Real Estate News


Can we promote your business?


  As the oldest Real Estate agency in Moonee Valley, Pennisi Real Estate is passionate about supporting local business to create a connected and thriving local community. With 45 years’ experience, we understand first-hand the challenges small business owners face when it comes to marketing their brand and attracting new customers. That’s why we’d like to invite you to promote your local business or community event on our Essendon Community Facebook Page.   Just LIKE the Essendon Community Facebook Page and send us a Facebook message with the details of a special offer or upcoming event, and we’ll promote it to our growing online community of locals from Essendon and surrounding suburbs:  Airport West Brunswick Campbellfield  Essendon North Flemington  Footscray Hillside  Keilor Keilor East Keilor Park Moonee Ponds Mount Macedon Niddrie Pascoe Vale Point Cook Strathmore Tullamarine  ...


7 QUESTIONS TO ASK AN AGENT WHEN SELLING


  As we head into Spring, there will be an inevitable surge in real estate listings. As the boom fades and more challenging market conditions emerge, the vendor’s real estate agent is either an asset or liability in negotiations. These must-ask questions have been extracted from the book, Inside Real Estate to ensure you employ the best agent.   What evidence did you rely on when valuing our property?   We are all susceptible to believing what we want to hear. If an agent quotes a high price for your property, it's natural to want to believe them. However, if an agent cannot justify their price to you as the owner, they will have an even harder time convincing a buyer!     If the property sells below your quoted price, do we still have to pay full commission?   When you sign an agency agreement to sell, the agent must provide a written assessment of value. You, as the seller, enter into the agreement, in part, based on the written ...


Why Higher Rent May Not Equal Higher Income


  Most experienced investors understand that $500 a week for fifty-two weeks a year means more money in their pocket than $550 a week with several weeks vacancy during the year. So if maximising income from rental property investment comes from keeping their properties occupied, why do some landlords charge such high rents that their tenants move on whenever they get the chance and new tenants are slow to move in?   It is a fact of life that some investors fail to see the big picture and only look at the money in their pocket 'right now'. They are blind to the possibility of rent loss down the track and don't see that they might create dissatisfied tenants who move on when they find a better value option, thereby creating a cycle of high turnover and increased vacancy.     The problems don't stop there... Investors whose properties are 'good value' get more enquiry and can afford to be more selective when deciding who will rent their property, while those ask...


Why You Should Consider Rentvesting


    Eager to enter the property market, but can’t afford to buy where you want to live? It might be time to consider rentvesting. With headlines in the media often touting rising living costs and housing un-affordability, it's no surprise that many young people feel like it's impossible to enter the property market.   While entering the market has become more difficult in the last few years, it certainly isn’t impossible – you just have to think outside of the box.   Enter rentvesting...     So what is rentvesting? Rentvesting refers to purchasing an investment property while continuing to rent in your desired location. Young home buyers often do not want to give up their inner-city lifestyles, yet they can't afford to purchase in their desired area. Rentvesting is great option for young people to retain the lifestyle they have become accustomed to, while still having the opportunity to enter the market.    ...


Rejecting The First Offer


  High offers often come early during the selling process, however owners will often hold out in the hopes of a better deal coming along. Sellers can be lulled into a false sense of security making the assumption that a good offer in the early stages of selling can mean an even better offer will come once more people have viewed their property. Unfortunately, holding out for a better price generally leads to price discounts and lower eventual sale price.     Think Like a Buyer To understand why good offers often come early during the selling process, it’s important to place yourself in the position of the buyer and consider the journey that they have been on. Reasonable or above market offers often come from a ‘heart buyer’.   A ‘heart buyer’ will fall into one of two categories – either they have been searching for their dream property for months on end or they have stumbled across your property and have impulsively decide...


Should You Renovate Before Selling?


  With TV shows such as The Block and Reno Rumble gaining immense popularity in the last few years, many homeowners have been inspired to carry out their own makeovers and add value to their homes.   A question our sales team at Pennisi Real Estate often get asked is...   "Should we renovate before we put our home on the market?"   Sellers are often under the impression that if they extensively renovate their home, they'll be able to make a tidy profit when it comes time to sell.   While renovating often does add value to a property, many sellers overcapitalise on their renovations. Improvements can add value; however, the outlay can often exceed the return.   For example, major renovations such as kitchens and bathrooms can cost anywhere between $10,000 to $30,000. While it may add some value to your home, you are unlikely to recuperate, let alone double, the costs and efforts that were involved with the improvements.   It's im...