We know what it's like - you've seen a home you LOVE and want to…
The Sunshine Coast is currently very much a seller’s market. So for those who might be trying to buy a house when stock levels are low and there’s a lot of competition for available homes, how do you make sure you have the best chance of getting the house you want?
Key is having a good strategy for positioning yourself ahead of other buyers. Here are some tips that may help:
Tips for Buying in a Seller’s Market
Get your financing in place before you start
You have to be ready to act fast in a seller’s market, which means making sure you have finance approval in place to make your offer as appealing as possible to the seller. Sellers are usually more likely to go with the buyer who’s already a sure deal in terms of financing.
Be ready to act fast
Here on the Sunshine Coast, we are seeing that houses are selling sight unseen in this unprecedented market where interstate buyers are looking to make their sea change. So it’s never been more important to be able to act quickly – from arranging to see the property, to making an offer as hesitating may risk missing out on a great property. Just as important though is that your decision is informed and you have local knowledge of both the area and the property to understand the investment you are planning to make.
Be clear about what you want, and don’t want in a property
You need to be clear about what is on your “must have” list of criteria for your property, and what are the things that you are willing to compromise on. Style of home, number of bedrooms, location, are things to consider along with many other factors that may be important to you. This list can help you narrow down properties that may or may not suit your needs and save time and energy chasing properties that aren’t quite right.
Keep your offer simple if you can
For the best shot at an accepted offer in a seller’s market, try to keep it as simple as possible by minimising your conditions of the purchase as much as you can. Conditions such as needing to sell your existing home, awaiting finance approval, varying settlement dates, etc can give the seller less confidence that a sale to you will happen and then they may be more likely to go with a buyer who has a simple contract.
Understand what is important to the seller
The seller may be looking to access the money quickly, or may be looking for a longer settlement period depending on their moving plans. So having this in mind will help make your offer more appealing to them and show them how serious you are, if you can meet their needs.
Buying a home in a seller’s market doesn’t have to be a super stressful experience. Follow the tips above to put yourself in the most ideal position possible and help increase your chances of getting exactly what you want. If you need assistance, we would be happy to help.