If you had counted on 2021 being different to 2020, you’d only have to look as far as Sydney’s current property market to realise that it’s a world apart.
Home seekers who’ve been looking to buy over the past few months will tell you that buyers are out in droves at open homes and auctions; turn back the clock 12 months, when the onset of Covid had taken a hold of buyer confidence, and suddenly last year seems like a lifetime ago.
At least that’s the case in Sydney’s South West, with a single weekend seeing in excess of 160 people move through open homes at Prudential Real Estate Liverpool – and 64 parties in the first two weeks of February at Prudential Real Estate Campbelltown open homes.
With listings clearing quickly and a shortage of new stock to hit the market, the increasing demand could be a wake-up call for sellers wanting to take advantage of competitive buying conditions.
But if you’re trying to buy in a sellers’ market, fear not; there’s a number of ways to beat the competition and secure your dream home. We’ve included our top five hacks below for you to put your best foot forward and get ahead of the line!
#1. Get serious about mortgage pre-approval.
It might seem like an obvious step in a hot market, but you may be surprised by how many of those potential buyers at open homes aren’t pre-approved to make an offer. Of course, you don’t have to be if you’re just beginning your search; but once you’ve found that perfect home, you’ll certainly be at an advantage to put in an offer that will be taken more seriously by the owner, if your lender has already agreed to provide your required loan. Gaining mortgage pre-approval will mean that you can leapfrog other buyers with an offer that the owner can be confident in – see our earlier blog How much can I actually borrow? for more info on this step.
#2. Subscribe to off-market and pre-market listings.
Many home buyers simply default to looking at what’s publicly listed on realestate.com or Domain, when there’s often just as many off-market opportunities. Connecting with a good agent is key not only to opening up as many buying opportunities as possible, but also to jumping on them as quickly as possible – before they’re available to the wider public. Speak with your local agent so that you can be added to buyer lists and be informed of properties that match your criteria.
#3. Know exactly what you want.
In a market with high buyer demand, be prepared to move fast – the best way to do this is by researching and comparing properties through your local agent. Many buyers lose valuable time deciding on their dream-home criteria after they’ve visited a property; a vital step of course, but in the meantime, another buyer will snap up that place you’ve been dreaming about. By knowing exactly what you want in a floorplan, location, number of bedrooms, living spaces, backyard and beyond, you’ll be able to make a quick and confident assessment if it’s right for you.
#4. Make an educated offer, based on market research.
Similar to the previous step, the same goes for bidding – making an informed offer will only come through knowing the market. Without knowing a property’s market value, you can easily bid too much (or fall short of a competitive offer!) and miss out on a home that represents excellent value. Have a scout of online data, visit your local agent and be sure to view listings that will give you confidence in your knowledge, in order to be best prepared for an open home or auction. And of course, be sure to check your eligibility for government schemes such as the first home buyer grant and assistance or the homebuilder grant online too.
#5. Wait – don’t panic buy.
We’re in the business of making sure that people make the right decision on a property, not just any. And in the heat of the moment, when you’re surrounded by crowds at an open home or swarms of serious bidders at an auction, we all know just how easy it is to be swept up in the emotional side of buying. While nobody wants to miss out on a great opportunity, the best approach to buying is a careful and informed one – and just remember, more opportunities will become available next season too.
Prudential Real Estate Campbelltown | (02) 4628 0033 | firstname.lastname@example.org
Prudential Real Estate Liverpool | (02) 9822 5999 | email@example.com
Prudential Real Estate Macquarie Fields | (02) 9605 5333 | firstname.lastname@example.org
Prudential Real Estate Narellan | (02) 4624 4400 | email@example.com