It’s a challenging time to be a home buyer right now. Low interest rates and a lack of housing stock has caused some major housing competition and many buyers are being pipped at the post when they go to make an offer.
But while it’s clearly a seller’s market right now, buyers need not be discouraged. There are still plenty of great and affordable properties coming up for sale and with a bit of patience and perseverance you can still nab the home of your dreams.
- Organise pre-approval
You’re going to need to move quickly to purchase a home in the current market, so it’s a good idea to have your finances organised and ready to go. Pre-approval helps in this regard and it may give you some extra confidence in your budget when making an offer.
- Talk to agents
If you want to be the first to know about new properties then you want to get yourself on the mailing lists of the agents that sell in the area you’re interested in buying in. If you’re lucky they may even have some off-market listings to share, which you’re unlikely to find if you only search for property using online real estate portals.
- Don’t worry about timing the market
Some buyers are hesitant about buying in the current market for fear of a market crash in the future. There’s always a risk that property prices will go down, but it’s just as likely that prices will continue to climb higher, in which case properties might be more affordable now than they’re going to be for a long time.
Regardless of what property prices do in the short term though, they generally tend to go in an upward direction in the long term. That means that if you plan on holding onto your property for 10 years or more then you’re likely to ride out any peaks and troughs, and come out ahead over time.
- Make your strongest offer
When you find a property you want to buy, don’t waste time making low-ball offers, because you may not be given the opportunity to continue negotiations and increase your offer if you need to.
If you’re seriously interested in a property then the best way to secure it is by putting your best and highest offer in straight away. If you still miss out then at least you know you put your best foot forward and are unlikely to feel regrets if the property sells for a price that you would have been happy to pay had you been given the chance.
- Keep your eye on the prize
Try not to get caught up in media headlines about what’s happening in the property market – there’s a good chance they won’t be relevant to you anyway. Just keep researching and looking at properties where you want to buy and eventually you’re bound to find something that is suitable for you and your budget.