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Relocating

Upsizing, downsizing, tree changing, scene swapping, moving in, moving out….It’s all right up there as one of the highest stress scoring activities you can experience. To relocate effectively from your home which may be mortgaged to a new home, you need to have as much reliable information about the property you’re moving from as the property you’re moving to.

If you're selling an existing home, every real estate agent will suddenly become your best friend promising an extraordinary sale price for your home. In the meantime, you’re also looking for a property to buy, which may be in a totally different area. You're probably dealing with other agents whose service may vary greatly.

In a perfect world you would have the luxury of buying the home of your dreams, moving slowly over a few weeks, while the home you've sold would miraculously settle a week or two after you’re finished.

In the real world many people are faced with buying a home and selling one so that both of them settle on the same day. Removalists arrive and while you're trying to move out someone else is trying to move in. While you're trying to move in, someone else is busily moving out.

There are alternatives and depending on your situation, you may be able eligible for a relocation loan. The bank understands your position, and works with you to reduce the stress of transition between homes. You may also be in a position to buy the new home while keeping the existing home as an investment property. In either case finance needs to be structured carefully.

The other part of the relocation process you need to remember is that the only way you can sell a home is if someone makes an offer. This is a hard reality, since many people start with a figure in mind as the minimum amount they would accept for their property. In the meantime they are looking for homes and may find the one of their dreams. However they’ve become so attached to getting the price they want for their sale, the house of their dreams is sold to someone else. Statistically the best offers on a property come during the first two months of listing. If you have had few offers during the first two months of listing, the price is simply too high. The agents may tell you that ‘there aren't many buyers’ or ‘it's the wrong season to sell’ or ‘few people are looking to buy’. However as a relocator, this is the marketplace in which you are also buying, meaning that whatever property you make an offer on will also have few competitive buyers interested.

Property is no different to restaurants, furniture sales or any other retail trade. If there are loads of local restaurants nearby, and few hungry people, eating out is cheap. If there are five furniture retailers next door to each other and no one wants a couch…

Getting the right information about just how much your property is worth is crucial to a successful sale.

Equally, knowing that your offer on the property that you love is reasonable can make or break your purchase negotiations.

The best way to find out is to look at comparative, recent sales. RP Data is a company which provides real estate information regarding actual sale prices. Blue Mountains Mortgage Brokers subscribe to this service and have access to this information. For a free property report or information on the correct financial structure for your situation, simply contact the office. 

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