How To Secure A Property Faster In 2021
By Scott Aggett , Expert Property Negotiator, Hello Haus
2020 for so many different reasons was a crazy year, and it was no different for property prices.
Tipped to see falls of up to -30% at the beginning of the virus outbreak as called by the big 4 banks in Australia, fast forward to today, with the banks, along with leading economists and property experts are reporting the mother of all market turnarounds, finishing the year with house prices up nationwide and predictions of surging house prices to come.
Those dire house price crash predictions spooked many would be buyers in 2020, may of which tried to purchase later in the year only to miss out due to slow bank lending approval times and huge waves of competing buyers which outbid them. Others simply waited for the mini bubble to burst only to be left empty handed come the end of year.
So, whichever camp you may find yourself in today, here’s how can you take advantage of the impending property boom whether it’s to get your first home buyer feet on the property ladder, bag yourself an upgraded home or grow your investment portfolio.
1. Sort Your Finances
Get your home loan approved so you know you can safely purchase and to what spending amount. Being organised with your finance before making your offer gives you more negotiation power and lowers the risk of being gazumped by other buyers if you are too slow.
2. Get Laser focused
You cannot grasp an understanding on “market value” in a wide area, good agent’s know their local area inside out, you’ll need to also if you want to overpaying. Hone in on one or two suburbs at most to understand what prices are being paid today and what recent sales have transacted. Attend auctions to see how competitive sales may be and to build your confidence for future bidding.
3. “Off Market” Properties
A large volume of property across Australia are traded without actively being marketing online, so if you are just tracking new listings on one of the popular property websites, then you are not seeing everything available to buy. The best ones are often snapped up by savvy buyers working closely with local agents. Write a brief bullet point summary of your ideal property and budget, email that to local agents fortnightly and stay top of mind to spot things before they hit the open market.
4. Move with Speed
If you get notified of properties to view before the hordes of other potential buyers, be sure to view it with urgency. If you see a property with open times, get their first, the longer you leave it to inspect, you can sure you will have more competition to buy the home. Same goes when you spot something you like, organise your building and pest / strata report quickly and anything else required before making your offer.
5. Q&A’s for the ultimate offer
To ensure you’re offer is a simple and straight forward as it can be to make it more attractive for the sellers, ask the agents lots of questions to establish why the vendors may be selling, their ideal timing to settle, the deposit size required, any inclusions or exclusions. Use this answers to make a “clean” offer, especially useful if you are competing with other buyers who are also making offers at the same time.
With these expert tips, you’ll start 2021 on the right foot and into your new home or investment in no time. Get your Saturday’s back, end the property search sooner and ensure you pay the least amount possible.