Real Estate News


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 decided they ne...


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 important to acknowledge that...


3 Red Flags to Watch For When Buying a Home


  It’s easy to get swept up in the excitement of buying a house and overlook the finer details of a property. While the wooden floors in the bathroom might look rustic and chic on inspection, exposure to moisture will eventually cause the wood to rot if not treated properly, and guess who's left to replace it? Here are 3 more red flags to watch for when buying your next home or investment property:     1) Amateur Repair Jobs If a home has been in a family for an extended period of time, there’s a higher chance of DIY repair jobs, particularly when it comes to electrical and plumbing. Carefully inspect properties for what may look like an amateur or short-term fix, and if in doubt about the safety or integrity of the work, request an expert opinion.     2) Water Leakages What might be easy to pass off as an innocent little drip (because you’re head over heals with the rest of the house) might actually turn into ...


How to Prepare Your Home For a Winter Sale


It's a common misconception that selling your home in winter is a waste of time. The good news about this unfounded belief is that there are fewer listings on the market, resulting in less competition for you and more competition for home buyers - the stakes are higher for buyers and they're more likely to loosen their criteria for finding their perfect home.   If you're considering a winter sale, here are 5 things to get sorted before taking your home to market:     1. It's Gutter Happen   It's a dirty job, but somebody's gotta do it. Give your gutters a much-needed clean out before the open house. Not only are leaf-laden gutters unsightly, but you don't want buyers having to dodge cascading waterfalls on the way to the front door due to clogged gutters in the event of rain.    Before you reach for the rusty step ladder, consider some safety precautions, including how sturdy the ladder is and whether the old knees are up to the job. Too ris...


What You Need to Know Before Purchasing an Off-The-Plan Development as an Investment Property


  Many investors gravitate towards purchasing off-the-plan developments due to the perceived benefit they offer. Off-the-plan developments are often marketed as an easy way to enter the property investment world and the glossy brochures can certainly make them look like an attractive choice. Being new builds, investors can maximise depreciation and minimise maintenance costs, which assists with boosting returns. Although this seems promising, due diligence needs to be exercised before signing the contract. Here are some tips before purchasing an off-the-plan development as an investment.     Be Wary of Guaranteed Rental Returns Many developers offer a ‘rental guarantee’ to entice investors. It can sound like an attractive option at the time – the market rent may be $350 a week, the guarantee $500 a week. Sounds too good to be true? That’s because it is. Once the rental guarantee expires, the investor is forced to accept rent at the market val...


10 Little Known Facts About Pennisi Real Estate


      In January this year, Pennisi Real Estate turned forty-six. It's a privilege to have served the community for so long, yet surprising that after all these years there's still a few things most people don't know about our family-owned and run Essendon real estate agency. Here are 10 little known facts about Pennisi Real Estate that we'd like to share with the Moonee Valley community. 1. We are the oldest real estate agency in the City of Moonee Valley Sam Pennisi established Pennisi Real Estate in January 1973 at the age of 33 with a staff of only two. Today the company employees a team of over 15 and is the oldest agency in the City of Moonee Valley, celebrating a prestigious 46 years in 2019. Learn more about the Pennisi story here.     2. We are massive supporters of the Cancer Council   In 2018, we raised $18,940 for Cancer Council Victoria’s life-saving work in research, prevention and support of the 622 peop...