling a house without an agent: your options (part 1)

For sale by owner sign on a fenceA couple of posts ago we’ve discussed the value of real estate agents in the process of selling your home and the reasons to use them. However, in certain circumstances, estate agents are a luxury some of us simply can’t afford. If the sale wasn’t planned, if it’s due to a separation, divorce, financial difficulties, paying an agent can be out of question.

Consider selling a house for a modest price of 300K. I am taking the lower end of the market on purpose, just to show how ridiculously high the agents’ fees are. The basic commission is 2-2.5% of the house price, which means that a “insignificant” amount of $6000 to $7500 is going out of your pocket and into the agents’. Do you think that 5 pictures of your place, a sign board and a month or two of advertising should cost that much?

I must say that in Australia selling one’s house without an agent is almost unheard of, and the courageous people who dare sell on their own get looked at in a weird way. Not to mention the estate agents, who come to their doors and literally laugh in their faces: “What do you think you’re doing, you never going to sell, not without me!”

The big advantage of selling with an agent is they have everything pre-arranged. They have a photographer on call, they have a sign guy who installs the “For sale” board in your front yard on an hour’s notice, they know the right day for booking an ad in the newspaper and they have all the forms for submitting the written offer ready.

To an average person it will take a week to arrange all that and put the house on the market. This shouldn’t discourage you though – I am writing this with just one purpose, to give you a realistic expectation of the timeframe so that you won’t get frustrated with how slowly things are moving.

So here is what you need to do:

1. Get your own “For sale” board
2. Don’t take house shots yourself – but get a professional to do it.
3. Do your own advertising
4. Do your own negotiating

And here is how to do it:

Getting your own “For sale” board and some pretty photos is not a big deal, but finding the right kind of advertising that will reach the highest number of buyers for the lowest price is not trivial. I have written about the power of online advertising and the bottom line is that you need to put your house on two major websites, domain.com and realestate.com.au (read this post for explanation why).

There are several ways to advertise your home and reach the most buyers. In my next post I will be discussing and comparing them (including the costs). Subscribe to Homeiown via email and be the first to get it.

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How to buy a house – Part 5

by Chris Lang on October 11, 2008
How to buy a house - Part 5

Once you’ve made your offer, it will be either accepted or rejected and it usually takes a couple of days to get the answer. If the offer is rejected you can try and submit a better offer on that house and see what happens. If the offer is accepted – congratulations, you’ve made some serious progress.

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4 signs of changing real estate market

by Chris Lang on June 5, 2008
4 signs of changing real estate market

When you are looking for a house to buy, watching the real estate market helps to understand who has more power at the moment, buyers or sellers. But how can you really watch the market? It is simple – watch the ads in one of the popular real-estate websites, such as …

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