Displaying items by tag: Buyer's Agent

Market Wrap

It is still a very strong property market in the Northern Rivers - especially the postcodes 2479 to 2483. I see no let up on the strong demand that we were experiencing in the last two quarters of last year. Supply may increase a bit as more people decide to list to take advantage of the current high prices. But many are deterred from that unless they are moving from the area, as they will still have to buy into a high market.

Sydney’s median house price rose 4.7% during the quarter to December. The Sydney median is now at $1,123,991 while Byron Bay is at $1,208,950. There is a reasonable assessment around that we have plateaued and there should be some easing off, but at present, I and no one else I am dealing with, is experiencing that. The above graph shows the recent spike in price growth over the last two years.

If interest rates remain low and the current policy settings stay in place, the market should stay strong for the foreseeable future. The three major property research firms are predicting 11% annual rise for Melbourne and 16.7% rise for Sydney during 2017. The NAB bank have increased their national price growth expectation to 3.4% and have halved the expected capital city apartment price drop from 1.6% to 0.8%. Their report also stated that a price drop would be imminent only if there was a rapid increase in unemployment or interest rates. Even respected ABC TV commentator Alan Kohler confirmed the present market is sound and a long way from a bubble.

Byron area is usually 12 -18 months behind the Sydney trend. If this remains true, even if Sydney and Melbourne come off the boil this year, we will still have some time to cook. The main demographic fuelling the local market is baby boomer retirement to lifestyle locations like Byron Bay. Currently, I see no let up to demand with associated price rises all through 2017.

Engaging a buyer’s agent is highly advisable in a strong market. Entering this market requires certainty and decisiveness. By the time many buyers have missed out, been gazumped or outbid at auctions, they can get rattled and are likely to make rash, ill-conceived decisions. Recognising good value and potential only comes with long experience and deep local knowledge. Getting the ear of local agents and being told the truth also helps. Knowing how to get to the pointy end of a negotiation and keep a property away from a competitor is a good skill to have in these times.

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What's the BPS secret?

How can Byron Property Search save you time, money and lots of hassle?

I get frustrated property buyers calling me all the time, just when they are about to give up the search. It looks easy at first. They know their way around the Internet and they have purchased a property before. They think it would be stupid to hand over such an important investment decision to someone else. How hard can it be?

When they finally get around to calling me they say:

The agents never call me back

I have inspected so many dud properties

I can’t find time to inspect and do proper due diligence

It's hard to know what is a fair market value

I missed out at an auction and can’t go thru that again

I don’t know who to believe in a negotiation

Well, stop doing it to yourself:

  • BPS can fix these problems before you get started down the road to frustration:

We have excellent relationships with all the major agencies, who know we have qualified buyers that will not waste their time.

Our deep local knowledge saves time and we know how to detect any hidden issues

The “video with commentary” inspection is as good as doing it yourself

Our market estimates are backed-up with quality research and data

Years of attending auctions has given us an edge

In a strong market we get you ahead of the pack. In a weak market we get a good deal. There are tricks and strategies to help not being outbid.

We negotiate using our existing relationships. Nothing is hidden and everything is transparent

Our offer is:

If not completely satisfied with the service after the first 30 days we will refund the engagement fee - in full. We will save you the time and money with no need to get to the stressful part. We will get you to the pointy end of the search as soon as we take your brief. We know what is good value and what will work for you – immediately, guaranteed.

Don’t believe me? Why not talk to a few of previous clients who were in your exact position:

We were looking for months and were afraid we missed the market. Michael came on board and we got the right place with a couple of weeks.

Rick, Ocean Shores

Michael attended our auction and it was uncanny. What he said was going to happen turned out to be exactly right and we got it at the price he said it would go for.

Lisa, Byron Bay

What we thought we wanted was very different from what we finally got. And that was a good thing. Michael was able to refine our search so that what we got was perfect and what we thought we wanted would have been a mistake.

John, Coorabel

The next step:

Provide us with an outline or wish list and a budget. We will start sending you links, inspecting properties on your behalf, providing property reports and CMAs (Comparative Market Analysis) and fair market valuations immediately. Most of our clients are settled and happy within three months. If you are not happy with the service provided you can ask for your engagement fee back and you have lost nothing.

Avoid getting angry annoyed, upset, frustrated and stressed.

Call us before you get to that state and we will do the rest. We will all enjoy the process a lot more.

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Multi Bid Negotiations

In this strong market, getting a bargain sometimes loses precedence to getting the deal. Many negotiations turn into an auction very quickly after the first bid is made. Some things can be done to assist clients in these situations, but often it comes down to which bidder has the deeper pockets. Once someone has invested a lot of time and a bit of money doing due diligence, missing out on signing the contract can often feel like being stood up at the wedding. Here are a few things that can assist you getting over the line ahead of the competition: Do the pest and building inspection and look over the contract before making an offer. Once you are sure this is the one, have as few conditions as possible: not subject to finance or a delayed settlement, etc. Have the deposit ready and transfer it as early as possible. Once you have an offer accepted, push to exchange as quickly to beat out opposing bids. The deal is not done till contracts are exchanged. A local solicitor/conveyancer is preferable as rural legislation differs from the city and local networks count to push things through. Sometimes I'm asked by clients if an agent is using a phantom bidder just to push the price up. I have been involved in many multi bid negotiations and I am sure it rarely occurs. An experienced agent is never going to risk their licence with such a maneouvre. However, if you have doubts or just want to be reassured, you can ask the agent to send you the written offer with any names or contact details blacked out. Unfortunately, multi bids happen a lot and its mainly due to tribe psychology. No one wants something untill someone else wants it. A property can be on the market for a while with no bids then someone jumps in and its all on. Knowing when to get in early, make an offer and get out is tricky but experience and market knowledge is helpful. Another reason for multi bids is this is the way most agents play a successful sale these days. It used to be the accepted strategy to list higher than the market rate and hope a buyer will jump as close as possible to the listed price. These days, agents encourage a vendor to list lower than what they will accept for two reasons. They want to manufacture a mult bidding situation. Also the internet is such an important factor. Listing high means you are missing out on many potential buyers who are searching in the lower bracket. Byron Property Search is available to anyone wanting assistance in the negotiation process. Often, just knowing how the process works is invaluable. Yes, it is just a matter of who offers the most money, but all the subtleties of human interaction and personal dynamics come into play during a negotiation. Most buyers are in the buying property mode every seven years at the most - the time of the average property churn. Sometimes it helps to talk to someone who does it all the time. Maybe the amount you spend on someone to consukt with is going to save you in the long run.

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Byron Property Search
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Michael Murray:
0428 555 501
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(02) 6684 1744
8/42 Bilin Road
Myocum Byron Bay 2481
 
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