Category Archives: Real Estate

The biggest mistake buyers make when purchasing a home

Posted on August 17, 2018 | Leave a comment

Your home is probably the most expensive thing you’ll ever purchase, but what if you made a mistake about what sort of property would make you happy?

Professor Michael Norton from Harvard Business School, co-author of Happy Money: The New Science of Smarter Spending, says when choosing a home, many of us unwisely prioritize physical aspects.

“It can be wiser to spend time and money finding a community rather than a third bathroom,” he says.

Research from Harvard University shows that when college students were randomly assigned to dorm rooms, most believed they would be happier in a bigger, more beautiful house.

However, the degree of social connection in the accommodation they landed had the biggest impact on their happiness, not its physical qualities.

According to Sam Robinson, who runs the annual Neighbour Day campaign, the importance of community cannot be overstated.

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7 area where you shouldn’t waste your money before selling your home

Posted on August 10, 2018 | Leave a comment

We all want to maximize the selling price of our home – it’s usually our biggest asset. But when you’re devising a pre-sale makeover list, there are some updates that aren’t worth the time or money.

1. Designer fixtures and fittings

There aren’t too many buyers who will be able to tell the difference between Carrara marble and an engineered stone look-alike, a Moooi chandelier versus a clever replica. And most buyers won’t consider upping the offer on your property just because you have installed a high-end bath and loo.

“A new kitchen and bathroom can definitely add value, but there is always the possibility for over-capitalization,” says Tim Bodman, director of CSA Valuers in Brisbane. “Sometimes a $10,000 Ikea kitchen might do the job.”

BresicWhitney Hunters Hill agent Nicholas McEvoy says he advises vendors not to indulge their designer wish-lists just before listing.

“When you’re selling it’s not the time to go and buy luxury fittings. It’s unlikely you’ll get your money back.”

2. A high-maintenance garden or pool

If there’s one key message that has remained consistent on TV lifestyle shows, it’s that while Aussies love the great outdoors, they don’t want to spend their weekends working hard to maintain their green spaces. Borders of manicured hedges, rose gardens, lilies and even citrus require above-average attention to thrive.

“Aim to keep the landscaping simple,” says Mae Chan of Di Jones North Shore. “Most people don’t want the hassle of too much gardening.”

Licensed builder and founder of renovationjunkies.com.au James Mason says the same goes for the backyard swimming pool.

“Not everyone wants a pool and sometimes it’s more maintenance and more work than it’s worth,” he says. “Put a pool in for your family’s lifestyle, but not for sale.”

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San Diego home sales drop to lowest levels in years

Posted on August 9, 2018 | Leave a comment

San Diego home sales recently dropped to their lowest level in years, likely much more to do with affordability constraints than the economy, but it might be a sign of things to come.

In June there were 3,927 home sales in the county, CoreLogic said, which is the lowest in four years. However, all drivers of the real estate market are good — job growth, low unemployment, rising wages — and June’s median home price hit its highest point ever.

The phenomenon is nationwide, largely led by a shortage of homes for sale, said Alan Gin, economist at University of San Diego. A lack of homebuilding during the Great Recession meant there wasn’t much inventory available for the growing population once the economy improved.

“That was a period where construction really dried up and I think we are still seeing the impact of that,” Gin said. “There wasn’t construction back then and the result is fewer homes.”

In San Diego County, 18,031 residential building permits were issued in 2003 but those dropped to less than 3,000 in 2009 during the recession.

Gin said a lack of sales has a ripple effect across the real estate job market, even if it has little to do with the overall health of the economy. He said everyone along the job chain, from real estate agents to title agents, could be affected.

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Category Archives: Real Estate

The biggest mistake buyers make when purchasing a home

7 area where you shouldn’t waste your money before selling your home

1. Designer fixtures and fittings

2. A high-maintenance garden or pool

San Diego home sales drop to lowest levels in years

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