Adam Empringham,
Director of Sales at Image Property.
3 Tips for Buying in a Hot Market
[lwptoc]By Adam Empringham, Image Property
There is no denying that the property market in southeast Queensland is performing strongly.
Driven by high demand and low supply levels, the competition for a property is fierce at the moment, with eager buyers elevating real estate to new heights.
Plus, there is ample evidence to support the forecast that this market will remain high for some time.
So, if you’re trying to get a foot in the door and buy your first home, but might be feeling overwhelmed, we have you covered with these top tips to turn your property dreams into reality.
1. Get your ducks in a row
In this market, speed is the key – you will need to be able to make decisions quickly. In order to do that, you will need to know how much you can borrow and preferably have that finance pre-approved by your lender.
This doesn’t mean having the automated stamp of approval from the lender’s website, but actually have the paperwork completed and the bank ready to cut you a cheque (so to speak).
2. Make local connections
Once you’ve got the money lined up, you need to go to the source and connect with local agents.
You’ve probably been visiting open homes, lots of them, and have seen a couple of properties that you were interested in, but when you spoke to the agent the following week, the property was already under contract.
It’s starting to feel as though everyone is getting in ahead of you and you’re the last to know about all the good properties.
A sound strategy is calling local agents and letting them know you’re ready to buy and have your finance organised.
In this market, it is you, not the agent, who must do a bit of legwork to be able to close a deal.
By the time the property is listed, agents probably have a few buyers on the hook and there’s a bidding war about to break out.
You want to be ahead of all that, so, be confident, and if you like the home, make a serious offer straight away.
3. Submit a strong offer
This is probably the biggest tip we can give you – be assertive. If you’re interested in a property, be prepared to sign a solid written offer right there on the spot. If the property is going to auction, ask if you can submit an offer before the auction.
If you’re inspecting it before it is listed on the market, tell the agent right there, while you’re in the home, that you want to buy it.
Plus, when you talk about the deposit, don’t just offer a paltry three or four per cent. Really show the seller you’re serious and offer something bigger.
This will be a clear indication that you’re not just hedging your bets but that you’re serious about buying the property.
In this market, when conditions are running fast, you need to be decisive and act swiftly.
This means doing your research first, making sure you know exactly what you’re looking for and what you’re prepared to compromise on. Acting quickly doesn’t mean rushing into a purchase that you’re unsure about.
It means being prepared, knowing the local market and being able to make an educated and informed decision quickly.
