As property prices rise and houses get snatched up in days, property buyers around the country are feeling a sense of urgency to get into the market as soon as they can.
While home buyers shouldn’t feel that getting into the property market is a race, many want to do so to take advantage of low interest rates and to purchase a home before house prices potentially get any higher.
In fact, research from Finder’s First Home Buyers Report 2021, seems to back up that buyers are keen to get into the property market promptly, with more than half (53%) of its 1,028 respondents saying they were buying a home sooner than they had previously planned to.
Anybody who is currently spending their weekends at open homes knows that buying a property doesn’t always happen overnight. So, how can you get into the property market sooner?
- Save every penny
Saving for a home deposit is perhaps the biggest challenge that many will face in their home buying journey.
The more you can save the more property options you’re going to have.
It’s a good idea to take a real hard look at your finances and find ways you can cut back, whether it’s by cancelling gym or online subscriptions, or just giving yourself a bit less spending money each week.
- Organise pre-approval
This can be helpful for a number of reasons. Firstly, pre-approval will give you confidence in knowing what you can afford and it will help make your eventual mortgage application go quicker.
It may also be seen as a bonus to sellers as they will feel more confident in accepting an offer where pre-approval is already in place as finance is much less likely to fall through.
- Cast a wide net
Most people can’t afford their dream home right away, so if you’re buying a first home then think of it as a stepping-stone to a better home in the future.
If you’re having a hard time finding an appropriate home then consider what alternatives there might be out there, whether it’s going for a smaller home, a renovator, or perhaps something in a different suburb to what you had initially envisaged.
- Ask family to help
It’s not uncommon for homebuyers to accept a little help to get into the property market. In a lot of families parents offer what they can to help their children get a foothold into the market, or they may offer to go guarantor on a loan.
Of course, they may say no to any suggestion of helping too, but it never hurts to ask.
- Be confident
Buying a property takes good planning and finances, and some confidence too. You need to put yourself out there a little bit and let real estate agents know what you are looking for.
You also need to be ready and decisive when you find a property you like so you can negotiate and make offers.
It can be nerve wracking making an offer or bidding at an auction, especially when such large sums of money are involved, but in a competitive market like the one we’re in now you’re going to need to put your best foot forward, be ready to talk to people and make your best offer when the time comes.