Thinking of buying in spring? Rest assured, it’s a prime time to buy!
But with a market full of hopeful homeseekers who’ve saved their pennies during lockdown, know that securing a home this season may require a few extra tricks, if you want to come out on top.
Whether you’re hunting for a first home, upgrading to the next or looking for an investment, buying a property in Sydney – the eighth most expensive global property market, let’s not forget – requires good preparation as well as grit.
Now that’s not to say you need to pore over sales listings online or become an expert in the local market (your agent will do those hard yards for you). But what it does mean is that buyers who know their budget, have it backed with pre-approval and have done their due diligence, are guaranteed to win a property over those who haven’t.
So what do we mean by preparation? A bit of planning and research, which we’ve pointed out in the three simple steps below.
1. Have an agent tell you first about a property.
If you contact an agent with your buying criteria at the start of your search, who do you think they’ll contact first once they have a property match? Many buyers assume that the market is limited to what’s online or in agency windows, forgetting that a number of properties are sold pre-market and off-market to buyers who’ve connected with the agent.
So if you’re serious about buying in spring, contact your local agent to make it known that you want to be informed as soon as a suitable property becomes available.
Our quick tips
- Ask your agent to be added to their buyer database, so that you’re notified of pre-market and off-market opportunities.
2. Get your ducks in a row – before inspecting a property!
Quite often, the first step that buyers take to look for a new home is to go to the open… and just as often, it’s a step too quick. If you’re at the stage of knowing your criteria and what you can borrow from your lender, then you’re well prepared for inspecting a home – but if not, you could be landing yourself in a muddle of disappointment and defeat; especially if you’ve made an offer that’s fallen through because you weren’t pre-approved, or misjudged the market.
In short, to leapfrog other buyers to your dream home in 2021 means acting quickly (before it’s snapped up!) – and that requires making an offer that’s pre-approved and therefore taken seriously by the agent and vendor.
Our quick tips
- Get mortgage pre-approval – for more information about this, see here.
- Before attending an open or private inspection, have your list of essential criteria and questions.
- Know the highest you’re willing to pay for a property.
3. Know how to negotiate – and how not to
We’re all familiar with the real estate lingo; ‘low-balling’, ‘playing the game’ or ‘timing the market’… but when it comes to making a winning offer, best to put what people say about the industry aside and be straight up with the agent – they’re more than likely to do the same for you.
Find out what the asking price is, if any other offers have been made, why the vendor is selling and if they’re willing to negotiate other conditions such as the settlement period. All of these will help you to determine how you can make a realistic, desirable offer. And remember, making an unrealistically low offer can insult the vendor or mean that you won’t be taken seriously by the agent – so best to first find out the asking price!
After speaking to the agent and reviewing the contract for sale (the agent can often provide this on the spot), the next step is to put your offer in writing for the agent to pass onto the vendor.
Our quick tips
- Speak to the agent! If you’re outbid on this property, they’ll be sure to remember you for the next.
- Find out the asking price, as well as the selling conditions – the latter can come in handy if you can’t move on price, but can be flexible with other conditions.
- Be realistic and put it in writing.
Buying takes more than sheer luck; it requires being deliberate, knowing your limit and communicating clearly with the agent. If in doubt, ask the selling agent for advice or assistance… don’t forget, they want to sell the property to you!
Prudential Real Estate Campbelltown | (02) 4628 0033 | email@example.com
Prudential Real Estate Liverpool | (02) 9822 5999 | firstname.lastname@example.org
Prudential Real Estate Macquarie Fields | (02) 9605 5333 | email@example.com
Prudential Real Estate Narellan | (02) 4624 4400 | firstname.lastname@example.org