Tuesday, 8 March 2011

The buyer isn't always the right buyer!!!!

Ok we need to reno so now we need to buy stuff to transform our property into a modern finish.

Interesting discussion today with an agent friend.

We where examining properties and trying to work out why certain reno's  got different prices in certain areas. Now tradition reno meant renovation. We typically think take something that was old and Restore, but renovation is not always restore. It should be called Transformation instead.

The buyer will determine the difference.
Let's look at an area and the buyer . The area has many old houses and we come across a property,
which we have 2 options.
One option is to restore reno.
Sand things back, redo the paint and buy an
antique fireplace from the auctions and replace some marble surround and polish up the wooden grain
kitchen. We can restore this property and end up with a great old style polished gem. Restore the old and keep the character of the property. We then list this property in the hope the buyer will fall in love and appreciate the restoration. This area we looked has many old homes and does have buyers that appreciate this and will pay.

This area is trendy and the percentage of older buyers to new buyers is less.
We need to now look at taking the property apart. Ripping out all the old features and stripping it out and modernizing the inside. Same property, same trendy area. BUT our buyers are now more like the 70% instead of the 30% of people wanting the Restore property, and in this case this 70% group pays more on average for the deal.

I saw this happen in my local area, a house was renovated restored and sold for say $730000, but if you ripped the guts out of it and gyp-rock and new slick kitchen, by-fold doors. Floor Boards.
WE COULD GET $850000 , I am not kidding.

So when you go looking for houses , also look at the buyers in that area that are bidding against you. What demographic are they. The young can sometimes afford more then the old , and probably borrow more too....
something to consider.

Oh the freebie

Well this one is a super tip.......................
wait for it....................
ok save you lots of money.......................

ok its a trick for the
auction site.
Don't tell grays I told you this....

Ian this one is for you baby.........
go to the website http://www.graysonline.com/
now see things you want to bid on.
trick ....don't bid ......if you bid you are only pushing the price up......
Grays is not ebay . The trick is that it does not end at the end time. It ends after the end time.
The rule is if the price is being bid up at say 8:00pm end time then if at 8:00pm no bids are coming it ends , but if bids are coming in it keeps going another 5 minutes.
So the trick I see a bath it ends at 8:00pm I bid after 8:01 pm and then I get and others till 8:05pm to
put another bid in if another bid comes in it goes another 10 minutes , till no one bids for
10 minutes then it ends.
click link below
Like a traditional live auction, every auction at GraysOnline offers a 'Going, Going, Gone' period. An Auction will not close until all interested parties have stopped bidding for a full ten minutes.
For every bid placed in the last ten minutes of an auction it will be extended for a further ten minutes from the time of that bid.
This will continue until there are no more successful bids placed.
For example if an auction is scheduled to close at 9:00pm and a bid is placed at 8:51pm it will push the auction into the 'Going, Going, Gone' period.
If no further bids are placed the auction will close at 9:01pm. If another bid is placed at 8:57pm the auction will stay open until 9:07pm, if another bidder places a bid at 9:03pm the auction will stay open until 9:13pm, and so forth until no bids have been placed for a ten minute period.
The Going, Going, Gone period ensures all interested parties have the opportunity to place their final bid. It also gives every one an equal opportunity to place bids, as many of our customers are located in rural areas and do not have access to high speed internet.
The person(s) with the highest bid at the end of the 'Going, Going, Gone' period is the winner.
Please make sure you are constantly refreshing your screen during the 'Going, Going, Gone' period to ensure all information is up to date.
If you would like more information on the 'Going, Going, Gone' period, please contact our Customer Service Help Centre on 1300 36 25 36 or email customerservice@grays.com.au

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