Three tips to help you buy in a competitive property market
Looking for a new home? Join the club! There are many buyers out there looking to buy their first home and take advantage of low interest rates - just like you. So, it pays to have a few tricks up your sleeve that will help you on your search so you get the property that you want, rather than missing out on what could be your dream home.
Before you search for your dream home, it’s a good idea to get your finances sorted first. This can be done through using online mortgage calculators to determine how much you can borrow.
However, it’s important to note that how much you can borrow and how much you can afford are two different things.
For example, you might have the income flowing in, but you may need to adjust your spending habits to meet your repayments. Be sure to set your budget accordingly so that you can find a loan that’s right for you. I can help you understand what your mortgage repayments might look like. The next step is for us to chat about pre-approval.
Pre-approval will help show that you’re serious about buying your first home so you have a strong negotiating position at auctions especially if there are other buyers in the mix.
Search for a property
Once you have your pre-approved loan, you can start the fun part - searching for your new home! During this time, you'll need to keep your eyes and ears open for new properties that come up.
Hot tip! Register your name and details with a few real estate companies. That way, if anything suitable gets listed then you will be quick to find out. A great way to meet real estate agents and get on familiar terms with them is to regularly go to open homes. This will help you to build a relationship with an agent - which will benefit you in a competitive market.
Brush up on your negotiation skills
Whether the property market is hot or cold, the negotiation process can be a tough one. Each party is trying to gain an advantage over the other while coming to an agreement. While it's great to be able to negotiate a price down, you may find that in a competitive market you'll need to convince an owner to sell to you.
Ask yourself this, why should the owner of a property choose you over a dozen other buyers?
Other than your good looks or charm, it may be your flexibility as a buyer that makes you an attractive option.
Hot tip! Keep in mind being accommodative of the owner's requirements. Whether it's negotiating on a different settlement date, or shifting the final property inspection forward - it pays to be flexible.