Property prices have surged in the last few months as homebuyers line up to get their foot on the property ladder.
A rising market can be challenging for those looking to break in, but there are buying strategies you can use to help you keep pace even as prices go up.
Do your research
First of all, try not to be alarmed about news of escalating prices because there are very different things happening from region to region across the country.
Your goal should be to really understand the market you plan to buy in and what property prices are doing there. Have they gone up significantly in recent months? Are some property types performing better than others (for example houses over units)?
Check the recently sold prices of properties in the area to get a rough estimate of what properties are selling for and keep this in mind when trying to gauge the price of a property you’re interested in. It may be that prices aren’t changing as drastically as you feared.
Change your target
If prices are growing too fast to keep up with though then you may need to change your goal post.
This might mean that you need to either increase your budget, or find property alternatives that are going to be more affordable.
Cheaper property options might be able to be found by looking at different suburbs, finding something smaller or going for a property that needs some renovations.
Once you find a property that ticks all of the boxes then don’t waste time trying to lock it in. There’s a lot of competition in the market right now so you might find that a property will sell after it’s first open home (or maybe even before it!)
That means that you need to make a move on a property as soon as you hear about it. Make sure you’re on the mailing list of local agents so they can alert you as soon as a property hits the market and make the effort to head to open homes.
Then be quick to put in an offer otherwise somebody else might beat you to it. Having your finances sorted and ready to go before going on the property hunt will make it easier for you to be able to make an offer you’re comfortable with.
If you miss out on a property you’ve made an offer on then try not to be too disheartened. It can be frustrating but the property that is meant for you will come along eventually so keep looking and eventually you’ll find a home you can call your own.
If you would like to chat about the properties currently for sale in outer western Sydney then contact Professionals Outer Western Sydney today.