Now that market conditions and sentiment have noticeably improved we are seeing a new wave of buyers. Below are 5 good tips from David Murphy’s newsletter on how to get into your dream home sooner:
Tip 1 – Choose an Area:
Prices across Sydney’s suburbs vary so much that if you are looking at multiple suburbs it’s likely that your perception of value is skewed. Choose an area and stick to it. The best buyers become an expert on a particular area and when the right home comes up, they know exactly what to offer.
Tip 2 – Get finance ready:
Get your finance pre approved, choose a good local conveyancer/solicitor, and be ready. Sadly, many people go out looking first, find the home of their dreams and get rolled by another buyer that is better prepared. I wouldn’t be surprised if the tight market conditions we see now last for years. This means that if you miss a good property it could be a long time before another one comes up.
Tip 3 – Get real:
Since the early 80’s property in Sydney has always been expensive, even when the market is down. This means that even during the GFC, Y2K, September 11, there were no cheap houses in good parts of Sydney. More people want to live here than want to leave, people who own good homes tend to like keeping them. Get with the program and be prepared to pay up. Trust me, after a few months you don’t look at your mortgage statements.
Tip 4 – Offer the most:
This may seem revelatory but in most cases the person who gets the property is the one who offered the most. If a property has an asking price within range, and you can afford it, then pay it. If the property is going to auction then set a realistic limit to bid to. Also, a bonus tip is if you are buying at auction set a limit and then bid like a crazy person within that limit. Why? You may just convince your competition that you aren’t going to stop. If they bid $5,000, you bid $50,000 (within your limit of course!).
Tip 5 – Consider hiring a professional:
Some buyers agents are good and some are less so but if you are time poor then having a professional may help you to buy. You see that’s the point, in most cases even buying a property that isn’t perfect is better than not buying one at all.
If you have any questions about entering the property market or want to discuss getting yourself finance ready, please give us a call, we’d love to help.
Article amended from David Murphy’s newsletter: