The property market is hot at the moment, and for the majority of cities around the country, we are in a seller’s market. After a period where house prices were stagnating and transactions were declining, the power has moved from buyers to sellers.
In this type of market, it’s vital that buyers change their approach to ensure they can still secure the home they want.
It goes without saying that in a seller’s market, buyers need to be proactive. Buyers must know what they want, and when it comes up, they need to act quickly. Buyers should have researched the neighbourhood they are looking to buy into, so when a property comes up for sale, they already know its real value.
If you’re unsure, a good approach is to talk to a number of the main agents in your suburb of choice. Agents are on the front line and know exactly what the buyers are chasing and also what the sellers are thinking.
In a seller’s market, buyers often find themselves competing against a number of different buyers.
Sometimes, price isn’t the only determining factor in getting a deal over the line. There are many instances when the vendor also wants some degree of certainty that a transaction will go through if your offer is accepted. Cash offers are obviously the most powerful, but few buyers will be offering those terms. Having a pre-approval in place so you can settle quickly is probably the next best thing in the eyes of a vendor.
Getting pre-approved is relatively simple these days, and on top of making your offer stronger, it will also give you clarity on exactly how much you can spend.
When property markets are rising, you will need to come in early with your best offer. There’s often not a lot of room for negotiation in a seller’s market, and if there are multiple bidders, it is usually to the detriment of the buyer.By bidding strong and early, you might be able to knock out the competition and take the property off the market.
It’s also worth noting that markets can change month by month. What was a competitive offer three months ago, when you first started looking, might not cut it anymore.
While many people like to look through real estate listings online, if you’re serious about buying a property in a competitive market, it might be worth talking directly to the major agents in your area.
In most cases, agents have lists of active buyers with whom they share their upcoming listings. Keep in touch with the agents and let them know what you’re looking for. You might find yourself in a situation where you can purchase a property through an agent before anyone else even gets to hear about it.
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