A Real Estate Agents Perspective
As a Real Estate Agent, I am always asked: “How is the Market?” Right now it is a great market and it is a great time to buy.
If the media reports that the market has gone down 20% or 40% then consider this: your dollar will buy more house. A home worth $500,000 before, should now be selling for $420,000. If it was $1,000,000, you will now buy it for $900,000.
My name is Christine Stow and my aim is to provide you with an agents perspective so you can be better prepared as a buyer or seller. I am an investor, a home owner, a renovator and a mum: so I am well equipped to understand how it is for YOU.
Fact or Fiction
Find a Good Agent
It is important when building a relationship with the agent to be a credible purchaser. When the agent asks what you are looking for, don’t answer with “I’m looking for a bargain”. Be specific, for example, “I’m looking for a 3 bedroom weatherboard and tile in the suburb of xxxx that’s suitable for renovation. If it has extra land at the rear I’d also be interested.”
The agent will know valuable information such as how long the property has been on the market, the reason for selling and the level of motivation of the vendor.
The Role of the Agent
When buying, it is worth putting an offer in writing once you have done your research. I have seen properties where most people wouldn’t make an offer no matter how many times they were invited to. The first person who did put in an offer, even though it was very low, had their offer accepted. You never know what an offer in writing might do. Remember; it is the market that determines the price of housing, not the agent and not the vendor.
You can ask questions of the agent, but the answers should not substitute for a builder’s inspection report. Get a qualified builder to inspect your prospective purchase. The information should not determine whether you purchase or not, but rather the best price you should pay. If a home needs work, chances are there are not too many buyers competing for it. Most people don’t like the work.
I am happy to answer any questions on how to buy or what to look for in an agent where ever I can help make the process easier. I have previously attended a Property Women Workshop and have formed a spin off group: “Melbourne Women in Property”. We meet regularly to provide networking opportunities, information and tips. I call it a “support group for renovators, investors and home buyers.” We have some husbands attend and we don’t ask them to wear a dress anymore.
Christine Stow works at LJ Hooker, at the Greensborough Office in Melbourne. You can contact her directly at firstname.lastname@example.org or call on 0439 385 217.