Top tips for buying in a hot market
As recent headlines attest, the property market is currently running hot, with the capitals and regional areas all seeing increased buyer inquiry when it comes to purchasing homes and units.
For buyers, that means there’s increased competition to secure a property and time is of the essence when it comes to making a successful offer on a home.
So, what do you need to know when it comes to buying in a hot market?
The current market
Right about now property is a commodity that’s in demand. After the turbulent year that was 2020, many people are re-evaluating their lifestyle and considering how well their current property meets their needs.
In the meantime, low interest rates and increased personal savings mean that many people are now in a position to purchase. After all, few people are travelling overseas, remote working is now a feasible option, and the property market seems a safe bet.
So, what does that mean for buyers?
For buyers that means there’s increased competition when it comes to securing a property.
Agents across the country are finding open homes are attracting greater numbers of attendees than seen in recent years, and many of these potential buyers are serious about securing a home.
If you’re amongst the buyers looking to purchase now, then we have the following tips to assist…
Have your financial ducks in a row
With stock moving quickly, it’s important every prospective buyer has their financial ducks in a row.
Long before you start the property hunt you should be talking to your bank or lending institution to find out exactly how much you can borrow and then set the approval process in motion.
Be prepared to make an offer
Armed with pre-approval, if you find something you like, we strongly suggest making an offer quickly. Our agents are noting that in many areas properties are on the market for days, not weeks.
So, if you find something that ticks all your dream home or investment boxes, be ready to put in an offer swiftly.
Be realistic about the price
In the current market, demand is outstripping supply, which means buyers have to be realistic about the price that properties are likely to command.
In other words, this may not be the time to try and strike a bargain. At this stage not only are properties in demand, but the prices are also increasing.
Talk to an agent
A big trend we’re currently seeing is off-market sales. That means a property may not necessarily be advertised, but instead an agent will put it out to their database of potential buyers.
If you’re currently looking for a property, you should be reaching out to agents in your desired suburbs to let them know what you’re after.
They can then add you to their database and contact you directly should something become available that’s likely to suit your needs.