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Highlights:
The most expensive properties are dropping the most in value lately, and are greatly lacking in demand. To cope, many real estate agents are shifting strategy to fit in with the new buying climate packed with bargain hunters.
"Two years ago, it was a bullish market, people were reaping rewards from the share market, the property market, and just about anywhere else they put their money," says Gary Bylund, who specializes in high-end and waterfront properties for Century 21's Bay Realty near Brisbane. "It was not uncommon to see people paying more for properties than they were actually worth."
Times have changed, of course, and now many of those top-end properties are seeing price dropping dramatically. Owners are also looking to sell, as their share market investments have taken a tumble."The higher end properties are only going if there's that perception of value in the property."
Value seekers
Best price is no price
Marketing pays off
Renovate only when needed
Identifying the buyers
Bylund, who has been dealing with the top-end market for nearly 10 years, says knowing the product you're selling is crucial.
"I think one of the keys to success is to obviously know your product, know what it has to offer," he says.
Learn what makes it unique, he says, and make that point clear to the potential buyer.
Full article at Your Investment Property mag
The most expensive properties are dropping the most in value lately, and are greatly lacking in demand. To cope, many real estate agents are shifting strategy to fit in with the new buying climate packed with bargain hunters.
"Two years ago, it was a bullish market, people were reaping rewards from the share market, the property market, and just about anywhere else they put their money," says Gary Bylund, who specializes in high-end and waterfront properties for Century 21's Bay Realty near Brisbane. "It was not uncommon to see people paying more for properties than they were actually worth."
Times have changed, of course, and now many of those top-end properties are seeing price dropping dramatically. Owners are also looking to sell, as their share market investments have taken a tumble."The higher end properties are only going if there's that perception of value in the property."
Value seekers
Best price is no price
Marketing pays off
Renovate only when needed
Identifying the buyers
Bylund, who has been dealing with the top-end market for nearly 10 years, says knowing the product you're selling is crucial.
"I think one of the keys to success is to obviously know your product, know what it has to offer," he says.
Learn what makes it unique, he says, and make that point clear to the potential buyer.
Full article at Your Investment Property mag