Tips To Make The Most Of A Changing Market

 

Preparation is everything!

Once you see a home you want to buy it is important to get your finance approved and your due diligence done as quickly as possible. You will need to be in a position to buy on the day if it is an auction or put in an offer straight after the auction if the home doesn’t meet reserve. Sometimes homes do sell before auction or deadline day so be prepared!

 

Do some research.

Call an agent after a home you have been watching online has sold to build a picture of recent sales prices. Some websites also show recent sales around the home which is helpful. Keep an eye out which homes sell faster than others and narrow in on the areas you like and home styles that you like that are most likely to be in your budget.

 

Understand values in the current market.

If you are comfortable the price you will pay for a property you should act quickly and get your agent to write up a competitive offer.

 

Don’t disregard buying a do up.

If you find a do up imagine it with a new paint and carpet. Maybe this is affordable entry into a great location that you wouldn’t be able to buy in a renovated condition. Always get a building inspection though to check it out properly.

 

It’s not just about price.

Ask the agent why the owners are selling and what is their preferred settlement date. Preferred settlement date can be a powerful bargaining tool that may be more important than the owner than just price as maybe they are bridging and already purchased another home.

 

Be persistent.

An owner might decline an offer early in the campaign but things change very quickly in a changing market. Resubmitting an earlier offer may result in a change of heart by the owner as they see values for homes in their area changing and may secure you your dream home.