Sunday, March 24, 2013
Thursday, March 21, 2013
I Love This - I Hope You Do Too
An elderly Chinese woman had two large pots, each hung on the ends of a pole which she carried across her neck.
One of the pots had a crack in it while the other pot was perfect and always delivered a full portion of water.A t the end of the long walks from the stream to the house, the cracked pot arrived only half full.
For a full two years this went on daily, with the woman bringing home only one and a half pots of water.
Of course, the perfect pot was proud of its accomplishments.But the poor cracked pot was ashamed of its own imperfection, and miserable that it could only do half of what it had been made to do.After two years of what it perceived to be bitter failure, it spoke to the woman one day by the stream.'I am ashamed of myself, because this crack in my side causes water to leak out all the way back to your house.'The old woman smiled, 'Did you notice that there are flowers on your side of the path, but not on the other pot's side?''That's because I have always known about your flaw, so I planted flower seeds on your side of the path, and every day while we walk back, you water them.'
For two years I have been able to pick these beautiful flowers to decorate the table.
Without you being just the way you are, there would not be this beauty to grace the house.'Each of us has our own unique flaw. But it's the cracks and flaws we each have that make our lives together so very interesting and rewarding.You've just got to take each person for what they are and look for the good in them.So, to all of my cracked pot friends, have a great day and remember to smell the flowers on your side of the path!
Wednesday, March 20, 2013
Property Valuations Article fyi only.
Subject: Property Valuations a waste of time and money article by T. Ryder for your perusal and information only, compliments of LJ Gilland Real Estate Pty Ltd
Property valuations a waste of time and money: Terry Ryder By Terry Ryder Until recently all the reports on the hotspotting.com.au website advised investors to get a valuation before buying real estate. I have now removed that from our reports. I think valuations today are a waste of time and money. I’m sure there are plenty of competent valuers out there who care about accuracy and professionalism. It’s just been a long time since I encountered one who fits that description. All my recent experiences with valuers have been frustrating, and the feedback I’m getting from consumers around Australia suggests many others are having the same disappointments. The problem is that valuers are killing real estate deals. Whether it’s conservatism or incompetence, many valuers are under-valuing properties to a degree that’s plain ridiculous. Real estate research has been my business for 30 years. Whenever I’m involved in any kind of transaction I do a lot of research and I consult people with good track records. But every time this year the bank’s valuer has come in with a figure well below market value. In the latest instance, the valuer’s figure was 25% under the true value. The valuer spent no more than five minutes at the property, took a few measurements and left. The valuation was delivered a few hours later. How can that possibly be a professional and competent job? The result showed a disregard for sales evidence of comparable properties. Earlier this year I had a similar experience. I protested to the valuation firm and presented my research. They instantly lifted their valuation 10%. Something they considered to be worth $500,000 yesterday was suddenly worth $550,000 today. One of the issues is that an under-valuation can mean you have to pay mortgage insurance to achieve your goal ,and this is expensive. Sometimes I think this is the lender’s objective. Many investors are having the experience of engaging different valuers and getting wildly different estimates for the same property. Property analyst Matusik provides this example: “One developer arranged for one of its newl completed apartments to be valued by several valuers independent of the banks. The first valuation came in at $720,000, the second at $730,000 and the third at $595,000! Why was the third valuation so low? Because the valuer had erroneously based the valuation on a distressed sale in a nearby project.” I put my concerns about valuations out and about via Facebook last week and got a big response from people having similar frustrations. Perth agent Bernie Kroczek said: “We recently had a sale fall over in Beldon in Perth, where the valuer put $400,000 on the property which had sold for $440,000. We resold it within days for $435,000.” Here is some of the other feedback I received:- “We recently had variations of 50,000 on our valuation from different lenders. Nearly killed the deal. And definitely ended up costing a lot more in LMI.” “I had a purchase of a new house destroyed by the valuer.” “We've just had a number of properties revalued and one in the inner north of Brisbane was under-valued by $50,000 easily. We know this as we are actively looking for another property in the area and have a stack of research and experience from attending auctions, etc. Getting a little frustrated.” Inexperienced practitioners are putting too much emphasis on computer outputs instead of old-fashioned site visits and talking to people and looking at the evidence on the ground. Whatever the reasons, I believe many valuers are not doing their jobs competently – and it’s costing people money and it’s destroying valid transactions. T. Ryder |
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The market value of a property is the best achievable price which, will provide a comfort zone for both the seller and the buyer in any property sale. An unrealistic selling price does quite the opposite. The seller may be very pleased they have achieved a 'good' selling price and then are disappointed when a lower valuation comes in. At all times I ensure buyers do not buy over and above the current market value. This ensures there is satisfaction for both parties
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Phone: (07) 3263 6085
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Monday, March 18, 2013
Linda-Jane Debello sent you a video: "RP Data Housing Market Update with Choice - March 2013"
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Sunday, March 17, 2013
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Wednesday, March 6, 2013
Escape the Rat Race?: Cheap credit to fuel growth in some property marke...
Escape the Rat Race?: Cheap credit to fuel growth in some property marke...: The fallacy of market predictions If there is one thing I have learned over the years it is to try avoiding making too many near-ter...
Tuesday, March 5, 2013
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