6 Fundamental Negotiation Tips to get the Best Deal for your Wan Chai apartment Resale

[Source: http://www.gaebler.com/images/Categories/Negotiating-Advice.jpg]

[Source: http://www.gaebler.com/images/Categories/Negotiating-Advice.jpg]

Most home owners think that buying a home is a nightmare. Many home sellers agree that selling a home/apartment is easier said than done. Especially if you do not know where or how to start. Here are six tips to get clients involved in fair negotiation of you Wan Chai apartment.

Market your Home Online

Let’s face it— we are living in the digital age. This mean that most people are online in some way, shape or form. Social media is the biggest outlet for marketing and advertisement. Many social media sites have millions of users that are active at any given moment of the day. Just imagine how many would see your home if you posted advertisement on a social media platform that allowed for people in your area to view the home and consider it for purchase.

Such is the life when you are using applications like Twitter which allow for your home to be advertised at scales only once attainable by large companies.

Leave Valuables for the Home Owner To-Be

If your home location is by a nearby gold course and you just so happen to have a gold cart, it may be in your best interest to offer the cart with the home. Many buyers are more prone to buy if there is something of worth that comes along with the home. This is why homes that are furnished sell quicker than those that do not. In a way, these homes save potential buyers from having to spend money out of pocket which is always a good thing.

Make Sure the Exterior of Your Home is In Tip Top Condition

No one wants to buy a home with an unkempt exterior. Keeping the grass mowed and water will benefit you greatly. If the paint is chipping off of the home, repaint the exterior. If it looks to plain and boring, plant flowers. The idea behind this is to get the seller wanting to purchase the place because it is ideal for them.

Keeping the location beautiful, neat and tidy is one of the best things that you can do to encourage people to stop what they are doing and make a call.

Remove Personal Items from the Home

You want the person looking at the home to be able to envision themselves in the house as the home owner. You should not have loose pictures all over your house if you plan on selling. The more clutter there is, the harder it is for potential buyers to see themselves in your home. The less things there are, the more they can visualize themselves.

Choose an Offer that is Relative to your Home Value

Many people try to get slick and offer their homes for the market value. The issue with this method is that it barely works. Many people want and need to know that their home can and will be purchased if it is priced at the home value. The difference between the market price and home value are great. If you do not wish to sell your home based off of home value, you will want to be sure that you are mindful to set the house up just right so that its presentation makes up for the higher price tag.

Consult Your Agent

Whenever you are in doubt you should consult your agent. After all, that’s why we are here. Your agent can allow for you to make educated decisions about the sale of your home. Your agent can also help you determine the best marketing practices for your particular home as well as offer you a few pointers on how to spruce the place up to get the buyers flocking to see what all the buzz is about.

A guide to house hunting and finding the right agent in Hong Kong

House Hunting for that perfect home in Hong Kong can be a confusing and exhausting experience if you don’t have the right agent and go about it the wrong way.  Here is a guide to house hunting and finding the right agent in Hong Kong

House Hunting Guide,Hong Kong Property,Buying Property in Hong Kong,Property Agent Guide

Image Showing Home Buyer looking at different property listings

Unfortunately, the real estate business in Hong Kong is loosely managed and in a competitive environment many agents may sometimes take an unethical route to get your business.

Do your research.

Firstly if you are researching on-line be careful where you look. There are several web portals in Hong Kong that are not affiliated with a particular agency and allow agents to advertise properties on their sites. Unfortunately some do not force their advertisers to verify their listings so some agencies post outdated listings that have been leased or sold in order to get you to call in only to offer you something else. Its a classic example of “bait & switch” and can be extremely frustrating to the consumer.

Secondly understand that all agents basically tap into the same pool of properties. Unlike other countries where an agent will solicit a listings from the landlord and promote a handful of properties, hong kong agents tap into a central database of available listings or can co-operate with other agents who may have one or two ‘exclusive” listings. It’s better to have one great agent working for you rather than several average agents. Work with an agent who listens carefully to what you need vs trying to push whatever they have on their books, don’t be afraid to share some of your research and forward links. A good agent will not only research that property for you but it will also give them more of an idea of what is important to you in terms of size and decor. Don’t be deceived by the size of an agency. Sometime the bigger the agency the lower the level of staff assigned to your account. The larger agencies tend to focus on keeping their corporate clients happy, the smaller agencies will usually have more senior or well experienced staff readily available for new clients.

Choosing the Right Agent.

Should you be choosing an online agency or a street level agent?  Keep in mind that street level agencies maybe limited by their jurisdiction i.e. they cannot show you something that is outside of their area. Whilst it maybe a good option if you know exactly where you want to live or even which building you want to be in, it may limit your options if you are open to multiple areas or want to see as much as possible.

Lastly be loyal and respectful. Keep in mind that a property agent is in the business to help you find a home but also it’s their livelihood. If you are simply browsing because you want to see what’s out there in case your landlord increases your rent or if you are seeing a flat as you need a comparison for something you love with another agent, be upfront and honest. In many cases an agent may cancel a serious prospect to show you around or sacrifice time with their kids on a weekend. Whilst it is their job, it only fair to give them a clear picture of your intentions before they do the work. Hong Kong is a small town – burning bridges does not help you.

Qi Homes was established in 2004 to address many of the problems associated with finding quality homes in the city. We identified a need for an easy to use, updated website of homes covering a broad range of budgets and areas. Our web site is updated daily and our company has a strict policy of taking down listings that are sold or leased as soon as possible. Each one of our agents are trained to listen to your needs and expectations, offer suggestions and advise and work together with you as a team to securing the right home for you and your family. We have long established relationships with other agents in the city and can proudly say that if it’s out there we can find it for you. For More Top Tips To House Hunting in Hong Kong

For more information about a Guide to House Hunting in Hong Kong or to speak to one of our property experts, please contact us via email or call 28581406

Hong Kong Goverment Amends Mortgage Insurance Program “MIP”

Hong Kong Government Amends Mortgage Insurance Program “MIP” on Friday to coincide with with changes in the current mortgage loan to value ratios. Refer to our blog

Under the current system The Hong Kong Mortgage Corporation Limited (HKMC) provides MIP coverage for mortgage loans starting at 60% loan-to-value (“LTV”) on owner-occupied residential mortgage lending for properties valued below HK$7 million (up to 90% for properties valued at HK 4 million and under),  The remaining 20% is covered by the insurance program thus reducing the credit risks to the banks resulting in the homebuyer only having to pay a 20% deposit.  Therefore, in addition to helping the promotion of home ownership, the MIP also contributes to the maintenance of the banking stability.
Under the new revisions MIP coverage for eligible properties will be as follows
Property Value Maximum LTV Ratio
Up to HK$4 million 80% or 90%*
Above HK$4 million and below HK$4.5 million 80% – 90%*, subject to a cap of HK$3.6 million
(whichever is lower)
At or above HK$4.5 million and up to HK$6 million 80% or capped at HK$4.8 million
(whichever is lower)

* only applicable to regular salaried first time homebuyers (not holding any residential properties at the time of application) with maximum debt-to-income ratio of 45%

The above revisions take effect immediately.  However, for homebuyers who have executed the provisional sale and purchase agreement on or before 27 February 2015, their mortgage loan applications may be submitted by the MIP for processing.

Hong Kong Government Imposes New Cooling Measures to Dampen Property Market

The Hong Kong Government has taken additional steps by  Imposing New Cooling Measures to Dampen Property Market.

The news announced by the Hong Kong Monetary Association on Friday see changes to the the loan-to-value ratio for mortgages on residential properties costing less than HK$7 million is capped at 60 per cent, down from the previous range of 70 per cent.

Effective immediately, the measures are the seventh move since February 2013 intended to cool the soaring property prices, which have reached an all-time high amid inflows of capital and historically low interest rates.

Refer to our post https://www.qi-homes.com/blog/kong-kong-property-prices-rise-13-amid-new-bubble-fears

Some analysts questioned the longer-term impact of the measures.

“The impact of this will be very short-lived as interest rates are still very low and Hong Kong’s inflation remains high relative to the region, which means effective real interest rates are still in negative territory,” said Raymond Leung, an economist at ANZ in Hong Kong.

The HKMA also reduced the amount of debt that borrowers can service to 40 percent from 50 percent for all mortgage loans taken for non self-use properties. All measures will be effective immediately.

Property Prices surged about 130 percent since 2008 due to low interest rates, a supply shortage and ample liquidity

The government have said they will monitor the property market closely and, if necessary, roll out other measures