Buyer Competition: Preparation is Key
The Perth property market is booming in 2021 with no sign of slowing down anytime soon, and if you’re in the market to buy, chances are you’ll be up against some heavy competition. With this in mind, there are a few things that need to be considered in preparation before going up against all the other potential buyers in this hot market.
Organise a Loan Pre-approval
One of the most gut-wrenching things you can do as a potential buyer is to completely fall in love with a particular property, then find out that you’re not able to secure a loan for the full amount. Or worse still, have another buyer make an offer which gets accepted while you are still trying to organise your finances.
Obtaining Pre-approval is an essential step in preparation for buying your new home. Having the pre-approval ready will not only show the seller that you are serious about buying the property; it will enable you to determine how much you can afford so you can make an offer quickly, wasting no time as soon as the perfect property presents itself.
Know your Financial Limits
Auctions can be a daunting prospect for the uninitiated and it’s imperative that you have a predetermined maximum limit regarding how much you can afford to bid. Keeping your limit in mind will help enable you to not get caught up in the heat of the moment if there is a bidding war, preventing you from committing to a property that is out of your price range.
Seek Professional Assistance
There have been many potential buyers that think they can navigate the entire purchase process by themselves, whether it be to save money or reluctance to seek help. Either way, this path will most certainly result in them not getting the best deal possible. Engaging with experienced Conveyancers, Real Estate Agents and your chosen Mortgage Broker will enable you to learn as much as possible about the currently, ever-changing state of the Perth housing market and how to best leverage it to your advantage. It’s also a good idea to do your research and choose your building and pest inspector early so once an offer gets accepted, you’re ready to make your next move.
Don’t Get Discouraged
Many first-time buyers become extremely discouraged after having an offer declined or not being able to win a house at auction. Even in this extremely difficult Perth market, it’s important to keep in mind that there will always be other properties coming to market eventually. As the market gets more difficult to crack, you could re-consider the locations you’re willing to buy in and the features of the property to increase your options.