Pandemic life has motivated Australians to save to buy their own home.
So how to buy in a sellers market? homebuyers will need to be organized and educated in this market as decisions need to be made quickly and prices are rising.
As a buyer’s advocate , I help clients purchase homes all the time. I find time and again that the best homes sell quickly no matter what the market. When you’ve found the home you love, you’ll want to position yourself so that you can make it yours but be certain that you’re not over-paying. The lack of awareness around extra costs associated with purchasing and the loan process is evident. These are some tips to help you along the start of your property journey.
- Ensure you have finance pre-approved, a deposit and a buffer (for extras) before you set out on your search so that you know you have the funds available to proceed as soon as you find something you like that checks out and ticks all of the boxes.
- Don’t fall in love too quickly. A home may look very different in real life to how it looks online, use the expertise of a building & pest inspector to see if there is anything the naked eye does not. Investigate the property and the neighbourhood thoroughly and always inspect at least twice and don’t hesitate to bring other people with you to view the home. Inspect different style homes just because you love this home, doesn’t mean you should not be exploring other homes that may also be a good fit for your needs.
- Never make an offer in haste. It should always be a considered decision both to make an offer and the amount, but at the same time, if you don’t make an offer before someone else does, you may lose out! Don’t let FOMO (fear of missing out) lead you to cut corners with your due-diligence. Examine the market, work out what comparable homes are selling for and work out what you are willing to pay.
- Request a contract for sale if you’re interested in purchasing the home and have it reviewed by your conveyancer or property lawyer. Ensure that you have engaged a conveyancer / property lawyer before you set out and that they will be available to you so that when the right home comes up, they are ready and available to review and negotiate the contract for sale for you.
- Drive by the home at different times of the day and days of the week. the home could seen very quirt at 11am on Wednesday but be very different at 10pm on Saturday! Speak to the neighbours and ask how they find the area and if there are any issues that they know of.
- Be aware of exhaustion. If you have been searching for a long time, you may be inclined to compromise, over-pay or “settle” just so that you can move on with other things in life. But a property purchase is expensive – perhaps the most expensive decision you’ll make. It is expensive to buy property and it is expensive to sell – so the decision to buy needs to be a considered, rational and wise decision.
Buyer’s Advocates are your friend. Every day, buyer’s agents buy homes for their clients. We relieve buyers of the burden of searching, inspecting, reviewing and evaluating homes as well as adding so much more value: due diligence, knowledge, experienced, negotiation strategy and purchasing know-how. The average search time with a buyer’s agent is generally two to three months for a home due to the efficiencies we’re able to extract, our access to off-market homes and our ability to “cut to the chase”: knowing where to look, how to look, how and what to quickly disregard and where to focus our time.