MY TIPS FOR BUYING IN A HOT MARKET
If you are trying to buy a house in a strong sales market, like we are currently experiencing, it can be come very disheartening when homes are selling so quickly and you may have to compete against multiple offers.
With some Perth properties selling even before they come on to the market and others selling within days, you may be feeling the pressure if you are a buyer.
To help ease the pressure there are a few things you can do to buy well in a competitive market.
So, try some or all of my tops tips for buying in a hot market:
- Get finance pre-approved
Getting your finance pre-approved before you start house hunting is essential. Talk to a mortgage broker or bank and get it sorted.
In a market which favours sellers, they will lean more towards a quick sale, which means having your finance sorted puts you first in line.
Brokers and banks will also be able to assist you in borrowing within your means, setting your budget and determining what your deposit can be. Then you won’t be wasting time putting in offers on properties that may be out of your reach.
To find out more go to my blog: 10 reasons why you need a Mortgage Broker.
- Be proactive
Be ready to act fast! Having your settlement agent and building & pest inspector on standby as well as having your deposit ready so that you can act fast and catch your competition unawares are important factors.
Don’t wait for the Open for Inspection but instead call the agent and make an appointment to view ASAP and be prepared to act swiftly if the property satisfies all your criteria. Don’t be afraid to make the first offer either. By doing this you are likely to give yourself the chance to have the final right of refusal after all competing offers are considered by the owners.
- Introduce yourself to local agents.
Get proactive in the area you are looking to buy in and get to know the local real estate agents. By physically introducing yourself and letting them know what you are looking for, you are creating conversation in their workplace.
Agents are always looking for new buyers to join their database and will keep you in mind if something comes up that suits your situation.
- Sign up for off-markets notifications
By signing on to an Agents database and agreeing to receive alerts you will be notified when new properties that match your requirements are about to hit the market. Meaning you may have a first glance at a property for sale before others do!
- Be flexible on settlement
Some sellers may require a longer or shorter settlement to best suit their needs. If you are competing against multiple offers and your settlement date aligns perfectly with the seller’s requirements then this could be the one factor that gets your offer accepted.
- Understand the market.
Knowing the market is crucial, so do some research on the areas you are targeting, check out auction clearance rates and recent sales, as well as price trends in the area. Once you are aware of what you are looking for and the approximate price, you can put in a competitive offer. In a hot market, you may need to pay a premium for A grade properties given the additional interest that is likely.
If you are buying your first home then check out my blog on Five things first home buyers need to know, to find out what things to consider when purchasing your first property.
For more information on buying in a hot sales market, call Amanda today on 0417 985 190.
