For the 10th consecutive year Sydney has been voted one of the world's best cities (Top 10 Cities Overall) by the international "Travel & Leisure Magazine". It scored an 87 per cent approval rating among travellers and tourist industry workers. It was fourth after Florence (87.09%), Rome (86.15 %), and Bangkok (86.11%).
The last two years it has been number one on this list. Judge by yourself and take a trip to one of the worlds most beautiful cities!
Size
Sydney is one of the largest cities in its land size. It reaches across 1580 square kilometres. This is the same as London and more than double New York's 780 square kilometres. Amsterdam is 167 square kilometres, and Paris is a mere 105 square kilometres. There are 1, 426, 266 dwellings in Sydney.
Population
Sydney's population is 3,536,000 people.
Sydney is Australia\'s oldest city, the economic powerhouse of the nation and the country's capital in everything but name. It's blessed with sun-drenched natural attractions, dizzy skyscrapers, delicious and daring restaurants, superb shopping and friendly folk.
Although it's come a long way from its convict beginnings, it still has a rough and ready energy, and offers an invigorating blend of the old and the new, the raw and the refined. While high culture attracts some to the Opera House, gaudy nightlife attracts others to Kings Cross.
It's a city blessed with long stretches of heavenly beaches, a pleasant climate that sees over 300 sunny days a year, an economy that's stronger than it should be, a stable local government, and a population of open-minded, outgoing entrepreneurial types who are itching to show the whole place off.
Orientation
Sydney wasn't a planned city and its layout is further complicated by its hills and the numerous inlets of the harbour, its focal point. The centre of Sydney is on the south shore of the harbour, about 7km (4mi) inland from the harbour heads. Skyscrapers in the Central Business District (CBD) vie for dominance and harbour views, but the city's relentlessness is softened by shady Hyde Park and The Domain parkland to the east, Darling Harbour to the west and the main harbour to the north. The Sydney Harbour Bridge and the harbour tunnel link the city centre with the satellite CBD of North Sydney and the suburbs of the North Shore. Sydney Airport is about 10km (6mi) south of the city centre. Central station, Sydney's main train station, is in the south of the city centre, and the main bus terminal is located outside it.
Friday, September 12, 2008
Has the Real Estate Bubble Popped
According to a story from Public Radio International’s radio show Marketplace, the average price of a new home was down 9.7% last month from the same time last year, and that’s the “biggest plunge in 36 years.” At the same time, new home sales are up slightly because sellers are lowering prices significantly. But the big question is, when will the real estate bubble pop? Or has it popped already?
The truth is that the swift rate of price appreciation and construction in past years created a bubble in the real estate market that has in fact recently popped. According to economic expert Christopher Thornberg, “The bubble’s popped, and it’s gonna take time to work its way out of the system. There is no soft landing here, we haven’t found the bottom.” Especially along the East and West coasts, the housing market swelled enormously since 2000, with prices and sales up over 30%.
Many have reported a slowing of home sales, even in real estate hot spots like Southern California and the Bay Area. Signs declaring, “reduced price” in front of homes along oceanfront property in Venice and Hermosa Beach, CA, confirm that the real estate bubble has popped. The major issue for current homeowners is that as prices drop, so do home values. And as a result of skyrocketing prices, many were forced to settle for adjustable-rate-mortgages (ARMs), allowing them to purchase houses in desirable areas that they could just barely afford. Over one third of home loans in the last five years were adjustable.
It was reported on National Public Radio’s Morning Edition on October 27, 2006 that ARM rates have now begun to rise, leaving millions of homeowners with higher mortgage payments. Experts expect that in the next several years ARM rates will continue to increase, a change could have disastrous results for the housing business. The combination of rising interest rates and a popped real estate bubble means that homeowners will often be unable to sell their properties for what they bought them for.
Some analysts even believe that a collapse in housing could bring down the U.S. economy and create another recession. A burst real estate bubble could have dire consequences for the national economy. 750,000 real estate foreclosures are expected over the next five years. Homeowners are being forced to look at their options. The main recommendation of real estate agents and lenders is to find a way to get out of your adjustable-rate-mortgage or equity line of credit and find a more stable loan. Even if this means paying certain one-time fees, the savings will be considerable in the long run and could help thousands keep their homes. Lenders all over the U.S. are reporting that customers are coming into their offices to do whatever they can to get a fixed-rate mortgage.
The truth is that the swift rate of price appreciation and construction in past years created a bubble in the real estate market that has in fact recently popped. According to economic expert Christopher Thornberg, “The bubble’s popped, and it’s gonna take time to work its way out of the system. There is no soft landing here, we haven’t found the bottom.” Especially along the East and West coasts, the housing market swelled enormously since 2000, with prices and sales up over 30%.
Many have reported a slowing of home sales, even in real estate hot spots like Southern California and the Bay Area. Signs declaring, “reduced price” in front of homes along oceanfront property in Venice and Hermosa Beach, CA, confirm that the real estate bubble has popped. The major issue for current homeowners is that as prices drop, so do home values. And as a result of skyrocketing prices, many were forced to settle for adjustable-rate-mortgages (ARMs), allowing them to purchase houses in desirable areas that they could just barely afford. Over one third of home loans in the last five years were adjustable.
It was reported on National Public Radio’s Morning Edition on October 27, 2006 that ARM rates have now begun to rise, leaving millions of homeowners with higher mortgage payments. Experts expect that in the next several years ARM rates will continue to increase, a change could have disastrous results for the housing business. The combination of rising interest rates and a popped real estate bubble means that homeowners will often be unable to sell their properties for what they bought them for.
Some analysts even believe that a collapse in housing could bring down the U.S. economy and create another recession. A burst real estate bubble could have dire consequences for the national economy. 750,000 real estate foreclosures are expected over the next five years. Homeowners are being forced to look at their options. The main recommendation of real estate agents and lenders is to find a way to get out of your adjustable-rate-mortgage or equity line of credit and find a more stable loan. Even if this means paying certain one-time fees, the savings will be considerable in the long run and could help thousands keep their homes. Lenders all over the U.S. are reporting that customers are coming into their offices to do whatever they can to get a fixed-rate mortgage.
Should I select a real estate team or single real estate agent?
Some people prefer to make sure that one person is responsible for & doing everything involved with a particular service. They don't want to have to track down multiple people & get multiple answers to what is going on.
Now if you are one of those people then you don't need to read any further because this article is going to focus on the benefits of working with a Real Estate Team as compared to working with an individual agent.
Also, if this is the case, then you probably don't appreciate the services that are provided by your local grocery store or restaurants or gas station for that matter.
These industries have found over the years that a team approach ultimately provides a great level of customer service to the customer.
While it may have been slow to initially take this team approach, the real estate industry is catching on.
With real estate companies looking to better serve the marketplace, some individual agents have taken it upon themselves to create real estate teams to benefit home buyers and sellers.
How? The Team Leader, usually an experienced Real Estate Agent has taken the time to examine the entire real estate transaction process & identify the key steps & the standards of service that need to be provided for optimum customer satisfaction.
Team Members are empowered to make the necessary decisions and to take the required actions. They are trained to know when something is outside their area of expertise so that they can get the Managing Agent involved if needed.
This expertise of team members is particularly leveraged in the areas of Marketing, Transaction Coordination & Feedback follow-up. The customer benefits from levels of efficiency & levels of specialty of the individual team members.
Inquiries from prospective buyers or their agents are handled promptly vs. waiting for the individual agent trying to get back to them when they get around to it. Potential problems are avoided or mitigated during the closing process because team members are free to proactively coordinated & communicate with the lender, settlement company & other Agents.
And last but not least, the old adage of two eyes being better than one applies. Team members are trained to implement checks & balances and are trained to coordinate reviews and hand offs, all while the Lead Agent is available to Manage, Oversee & Clarify.
Now if you are one of those people then you don't need to read any further because this article is going to focus on the benefits of working with a Real Estate Team as compared to working with an individual agent.
Also, if this is the case, then you probably don't appreciate the services that are provided by your local grocery store or restaurants or gas station for that matter.
These industries have found over the years that a team approach ultimately provides a great level of customer service to the customer.
While it may have been slow to initially take this team approach, the real estate industry is catching on.
With real estate companies looking to better serve the marketplace, some individual agents have taken it upon themselves to create real estate teams to benefit home buyers and sellers.
How? The Team Leader, usually an experienced Real Estate Agent has taken the time to examine the entire real estate transaction process & identify the key steps & the standards of service that need to be provided for optimum customer satisfaction.
Team Members are empowered to make the necessary decisions and to take the required actions. They are trained to know when something is outside their area of expertise so that they can get the Managing Agent involved if needed.
This expertise of team members is particularly leveraged in the areas of Marketing, Transaction Coordination & Feedback follow-up. The customer benefits from levels of efficiency & levels of specialty of the individual team members.
Inquiries from prospective buyers or their agents are handled promptly vs. waiting for the individual agent trying to get back to them when they get around to it. Potential problems are avoided or mitigated during the closing process because team members are free to proactively coordinated & communicate with the lender, settlement company & other Agents.
And last but not least, the old adage of two eyes being better than one applies. Team members are trained to implement checks & balances and are trained to coordinate reviews and hand offs, all while the Lead Agent is available to Manage, Oversee & Clarify.
Rebuild Your Credit Before Buying Real Estate
You have gone through bankruptcy and you do not owe anyone. Now is the perfect time to purchase that home you have always wanted — right? Wrong! Yes, you can probably locate a real estate mortgage lender, since you cannot declare chapter 7 bankruptcy again for at least 6 years. The problem is that you will pay the highest finance charges for the privilege of obtaining that real estate mortgage, charges that will extend over the life of the real estate loan.
Before even looking at real estate, get your credit straightened up first. The bankruptcy will appear on all three of your credit reports from seven-to-ten years, which will make you a higher risk to real estate lenders. You cannot do anything about this; however, you can show real estate lenders that you are handling credit much better now by rebuilding it. This can lower your risk factor, when obtaining a real estate mortgage. Using the following improvement steps, you actually can rebuild your credit in a relatively short time.
First, get copies of your credit report from the credit agencies, and clean them up. You have the right to one free report from all three agencies annually, which can be obtained through www.annualcreditreport.com.
Ensure that creditors, who were listed in your bankruptcy, have cleared their information from your credit reports. Otherwise, it will appear as if you still owe them money and are not paying.
Ensure any creditors not listed in your bankruptcy and you are paying regularly have been reporting your good credit record to all three agencies. Contact any not reporting this and ask them to do so. This will increase your chances of getting a loan for your real estate.
If there was a specific event or cause for your bankruptcy, you can add up to a 100-word explanation to your credit report at each agency. The real estate lender will get this explanation as part of your credit report.
It will look especially good to real estate lenders if you have received credit counseling, and the counseling will help you in several ways. A good credit counseling agency will help you create a budget and counsel you in how to use and stick to it. They offer counseling on using credit in your future, as well as how to re-establish your credit. They can help you move toward your goal of buying real estate. Once you have successfully completed credit counseling, ask them for something in writing to that effect. It can help when applying for your real estate loan
Before even looking at real estate, get your credit straightened up first. The bankruptcy will appear on all three of your credit reports from seven-to-ten years, which will make you a higher risk to real estate lenders. You cannot do anything about this; however, you can show real estate lenders that you are handling credit much better now by rebuilding it. This can lower your risk factor, when obtaining a real estate mortgage. Using the following improvement steps, you actually can rebuild your credit in a relatively short time.
First, get copies of your credit report from the credit agencies, and clean them up. You have the right to one free report from all three agencies annually, which can be obtained through www.annualcreditreport.com.
Ensure that creditors, who were listed in your bankruptcy, have cleared their information from your credit reports. Otherwise, it will appear as if you still owe them money and are not paying.
Ensure any creditors not listed in your bankruptcy and you are paying regularly have been reporting your good credit record to all three agencies. Contact any not reporting this and ask them to do so. This will increase your chances of getting a loan for your real estate.
If there was a specific event or cause for your bankruptcy, you can add up to a 100-word explanation to your credit report at each agency. The real estate lender will get this explanation as part of your credit report.
It will look especially good to real estate lenders if you have received credit counseling, and the counseling will help you in several ways. A good credit counseling agency will help you create a budget and counsel you in how to use and stick to it. They offer counseling on using credit in your future, as well as how to re-establish your credit. They can help you move toward your goal of buying real estate. Once you have successfully completed credit counseling, ask them for something in writing to that effect. It can help when applying for your real estate loan
The Duties of a Real Estae Agent
As a real estate agent, you will help people buy and sell houses. You will enroll in a real estate license program to get the knowledge you need to accurately and legally perform your job. This will give you the knowledge to know how much a house is worth, and the skills to accurately represent the cities and neighborhoods in their area. You need to have practicing knowledge of the laws involved with the real estate process. You should also know where a buyer can secure financing.
If people want to buy or sell a house, they get the assistance of a licensed real estate salesperson. Your duties may vary, but you will typically perform the following tasks:
Buying a House
You will meet with the buyers to determine what kind of house they want.
You will discuss how much money they can afford to spend.
You will take them to see houses for sale.
Selling a House
You will complete the proper paperwork to list a house for sale.
You will assist the seller with selecting the sale price for their home.
You will create and place advertisements to get potential buyers into the house.
You will hold open houses.
After the Sale
You will fill out special forms to transfer ownership.
You will help the buyer secure a loan from the bank.
As a real estate agent, you will generally work in an office setting. Since much of the information about properties is available over the Internet, you can also work out of your own home. You might need a formal office, however, to meet with current and potential clients. A lot of time will be spent showing potential properties to buyers, as well as finding new business.
After you get your real estate license, you will work for a broker. When you sell a house, you will receive a commission, a percentage based on the total purchase price of the house.
If people want to buy or sell a house, they get the assistance of a licensed real estate salesperson. Your duties may vary, but you will typically perform the following tasks:
Buying a House
You will meet with the buyers to determine what kind of house they want.
You will discuss how much money they can afford to spend.
You will take them to see houses for sale.
Selling a House
You will complete the proper paperwork to list a house for sale.
You will assist the seller with selecting the sale price for their home.
You will create and place advertisements to get potential buyers into the house.
You will hold open houses.
After the Sale
You will fill out special forms to transfer ownership.
You will help the buyer secure a loan from the bank.
As a real estate agent, you will generally work in an office setting. Since much of the information about properties is available over the Internet, you can also work out of your own home. You might need a formal office, however, to meet with current and potential clients. A lot of time will be spent showing potential properties to buyers, as well as finding new business.
After you get your real estate license, you will work for a broker. When you sell a house, you will receive a commission, a percentage based on the total purchase price of the house.
Thursday, September 11, 2008
How Can Inspections Save You Money in Real Estate Investment
Think about this: any property you come across is likely to be a used good. Real estate investment is like a garage sale; only instead of exchanging old t-shirts and record players, you’re buying and selling the actual garage, the High Victorian, the Colonial.
You will never find the perfect house, but you may certainly find the perfect house for you. For these reasons, it is absolutely essential that your investments are inspected thoroughly by a licensed professional. The sale of property is always negotiable, and a proper third-party inspection is a tenant of the deal that you’ll want to remain always firm upon. Put it in writing, and get it signed. Leave nothing to chance.
Here are a few things to consider:
If there is wood in or on the property, you may need a separate termite and pest inspection of the premises. General home inspections focus primarily on structural and mechanical features; they don’t typically check for bugs. Here again is an opportunity to get to know your inspector. Termites, carpenter ants, mice and other bugs can severely weaken walls, floors, attics and shelving. They can chew through wiring and cause electrical problems.
Professional inspectors will likely begin at the foundation, searching for major cracks, level ground, and/or evidence of water damage (i.e. water stains, mold, mildew, and mineral deposits). Some inspectors will also check for the presence of radon gas concentrations.
The house is examined as a structural whole; angles and joints and frames must meet at proper locations to ensure a solid foundation. Plumbing and electrical systems are inspected for damage, wear, and to be certain they conform to industry specifications. Pipes are checked for leaks, rust, lead, and other chemicals. In addition, some inspectors measure flow-rate and water pressure.
It is important to have properly functioning electrical systems. Be weary of faulty wiring, uncovered switches or receptacles, incorrect grounds, inadequate or malfunctioning circuit breakers, or poor-quality GFCI trips (those tiny red buttons in the middle of your outlets, which act as miniature circuit breakers).
Air conditioning and heating systems will be checked for duct leaks, the condition of filters, and adequate capacity and flow. It is also important to ensure that the thermostat is in proper working order.
Attics are checked for proper framing and strength, noting any water leaks or obvious damage. The roof is inspected for tears or holes, loose tiles, weaknesses, and to be certain that vent pipes are sealed properly.
Appliances (i.e. stove and water heater) must comply with standards. If there is a propane or wood-burning stove, these must be checked for physical integrity and proper function.
Carpets should not show signs of inappropriate wear or water damage. All faucets must be tested for leaks.
In addition to these major aspects, your inspector may check a variety of other systems. You’ll receive a detailed report of his or her findings, and as the buyer you may use these defective items as bargaining chips during the negotiation phase. As a seller, this professional inspection may be done before listing, so that problem areas can be given attention before the property reaches the market.
Home inspection can be costly, but a few hundred dollars may well save thousands in the long-run, and there’s something to be said about peace-of-mind.
You will never find the perfect house, but you may certainly find the perfect house for you. For these reasons, it is absolutely essential that your investments are inspected thoroughly by a licensed professional. The sale of property is always negotiable, and a proper third-party inspection is a tenant of the deal that you’ll want to remain always firm upon. Put it in writing, and get it signed. Leave nothing to chance.
Here are a few things to consider:
If there is wood in or on the property, you may need a separate termite and pest inspection of the premises. General home inspections focus primarily on structural and mechanical features; they don’t typically check for bugs. Here again is an opportunity to get to know your inspector. Termites, carpenter ants, mice and other bugs can severely weaken walls, floors, attics and shelving. They can chew through wiring and cause electrical problems.
Professional inspectors will likely begin at the foundation, searching for major cracks, level ground, and/or evidence of water damage (i.e. water stains, mold, mildew, and mineral deposits). Some inspectors will also check for the presence of radon gas concentrations.
The house is examined as a structural whole; angles and joints and frames must meet at proper locations to ensure a solid foundation. Plumbing and electrical systems are inspected for damage, wear, and to be certain they conform to industry specifications. Pipes are checked for leaks, rust, lead, and other chemicals. In addition, some inspectors measure flow-rate and water pressure.
It is important to have properly functioning electrical systems. Be weary of faulty wiring, uncovered switches or receptacles, incorrect grounds, inadequate or malfunctioning circuit breakers, or poor-quality GFCI trips (those tiny red buttons in the middle of your outlets, which act as miniature circuit breakers).
Air conditioning and heating systems will be checked for duct leaks, the condition of filters, and adequate capacity and flow. It is also important to ensure that the thermostat is in proper working order.
Attics are checked for proper framing and strength, noting any water leaks or obvious damage. The roof is inspected for tears or holes, loose tiles, weaknesses, and to be certain that vent pipes are sealed properly.
Appliances (i.e. stove and water heater) must comply with standards. If there is a propane or wood-burning stove, these must be checked for physical integrity and proper function.
Carpets should not show signs of inappropriate wear or water damage. All faucets must be tested for leaks.
In addition to these major aspects, your inspector may check a variety of other systems. You’ll receive a detailed report of his or her findings, and as the buyer you may use these defective items as bargaining chips during the negotiation phase. As a seller, this professional inspection may be done before listing, so that problem areas can be given attention before the property reaches the market.
Home inspection can be costly, but a few hundred dollars may well save thousands in the long-run, and there’s something to be said about peace-of-mind.
No More Estate Agent Fees
Follow a few simple guidelines, and marketing your own home can be easy. And it will save you thousands.
The recent property boom has a lot of people thinking of selling. Unfortunately, the costs of selling can really eat into your profit. There’s nothing we can do about stamp duty, but one cost we can avoid is real estate agent fees. By selling your house yourself rather than paying a real estate agent, you can save you around $20,000 on a $500,000 sale.
So what’s involved in a do-it-yourself sale? The two main ingredients are time and advertising. A quality ad and a couple of hours each week fielding phone calls and managing inspections can mean the difference between a healthy profit and disappointment.
Many people are intimidated by the marketing aspect of selling their home. But there’s really not that much to it. You just need to write a description of your property, organise photography, and place an ad. Simple!
Perhaps the most important thing to remember when organising your own sale is you’re not selling a building - you’re selling a home and a lifestyle. Here are 10 Tricks of the trade to get you started…
1) Jot down your favourite spots in the house and what you like to do in them.
2) List your favourite local restaurants, cafes, and beaches – especially those in walking distance.
3) Note any pleasant fragrances – plants like jasmine and gardenia, or evening sea breezes.
4) Mention your favourite spot for a morning coffee, an afternoon snooze, or an evening wine.
5) Write about 150 words.
6) Don’t include cars, garbage bins, or the road in your photos.
7) Tidy your house and remove any clutter before taking inside shots.
8) Capture colour both inside and out, but keep it simple.
9) Take digital photos and save to CD so you won’t need a bureau for scanning and production.
10) Invest in a prominent newspaper ad and make use of the Internet.
Even if you don’t feel up to the challenge of creating a masterpiece ad, you can employ the services of a professional for far less than the cost of a real estate agent. A professional copywriter will write an engaging description for as little as $250. Professional photographers do real estate all the time. Neville Prosser can give you all the captivating photos you need for just $330. You can get a glossy 1/8 page ad in the Central Coast Express Advocate for $628 or a ½ page ad $2514. And to advertise online at Domain.com.au will only cost you $165 for a full month.
Whether you do all the creative work yourself or employ a professional, you’ll still save thousands. What’s more, with great advertising, you’ll interest more potential buyers and maybe even sell your house for more.
The most important thing to remember at every step along the way is… Average advertising conveys a building. Quality advertising conveys a home.
The recent property boom has a lot of people thinking of selling. Unfortunately, the costs of selling can really eat into your profit. There’s nothing we can do about stamp duty, but one cost we can avoid is real estate agent fees. By selling your house yourself rather than paying a real estate agent, you can save you around $20,000 on a $500,000 sale.
So what’s involved in a do-it-yourself sale? The two main ingredients are time and advertising. A quality ad and a couple of hours each week fielding phone calls and managing inspections can mean the difference between a healthy profit and disappointment.
Many people are intimidated by the marketing aspect of selling their home. But there’s really not that much to it. You just need to write a description of your property, organise photography, and place an ad. Simple!
Perhaps the most important thing to remember when organising your own sale is you’re not selling a building - you’re selling a home and a lifestyle. Here are 10 Tricks of the trade to get you started…
1) Jot down your favourite spots in the house and what you like to do in them.
2) List your favourite local restaurants, cafes, and beaches – especially those in walking distance.
3) Note any pleasant fragrances – plants like jasmine and gardenia, or evening sea breezes.
4) Mention your favourite spot for a morning coffee, an afternoon snooze, or an evening wine.
5) Write about 150 words.
6) Don’t include cars, garbage bins, or the road in your photos.
7) Tidy your house and remove any clutter before taking inside shots.
8) Capture colour both inside and out, but keep it simple.
9) Take digital photos and save to CD so you won’t need a bureau for scanning and production.
10) Invest in a prominent newspaper ad and make use of the Internet.
Even if you don’t feel up to the challenge of creating a masterpiece ad, you can employ the services of a professional for far less than the cost of a real estate agent. A professional copywriter will write an engaging description for as little as $250. Professional photographers do real estate all the time. Neville Prosser can give you all the captivating photos you need for just $330. You can get a glossy 1/8 page ad in the Central Coast Express Advocate for $628 or a ½ page ad $2514. And to advertise online at Domain.com.au will only cost you $165 for a full month.
Whether you do all the creative work yourself or employ a professional, you’ll still save thousands. What’s more, with great advertising, you’ll interest more potential buyers and maybe even sell your house for more.
The most important thing to remember at every step along the way is… Average advertising conveys a building. Quality advertising conveys a home.
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