Viewing by month: February 2010

Interest rates and real estate

As everyone is already aware, last week saw the RBA make the surprise decision to keep interest rates stable at 3.75 per cent, which is good news for those in the Australian property market as it continues to recover after a rocky 2009. There is no doubt that most real estate agents are seeing the market continue its steady recover from where it has been, and the now stable rate is more good news for property market. How long that stability lasts, as far as the rates go, is yet to be seen however.

  

But while we wait to see what happens next, there is time for real estate agents, and those of us who are invested in the property market, to breathe a little sigh of relief and consider what great news it is. The group of people who are no doubt particularly pleased are those who are beginning to enter the property market in this new year.  

  

Many of the real estate professionals that I have spoken to since the rate decision was made public say they are already seeing a lot of activity in the market place, and that shows that people are feeling more financially stable.

  

The RBA’s decision to keep the rate unchanged will no doubt continue to help that, and will be another boost for those who want to get active in buying and selling property.

  

I actually think another increase was expected by most people, and even if that happened, the majority of home owners are much more financially prepared for a rise than they were a year ago.

  

Another group that seem to be reacting to market conditions are renters. Again, a lot of the real estate agents that I chat to through my work at Century 21 are saying that recent discussion of increasing rents has also acted as a motivator for people to re-enter the property market. Realtors out in the field are telling me that investors are a particularly active group, which again was predicted when we were all hypothosizing about the real estate market in 2010. Now that the year in question is here, the stabling of the interest rate for now will no doubt add to that trend.

Many of our local Century 21 experts are seeing a lot of investors who had been holding off on property purchases become active in the market. Many of our real estate agents are selling properties almost as soon as they’re listing them at the moment. There’s no disputing that the demand is there. After the RBA’s stable rate announcement I suspect it will increase, so if you’re considering selling, or just need some property advice, have a chat to your local property expert – a Century 21 real estate professional.      

 


0 comments | Posted by Charles Tarbey on 11/02/2010 at 9:43 AM | Categories:

Understanding your real estate market

Goodness it’s been a busy start to the year! Who can believe it’s already February? And the middle of its second week at that! I’ve barely had time to write my blog about the wonderful world of real estate and Century 21, which hopefully you have noticed and sadly missed. But never fear, here I am to talk about the intricacies of being a real estate professional in this day and age.

 

One thing that came to light recently, unfortunately not a winning lotto ticket, was that some realtors tend to try and sell in locations they don’t necessarily know well or understand. Whilst most real estate agents specialize in an area, and with good reason – you want someone who knows the neighbourhood you’re selling in or buying into – some stray a little further from home, and the results aren’t always great.

I know someone who knows someone (you know how the story goes) who went into the office of a real estate agent who had a property listed in an area they were interested in. However, said area was not the area the agent was based in, and was in fact about an hour away. Now that might not sound like much, but for anyone who has driven around NSW, you know just how much the landscape can change in the space of an hour. And buying a house near the mountains isn’t necessarily the same as buying a house on the fringes of the city. So this friend of a friend discovered. This agent knew very little about the suburb outside of their area, and as a result left this potential buyer with the impression they were unable to help them find what they wanted, unless they decided to change which suburb they wanted to live in. Which makes me think, we real estate agents should really stick to what we know. Yes, our whole business model is built on securing property listings, but even further into the core of our business is customer service. I know I preach often about how real estate agents are helping people through one of the biggest decisions they’ll ever make, but it’s because it’s true. The least you can do is have the courtesy of knowing what you’re talking about when someone comes to discuss a property with you!


Century 21 agents pride themselves on being local experts, which means we know what’s happening in your market, and we know what’s happening in your neighbourhood, who paid how much for what and how recently. Every client deserves this level of knowledge and assistance, and if we as real estate agents are not able to provide it, then we need to reassess what we’re offering.

 
0 comments | Posted by Charles Tarbey on 10/02/2010 at 4:35 PM | Categories: